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What Bitcoin Did

What Bitcoin Did

What Bitcoin Did unpacks Bitcoin?s role in reshaping money, freedom, and the future of finance.

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Episodes

The Fed Pivot, Bitcoin vs Gold & The Return Of QE | Lawrence Lepard

Lawrence Lepard is an investment manager and author of The Big Print. In this episode, he explains why the Federal Reserve has already pivoted back to money printing and why inflation is now structurally embedded in the system. We discuss the growing inevitability of yield curve control, what gold and silver are signaling and why Bitcoin is the most asymmetric response to policy failure and monetary decay.

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2026-01-22
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Bitcoin Is Still Winning | Cory Klippsten

Cory Klippsten joins the show for a conversation on Bitcoin, power, and what is actually happening beneath the surface of the crypto industry. We break down why offshore exchanges are tolerated by governments, how surveillance and enforcement shape market structure, and why much of the crypto economy exists to extract rather than create long term wealth. Cory explains why Bitcoin adoption advanced structurally in 2025 despite a flat price, why tariffs and macro uncertainty weighed on markets, and why the old four year cycle narrative is likely dead.

We then get into Bitcoin treasury companies, MicroStrategy, leverage, preferred structures, and why most companies holding Bitcoin are not actually competing in the same game. We also get into self custody risks, education versus attention driven media, prediction markets, macro liquidity, and why Bitcoin is maturing into a real macro asset even if price action has not caught up yet.

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2026-01-20
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The Bitcoin Cheat Code | Mark Moss

Mark Moss joins the show to talk about why Bitcoin is not just an asset, but a financial cheat code that exposes how broken the modern system really is. Mark explains why wages can never outrun inflation, why saving harder is a losing strategy, and why wealth has always been built through assets, leverage, and system design rather than hustle culture. We unpack Bitcoin treasury companies, MSTR, leverage, preferreds, and why most criticism of these structures misses how traditional finance actually works.

We then get into Bitcoin as the foundation of a new personal and institutional playbook. Mark lays out how individuals can think about building a Bitcoin based treasury, managing risk, liquidity, and leverage without blowing themselves up, and why never selling Bitcoin requires building an engine around it. We also get into macro, global liquidity and the breakdown of the four year cycle.

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2026-01-16
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Michael Saylor | The Bitcoin Treasury Debate Gets Heated

Michael Saylor joins the show for a conversation on Bitcoin, power, and the treasury company playbook. We recap 2025 and look forward at 2026 with Michael arguing that Bitcoin?s real progress shows up in institutions, credit markets, accounting rules, and bank adoption, not short term price action.

We then get into a confrontational debate on Bitcoin treasury companies, mNAV, and corporate adoption. Michael rejects the criticism outright, arguing that attacking companies buying Bitcoin misses the bigger picture and misunderstands optionality, operating leverage, and risk. We explore his vision of Bitcoin evolving from digital capital into digital credit, why credit rather than price drives power, and why focus and endurance matter more than narratives.

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2026-01-12
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Only Bitcoin Can Stop Government Corruption | Peter McCormack

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.

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2026-01-08
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How The Financial System Controls Governments | Simon Dixon

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 facing Bitcoin today, from Wall Street financialisation and ETFs to corporate treasury centralisation and custody capture. He explains why self custody matters, why elites want different rules for themselves, and why Bitcoin can survive even if it is co-opted at the edges.

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2026-01-05
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2025: BITCOIN IN REVIEW | HODL & ODELL

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 also get into custody, incentives, freedom, and whether Bitcoin has to pass through the traditional system before it can meaningfully reshape it.

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2026-01-02
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2026 Macro Outlook and What It Means for Bitcoin | Joe Carlasare

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 excess rather than signalling weakness. Joe explains why a new all time high in 2026 would be one of the most bullish developments in Bitcoin?s history, permanently breaking cycle psychology, and lays out what could shift Bitcoin from hard mode back into a structurally bullish macro asset as liquidity, positioning, and confidence come back.

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2025-12-30
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The Global Financial System Is Structurally Broken | David Dredge

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 builds up. David breaks down why the four-year cycle narrative is breaking down, why Bitcoin?s muted year isn?t about demand weakness, and how positioning ultimately drives outcomes.

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2025-12-26
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Bitcoin, Liquidity, And The Coming Inflection Point | Jeff Ross

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 bond yield shock and the unwind of the yen carry trade, why rising rates there are sending stress through global markets, and what it signals about the end of the easy-money era. Jeff lays out why the world is slowly moving away from the U.S. dollar as the global reserve asset, why gold is already repricing, and why Bitcoin?s real breakout may come later, driven by structural pressure. We explore the 2026 inflection point, government-picked winners like AI and manufacturing and the risk of global deflation.

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2025-12-22
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Liquidity, Deficits & the Real Bitcoin Signal | Sam Callahan

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 Social Security and Medicare. Sam walks through why entitlement spending, demographics, and interest expense create a problem that can?t be solved politically, only postponed monetarily.

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2025-12-19
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Fiat Money, Inflation & the Collapse of Civilization | Saifedean Ammous

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 Bitcoin as the first real alternative to this system, not as an ideology, but as a price technology. He explains why Bitcoin?s price is the only scoreboard that matters, how money itself is a market with a $300T addressable size, and why Bitcoin doesn?t need fiat to collapse in order to win. We explore nation-state adoption, gold vs Bitcoin, why reserve assets reprice suddenly not gradually, and why Bitcoin is still early.

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2025-12-16
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The Bitcoin Bull Market Hasn?t Started Yet | Eric Yakes

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 constraint, why gold still dominates today, and what Bitcoin needs to reach true reserve-asset status.

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2025-12-12
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The Future of Bitcoin Treasuries | Jeff Walton

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 coming shakeout.

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2025-12-10
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How Bitcoin Is Changing the World | Erik Hersman, Phillip Walton, Eric Yakes & Mark Kamau

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 finally makes it economically viable to electrify the most remote places on earth.

They break down how Gridless finds stranded energy, models profitable solar and hydro builds, and partners with local elders, schools, and entrepreneurs to create real markets ? not handouts. We dig into the coming era of ?energy first, mining second,? the circular Bitcoin economies emerging across Kenya, why M-Pesa makes Nairobi the easiest city in the world to live on Bitcoin, and how Lightning will become the payment layer for off-grid power.

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Mark Kamau: https://x.com/mark_kamau

2025-12-08
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How Broken Money Distorts Reality | Seb Bunney

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.

Seb also breaks down his new essay The Curated World ? exploring linguistic control, scientific gatekeeping, suppressed technologies, the Invention Secrecy Act, and why ?the map is not the territory.? We dig into Bitcoin?s role as a truth-seeking mechanism, what happens when incentives flip from intervention to value creation, and how free markets, energy breakthroughs, and longer lifespans could transform civilisation far beyond money.

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2025-12-06
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Bitcoin, AI & The Fourth Turning | George Bodine

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 energy, and why quantum could hit faster than people expect. We dig into Bitcoin?s real threats ? mining centralisation, quantum-vulnerable coins, BIP444, and the Core vs Knots fight dividing the community.

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2025-12-03
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The $60 Billion Bitcoin Bet | Strategy CEO Phong Le

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, and raising billions without selling sats.

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2025-11-28
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Bitcoin Adoption Is Going Mainstream | Max Guise

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 friction of onboarding merchants and making Bitcoin everyday money. As well as the structural risk of mining centralisation, how relying on a handful of foreign ASIC manufacturers threatens Bitcoin?s long-term resilience, and how Proto?s approach is designed to spread hashpower, strengthen the network, and give miners real optionality for the first time in years.

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2025-11-26
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Did the Bitcoin Bull Market Just End? | Checkmate & Alec Dejanovic

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 now sits above $85K, and how ETFs and iBit options are reshaping Bitcoin?s entire market structure.

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2025-11-24
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Bitcoin, AI & the Coming Surveillance State | Mark Suman

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 matter, how miners are navigating the AI-compute boom, and why open protocols are the only safeguard in a world where AI intermediates your money, identity, and communication.

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2025-11-21
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Bitcoin, Gold & the Coming Liquidity Pivot | Lyn Alden

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 rotation than the halving cycle.

We discuss the real reason Bitcoin is flat in 2025, how AI has redirected investment flow away from BTC, why OG-holder distribution still shapes every cycle, and why the four-year Bitcoin cycle is dead. Lyn also breaks down gold?s explosive run, the mechanics of fiscal deficits, the ?nothing stops this train? thesis, and how the next phase of global liquidity will impact Bitcoin, gold, equities, and the broader macro environment.

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2025-11-18
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Is BIP444 An Attack on Bitcoin? | Rob Hamilton

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 markets can ultimately determine whether a fork has any economic weight.

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2025-11-14
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What It Really Means to Be Sovereign | SeedSigner

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 digital forensics, why most people?s threat model is themselves, and how open-source sovereignty could become Bitcoin?s last line of defence against capture.

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2025-11-12
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Bitcoin Power Law: The End of Exponential Growth | Matthew Mezinskis

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 Bitcoin world rather than be absorbed by it. Matthew also explores Bitcoin?s growing dominance as base money, comparing its scale to global cash and reserves, and why its next major milestone is surpassing U.S. cash in circulation.

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2025-11-10
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Why Bitcoin?s Bull Market Isn?t Over | Rational Root

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 institutions and nation-states.

Root also shares why he believes Bitcoin is still massively undervalued compared to other assets, why the current distribution phase is healthy, and why patience will be rewarded for those thinking in years, not weeks.

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2025-11-06
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Don?t Lose Your Bitcoin Generational Wealth | BTC Sessions

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 in Calgary, and why teaching the next generation to value freedom over convenience might be the most important inheritance of all.

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2025-11-04
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The Spiritual War for Bitcoin | American HODL, Erik Cason & Marty Bent

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 into the Trojan horse of institutional adoption, the spiritual war at the heart of money, and what it means to build in an age of surveillance.

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2025-10-31
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Rebuilding the World?s Financial System with Bitcoin | Obi Nwosu

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.

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2025-10-29
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Bitcoin and the End of Financial Repression | Alex Gladstein

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 new essay for The Journal of Democracy, how it reframes Bitcoin as a human rights revolution rather than a financial asset, and why even stablecoins ultimately strengthen state power instead of limiting it.

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2025-10-27
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Bitcoin & The Coming Liquidity Boom | Nik Bhatia

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, but from a massive private credit boom. He lays out why this will supercharge U.S. industrial growth, fuel long-term inflation, and make Bitcoin one of the most valuable forms of collateral in the world.

We also discuss the run in the price of gold, what it could signal geopolitically, and why Bitcoin?s volatility compression might mean the end of traditional market cycles.

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2025-10-24
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Jailed by a Dictator, Fighting Back with Bitcoin | Leopoldo López

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 he?s using Bitcoin to fight back. Funding resistance movements, paying doctors and activists when banks are weaponised by dictators, and building a new freedom network through the World Liberty Congress.

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2025-10-22
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Bitcoin Is Rebuilding the Financial System | Andrew Hohns

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.

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2025-10-20
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Why Bitcoin Must Win | Matt Odell

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 from Bitcoin?s core ethics, and why real, profitable businesses saving in Bitcoin will thrive.

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2025-10-17
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Has the Debt Spiral Started? | Luke Gromen

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 monetary system itself, why autonomous labor could cause mass unemployment, and why meaning, not money, might become society?s scarcest resource.

In this episode:

- Why the Fed has to cut rates and inflate away debt

- The new ?petrodollar? built on stablecoins

- The coming wave of financial repression

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2025-10-15
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Market Chaos: Is the Bitcoin Bull Run Over? | Checkmate

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 discuss how Bitcoin is becoming the world?s 24/7 macro signal, why "crypto" may be entering terminal decline, and what the data says about sentiment, and the critical price levels that will determine whether this was just a reset, or the start of a broader bear market.

In this episode:

- The $20 billion liquidation and what triggered it

- How leverage cascades break the market

- Bitcoin?s structural strength

- Why Bitcoin is the world?s macro thermometer

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2025-10-13
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The AI Revolution That Ends Humanity | Roman Yampolskiy

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 into a world dominated by intelligent machines.

In this episode:

- Why superintelligence may be impossible to control

- The existential risk of AI

- Whether consciousness can exist in machines

- How AI will replace all human labor

- Why AI might eventually use Bitcoin as its native money

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2025-10-09
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Bitcoin Core v30 Explained: Spam, Filters & the Knots Debate | Antoine Poinsot

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 the project, and whether Bitcoin should ossify or continue to evolve.

In this episode:

- The Core vs Knots debate

- Spam, inscriptions, and the limits of filtering policy

- UTXO bloat, miner incentives, and decentralisation risks

- Why unreviewed Knots code could become a systemic threat

- How Core handles policy vs consensus changes

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2025-10-07
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Bitcoin is Generational Wealth | Peter Dunworth

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 Bitcoin by Wall Street may actually be a net positive.

In this episode:

- Why 1 BTC could soon be generational wealth

- The challenges of preserving wealth

- Bitcoin as the foundation of collateral markets

- The case for Bitcoin bonds

- How Wall Street will financialize Bitcoin

- Coexistence of Bitcoin and fiat

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2025-10-02
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The End of Fed Control? Bitcoin & Macro Outlook | Checkmate, Joe Carlasare, Matthew Pines

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 yield curve control, and the AI-driven capex boom that could both fuel growth and deepen inequality.

In this episode:

- The end of the four-year cycle

- ETFs, flows, and the new volatility profile of Bitcoin

- The Federal Reserve & fiscal dominance

- AI & the future of productivity

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Matthew Pines: https://x.com/matthew_pines

2025-09-30
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The Fight For Bitcoin?s Future | Samson Mow

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 a blessing and a curse.

In this episode:

- The origins of the Core vs. Knots debate

- Spam, filters, and the slippery slope of arbitrary data on Bitcoin

- UTXO bloat, miner incentives, and decentralization risks

- How nation-state adoption may trigger the suddenly moment for Bitcoin

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2025-09-27
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The Fourth Turning is Here: Bitcoin vs Crisis | Brandon Quittem

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 how Bitcoiners can help reshape the world.

In this episode:

- The Fourth Turning framework and why 2008 was the catalyst

- Loss of faith in institutions and the rise of political nihilism

- Monoculture, social fragmentation, and the crisis of identity

- Why every Fourth Turning ends in war

- How Bitcoin could serve as the foundation for the next era

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2025-09-25
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The Big Print, Inflation & The End Of The Dollar | Lawrence Lepard

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 study hyperinflation as an existential risk, and why he?s convinced Bitcoin will hit $1 million.

In this episode:

- The Fed and the trap of yield curve control

- The risk of inflation

- Gold?s surge, Bitcoin?s inevitability, and the repricing of trust

- Why America may be entering a ?fourth turning?

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The Fed's Third Mandate (TFTC Article): https://www.tftc.io/the-feds-third-mandate-the-looming-credit-crisis-and-bitcoin/

2025-09-22
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Is Bitcoin Culture Dead? | Pete Rizzo

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 episode:

- How institutions are changing Bitcoin adoption

- Trump, strategic reserves & Bitcoin policy

- The cultural shift in Bitcoin

- Why treasury companies may struggle to survive

- The next phase of Bitcoin culture

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2025-09-19
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Why Every Company Will Hold Bitcoin | Freddie New

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 politics. Freddie also explores why institutions will eventually be forced to hold Bitcoin, how mNAV multiples shape valuations, and why every treasury company needs to prove it?s building real infrastructure, not just stacking sats.

In this episode:

- Why B Hodl is more than a Bitcoin treasury company

- How Lightning node operations create real Bitcoin-denominated revenue

- Why avoiding leverage is key to long-term survival

- Why every company will one day hold Bitcoin on their balance sheet

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2025-09-17
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Inflation, Liquidity, the Fed & Bitcoin | James Lavish

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 the only escape from today?s broken system.

In this episode:

- Are we heading for stagflation?

- How $324T in global debt guarantees more money printing

- The rise of treasury companies and institutional rebalancing

- Why global liquidity is the key signal for Bitcoin?s price

- What a Fed cornered by inflation means for the future of money

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2025-09-15
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The Path to $10 Million Bitcoin | Eric Yakes

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 explores what a $10M Bitcoin world might look like: from time preference shifts and new architecture to political legitimacy and global strategic reserves.

In this episode:

- Why Eric believes Bitcoin can reach $10M within a decade

- How revolutions explain Bitcoin?s cultural momentum

- The role of ETFs, treasury companies, and government reserves

- Why narratives, not fundamentals, move markets

- How neutral money could restructure capitalism and society

- What a $10M Bitcoin world means for time preference, politics, and the future

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2025-09-11
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Exposing Pegasus: How the State Spies on You | John Scott-Railton

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 supercharging surveillance, corporate data brokers selling your life by the byte, and if Bitcoin faces the same creeping panopticon risks if incentives aren?t carefully guarded.

In this episode:

- The rise of mercenary spyware like Pegasus

- How the state abuses surveillance tech

- The role of corporate surveillance and data brokers

- AI?s potential to supercharge surveillance

- If Bitcoin could face the same panopticon dynamics

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2025-09-09
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From Wall Street to Bitcoin & The Separation of Money & State | Vijay Selvam

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 finance. Vijay also shares why the greatest threats to Bitcoin come from within, and how Bitcoin serves as both a mirror and a peaceful revolution for humanity.

In this episode:

- The 2008 financial crisis and discovering Bitcoin

- Digital scarcity and the core innovation of Bitcoin

- Separation of money and state vs. church and state

- Narratives: digital gold, freedom money, and beyond

- Bitcoin?s political and philosophical ramifications

- Why Bitcoin is a mirror that forces self-reflection

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2025-09-05
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The Real Bitcoin Revolution Is Grassroots | Rod Roudi

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 workflows, what the future of education might look like for his kids, and why entrepreneurial grit will matter more than credentials in the age of automation.

In this episode:

- The rise of grassroots Bitcoin communities and meetups

- Solo-mining a block live

- Mining decentralisation

- The convergence of Bitcoin, AI, and energy

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Imagine IF: https://bitcoinpark.com/imagineif

Bitcoin Park: https://bitcoinpark.com/

2025-09-02
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