In this episode, I sat down with Scott Ellam, founder and CEO of XCE, to unpack a business model that I think could become a real reference point for how Bitcoin gets used in the real economy. Scott explains why executive recruitment is full of profitable but structurally illiquid firms whose owners often spend decades building valuable businesses without any realistic exit. XCE is trying to change that by acting as a public acquisition vehicle for those firms, using a Bitcoin-backed balance sheet and listed-company structure to create a capital market where one barely existed before.We dug into why this works specifically in recruitment: headcount drives revenue, margins are strong, and owners are often trapped between preserving cash, retaining talent, and hoping someone eventually buys them out. Scott argues that Bitcoin doesn’t just sit on the balance sheet as a treasury asset here—it helps create trust, auditability, long-term alignment, and a performance-based upside that can attract both sellers and top recruiters. We also got into custody, optionality, competition, and the longer-term vision: if this model proves itself in recruitment, it may become a template for other human-capital-heavy industries that have the same fragmentation, same private-market friction, and same need for a credible way to unlock value.Scott Ellam and the XCE team page: https://xce.io/meet-the-team/XCE (Connecting Excellence Group): https://xce.io/Spencer Riley: https://www.spencer-riley.com/Cartwright Pension Trusts: https://pensiontrusts.cartwright.co.uk/Elektron Energy: https://www.elektron-energy.com/