What's the 2025 Bitcoin Meta? (w/ Alex Leishman) | PubKey Spaces

Thomas Pacchia⁠⁠⁠ (https://x.com/tpacchia) and ⁠⁠Drew Armstrong⁠⁠ (https://x.com/_drewarmstrong_) sit down for a livestreamed chat in the PubKey parlor with ⁠⁠⁠Alex Leishman⁠⁠ ⁠(https://x.com/Leishman, CEO and CTO of ⁠⁠River⁠⁠). They discuss:

- Why River prioritizes operational excellence over financial engineering
- How states like Ohio and cities like Roswell, NM are quietly becoming pro-Bitcoin
- Why the rise of Bitcoin treasury companies could create systemic risks (and how River’s approach differs from the $MSTR playbook)
- Whether "paper Bitcoin" is a threat among custodians like Coinbase

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