If you don't have a high-powered blender (like a Vitamix), you will need to soften the cashews first. To soften, boil water in a small pot and remove from heat. Add cashews and cover for 20 minutes.
Now drain, rinse and discard soaking water. Place the cashews in a blender along with the ¾ cup soy milk. Blend on high until very smooth. Set aside.
Soup
In a large pot, heat oil and butter over medium heat. Now add onion and sauté until translucent, about 2-4 minutes.
Add minced garlic and sauté for 30-60 seconds until fragrant.
Add potatoes, smoked paprika, thyme, salt, and pepper. Sauté for 2-3 minutes.
Pour in the vegetable broth and add bay leaf. Stir in nutritional yeast and *optional liquid smoke. Raise heat so it starts to boil, then reduce heat to a medium simmer. Cook for about 15-20 minutes, or until the potatoes are fork tender.
Remove the pot from heat and discard the bay leaf. Now stir in cashew cream. Using an immersion blender (or regular blender), blend until creamy and smooth. Taste for seasoning and add more if needed. Stir in lemon juice if desired.
Top with sour cream, chives, vegan cheddar shreds and vegan bacon bits. Enjoy!
Notes
Cashew Cream - You can replace the cashew cream (soy milk and cashews) with 1 cup of full-fat canned coconut milk.
If you're using the rice paper bacon, top it on the soup last. If it sits too long in the soup, it won't be as crispy.