#165: Cory Klippsten

— Cory Klippsten's career arc from McKinsey and private equity into tech startups, then Bitcoin as a response to repeated financial system failures and the search for sound money.

— Swan Bitcoin's product design: automated dollar-cost averaging (DCA) with three automated components—pull from bank, purchase Bitcoin, withdrawal to self-custody—and why one-way-only ramps matter for Bitcoin-only adoption.

— Education as core strategy: Swan's head of education (Brady Swenson) and content focus, including *The Gift of Bitcoin* book and Swan Signal live show, to increase Bitcoin literacy and ownership propensity.

— Bitcoiner Ventures: Cory's thesis on seed-stage Bitcoin-only startup investing (AngelList syndicate, $1K minimum), belief that some Bitcoin companies will outperform Bitcoin price over multiple cycles.

— Bitcoin maximalism and the dangers of altcoin/shitcoin marketing: Coinbase's pivot to multi-asset trading as missed opportunity; Swan's discipline in staying Bitcoin-only.

— 10 Million Bitcoiners: Cory's vision for reaching a critical mass (3–4% intransigent minority) needed to shift policy and culture in favor of Bitcoin adoption in the U.S.

— Paul Tudor Jones' public Bitcoin allocation was Swan's best signup day ever; market responds to credible institution adoption even without specifics on custody or size.

— Swan launched March 30, 2020; currently beating user and average-buy projections by roughly 2x users and 4x average purchase amount as of interview date.

— Approximately 7 million people globally hold $100+ in Bitcoin; roughly 100,000 Americans both understand Bitcoin and own a meaningful amount (~$2,500+); 10M Bitcoiners goal requires ~100x growth in informed U.S. holders.

— If seeking low-friction Bitcoin savings, Swan's one-way DCA model eliminates trading temptation and supports long-term accumulation; lowest fee tier is 0.99% annually (prepaid) vs. 9.9% on Coinbase for small buys.

— Prioritize education before investing: personal understanding of Bitcoin directly correlates to conviction and amount purchased; avoid content from trading gurus and shitcoin promoters; read books like *Inventing Bitcoin* (Jan Pritzker) and *The Gift of Bitcoin* (Matt Ruby).

— Consider Bitcoin-only onramps and services: Coinbase and similar multi-asset exchanges optimize for high-frequency trading and fees; Bitcoin-only platforms like Swan align incentives with long-term user benefit and network adoption.