What Bitcoin Did

<p>"5 to 10% is going to cause immense damage. When cash flows stop at the margin, everything collapses because of leverage." </p> <p>Nik Bhatia returns to break down the macro landscape as war in Iran sends oil to $100, the dollar surges, and volatility clouds the outlook. </p> <p>Nik explains why he's wiped the slate clean on his macro thesis, why the US economy may still avoid recession despite the chaos, and how the Genius Act could reshape the global dollar system through stablecoins. </p> <p>We also get into AI job displacement, why treasuries are still the bedrock of global finance, Bitcoin's decoupling signal, and whether the four-year cycle is finally dead.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Nik Bhatia: <a href="https://x.com/timevalueofbtc">https://x.com/timevalueofbtc</a></p>

<p>Is Bitcoin's four-year cycle still intact, and what does that mean for the next six months? </p> <p>In this episode, I sit down with The Rational Root to break down where we are in Bitcoin's cycle, why on-chain data is flashing bear market signals despite Bitcoin holding up through the Iran war, and what the bottom formation could look like from here. </p> <p>We discuss the shift from retail hype to institutional adoption, why OTC buying from ETFs and treasury companies dampened this cycle's price action, how gold and AI stole Bitcoin's mindshare, and whether passive flows from the likes of Saylor could prevent another leg down. Root walks through his key on-chain charts and explains why he thinks there's still a probability of one more drop before Bitcoin starts its next move up.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>The Rational Root: <a href="https://x.com/therationalroot">https://x.com/therationalroot</a></p>

<p>"Our entire financial system will blow up without their factories, without their oil. And they know that. So they can wait." </p> <p>Luke Gromen is a macroeconomic analyst, investor and founder of FFTT. </p> <p>In this episode, we get into whether the Iran war exposed a far bigger geopolitical shift than most people realise, why Luke thinks missiles and drones may have changed global power forever, and what all of this means for oil, markets, Bitcoin and the future of the dollar system. </p> <p>We also get into why Bitcoin held up better than expected during the conflict, why Luke still thinks risk assets face serious danger ahead, and how AI could trigger a major credit event faster than almost anyone expects.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Luke Gromen: <a href="https://x.com/LukeGromen">https://x.com/LukeGromen</a></p>

<p>"Statistically, right now, we are basically at the bottom. This is as cheap as Bitcoin gets." </p> <p>Matthew Mezinskis is a macroeconomic researcher, host of Crypto Voices and one of the leading voices on Bitcoin's power law and global money supply data. </p> <p>In this episode, we dig into why Bitcoin's quantile regression is showing we're scraping the absolute floor, why the four-year cycle is completely intact despite everyone calling it dead last year, and what the Fed's balance sheet actually tells us about where Bitcoin goes next. </p> <p>In this episode: </p> <p>• The Power Law: Why Bitcoin at $63k represents the cheapest level relative to trend in its entire history, and what the quantile regression is actually showing </p> <p>• The Four-Year Cycle: How the 2024-2025 price action perfectly follows prior cycles despite the "cycle is dead" narrative. </p> <p>• The 550k Projection: What the power law projects for Bitcoin by 2029-2030.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Matthew Mezinskis: <a href="https://x.com/1basemoney">https://x.com/1basemoney</a></p>

<p>Is this the start of a financial crisis? </p> <p>Jeff Snider is the founder of Eurodollar University and the go-to voice on how the global financial system really works. </p> <p>In this episode, we discuss why the shadow banking and private credit bubble is bursting right now, the cockroaches emerging across the credit markets that reveal nobody did any due diligence during the bubble years, and Jeff's three-stage financial crisis framework for understanding how bad this could get. </p> <p>We also get into why the Fed is essentially a political lightning rod with no real control over the monetary system, why bond markets have been pricing in a crisis since 2021 regardless of what the Fed does, and how people should position themselves, including Jeff's take on $60k Bitcoin. </p> <p>In this episode, we cover: </p> <p>• The 3 Stages of Financial Crisis: From early outflows (Stage 1) to forced selling (Stage 2) to systemic panic and the domino effect (Stage 3) — and where we are right now </p> <p>• The Cockroach Problem: Why big banks failed to check if the collateral they were lending against even existed, and what that reveals about the scale of the bubble </p> <p>• Credit Crisis vs Liquidity Crisis: The critical distinction that determines whether this stays contained or spills into broader markets </p> <p>• The Fed's Illusion of Control: Why the bond market has been pricing in a crisis since 2021, regardless of what Jay Powell says or does </p> <p>• Bitcoin & Survival: How to position yourself for a Stage 3 collapse and why wealth preservation is no longer optional in a debasing fiat system</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong> </p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a> </p> <p>Jeff Snider: <a href="https://x.com/JeffSnider_EDU">https://x.com/JeffSnider_EDU</a></p>

<p>Is Bitcoin's worst sentiment ever actually the biggest buying opportunity?</p> <p>Alex Thorn is Head of Firmwide Research at Galaxy Digital. In this episode, we discuss why Bitcoin has dropped nearly 50% from its all-time high, the reality behind the Jane Street manipulation allegations, why sentiment is among the worst it's ever been, and whether the four-year cycle played out after all. We also get into AI's potential to massively disrupt the job market, Alex's thesis on why you need to start building your "fleet of robots" now before it's too late, and why Bitcoin's fundamental value proposition matters more than ever despite the narrative damage.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Alex Thorn: <a href="https://x.com/intangiblecoins">https://x.com/intangiblecoins</a></p>

<p>Is the US government preparing to weaponise the dollar like never before? </p> <p>In this episode, Brent Johnson, creator of the Dollar Milkshake Theory, returns to discuss his $5,000 gold call and why the traditional rules of global macro are currently being rewritten. </p> <p>We get into the Imperial Circle, the exact strategy Soros, Druckenmiller and Scott Besant used to break the Bank of England, and why that same playbook may now be driving US economic policy. Brent explains why gold and the dollar can be strong at the same time, why Bitcoin has underperformed gold this cycle and how stablecoins are reshaping global capital flows in ways most people aren't paying attention to.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Brent Johnson: <a href="https://x.com/SantiagoAuFund">https://x.com/SantiagoAuFund</a></p>

<p>Has the world order actually broken down? </p> <p>In this episode, I sit down with Parker Lewis to break down Ray Dalio's warning that the global order is collapsing. Parker explains why Dalio is right that things are breaking down, but completely misses the root cause, the currency system. </p> <p>We get into why the weaponisation of the dollar, from cutting Russia off SWIFT to endless money printing, is what's actually driving the world towards chaos and why Bitcoin is insanely undervalued at $67k. Parker also makes the case that if Bitcoin doesn't eventually become a medium of exchange, something has gone very wrong. </p> <p>We explore: </p> <p>• The 5 types of war (and why we are already fighting 4 of them) </p> <p>• What Ray Dalio missed: The true cause of the global economic collapse </p> <p>• Monetary warfare: The exact moment the world lost faith in the US dollar. </p> <p>• Why neutral money is the ultimate defense against global disorder </p> <p>• The fatal flaw of gold</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cape.co/wbd"><strong>CAPE</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Parker Lewis: <a href="https://x.com/parkeralewis">https://x.com/parkeralewis</a></p>

<p>Is AI about to replace your job? And should you be terrified? </p> <p>In this episode, I sit down with Mark Suman to talk about the rapid acceleration of AI, what OpenClaw and agentic AI actually means for the average person, and why the lower rungs of the corporate ladder are about to get sawed off. </p> <p>We get into the privacy nightmare unfolding as people hand over their most personal data to LLMs, whether Bitcoin becomes the native money of AI agents, and how open-source models are keeping the big tech companies honest. </p> <p>Mark also brought his AI bot "Cooper" onto the show, and it kicked me off my own podcast.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cape.co/wbd"><strong>CAPE</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Mark Suman: <a href="https://x.com/marksuman">https://x.com/marksuman</a></p>

<p>"Bear markets are about both price and time. We've had quite a bit of pain on price, we haven't had that much time yet." </p> <p>Andy Edstrom, author of Why Buy Bitcoin, joins the show to discuss capital preservation and portfolio allocation during a downturn. We analyze the structural health of the market, why the "This Time is Different" narrative failed, and why institutional treasury strategies might be creating a drag on Bitcoin's spot price.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cape.co/wbd"><strong>CAPE</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Andy Edstrom: <a href="https://x.com/edstromandrew">https://x.com/edstromandrew</a></p>

<p>Mark Goodwin is a journalist and author at Unlimited Hangout. In this episode, he breaks down what the Epstein files reveal about Bitcoin's origins and the connections between the Epstein network, the PayPal mafia, and the creation of Tether. We get into whether Bitcoin has been co-opted, the role of stablecoins in extending dollar hegemony, and why the Bitcoin community needs to refocus on building peer-to-peer freedom tools.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cape.co/wbd"><strong>CAPE</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Mark Goodwin: <a href="https://x.com/markgoodw_in">https://x.com/markgoodw_in</a></p>

<p>Checkmate is a Bitcoin analyst known for his on-chain & macro research. In this episode, he breaks down the Bitcoin crash to $60k and why it may have marked a critical inflection point. We get into on-chain data, mean reversion models, and if the bottom is in for this bear market, or we go lower.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cape.co/wbd"><strong>CAPE</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Checkmate: <a href="https://x.com/%5C_Checkmatey%5C_">https://x.com/\_Checkmatey\_</a></p>

<p>Joe Consorti is a Market Analyst & Head of Growth at Horizon. In this episode, he breaks down one of Bitcoin’s most volatile days since the 2022 bear market. We unpack what’s really driving the selloff, why this isn’t a Bitcoin-native event, and how risk appetite, credit spreads, and Fed policy are shaping the move and the future. We also look at ETF behaviour, the dollar, and why Bitcoin may be deeply mispriced at current levels.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cape.co/wbd"><strong>CAPE</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Joe Consorti: <a href="https://x.com/JoeConsorti">https://x.com/JoeConsorti</a></p>

<p>James Lavish is a macro investor, former hedge fund manager, and managing partner at the Bitcoin Opportunity Fund. We discuss the emerging debt spiral, why the bond market no longer trusts policymakers, and why rate cuts don’t mean what they used to. James breaks down why the Fed is backed into a corner on money printing, monetary mechanics and the math behind the headlines, and how gold, silver, and Bitcoin are responding to stress in the system.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cape.co/wbd"><strong>CAPE</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>James Lavish: <a href="https://x.com/jameslavish">https://x.com/jameslavish</a></p>

<p>Brandon Black is a Bitcoin software engineer. In this episode we discuss why quantum computing is unlikely to threaten Bitcoin in the foreseeable future, how exaggerated claims around qubit scaling and Shor’s algorithm distort the real risk, what concrete evidence would actually force Bitcoin to act, and how questions around soft forks, post quantum cryptography, property rights, and confiscation should be framed if progress ever becomes real.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cape.co/wbd"><strong>CAPE</strong></a></p> <p><a href="https://www.cluborange.org/"><strong>CLUB ORANGE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Brandon Black: <a href="https://x.com/reardencode">https://x.com/reardencode</a></p>

<p>Caitlin Long is the founder and CEO of Custodia Bank, and in this episode we discuss the repricing of gold and its implications for Bitcoin, how derivatives and ETFs suppress price signals, why Wall Street cannot control Bitcoin the way it controlled gold, the strategic role of stablecoins in sustaining dollar demand, and how recent shifts in Treasury and Fed power matter for Bitcoin.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><a href="https://www.cape.co/wbd"><strong>CAPE</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Caitlin Long: <a href="https://x.com/CaitlinLong%5C_">https://x.com/CaitlinLong\_</a></p>

<p>Amiti Uttarwar is a Bitcoin protocol developer and founder of Waye. In this episode we discuss her path from Bitcoin Core to building support structures for long term open source contributors, the limits of permissionless work, funding and sustainability tradeoffs in Bitcoin development, and why social and human layers now matter as much as technical ones.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Amiti Uttarwar: <a href="https://x.com/amizi">https://x.com/amizi</a></p> <p>Waye: <a href="https://www.waye.dev/">https://www.waye.dev/</a></p>

<p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Lawrence Lepard: <a href="https://x.com/LawrenceLepard">https://x.com/LawrenceLepard</a></p>

<p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Cory Klippsten: <a href="https://x.com/coryswan">https://x.com/coryswan</a></p>

<p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Mark Moss: <a href="https://x.com/1MarkMoss">https://x.com/1MarkMoss</a></p>

<p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Michael Saylor: <a href="https://x.com/saylor">https://x.com/saylor</a></p>

<p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Peter McCormack: <a href="https://x.com/PeterMcCormack">https://x.com/PeterMcCormack</a></p>

<p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p>FOLLOW:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Simon Dixon: <a href="https://x.com/SimonDixonTwitt">https://x.com/SimonDixonTwitt</a></p>

<p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p>FOLLOW: </p> <p>Danny Knowles: <a href="https://x.com/_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a> </p> <p>American HODL: <a href="https://primal.net/hodl">https://primal.net/hodl</a> </p> <p>ODELL: <a href="https://primal.net/odell">https://primal.net/odell</a></p>

<p>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.</p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Joe Carlasare: <a href="https://x.com/JoeCarlasare"><strong>https://x.com/JoeCarlasare</strong></a></p>

<p>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.</p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>David Dredge: <a href="https://x.com/ConvexityDredge"><strong>https://x.com/ConvexityDredge</strong></a></p>

<p>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. </p> <p>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.</p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p>

<p>Sam Callahan is the Director of Strategy & Research at OranjeBTC.</p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Sam Callahan: <a href="https://x.com/samcallah"><strong>https://x.com/samcallah</strong></a></p>

<p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Saifedean Ammous: <a href="https://x.com/saifedean"><strong>https://x.com/saifedean</strong></a></p>

<p>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.</p> <p>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. </p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Eric Yakes: <a href="https://x.com/ericyakes"><strong>https://x.com/ericyakes</strong></a></p>

<p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Jeff Walton: <a href="https://x.com/PunterJeff"><strong>https://x.com/PunterJeff</strong></a></p>

<p>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. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Erik Hersman: <a href="https://x.com/whiteafrican/"><strong>https://x.com/whiteafrican</strong>/</a> </p> <p>Phillip Walton: <a href="https://linkedin.com/in/philip-walton-nairobi"><strong>https://linkedin.com/in/philip-walton-nairobi</strong></a> </p> <p>Eric Yakes: <a href="https://x.com/ericyakes"><strong>https://x.com/ericyakes</strong></a> </p> <p>Mark Kamau: <a href="https://x.com/mark_kamau"><strong>https://x.com/mark_kamau</strong></a></p>

<p>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. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Seb Bunney: <a href="https://x.com/sebbunney"><strong>https://x.com/sebbunney</strong></a></p>

<p>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. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p>

<p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Phong Le: <a href="https://www.linkedin.com/in/phong-le-b53520"><strong>https://www.linkedin.com/in/phong-le-b53520</strong></a></p>

<p>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. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Max Guise: <a href="https://x.com/max_guise"><strong>https://x.com/max_guise</strong></a></p>

<p>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.</p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Checkmate: <a href="https://x.com/%5C_Checkmatey%5C_"><strong>https://x.com/\_Checkmatey\_</strong></a></p> <p>Alec Dejanovic: <a href="https://x.com/alec_rhythmic"><strong>https://x.com/alec_rhythmic</strong></a></p>

<p>Mark Suman is the co-founder of Maple, a fully private, open-source AI. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Mark Suman: <a href="https://x.com/marksuman">https://x.com/marksuman</a></p>

<p>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.</p> <p>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.</p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Lyn Alden: <a href="https://x.com/LynAldenContact">https://x.com/LynAldenContact</a> or <a href="https://primal.net/lyn">https://primal.net/lyn</a></p>

<p>Rob Hamilton is the co-founder and CEO of Anchor Watch, a Bitcoin custody and insurance provider.</p> <p>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.</p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Rob Hamilton: <a href="https://x.com/Rob1Ham">https://x.com/Rob1Ham</a></p>

<p>SeedSigner is an open-source Bitcoin signing device. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>SeedSigner: <a href="https://x.com/SeedSigner">https://x.com/SeedSigner</a></p>

<p>Matthew Mezinskis is a macroeconomic researcher, host of Crypto Voices and creator of Porkopolis Economics. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Matthew Mezinskis: <a href="https://x.com/1basemoney">https://x.com/1basemoney</a></p>

<p>The Rational Root is an on-chain analyst and the creator of the Bitcoin Strategy platform. </p> <p>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. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Rational Root: <a href="https://x.com/theRationalRoot">https://x.com/theRationalRoot</a></p>

<p>Ben Perrin is the creator and host of BTC Sessions, one of Bitcoin’s longest-running educational channels. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>BTC Sessions: <a href="https://x.com/BTCsessions">https://x.com/BTCsessions</a></p>

<p>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. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>American HODL: <a href="https://x.com/americanhodl8">https://x.com/americanhodl8</a> or <a href="https://primal.net/hodl">https://primal.net/hodl</a> </p> <p>Erik Cason: <a href="https://x.com/Erikcason">https://x.com/Erikcason</a> or <a href="https://primal.net/erikcason">https://primal.net/erikcason</a> </p> <p>Marty Bent: <a href="https://x.com/MartyBent">https://x.com/MartyBent</a> or <a href="https://primal.net/marty">https://primal.net/marty</a></p>

<p>Obi Nwosu is the CEO and co-founder of Fedi.</p> <p>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.</p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>FOLLOW:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles">https://x.com/\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Obi Nwosu: <a href="https://x.com/obi">https://x.com/obi </a>or <a href="https://primal.net/obi">https://primal.net/obi</a></p>

<p>Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation and author of Check Your Financial Privilege and Hidden Repression. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>Follow:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C%5C%5C_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Alex Gladstein: <a href="https://x.com/gladstein">https://x.com/gladstein</a> or <a href="https://primal.net/gladstein">https://primal.net/gladstein</a></p>

<p>Nik Bhatia is a financial researcher and the author of Layered Money and The Bitcoin Age.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>Follow:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C%5C%5C_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Nik Bhatia: <a href="https://x.com/timevalueofbtc">https://x.com/timevalueofbtc</a></p>

<p>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. </p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>Follow:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C%5C%5C_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Leopoldo Lopez: <a href="https://x.com/leopoldolopez">https://x.com/leopoldolopez</a> or <a href="https://primal.net/leo">https://primal.net/leo</a></p>

<p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://river.com/wbd"><strong>RIVER</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><strong>Follow:</strong></p> <p>Danny Knowles: <a href="https://x.com/%5C%5C%5C_DannyKnowles">https://x.com/_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Andrew Hohns: <a href="https://www.linkedin.com/in/andrew-hohns-6901226">https://www.linkedin.com/in/andrew-hohns-6901226</a></p>