What does it mean to treat Bitcoin as perfected private property? Allen Farrington joins me to explore why Bitcoin is the new Venice, how sound money enables capital accumulation, and why Bitcoin represents perfected private property. We also dive into early-stage investing, analyzing Bitcoin-native startups, the misallocation of institutional capital, the opportunity cost of fiat, and what it means to live by the Bushido of Bitcoin. Allen Farrington is a writer and investor. He co-wrote “Bitcoin Is Venice” and “Only The Strong Survive”, and is a co-founder of Axiom, a bitcoin-focused venture firm. X: https://x.com/allenf32 Axiom: https://www.axiombtc.capital Nostr: npub1sfhflz2msx45rfzjyf5tyj0x35pv4qtq3hh4v2jf8nhrtl79cavsl2ymqt TIMESTAMPS: 0:29 – Why is Bitcoin Venice? 8:31 – Bitcoin’s Governance Protocol 16:20 – “Go West, Young Man” 21:07 – Capital, Sound Money, and Capital Accumulation 30:57 – Bitcoin as Perfected Private Property 32:06 – Bitcoin Isn’t New 36:29 – The First Principles of Early-Stage Investing 42:59 – How to Evaluate Bitcoin Startups 51:35 – Institutionalized Capital Misallocation 1:00:24 – Understanding Opportunity Cost in Bitcoin Terms 1:01:49 – The Bushido of Bitcoin: A Code for Builders 1:06:19 – How Easy is it to Raise VC Funds Today? 1:14:12 – Ask a Man What He Owns 1:23:20 – How to Connect with Allen New episodes 3x per week. Let's learn together. If you want to learn more or connect, visit my website: https://jakewoodhouse.io/