Bitcoin is infiltrating the heart of global finance, with index funds on the verge of being forced to hold it. In this episode, Pierre Rochard breaks down the rise of bitcoin treasury companies, why Strategy’s playbook is so powerful, and how S&P 500 inclusion could accelerate adoption worldwide. We explore the misunderstood security budget debate, the reality of miner incentives, and why corporate balance sheets are fueling a long-term speculative attack.Timestamps:0:00 - Intro0:26 - Is the bitcoin treasury company space too crowded2:12 - How much do companies influence mNAV4:16 - Can Strategy own too much bitcoin7:29 - Why haven’t other giants copied Saylor’s playbook10:09 - Why apple and amazon won’t go all in on bitcoin10:52 - The truth about bitcoin’s security budget16:25 - Why low transaction fees are actually good18:49 - Bitcoin’s militia model for security20:09 - Why most bitcoiners misunderstand the fee market23:13 - Core vs Knots debate explained26:20 - What happens if miners filter transactions29:36 - Why filtering doesn’t stop censorship resistance33:39 - The real problem with mining centralization35:26 - Will strategy be added to the S&P 50037:42 - Why S&P inclusion would be massive for bitcoin40:21 - Financial exposure vs holding your own keys45:16 - Should bitcoiners fear a 6102 seizure48:24 - Is the speculative attack finally here?52:15 - Why we may be past the four year cycles54:05 - Pierre’s bitcoin bond company and podcast updates55:27 - Closing thoughts