#719: Bitcoin Is Winning Even In A Bear Market with Alex Leishman

February 23, 2026

AI Summary

5 min read

🎙️ The Voices & The Context

The Format: Casual interview between host Martti Malmi (TFTC podcaster) and guest Alex Leishman, blending Bitcoin market analysis, research insights, and forward-looking speculation.
The Key Players:
- Guest: Alex Leishman – CEO/CTO of River, a leading Bitcoin-focused financial institution (not yet a bank). Bitcoin veteran with 13 years experience; shares proprietary research on adoption, Lightning Network, and ownership trends. Interesting for his on-the-ground view from client interactions and data.
- Host: Martti Malmi – TFTC host, Bitcoin media entrepreneur; chemistry is friendly, brotherly banter with shared long-term optimism amid market chaos.
The Vibe: Educational yet upbeat – optimistic about Bitcoin's maturation despite bear market fears; mixes geeky tech talk, humor on Epstein conspiracies, and big-picture futurism on AI/quantum risks.

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What you'll learn

1 (00:00) **🎙️ Introduction: Alex Leishman**
2 (01:20) **Epstein Files and Bitcoin Narratives**
3 (02:30) **Bitcoin Adoption Amid Bear Market**
4 (04:30) **Business Adoption Surge**
5 (07:15) **Explaining Price Drop Despite Adoption**
6 (13:00) **Institutional Ownership and Bitcoin Ethos**
7 (17:45) **Lightning Network Growth**

+ Full timestamped outline available in the app

Show Notes

Marty sits down with Alex Leishman, CEO and CTO of River, to discuss Bitcoin adoption trends in the current bear market, the Lightning Network's growing momentum, institutional vs. individual ownership shifts, AI's impact on productivity and hiring, quantum computing risks to Bitcoin, and River's vision for the future of Bitcoin banking.

Alex on X: https://x.com/Leishman

River report: https://x.com/SDWouters/status/2024507942708351443

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