What Bitcoin Did

Peter McCormack is back on the show for a conversation on power, the state of the UK, and why the system is broken. We get into how debt, inflation, and centralised government incentives have hollowed out public services, destroyed the middle class, and turned politics into a fight over power rather than outcomes. Peter explains why inflation is the real tax, why asset inflation benefits elites at the expense of everyone else, and why neither the left nor the right is willing or able to fix the underlying problem.

THANKS TO OUR SPONSORS:

ANCHORWATCH

Simon Dixon joins the show for a conversation on money, power, and why Bitcoin exists at all. Drawing on decades inside investment banking and monetary reform, Simon explains why modern capitalism is not capitalism at all, how debt based money guarantees systemic collapse, and why governments are not the real locus of power. We trace the origins of central banking, fractional reserve lending, and the financial industrial complex, and why attempts at reform were always destined to fail.

We then turn to Bitcoin as both an exit and a battleground. Simon lays out the real attack vectors...

American HODL & Matt Odell join the show for a review of a year that left most Bitcoin narratives exposed. We unpack why expectations ran ahead of reality, why the super cycle never materialised, and how ETFs, treasury companies, and institutional capital quietly changed how this market actually operates. We get into Bitcoin’s underperformance versus gold and equities, the absence of meaningful retail demand, and how leverage distorted outcomes rather than driving real adoption.

We discuss what this means long term. From institutional involvement and shifting power structures, to the breakdown of the four year cycle framework. We...

Joe Carlasare joins the show for a breakdown of why Bitcoin’s sideways year has been so widely misread, and why sentiment today is the worst it's been. We get into why 2025 fell below expectations, why Bitcoin’s lack of volatility pushed capital toward AI stocks and gold, and the fall out from the October 10th liquidation event.

We get into why the four year cycle narrative no longer fits a market shaped by ETFs, options, and institutional hedging, why calendar based thinking has become a liability, and why a year of consolidation may be working off exce...

David Dredge joins the show for a deep dive into why risk is being dangerously misunderstood across global markets, and why Bitcoin’s recent underperformance may actually be a symptom of structural stress, not failure. David explains why volatility itself isn’t the risk, why leverage is the real accelerant, and how TradFi risk models quietly manufacture systemic blow-ups.

We unpack how suppressed volatility, ETFs, options markets, and structured products are changing Bitcoin’s market structure, why leverage is creeping in through Wall Street rather than native crypto venues, and how max pain dynamics emerge when under-capitalised risk b...

Jeff Ross joins the show for a breakdown of why the global financial system is cracking and why Bitcoin’s recent weakness may be the setup.

We discuss why governments are trapped into monetising debt, why inflation is no longer a policy choice, and how deflation could ultimately kill fiat currencies altogether. Jeff also explains why the four year Bitcoin cycle is effectively dead, how a multi-year U.S. manufacturing recession has quietly dragged Bitcoin lower, and why liquidity and economic reality matter far more than narratives or price models.

We also get into Japan’s bo...

Sam Callahan is the Director of Strategy & Research at OranjeBTC.

In this episode we discuss why Bitcoin’s fundamentals have never been stronger, why Bitcoin periodically decouples from global liquidity, how internal market dynamics can override macro conditions, and why today’s divergence between improving fundamentals and weak price action may actually be one of the most misunderstood moments in this cycle and why the four-year cycle framework is increasingly unreliable.

We also get into the deeper structural risks facing the global financial system, from fiscal dominance and runaway deficits to the looming insolvency of Soci...

Saifedean Ammous joins the show to explain why the real collapse didn’t begin in 1971, but in 1914, and how fiat money quietly rewired civilisation itself. We break down how governments escaped monetary discipline through war finance, why inflation destroys savings, culture, and long-term thinking, and how central banks learned to fund wars, empires, and endless deficits without public consent. Saifedean walks through the hidden monetary history of World War I, the death of the gold standard, and why fiat money wasn’t an accident, but a power grab that reshaped the modern world.

We also dig into Bitc...

Eric Yakes joins the show to discuss what’s really driving Bitcoin right now and why price is determined by fundamentals, not cycles or models. We break down how marginal supply and marginal demand actually work in Bitcoin, why the four-year cycle may never have been real, and how years of behind-the-scenes work inside institutions and regulators lead to the sudden headlines that reprice the market.

We also dig into sovereign wealth funds, nation-state reserve adoption, and why Bitcoin is still one announcement away from a major move. Eric explains why liquidity, not ideology, is the real co...

Jeff Walton joins the show for a deep dive into the state of Bitcoin treasury companies, the rise of digital credit, and why we may be entering the most aggressive phase of institutional Bitcoin adoption yet.

We get into Paper Bitcoin Winter, why so many treasury companies are trading below 1× MNAV, and whether the original playbook of issuing equity, & buying Bitcoin may be running out of road. Jeff breaks down why the model isn’t dead, how yield markets are evolving at lightning speed, and why optionality, scale, and genuine operational talent will decide who survives the com...

Erik Hersman, Phillip Walton, Eric Yakes & Mark Kamau join the show for a deep dive into energy, mining, and the reality of electrifying Africa — and why Bitcoin is quietly unlocking possibilities no NGO or government has ever managed to achieve.

We get into the wild journey across northern Kenya to the forgotten village of Saru where communities live without electricity, refrigeration, or basic infrastructure, and where abundant energy would completely transform life, opportunity, and even culture. Philip and Eric explain why transmission lines will never be built, why NGOs fail 90% of the time, and how Bitcoin mining fi...

Seb Bunney joins the show for a conversation about broken money, distorted reality maps, and why Bitcoin might be the only force capable of realigning society.

We get into his personal journey from mountain-bike coaching in Whistler and realising hard work no longer pays, to discovering how central banks, misaligned incentives, and financialisation quietly shape everything from housing and family life to politics and culture. Seb explains why so many young people are turning to socialism, why democracies can’t change course, and how separating money and state could be the only viable path forward.

Se...

George Bodine joins the show for a wild conversation about the fourth turning, AI, quantum, and why he believes the next 3–5 years will be the most volatile period in Bitcoin history.

We get into his insane life story — from trailer parks to flying F-18s at Top Gun, ejecting from a crashing jet, working underground as a miner, becoming a pro artist, and eventually going all-in on Bitcoin.

George breaks down why he thinks the financial crisis never ended, how AI and robotics will erase millions of jobs, the global arms race for compute and ener...

Phong Le, CEO of Strategy, joins the show to break down exactly how the world’s biggest Bitcoin treasury company works. The Bitcoin-backed credit markets, the preferreds, the leverage, and how Strategy keeps buying Bitcoin in bull and bear markets.

We dig into how MicroStrategy pivoted during 2020, how Phong and Michael Saylor built the Bitcoin treasury model from scratch, and why Strategy believes Bitcoin is still radically undervalued. Phong explains Strike, Strife, Stride, and Stretch, how these preferreds create Bitcoin yield, why they work even when price is down, and how Strategy thinks about dilution, MNAV premiums, an...

Max Guise from Block joins the show to break down one of the biggest leaps forward for Bitcoin self-custody: BitKey’s new privacy upgrade, why it matters, and how it removes one of the last major trade-offs between safety and privacy.

We get into how BitKey’s new chaincode-delegation system prevents Block from seeing balances or transactions, and why this BIP unlocks a new era for private, user-friendly multisig.

We also get into Square switching on Bitcoin payments across the US and why that’s a much bigger deal than most people realise - removing the fr...

Checkmate and Alec Dejanovic from Checkonchain break down what’s really happening with Bitcoin’s price. The unprecedented long-term holder sell-off, the spot buyers absorbing billions, and why this cycle looks less like a normal bull market and more like a Great Rotation.

We get into old coins coming back to life, sovereign accumulation, stalled ETF flows, and why the real story isn’t who is selling, it’s who has the balance sheet to buy this much Bitcoin. Checkmate also explains the true market mean at $82K, how to spot bottom formation, why 70% of Bitcoin’s cost basis...

Mark Suman is the co-founder of Maple, a fully private, open-source AI.

Mark breaks down how Big Tech and governments are using AI to harvest data, profile behaviour, and build the foundations of a coming surveillance system. We get into closed-source models tracking your thoughts and emotions, AGI hype vs reality and the rise of Chinese open-source AI and why private, verifiable AI is the only path that doesn’t lead to mass influence and behavioural control.

We also get into how anonymous AI accounts are only possible with Bitcoin, why Lightning and eCash still ma...

Lyn Alden is a macroeconomist, investor, and the author of Broken Money, known for her deep analysis of liquidity cycles, fiscal dominance, and long-term market structure.

In this episode, Lyn breaks down the major macro shift happening right now, the end of quantitative tightening, the turning point in global liquidity, and what this means for Bitcoin, gold, interest rates, and risk assets. She explains why QT is effectively finished, how repo market stress is signalling a balance-sheet pivot, why fiscal dominance is driving inflation, and why Bitcoin’s stagnation has more to do with liquidity and capital ro...

Rob Hamilton is the co-founder and CEO of Anchor Watch, a Bitcoin custody and insurance provider.

In this episode, Rob breaks down BIP-444, the proposed soft fork aimed at stopping spam. He explains why it represents the most contentious governance moment since the block-size wars, what the proposal actually changes, how it could trigger chain splits and reorgs, and why he believes the effort has almost no chance of success.

We discuss the economics, incentives, and psychology behind the new fork movement, why filters failed, how miners really behave under fee pressure, and why futures...

SeedSigner is an open-source Bitcoin signing device.

In this episode, SeedSigner breaks down why trustless hardware matters and why Bitcoin security is a journey, not a destination. He explains how hardware wallets have become a “cat-and-mouse” game of exploits and firmware trust, why he chooses to trust math over manufacturers, and how SeedSigner gives users a verifiable, DIY alternative to commercial wallets.

We discuss the evolution of Bitcoin custody, from paper wallets to multisig, and how SeedSigner empowers users to hold keys without relying on opaque supply chains. SeedSigner also shares lessons from his years in d...

Matthew Mezinskis is a macroeconomic researcher, host of Crypto Voices and creator of Porkopolis Economics.

In this episode, Matthew breaks down why Bitcoin doesn’t grow exponentially like traditional finance, it grows on a power curve. He explains why this difference matters for sustainability, how it challenges credit-based systems, and what it means for the long-term coexistence of Bitcoin and fiat money.

We discuss how the power law reveals Bitcoin’s proportional and sustainable growth, why exponential systems like debt-driven markets inevitably face booms and busts, and how Bitcoin could eventually pull TradFi into a Bitc...

The Rational Root is an on-chain analyst and the creator of the Bitcoin Strategy platform.

In this episode, Root breaks down whether Bitcoin’s four-year cycle is truly over. He explains why the recent correction “broke the structure” of the bull market, why early Bitcoiners are taking profits at $100K, and how this institutional “IPO moment” could define Bitcoin’s next decade.

We discuss what the data says about long-term holder sell pressure, diminishing returns, and the lengthening of business cycles — and why Bitcoin may now be entering a phase of slower, more stable growth led by institu...

Ben Perrin is the creator and host of BTC Sessions, one of Bitcoin’s longest-running educational channels.

In this episode, Ben breaks down what true Bitcoin self-custody looks like — from beginner-friendly wallets to advanced multi-sig setups — and explains how to protect your family’s Bitcoin if something happens to you. We discuss the trade-offs between wallets like BitKey, Coldcard, Trezor and Ledger, how inheritance planning really works, and why too much complexity can be your biggest risk.

We also explore what it means to live entirely on Bitcoin, how Ben helped build a thriving circular economy...

Marty Bent is the Founder of TFTC and Managing Partner at Ten31, Erik Cason is the Co-Founder of Vora, and American HODL is… American HODL.

In this Bitcoin Whitepaper Day special, marking 17 years since Satoshi published the paper that changed the world, the three reflect on Bitcoin’s wild evolution from a fringe internet experiment to a $2 trillion, geopolitically relevant asset. We discuss how Bitcoin can free society from financial decay, why the future risks sliding into either communism or fascism, and why Bitcoiners must walk the narrow middle path to preserve individual sovereignty.

We get...

Obi Nwosu is the CEO and co-founder of Fedi.

In this episode, Obi explains how Bitcoin can uplift billions by creating new forms of community-based finance, why privacy is the dividing line between freedom and surveillance, and how tools like Fedimint and Fedi are re-engineering what custody means for the world.

Obi also warns that if Bitcoin drifts toward convenience at the cost of freedom, it could become the surveillance system it was designed to escape. The only way to protect financial liberty is to build systems that are decentralized and private.

THANKS...

Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation and author of Check Your Financial Privilege and Hidden Repression.

In this episode, Alex explains why Bitcoin is the most powerful tool for human rights in the 21st century, freedom money that protects people from surveillance, censorship, and financial control.

Alex breaks down how money evolved from an instrument of freedom to a weapon of control, how governments now use financial repression as their first tool of censorship, and why Bitcoin is the only technology capable of reversing that trend. He discusses his...

Nik Bhatia is a financial researcher and the author of Layered Money and The Bitcoin Age.

In this episode, Nik explains why last week’s repo market spike was a potential warning shot that liquidity in the system is drying up. He breaks down how the Fed’s plumbing actually works, why banks are hoarding reserves instead of lending them, and what it means when the “floor and ceiling” of the system stop holding.

Nik argues that quantitative tightening is reaching its limits and that a new era of liquidity is coming, not necessarily from the Fed...

Leopoldo López is a Venezuelan opposition leader, former political prisoner, and founder of the World Liberty Congress, a global alliance of democracy defenders and freedom fighters.

In this episode, Leopoldo tells the story of how he went from mayor of Caracas to being hunted, imprisoned, and sentenced for “sending subliminal messages” through his speeches. He reveals what four years in solitary confinement does to the human mind, how he led a prison uprising from inside his cell, and the insane escape that finally got him out of Venezuela.

Now living in exile, Leopoldo explains how h...

Andrew Hohns is founder and CEO of Battery Finance and CEO of Newmarket Capital. In this episode, we get into how Bitcoin-backed credit can rebuild trust in the global financial system — and why integrating Bitcoin into institutional finance could change everything from mortgages to sovereign debt.

We explore why Bitcoin is the ideal form of collateral and how it can transform credit markets distorted by inflation and fiat mismanagement. We also get into Andrew's idea for BitBonds, and how a Bitcoin-infused U.S. Treasury bonds could revolutionise sovereign debt issuance.

THANKS TO OUR SPONSORS:

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Matt Odell is host of Citadel Dispatch, co-host of Rabbit Hole Recap, managing partner at Ten31 and co-founder of OpenSats & Bitcoin Park. In this episode, we dive into the rise of surveillance capitalism, why freedom tech is the only path forward, and what a truly sovereign digital society could look like.

We explore how Nostr and Bitcoin together create an open foundation for speech, identity, and money. A new digital commons built on permissionless code, not corporate control.

Odell also gives his take on the wave of Bitcoin treasury companies and why some have drifted...

Luke Gromen is the founder of Forest for the Trees. In this episode, we discuss why the U.S. debt cycle is reaching a breaking point, how AI and geopolitics are accelerating structural change, and why we could be witnessing the endgame of the fiat era.

We get into why stablecoins may represent the next phase of the petrodollar system, the rise of financial repression, the return of inflation as a political tool, and why gold and Bitcoin are the only real safe havens this decade.

He also lays out how AI threatens the debt-based...

Checkmate is a Bitcoin analyst known for his on-chain & macro research. In this episode, we get into the weekend’s deleveraging event across the markets, the structural fragility it exposed, and why Bitcoin’s resilience through it all might mark a new era of maturity for the asset.

Checkmate breaks down what caused over $20 billion in liquidations, how cascading leverage turned minor sell-offs into total wipeouts, and why market makers simply “walked away.” He also explains why Bitcoin’s fundamentals, ETF inflows, spot demand, and deep capital pools make it better positioned than ever despite short-term volatility.

We d...

Dr. Roman Yampolskiy is a computer scientist and AI safety researcher whose work explores the existential risks of artificial intelligence and the limits of human control. In this episode, we dive deep into whether superintelligence can be contained, why AI may already be on an unstoppable trajectory, and what that means for humanity’s future.

Roman explains the difference between narrow AI, AGI, and superintelligence, and why building systems smarter than us may be a form of mutually assured destruction. We cover the ethics of open-source models, whether AI could ever be conscious, and how Bitcoin fits in...

Antoine Poinsot is a Bitcoin Core contributor and researcher at Chaincode Labs. In this episode, we dive deep into the growing divide between Bitcoin Core and Knots, why mistrust in Core development has reached new levels, and what the v30 policy changes really mean for the future of Bitcoin.

Antoine explains the history behind the OP_RETURN controversy, how “spam” and arbitrary data affect the UTXO set, and why multiple implementations like Knots may be both a strength and a serious risk to the network. We also cover Core’s security-disclosure process, how decisions are actually made inside...

Peter Dunworth is the Director of a multi-family office and is the co-founder of The Bitcoin Adviser. In this episode, we dive into why Bitcoin is the ultimate vehicle for generational wealth, how to actually protect it across jurisdictions, and why collateral, not debt, is the real story of global finance.

We get into why Bitcoin could underpin the collateral markets, how hyperbitcoinisation might play out both personally and globally, and why coexistence with fiat may last much longer than many expect. Peter explains how capital protected Bitcoin bonds could revolutionise sovereign debt, why the financialization of...

Checkmate is an on-chain analyst and founder of Checkonchain, Joe Carlasare is a Commercial Litigator and macro commentator & Matthew Pines is the Executive Director at the Bitcoin Policy Institute.

They explain why the four-year cycle may finally be dead, how ETFs and institutional flows are reshaping Bitcoin’s volatility, and why 95K has become a critical “Hodler’s Wall.” We get into gold’s resurgence and how central bank accumulation signals a structural shift in global finance, and how fiscal dominance is eroding the Fed’s independence. The roundtable also dives into the politics of debt, the prospect of...

Samson Mow is the CEO of JAN3 and former CSO at Blockstream. In this episode, we get into the growing rift between Bitcoin Core and Knots, why mistrust in Core development is at an all-time high, and what it means for the future of the network.

We discuss the battle over spam and data storage on-chain, whether Bitcoin should ossify or adapt, and how governance really works in Bitcoin. Samson breaks down why the UTXO set could become a systemic risk, how mempool fragmentation is reshaping the network, and why multiple implementations of Bitcoin may be both...

Brandon Quittem is a the Author of The Mycelium of Money and VP at Swan. In this episode, we discuss the fourth turning, how history’s generational cycles shape today’s political chaos, and why Bitcoin could be the institution that emerges from the wreckage of a failing system.

We explore the death of monoculture, the erosion of trust in institutions, and whether the coming crisis ends in war, civil unrest, or a re-founding of the American republic. Brandon also breaks down how generational archetypes repeat across history, why social cohesion feels impossible in the algorithmic age, and...

Lawrence Lepard is an Investment Manager and Author of The Big Print. In this episode, he explains why the dollar system is “doomed,” how inflation is as much psychological as monetary, and why the Fed and Treasury are now trapped in a cycle of money printing and yield curve control. We explore why America may already be in a “fourth turning,” how gold’s surge signals a repricing of trust, and why Bitcoin is the ultimate escape hatch in a world of policy failure and political decay.

Lepard also explains how U.S. intelligence agencies are using it to stud...

Pete Rizzo breaks down how Bitcoin’s culture and institutions are being reshaped in 2025. From Trump’s executive orders and the creation of a strategic Bitcoin reserve to the rise of treasury companies and institutional adoption, we explore why this cycle feels different — and why that may not be entirely bullish for freedom money.

We get into the shifting monocultures of Bitcoin, from grassroots self-custody to Saylor's vision. Rizzo explains why treasury companies must prove they can outperform Bitcoin itself and the risks if hundreds of them collapse in the next bear market.

In this episod...

Freddie New unpacks why the next wave of Bitcoin treasury companies could change the game, and why his new venture, B Hodl, is designed to be more than just another balance sheet play. From Lightning Network infrastructure and UK policy battles to raising fresh capital without leverage, Freddie explains how Bitcoin-only businesses can scale sustainably while strengthening the network itself.

We dig into why so many treasury companies risk collapse in a bear market, how B Hodl is structured to avoid forced selling, and why the UK urgently needs a strong Bitcoin voice in both finance and...

James Lavish unpacks why the Federal Reserve, runaway debt, and global liquidity cycles are setting the stage for Bitcoin’s next explosive move. From stagflation and deficits to institutional rebalancing and treasury companies, James explains why Bitcoin is unlike any asset the Fed can control.

We dig into why policymakers are trapped between inflation and recession, how trillions in debt force them to keep the Ponzi going, and why every rate cut is bullish for Bitcoin. James also explores the role of Black Swan events, how institutions dampen volatility while driving adoption, and why neutral, permissionless money is...

Eric Yakes lays out why Bitcoin is on track for $10 million, and how cultural shifts, institutional adoption, and political realities are accelerating the path. From revolutions and mass movements to balance sheets and BlackRock ETFs, Eric explains why Bitcoin is unlike any other asset in financial history.

We get into why qualitative forces - belief, culture, and narrative - drive Bitcoin’s price as much as math, how the rise of treasury companies and governments adopting Bitcoin could fundamentally change markets, and why neutral, permissionless money is the escape valve from today’s credit-driven system. Eric also expl...

John Scott-Railton dives into the dark world of spyware, surveillance, and state power — and what it means for our freedoms in the digital age. From uncovering Pegasus spyware in 2016 to exposing private intelligence firms like Black Cube, John explains how governments, corporations, and authoritarian regimes exploit our phones and data to control narratives and suppress dissent.

We discuss how spyware has evolved from phishing texts to zero-click exploits, the chilling stories of journalists and dissidents targeted, and why even democracies are sliding into mass surveillance under the guise of “safety.” John also warns about the next frontier: AI sup...

Vijay Selvam digs into the first principles of Bitcoin, why it matters, how it works, and what makes it the greatest tool against authoritarian states. From his background on Wall Street during the 2008 financial crisis to writing Principles of Bitcoin, Vijay explains why digital scarcity is a paradigm-shifting invention and why separating money from the state may be one of the most important moments in human history.

We explore why narratives like “digital gold” are both useful and limiting, how Bitcoin embodies Enlightenment values of decentralization, and why its real political and philosophical implications go far beyond fina...

Rod Roudi gets into the convergence of Bitcoin, AI, energy, and freedom tech — and why grassroots adoption matters just as much as corporate treasury plays. From the rise of Bitcoin meetups and physical hubs like Bitcoin Park to the explosive growth of mining innovation, Rod makes the case that open-source tools and community-driven education are the foundations of Bitcoin’s future.

We discuss how Bitcoin Park solo-mined a block against one-in-a-thousand odds, and why home-grown projects like BitAxe and miner-powered heating systems are reshaping the mining landscape. Rod also shares how he uses AI in his own work...

American HODL & Steven Lubka get into the rise of Bitcoin treasury companies, unpacking how securitisation, jurisdictional arbitrage, and corporate leverage are shaping the next phase of Bitcoin’s financialisation. We discuss whether this new wave of Bitcoin-wrapped equities is a healthy Bitcoin on-ramp or just a speculative bubble, and what happens to these companies in a bear market.

Steven breaks down Nakamoto’s strategy, from running higher leverage to building a global network of local vehicles and using M&A to accumulate Bitcoin at scale. We get into the “Paper Bitcoin Summer” thesis, the morality of treasury cos, if...

Willy Woo gets into Bitcoin’s evolving market structure, breaking down how institutional flows, ETFs, and treasury companies are reshaping the bull market. He explains why Bitcoin has never faced a true business cycle downturn, why 2026 could be the first real test, and how liquidity waves set the rhythm for both blow-off tops and brutal bear markets.

He unpacks the mechanics of Strategy's debt model versus MetaPlanet’s synthetic leverage, how ETFs are smoothing inflows and dampening volatility, and why premiums to NAV create both opportunity and risk. Willy also zooms out to the thousand-year arc of mone...

Preston Pysh gives us a masterclass on Bitcoin treasury companies, unpacking the mechanics behind Michael Saylor’s strategy and why it has outperformed Bitcoin since 2020.

He explains how preferred stock and convertible debt are being engineered to funnel Bitcoin onto balance sheets, why the unraveling of the fixed-income market is the hidden fuel behind this model, and the risks investors face in treating treasury companies as a proxy for holding Bitcoin.

Preston gets into the accounting controversies around MicroStrategy, the looming threat of government nationalisation, and why self-custody Bitcoin is the ultimate safeguard.

In...

In this episode, Peter breaks down his five-year legal battle with Craig Wright, how UK libel laws were weaponised against him, and the moment the case finally turned in his favour.

We also get into his fight to save Bedford, and why running businesses there changed his political view, how government policy makes entrepreneurship harder, and turning to private solutions because of the failure of the state.

In this episode:

- Craig Wright’s lawsuits and the UK libel system

- The real impact of government policy

- The mi...

Calle gets into into the future of financial and communication privacy, exploring how tools like Cashu and BitChat could help Bitcoiners survive in an increasingly hostile regulatory environment.

He breaks down why privacy is essential for democracy, the lessons from the original Crypto Wars, and how eCash can offer near-perfect transaction privacy.

Calle explains the history behind David Chaum’s invention, the trade-offs Bitcoin made for auditability, and why eCash mints could be run by communities for both Lightning payments and private internet services. As well as BitChat as a censorship-resistant messenger and the growing le...

Lyn Alden and Andy Constan go deep on Bitcoin treasury companies like Strategy, debating whether they’re outright Ponzi schemes or legitimate vehicles for leveraged Bitcoin exposure.

We dig into how these companies actually generate returns, why premiums to NAV exist, and the conditions that could cause the model to unravel. Lyn lays out her cautiously bullish case for well-run treasuries, while Andy argues the structure depends on new capital in ways that can’t last forever.

In this episode:

- What makes a Bitcoin treasury company different from an ETF

- Wh...

Troy Cross and Ella Hough break down the state of Bitcoin adoption across the U.S. and the globe, revealing what the data really says about Bitcoin’s political alignment, institutional shift, and cultural future.

We get into the surprising statistics around self-custody, what Gen Z actually thinks about Bitcoin, and whether American bitcoiners can become a meaningful political force.

In this episode:

- Who owns Bitcoin - What Gen-Z think of Bitcoin

- The myth of political consensus around Bitcoin

- Bitcoin as a language of truth across cu...

Checkmate breaks down Bitcoin's market structure, why treasury companies are flooding in, and whether the four-year cycle has finally broken.

We get into how institutional money is reshaping on-chain dynamics, why long-term holders are behaving differently this cycle, and what the recent 80,000 BTC move signals about dormant supply.

Checkmate also explains the risks and opportunities of corporate treasury plays, premium-to-NAV dynamics, and how the rest of this bull market could play out.

In this episode:

- Treasury company dynamics

- Why Bitcoin’s drawdowns are structurally different this cycle

Dylan LeClair breaks down the rise of Bitcoin treasury companies, why corporate adoption may be hitting a “gradually then suddenly” inflection point, and whether Michael Saylor’s lead is now insurmountable.

We get into how Metaplanet scaled from a few hundred Bitcoin to 16,000+, what’s driving premiums over NAV, and why public capital markets are becoming the biggest buyers of Bitcoin.

Dylan also explains Saylor’s latest innovation, “Stretch", and explains why this could transform corporate balance sheets and fixed income markets.

In this episode:

Nik Bhatia breaks down why Bitcoin may have broken free of its four-year cycle and what that means for the next decade.

We discuss Bitcoin's market maturity, compressed volatility, and how new corporate demand are reshaping price dynamics — and why this could mean an end to drawn out bear markets and blow-off tops.

We get into how macro forces like liquidity, rate policy, and U.S. fiscal dominance intersect with Bitcoin, whether Powell vs. Trump really matters, and why Bitcoin could hit $1 million by 2032.

In this episode:

Jeff Booth explains why free markets are naturally deflationary and why this changes everything.

What if the entire economy is built on a lie? Jeff Booth argues our credit-based system fights the natural deflation of free markets through endless money manipulation — and why Bitcoin creates the first truly global free market.

We explore how AI accelerates abundance, why most people are stuck in “Fiatland,” and how Bitcoin adoption will transform everything from housing to global power structures.

In this episode:

Thomas Pacchia is the co-founder of Pubkey.

In this episode, we get into the evolving culture of Bitcoin, why number-go-up narratives overshadow deeper principles like privacy, self-sovereignty, and freedom. Thomas explains why he believes Bitcoin risks becoming disconnected from its original ethos, and the importance of maintaining a robust, culturally-driven Bitcoin community.

We also discuss the increasing role of institutions, treasuries, and ETFs in Bitcoin, how regulatory frameworks like the Patriot Act and Bank Secrecy Act challenge financial privacy, and why these battles are crucial for Bitcoin's future.

We also discuss Pubkey and...

Mauricio Di Bartolomeo is the co-founder of Ledn, the largest consumer Bitcoin lender.

In this episode, we discuss how Ledn survived the collapse of BlockFi and Celsius, why they’ve removed all rehypothecation and Ethereum products, and why Bitcoin-backed loans are set to reshape global credit markets.

Mauricio explains how banks entering the space could drive rates lower and why Ledn is focused solely on Bitcoin. Mauricio also shares his personal story of growing up in Venezuela under hyperinflation, discovering Bitcoin, and building Ledn to give people everywhere access to the same financial tools.

...

Root is a Bitcoin on-chain analyst and the author of the "Bitcoin Strategy Platform" Substack.

In this episode, we discuss the current state of Bitcoin’s bull market, why Root believes there’s no basis for a prolonged bear market, and how institutional demand is changing Bitcoin’s price dynamics. We cover Bitcoin’s structural adoption through ETFs, treasury companies, and sovereign buyers, and why these may limited downside volatility.

We also get into the psychological stages of the market, why 100k could now serve as Bitcoin’s new baseline, and how macro factors like interest r...

Mitchell Askew is Head of Research at Blockware and author of The Conservative Case for Bitcoin.

In this episode, we discuss the growing role of Bitcoin treasury companies, how miners are evolving into treasury plays, and why Blockware is betting on mining as a tool for institutional Bitcoin accumulation. We get into companies choosing ASICs over spot Bitcoin, how tax incentives and cash flow denominated in Bitcoin are changing the landscape, and the emergence of global copycats of MicroStrategy.

We also get into the dynamics of hash rate, Bitcoin price, and the impact of ETFs...

CJ Konstantinos is the Founder of People’s Reserve.

In this episode, we discuss Bitcoin’s rise as digital gold, its role in revolutionising real estate and finance, and why it’s poised to become the ultimate pristine collateral. We get into the maturation of the Bitcoin bull market and the potential for Bitcoin bonds to recapitalise economies. CJ also discusses the importance of free market money, the risks of financialisation, and how Bitcoiners can vote with their money to drive a peaceful financial revolution.

We also cover the implications of using Bitcoin as collateral for mo...

Matthew Pines is a the Executive Director at Bitcoin Policy Institute and an advisor to Skywatcher.

In this episode, we explore the evolving landscape of UAPs, why the U.S. government may be sitting on legacy programs involving non-human intelligence, and how the 2017 New York Times article triggered a wave of official investigations and whistleblower disclosures.

We also get into the parallels between Bitcoin and UAPs as epistemic journeys, the UAP Disclosure Act, and why some believe we’re facing a constitutional crisis over secret government programs. Finally, we discuss Skywatcher's effort to gather empirical UA...

Grant McCarty is the Co-President of the Bitcoin Policy Institute.

In this episode, we discuss the state of Bitcoin policy in Washington DC, how the Strategic Bitcoin Reserve went from a fringe idea to a real legislative proposal, and why the next 18 months could define Bitcoin’s regulatory future in the United States.

We also get into the stablecoin and market structure bills currently moving through Congress, how internal dysfunction could derail progress, and why executive orders aren't enough. Finally, we talk about codifying Bitcoin into law and the quiet support from lawmakers across the ai...

Becca Rubenfeld is the co-founder and COO of AnchorWatch.

In this episode, Becca tells the story of how she adopted her son from a Ukrainian orphanage, including government corruption, falsified records, and systemic failures. What began as a summer hosting program turned into a two-year battle to rescue her son. Becca also opens up about her recent diagnosis with an aggressive and rare form of cancer—and why she felt now was the time to tell this story.

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Erik Cason is the author of Cryptosovereignty & co-founder of Vora. Jesse Posner is a an engineer, formally at Coinbase and BitKey & the co-founder of Vora.

In this episode, we discuss why Erik and Jesse believe the modern state has already collapsed, why Bitcoin is the only shot at reclaiming sovereignty in the digital age and how philosophy, law, and cryptography intersect.

We also get into the rise of Bitcoin treasury companies and how this growing financialization of Bitcoin could lead to a liquidity crisis and reflexive market crash. Finally, we talk about building tools for...

Jeff Walton is a financial analyst, a former reinsurance broker and the Founder of True North.

In this episode, we break down the rise of Bitcoin treasury companies, why Strategy is playing an entirely different game, and how Saylor’s new financial instruments are creating a Bitcoin-native yield curve. We also discuss how these instruments could absorb trillions from the fixed income market and what that means for Bitcoin’s long-term price floor.

We get into the risks of corporate treasury models, why some of the new entrants look like the 2017 ICO market, whether these stru...

Jeff Ross is a macroeconomist, bitcoiner and Founder & CEO of Vailshire Capital Management.

In this episode, we discuss why Jeff believes we're entering a new inflationary era that echoes the 1970s, why global capital is rotating out of U.S. assets, and how this sets up Bitcoin and gold for massive outperformance & why he thinks the next Bitcoin cycle could peak in late 2025.

We also get into the risks of corporate Bitcoin treasury strategies, the geopolitical impact of war on markets, and why emerging markets and Bitcoin will benefit.

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Erin Redwing is a former astronomer turned astrologer and the host of the Hell Money podcast.

In this episode, we discuss how outer planet astrology can offer insights into macroeconomic and civilisational shifts, why Erin believes Bitcoin's 2032 Saturn-Uranus cycle climax is a make-or-break moment, and how the Age of Aquarius provides a framework for decentralisation. We also talk about the natal chart of Bitcoin, why its inception reflects a structural tension between rebellion and order, and how astrology helps Erin make predictions about markets.

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Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation, Paul Sztorc is Founder and CEO of LayerTwoLabs and the creator or Drivechains.

In this episode, we discuss whether Bitcoin is falling behind the innovation curve, if Lightning Network has failed as a project, and if privacy models like eCash are a dangerous compromise or a practical necessity. We also get into whether hard forks should be revived as a path for progress, how censorship resistance is being weighed against usability, and why Paul believes Bitcoin is accumulating “technical scar tissue.” Finally, we explore whether Bitc...

Sam Wouters is the Director of Marketing at River.

In this episode, we discuss why the U.S. is emerging as the dominant force in Bitcoin adoption, how proof-of-reserves has evolved in a post-FTX world, and why retail interest in Bitcoin remains muted despite all-time highs. We also discuss how institutional involvement might be both a blessing and a curse, the psychological barriers stopping new retail entrants, the moral responsibility of Bitcoiners to re-engage no-coiners, and what the next phase of Bitcoin might look like.

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Joe Carlasare is a Commercial Litigator, a long time Bitcoiner, and macro commentator.

In this episode, we discuss the U.S. sovereign debt debate, why the doom loop narrative might be missing the bigger picture, and how rapid advances in AI and automation could unleash a wave of productivity strong enough to reshape the fiscal outlook. Joe argues that the real risk isn’t a collapsing dollar, but instability in the Treasury market - the backbone of the global financial system. We also get into why growth, not austerity, is the most likely political path forward, why th...

Matt Corallo is an Open Source Engineer at Spiral, a long time Bitcoin Core contributor and Lightning dev.

In this episode, we discuss the current state of Lightning: what's finally working, what UX breakthroughs are coming, and why 2024 might be the year lightning delivers.

We also get into the risks of U.S. policy treating non-custodial services like custodians, the threat of regulatory capture through KYC mandates, why developers are walking away from the U.S. market, and why the “Save Our Wallets” campaign may be Bitcoin’s last chance to protect non-custodial tools. Plus: how OP...

American HODL is an OG Bitcoiner. In this episode, we explore how the state may co-opt Bitcoin not by banning it, but by absorbing it into public markets, enabling control through financial instruments like ETFs and convertible bonds. We also get into the rise of Bitcoin treasury companies, why Michael Saylor’s strategy is just the beginning, and the threat of an Executive Order 6102 style attack.

We also discuss the moral tradeoffs of financialising Bitcoin and whether self-custody will be punished through regulation. As well as the Trojan horse theory of Bitcoin adoption, whether it's better to fi...

James Lavish is a macro investor, former hedge fund manager, and managing partner at the Bitcoin Opportunity Fund.

In this episode, we explore the fragility of the U.S. bond market, how sovereign credit ratings work, and why the U.S. is now priced by markets as a default risk on par with Greece. We discuss the structural privilege of the dollar as the world reserve currency, why that privilege is under threat, and how the Triffin Dilemma is playing out in real time.

We also get into institutional adoption of Bitcoin, the operational hurdles...

Jack Mallers is the Founder and CEO of Strike, and the Co-Founder and CEO of 21.

In this episode, we discuss the breakdown of the post-WWII monetary order, the consequences of the U.S. exporting dollars, and why the dollar’s global reserve status is becoming a liability rather than a strength. We also get into 21’s plan to take Bitcoin-native principles into the heart of Wall Street, how companies like MicroStrategy and Metaplanet are paving the way for sovereign-grade Bitcoin exposure, and why proof-of-reserves and Bitcoin per share may become the new standard for corporate treasuries.

Fo...

Harry Sudock is SVP at CleanSpark, one of the largest publicly traded Bitcoin mining companies in the world.

In this episode, we explore why Bitcoin mining is reshaping America’s energy landscape, the evolution of corporate Bitcoin strategy, and the game theory behind early adoption by individuals, companies, and nation states. We also get into how companies like MicroStrategy and Metaplanet are unlocking powerful financial leverage through Bitcoin balance sheets, the risks of derivatives-based exposure, and whether institutions pose a threat to Bitcoin’s long-term consensus.

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Matthew Mezinskis is a macroeconomic researcher, host of the Crypto Voices podcast and creator of Porkopolis Economics.

In this episode, we discuss fractional reserve banking, why it's controversial among Bitcoiners, the historical precedent for banking practices, and whether fractional reserve banking inherently poses systemic risks.

We also get into the dangers and instabilities introduced by central banking, and why Bitcoin uniquely offers a pathway to financial sovereignty, the plumbing of the global financial system, breaking down money supply metrics, foreign holdings of US treasuries, and how all these elements indicate growing instability in the dollar...

Lyn Alden is a macro analyst, investment strategist and the author of Broken Money.

In this episode, we discuss the structural imbalances underpinning the U.S. trade deficit and its link to the dollar’s status as the global reserve currency. We get into the mechanics of capital surpluses, why U.S. treasuries are at the heart of global liquidity, and how foreign ownership of American assets introduces systemic fragility. We also discuss Bitcoin as a neutral reserve asset,, gold and tariffs, Bitcoin’s market structure, and why $150k might be in sight.

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Bitcoin Mechanic is the Chief Boiling Officer at OCEAN.

In this episode, we dive deep into the battle over OP_RETURN and Bitcoin node policy. Mechanic explains why arbitrary data like inscriptions and JPEGs represent an attack vector, how Core developers have responded, and why he believes filters are essential to protecting Bitcoin’s monetary use case. We also cover the risks of miner centralisation, the tension between Bitcoin’s ideological roots and its current developer politics, and what’s really at stake in the “OP_RETURN war.”

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Checkmate is an on-chain analyst and founder of Checkonchain.

In this episode, we get into Bitcoin’s breakout back above $100k and what on-chain data reveals about who’s buying, who’s selling, and whether retail is finally showing up. We also discuss whether the Bitcoin cycles are over, how the global macro shift is influencing hard asset flows, and why gold might be the early signal for a longer Bitcoin run. Finally, we get into the OP_RETURN war.

Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Checkmate: https://x.com/_C...

Zack Shapiro is a lawyer and Head of Policy at the Bitcoin Policy Institute.

In this episode, we discuss the Samurai Wallet case, how the U.S. government is using outdated laws to target non-custodial Bitcoin tools — and why the outcome of this case could criminalise running a node or writing open-source Bitcoin code.

We also discuss the DOJ’s “regulation by prosecution” playbook, the fact that FinCEN explicitly told prosecutors Samurai was not breaking the law, why prosecutors hid that fact for a year and why he believes a political fix — not just a legal one...

Shinobi is the Technical Editor at Bitcoin Magazine.

In this episode, we get into the latest "OP_RETURN war," exploring whether the debate is a cultural clash or a technical discussion about Bitcoin’s future.

We discuss the origins of the OP_RETURN limit, how users are bypassing it, and the arguments for and against changing data limits. Shinobi lays out his view that filters designed to block certain transactions could increase mining centralisation and degrade network security. We also get into the questions about non-monetary uses of Bitcoin and the ongoing tensions between scaling, fr...

Jesse Myers is the author of the Once in a Species newsletter.

In this episode, we discuss why humanity’s obsession with scarce assets may be hardwired into our DNA and how this evolutionary trait could explain Bitcoin’s inevitable rise.

We also get into how early humans monetised scarcity, why Homo sapiens may have outcompeted Neanderthals through money-based cooperation, and how Dunbar’s number and inter-tribal trade shaped civilisation. Finally, we explore why Bitcoin represents the culmination of a 140,000-year human search for perfect scarcity — and why Jesse believes we are in the early innings...

In this episode we have three sessions recorded live at CheatCode in Bedford.

In the first session, Checkmate, Preston Pysh, and Alex Thorn break down the cracks in the fiat system, the rise of deglobalization, stablecoins, Bitbonds, and how Bitcoin and gold are emerging as neutral reserve assets.

In the second session, Matthew Pines unpacks the global economic reordering, the U.S.–China trade war, escalating tariffs, the fragility of the bond market, and why Bitcoin may be the ultimate escape valve.

In the final session, Lawrence Lepard, James Lavish, and Cameron Parry go...

Mark Moss is an entrepreneur, investor, and host of the Mark Moss Show and Market Disruptors.

In this episode, we discuss why Bitcoin could 10x over the next five years as well as the political and financial cycles converging to drive massive change.

We also get into the collapse of global institutions like the World Economic Forum, the role of AI and Bitcoin in reshaping money and power structures, why open-source AI could decentralise innovation, and how Bitcoin might become the default money for autonomous AI agents. Finally, we explore why stock market valuations may...

Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation and author of Check Your Financial Privilege, Hidden Repression and The Trojan Horse of Freedom.

In this episode, we discuss whether Bitcoin’s adoption by governments and Wall Street threatens its original mission, the Trojan Horse theory of Bitcoin and why nation-state adoption may be essential to separating money from state. We also get into the IMF’s decades-long role in global debt traps, the potential endgame of Bitcoin as a global reserve and debate quantum threats to Bitcoin.

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Matt Odell is host of Citadel Dispatch, co-host of Rabbit Hole Recap, managing partner at Ten31 and co-founder of OpenSats and Bitcoin Park.

In this episode, we discuss the risks of Bitcoin’s increasing financialisation, why only a small minority may ever use it as true “freedom money,” and whether Bitcoin is on track to become a global reserve currency.

We also get into the rise of stablecoins and their impact on adoption, MicroStrategy’s role in reshaping public market exposure to Bitcoin, and a potential quantum computing threat. Plus, we cover why sats should be the s...

Junseth is the co-founder of the legendary Bitcoin Uncensored podcast and a longtime Bitcoiner.

In this episode, we discuss whether Bitcoin has actually “done anything yet,” why financialisation might be both Bitcoin’s future and a serious threat, and how MicroStrategy’s could play a key role in that. We also get into the risks of leverage and ETFs, Junseth’s unique investment strategy based on volatility and diversification, why most Bitcoiners aren’t truly prepared for sovereign-level adoption, and the missing financial tools — like insurance and mortgages.

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Bob Burnett is the Chairman and CEO of Barefoot Mining and board member of Ocean.

In this episode, we discuss why the future of Bitcoin mining is about much more than just hashing, how control of block space could determine who holds true economic power in a Bitcoinised world, and why building from the bottom up — starting with energy production — may be the only path to sovereignty.

We also get into complacency amongst bitcoiners, the issue of centralised mining pools, why financial institutions and nation states alike are waking up to the strategic value of bloc...

Lawrence Lepard is an investment manager and author The Big Print, which covers the broken monetary system and how Bitcoin fixes this.

In this episode, we discuss Trump’s tariffs, their real economic impact, and why Lawrence believes they could trigger a major market crash and sovereign debt crisis. We also discuss how the fiscal doom loop is accelerating, why Powell may soon be forced into another round of money printing, and why Bitcoin will benefit.

FOLLOW: Danny Knowles: https://x.com/_DannyKnowles & https://primal.net/danny Lawrence Lepard: https://x.com/LawrenceLepard

TH...

Joe Bryan is a Bitcoin educator and the creator of What’s the Problem?

In this episode, we discuss why our current system is rigged, how the hidden theft of inflation quietly corrodes everything from quality of life to trust in society, and why the “big red button” — the ability to print money — sits at the heart of so many global crises including the breakdown of family structures, mental health crises, and broken incentives all stem from the same monetary flaw. We also get into how this knowledge spreads, why people sense the system is broken even if they ca...

Brent Johnson is the CEO of Santiago Capital and the creator of the Dollar Milkshake Theory.

In this episode, we discuss why the dollar may strengthen before it dies, how global debt markets rely on an insatiable demand for US dollars, and why Brent believes a global sovereign debt crisis will force a dramatic monetary reset. We get into the mechanics of the Eurodollar system, why stablecoins entrench dollar hegemony, and why attempts to escape the dollar could make it stronger in the short term and Bitcoin’s potential role in this endgame.

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Michael Dunworth is an Australian entrepreneur and was one of the co-founders of Wyre, a Bitcoin payments and infrastructure provider established in 2013.

In this episode, we discuss nation-states strategically acquiring Bitcoin, why the integration of Bitcoin mining into national energy strategies could become a key geopolitical advantage, and how Bitcoin adoption could revitalise struggling companies like GameStop.

We also get into the risks of quantum computing for Bitcoin encryption, the significance of unsolved mathematical problems for humanity, and the transformative potential of solving these equations. We also explore Bitcoin as an antidote to consumerism, the...

Peter Dunworth is the Director of a multi-family office and is the co-founder of The Bitcoin Adviser.

In this episode, we discuss why Bitcoin is the only asset that can recapitalise the financial system, why Peter believes Bitcoin could become a $100 trillion asset within a decade, why credit markets are ultimately a collateral problem, and why financializing Bitcoin might be necessary to save Main Street from being collateral damage. We also get into Australia's property obsession, GameStop’s pivot to Bitcoin, the difference between Bitcoin derivatives and the asset itself, and MicroStrategy.

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Nik Bhatia is the author of Layered Money and The Bitcoin Age.

In this episode, we discuss the structure and evolution of the modern financial system, how banks run the world and why understanding liquidity is essential to grasping Bitcoin’s place in the world. We also get into the Eurodollar system, the coming end of quantitative tightening, the behavioural vs mechanical impact of QE, and how the credit system could coexist with Bitcoin.

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In this episode, I am joined by Pierre Rochard & Michael Goldstein. We discuss the Nakamoto Institute, why they believe money is a foundational pillar of civilisation, how Austrian economics helped them recognise Bitcoin’s potential so early and why everyone should hoard Bitcoin.

We also get into speculative attacks, why they think Bitcoin’s incentives are designed to win, and how a state adopting Bitcoin represents a peaceful transfer of monetary power.

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Luke Gromen is the founder of FFTT, an economic research firm focused on global macro trends.

In this episode, we discuss why Luke believes the U.S. is approaching a sovereign debt crisis, how rising interest costs and capital outflows are driving the system toward a breaking point, and why the current path could lead to inflation, capital controls, and a repricing of gold. We also get into the potential role of Bitcoin as a neutral reserve asset, whether the U.S. could strategically adopt Bitcoin or issue Bitcoin-backed bonds.

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Parker Lewis is the author of Gradually, Then Suddenly and Head of Business Development at Zaprite.

In this episode, Parker pushes back on Jeff Snider’s ideas about the monetary system, challenging the idea that central banks don’t actually print money, the fallacy of elastic money and why the world will ultimately converge on Bitcoin as its dominant currency. We also discuss why Parker believes the U.S. is locked into perpetual money printing, how fiat debt cycles will inevitably collapse, and why Bitcoin will win.

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Avik Roy is a policy analyst, and the president of the Foundation for Research on Equal Opportunity.

In this episode, we discuss why Avik believes the U.S. fiscal situation is heading toward a crisis within the next 20 years, the growing debt problem, and the likelihood of government-imposed capital controls and repression. We also get into Bitcoin's role in this economic landscape, whether the U.S. could adopt Bitcoin in a strategic reserve, and how past monetary shocks—like Executive Order 6102 and the Nixon Shock—inform what might come next.

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