What Bitcoin Did

<p>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.</p> <p>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.</p> <p>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.</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>Matt Odell: <a href="https://primal.net/odell">https://primal.net/odell</a></p>

<p>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. </p> <p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- Why the Fed has to cut rates and inflate away debt </p> <p>- The new “petrodollar” built on stablecoins </p> <p>- The coming wave of financial repression </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>Luke Gromen: <a href="https://x.com/LukeGromen">https://x.com/LukeGromen</a></p>

<p>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. </p> <p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- The $20 billion liquidation and what triggered it </p> <p>- How leverage cascades break the market </p> <p>- Bitcoin’s structural strength </p> <p>- Why Bitcoin is the world’s macro thermometer</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>Checkmate: <a href="https://x.com/_Checkmatey_">https://x.com/_Checkmatey_</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- Why superintelligence may be impossible to control </p> <p>- The existential risk of AI </p> <p>- Whether consciousness can exist in machines </p> <p>- How AI will replace all human labor </p> <p>- Why AI might eventually use Bitcoin as its native 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://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>Dr. Roman Yampolskiy: <a href="https://x.com/romanyam">https://x.com/romanyam</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- The Core vs Knots debate </p> <p>- Spam, inscriptions, and the limits of filtering policy </p> <p>- UTXO bloat, miner incentives, and decentralisation risks </p> <p>- Why unreviewed Knots code could become a systemic threat </p> <p>- How Core handles policy vs consensus changes</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>Antoine Poinsot: <a href="https://x.com/darosior">https://x.com/darosior </a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- Why 1 BTC could soon be generational wealth </p> <p>- The challenges of preserving wealth </p> <p>- Bitcoin as the foundation of collateral markets </p> <p>- The case for Bitcoin bonds </p> <p>- How Wall Street will financialize Bitcoin </p> <p>- Coexistence of Bitcoin and fiat</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>Peter Dunworth: <a href="https://x.com/PeterBTCAdviser">https://x.com/PeterBTCAdviser</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- The end of the four-year cycle </p> <p>- ETFs, flows, and the new volatility profile of Bitcoin </p> <p>- The Federal Reserve & fiscal dominance </p> <p>- AI & the future of productivity</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>Checkmate: <a href="https://x.com/_Checkmatey_">https://x.com/_Checkmatey_</a> </p> <p>Joe Carlasare: <a href="https://x.com/JoeCarlasare">https://x.com/JoeCarlasare</a> </p> <p>Matthew Pines: <a href="https://x.com/matthew_pines">https://x.com/matthew_pines</a></p>

<p>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.</p> <p>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.</p> <p>In this episode:</p> <p>- The origins of the Core vs. Knots debate</p> <p>- Spam, filters, and the slippery slope of arbitrary data on Bitcoin</p> <p>- UTXO bloat, miner incentives, and decentralization risks</p> <p>- How nation-state adoption may trigger the suddenly moment for Bitcoin</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>Samson Mow: <a href="https://x.com/Excellion">https://x.com/Excellion</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- The Fourth Turning framework and why 2008 was the catalyst </p> <p>- Loss of faith in institutions and the rise of political nihilism </p> <p>- Monoculture, social fragmentation, and the crisis of identity </p> <p>- Why every Fourth Turning ends in war </p> <p>- How Bitcoin could serve as the foundation for the next era</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>Brandon Quittem: <a href="https://x.com/bquittem">https://x.com/bquittem</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- The Fed and the trap of yield curve control </p> <p>- The risk of inflation </p> <p>- Gold’s surge, Bitcoin’s inevitability, and the repricing of trust </p> <p>- Why America may be entering a “fourth turning”</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>Lawrence Lepard: <a href="https://x.com/lawrencelepard">https://x.com/lawrencelepard</a> </p> <p>The Fed's Third Mandate (TFTC Article): <a href="https://www.tftc.io/the-feds-third-mandate-the-looming-credit-crisis-and-bitcoin/">https://www.tftc.io/the-feds-third-mandate-the-looming-credit-crisis-and-bitcoin/</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- How institutions are changing Bitcoin adoption </p> <p>- Trump, strategic reserves & Bitcoin policy </p> <p>- The cultural shift in Bitcoin </p> <p>- Why treasury companies may struggle to survive </p> <p>- The next phase of Bitcoin culture</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>Pete Rizzo: <a href="https://x.com/pete_rizzo_">https://x.com/pete_rizzo_</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- Why B Hodl is more than a Bitcoin treasury company </p> <p>- How Lightning node operations create real Bitcoin-denominated revenue </p> <p>- Why avoiding leverage is key to long-term survival </p> <p>- Why every company will one day hold Bitcoin on their balance sheet</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>Freddie New: Freddie New: <a href="https://x.com/freddienew">https://x.com/freddienew</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- Are we heading for stagflation?</p> <p>- How $324T in global debt guarantees more money printing </p> <p>- The rise of treasury companies and institutional rebalancing </p> <p>- Why global liquidity is the key signal for Bitcoin’s price </p> <p>- What a Fed cornered by inflation means for the future of 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://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>James Lavish: <a href="https://x.com/jameslavish">https://x.com/jameslavish</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- Why Eric believes Bitcoin can reach $10M within a decade </p> <p>- How revolutions explain Bitcoin’s cultural momentum </p> <p>- The role of ETFs, treasury companies, and government reserves </p> <p>- Why narratives, not fundamentals, move markets </p> <p>- How neutral money could restructure capitalism and society </p> <p>- What a $10M Bitcoin world means for time preference, politics, and the future</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>Eric Yakes: <a href="https://x.com/ericyakes">https://x.com/ericyakes</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- The rise of mercenary spyware like Pegasus </p> <p>- How the state abuses surveillance tech </p> <p>- The role of corporate surveillance and data brokers </p> <p>- AI’s potential to supercharge surveillance </p> <p>- If Bitcoin could face the same panopticon dynamics</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>John Scott-Railton: <a href="https://x.com/jsrailton">https://x.com/jsrailton</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- The 2008 financial crisis and discovering Bitcoin </p> <p>- Digital scarcity and the core innovation of Bitcoin </p> <p>- Separation of money and state vs. church and state </p> <p>- Narratives: digital gold, freedom money, and beyond </p> <p>- Bitcoin’s political and philosophical ramifications </p> <p>- Why Bitcoin is a mirror that forces self-reflection</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>Vijay Selvam: <a href="https://x.com/VijaySelvamXO">https://x.com/VijaySelvamXO</a></p>

<p>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. </p> <p>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. </p> <p>In this episode: </p> <p>- The rise of grassroots Bitcoin communities and meetups </p> <p>- Solo-mining a block live </p> <p>- Mining decentralisation </p> <p>- The convergence of Bitcoin, AI, and energy</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>Rod Roudi: <a href="https://x.com/bitkite">https://x.com/bitkite</a> </p> <p>Imagine IF: <a href="https://bitcoinpark.com/imagineif">https://bitcoinpark.com/imagineif</a> </p> <p>Bitcoin Park: <a href="https://bitcoinpark.com/">https://bitcoinpark.com/</a></p>

<p>American HODL & Steven Lubka get into the rise of Bitcoin treasury companies, unpacking how securitisation, jurisdictional arbitrage, and corporate leverage are shaping the next phase of Bitcoin’s financialisation. We discuss whether this new wave of Bitcoin-wrapped equities is a healthy Bitcoin on-ramp or just a speculative bubble, and what happens to these companies in a bear market. </p> <p>Steven breaks down Nakamoto’s strategy, from running higher leverage to building a global network of local vehicles and using M&A to accumulate Bitcoin at scale. We get into the “Paper Bitcoin Summer” thesis, the morality of treasury cos, if they are just another form of shitcoining, or a necessary step to embed Bitcoin into public markets and give millions passive exposure? </p> <p>In this episode: </p> <p>- The playbook for Bitcoin treasury companies </p> <p>- Why size, leverage, and jurisdiction matter for survival </p> <p>- MNAVs, premiums, and the risk in a bear market </p> <p>- The morality of treasury companies</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/\\\_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>Steven Lubka: <a href="https://x.com/dzambhalahodl">https://x.com/dzambhalahodl</a></p>

<p>Willy Woo gets into Bitcoin’s evolving market structure, breaking down how institutional flows, ETFs, and treasury companies are reshaping the bull market. He explains why Bitcoin has never faced a true business cycle downturn, why 2026 could be the first real test, and how liquidity waves set the rhythm for both blow-off tops and brutal bear markets.</p> <p>He unpacks the mechanics of Strategy's debt model versus MetaPlanet’s synthetic leverage, how ETFs are smoothing inflows and dampening volatility, and why premiums to NAV create both opportunity and risk. Willy also zooms out to the thousand-year arc of money, showing why fiat is a short-lived social consensus ledger and Bitcoin is destined to be the next energy-secured system of value.</p> <p>In this episode:</p> <p>- How ETFs are changing Bitcoin’s price dynamics</p> <p>- Premiums to NAV, synthetic leverage, and liquidation risk</p> <p>- Why treasury companies could amplify the next bear market</p> <p>- Liquidity cycles and business downturns</p> <p>- ESG, BlackRock, and the shift in institutional adoption</p> <p>- The transition from gold and fiat to Bitcoin</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%5C%5C%5C%5C_DannyKnowles">https://x.com/\\\\\\\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p> <p>Willy Woo: <a href="https://x.com/woonomic">https://x.com/woonomic</a></p>

<p>Preston Pysh gives us a masterclass on Bitcoin treasury companies, unpacking the mechanics behind Michael Saylor’s strategy and why it has outperformed Bitcoin since 2020. </p> <p>He explains how preferred stock and convertible debt are being engineered to funnel Bitcoin onto balance sheets, why the unraveling of the fixed-income market is the hidden fuel behind this model, and the risks investors face in treating treasury companies as a proxy for holding Bitcoin. </p> <p>Preston gets into the accounting controversies around MicroStrategy, the looming threat of government nationalisation, and why self-custody Bitcoin is the ultimate safeguard. </p> <p>In this episode: </p> <p>- Why self-custody Bitcoin is important </p> <p>- How preferred stock and convertible debt power treasury growth </p> <p>- The collapse of the 40-year fixed-income bull market </p> <p>- Understanding premiums to NAV and dilution risks </p> <p>- “Ponzi-adjacent” Bitcoin treasuries </p> <p>- Nationalisation and centralisation risks for Bitcoin </p> <p>- Why the STRC issuance may be one of the most brilliant financial products ever designed</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>Preston Pysh: <a href="https://x.com/prestonpysh">https://x.com/prestonpysh</a> or <a href="https://primal.net/preston">https://primal.net/preston</a></p>

<p>In this episode, Peter breaks down his five-year legal battle with Craig Wright, how UK libel laws were weaponised against him, and the moment the case finally turned in his favour.</p> <p>We also get into his fight to save Bedford, and why running businesses there changed his political view, how government policy makes entrepreneurship harder, and turning to private solutions because of the failure of the state.</p> <p>In this episode:</p> <p>- Craig Wright’s lawsuits and the UK libel system</p> <p>- The real impact of government policy</p> <p>- The mission to save Bedford</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>Peter McCormack: <a href="https://x.com/PeterMcCormack">https://x.com/PeterMcCormack</a></p>

<p>Calle gets into into the future of financial and communication privacy, exploring how tools like Cashu and BitChat could help Bitcoiners survive in an increasingly hostile regulatory environment.</p> <p>He breaks down why privacy is essential for democracy, the lessons from the original Crypto Wars, and how eCash can offer near-perfect transaction privacy.</p> <p>Calle explains the history behind David Chaum’s invention, the trade-offs Bitcoin made for auditability, and why eCash mints could be run by communities for both Lightning payments and private internet services. As well as BitChat as a censorship-resistant messenger and the growing legal risks faced by privacy developers.</p> <p>In this episode:</p> <p>- Why financial privacy is as important as free speech</p> <p>- Lessons from the Crypto Wars 1.0</p> <p>- How Chaumian eCash works and why it’s unmatched for privacy</p> <p>- Offline payments and tap-to-pay Bitcoin</p> <p>- The risks and pressures facing privacy developers today</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>Calle: <a href="https://x.com/callebtc">https://x.com/callebtc</a> or <a href="https://primal.net/calle">https://primal.net/calle</a></p>

<p>Lyn Alden and Andy Constan go deep on Bitcoin treasury companies like Strategy, debating whether they’re outright Ponzi schemes or legitimate vehicles for leveraged Bitcoin exposure.</p> <p>We dig into how these companies actually generate returns, why premiums to NAV exist, and the conditions that could cause the model to unravel. Lyn lays out her cautiously bullish case for well-run treasuries, while Andy argues the structure depends on new capital in ways that can’t last forever.</p> <p>In this episode:</p> <p>- What makes a Bitcoin treasury company different from an ETF</p> <p>- Why premiums to NAV exist</p> <p>- How Strategy’s capital structure works</p> <p>- Whether treasury companies can generate income without selling Bitcoin</p> <p>- The “Ponzi-adjacent” problem</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></p> <p>Andy Constan: <a href="https://x.com/dampedspring">https://x.com/dampedspring</a></p>

<p>Troy Cross and Ella Hough break down the state of Bitcoin adoption across the U.S. and the globe, revealing what the data really says about Bitcoin’s political alignment, institutional shift, and cultural future.</p> <p>We get into the surprising statistics around self-custody, what Gen Z actually thinks about Bitcoin, and whether American bitcoiners can become a meaningful political force.</p> <p>In this episode:</p> <p>- Who owns Bitcoin - What Gen-Z think of Bitcoin</p> <p>- The myth of political consensus around Bitcoin</p> <p>- Bitcoin as a language of truth across culture, time, and 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://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>Troy Cross: <a href="https://x.com/thetrocro">https://x.com/thetrocro</a> </p> <p>Ella Hough: <a href="https://x.com/21MMforthe21st">https://x.com/21MMforthe21st</a></p>

<p>Checkmate breaks down Bitcoin's market structure, why treasury companies are flooding in, and whether the four-year cycle has finally broken. </p> <p>We get into how institutional money is reshaping on-chain dynamics, why long-term holders are behaving differently this cycle, and what the recent 80,000 BTC move signals about dormant supply. </p> <p>Checkmate also explains the risks and opportunities of corporate treasury plays, premium-to-NAV dynamics, and how the rest of this bull market could play out. </p> <p>In this episode: </p> <p>- Treasury company dynamics </p> <p>- Why Bitcoin’s drawdowns are structurally different this cycle </p> <p>- The rise of institutional-sized transactions and empty mempools </p> <p>- What the 80,000 BTC sale tells us about long-dormant coins </p> <p>- The quantum debate</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>Checkmate: <a href="https://x.com/_Checkmatey_">https://x.com/_Checkmatey_</a></p>

<p>Dylan LeClair breaks down the rise of Bitcoin treasury companies, why corporate adoption may be hitting a “gradually then suddenly” inflection point, and whether Michael Saylor’s lead is now insurmountable.</p> <p>We get into how Metaplanet scaled from a few hundred Bitcoin to 16,000+, what’s driving premiums over NAV, and why public capital markets are becoming the biggest buyers of Bitcoin.</p> <p>Dylan also explains Saylor’s latest innovation, “Stretch", and explains why this could transform corporate balance sheets and fixed income markets.</p> <p>In this episode:</p> <ul> <li>How corporate treasuries are competing in a winner-take-most market</li> <li>Why premiums to NAV compress - and when they could expand again</li> <li>The mechanics behind Stretch</li> <li>How liquidity, interest rates, and credit markets drive Bitcoin price action</li> </ul> <p><strong>THANKS TO OUR SPONSORS:</strong></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://www.iren.com/"><strong>IREN</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><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>Dylan LeClair: <a href="https://x.com/DylanLeClair%5C_">https://x.com/DylanLeClair_</a></p>

<p>Nik Bhatia breaks down why Bitcoin may have broken free of its four-year cycle and what that means for the next decade. </p> <p>We discuss Bitcoin's market maturity, compressed volatility, and how new corporate demand are reshaping price dynamics — and why this could mean an end to drawn out bear markets and blow-off tops. </p> <p>We get into how macro forces like liquidity, rate policy, and U.S. fiscal dominance intersect with Bitcoin, whether Powell vs. Trump really matters, and why Bitcoin could hit $1 million by 2032. </p> <p>In this episode: </p> <ul> <li>Why the four-year halving cycle may be over</li> <li>How corporate treasury strategies are changing Bitcoin’s market structure</li> <li>The role of liquidity and treasury markets in driving Bitcoin price</li> <li>What Powell vs. Trump means for rates, inflation, and Bitcoin</li> </ul> <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><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>Jeff Booth explains why free markets are naturally deflationary and why this changes everything.</p> <p>What if the entire economy is built on a lie? Jeff Booth argues our credit-based system fights the natural deflation of free markets through endless money manipulation — and why Bitcoin creates the first truly global free market.</p> <p>We explore how AI accelerates abundance, why most people are stuck in “Fiatland,” and how Bitcoin adoption will transform everything from housing to global power structures.</p> <p>In this episode:</p> <ul> <li>Why inflation isn’t natural - and what deflation really means</li> <li>How AI and Bitcoin together rewrite the rules of the economy</li> <li>The cultural divide between “Fiatland” and Bitcoin</li> <li>Why the Global South may leapfrog the West in Bitcoin adoption</li> <li>How to prepare for the transition to a Bitcoin economy</li> </ul> <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><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>Jeff Booth: <a href="https://primal.net/jeffbooth">https://primal.net/jeffbooth</a></p>

<p>Thomas Pacchia is the co-founder of Pubkey. </p> <p>In this episode, we get into the evolving culture of Bitcoin, why number-go-up narratives overshadow deeper principles like privacy, self-sovereignty, and freedom. Thomas explains why he believes Bitcoin risks becoming disconnected from its original ethos, and the importance of maintaining a robust, culturally-driven Bitcoin community. </p> <p>We also discuss the increasing role of institutions, treasuries, and ETFs in Bitcoin, how regulatory frameworks like the Patriot Act and Bank Secrecy Act challenge financial privacy, and why these battles are crucial for Bitcoin's future. </p> <p>We also discuss Pubkey and it's expansion into DC and Bitcoin culture, and adoption on a global scale.</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><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>Thomas Pacchia: <a href="https://x.com/tpacchia">https://x.com/tpacchia</a></p>

<p>Mauricio Di Bartolomeo is the co-founder of Ledn, the largest consumer Bitcoin lender.</p> <p>In this episode, we discuss how Ledn survived the collapse of BlockFi and Celsius, why they’ve removed all rehypothecation and Ethereum products, and why Bitcoin-backed loans are set to reshape global credit markets.</p> <p>Mauricio explains how banks entering the space could drive rates lower and why Ledn is focused solely on Bitcoin. Mauricio also shares his personal story of growing up in Venezuela under hyperinflation, discovering Bitcoin, and building Ledn to give people everywhere access to the same financial tools.</p> <p>Root is a Bitcoin on-chain analyst and the author of the "Bitcoin Strategy Platform" Substack.</p> <p>In this episode, we discuss the current state of Bitcoin’s bull market, why Root believes there’s no basis for a prolonged bear market, and how institutional demand is changing Bitcoin’s price dynamics. We cover Bitcoin’s structural adoption through ETFs, treasury companies, and sovereign buyers, and why these may limited downside volatility.</p> <p>We also get into the psychological stages of the market, why 100k could now serve as Bitcoin’s new baseline, and how macro factors like interest rate cuts and Trump’s policies might influence the next leg up.</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><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>Mauricio Di Bartolomeo: <a href="https://x.com/cryptonomista">https://x.com/cryptonomista</a></p>

<p>Root is a Bitcoin on-chain analyst and the author of the "Bitcoin Strategy Platform" Substack.</p> <p>In this episode, we discuss the current state of Bitcoin’s bull market, why Root believes there’s no basis for a prolonged bear market, and how institutional demand is changing Bitcoin’s price dynamics. We cover Bitcoin’s structural adoption through ETFs, treasury companies, and sovereign buyers, and why these may limited downside volatility.</p> <p>We also get into the psychological stages of the market, why 100k could now serve as Bitcoin’s new baseline, and how macro factors like interest rate cuts and Trump’s policies might influence the next leg up.</p> <p>THANKS TO OUR SPONSORS:</p> <p><a href="https://www.iren.com/">IREN</a> </p> <p><a href="https://river.com/wbd">RIVER</a></p> <p><a href="https://www.anchorwatch.com/">ANCHORWATCH</a></p> <p><a href="https://mining.blockwaresolutions.com/wbd">BLOCKWARE</a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read">LEDN</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>Rational Root: <a href="https://x.com/therationalroot">https://x.com/therationalroot</a></p>

<p>Mitchell Askew is Head of Research at Blockware and author of The Conservative Case for Bitcoin.</p> <p>In this episode, we discuss the growing role of Bitcoin treasury companies, how miners are evolving into treasury plays, and why Blockware is betting on mining as a tool for institutional Bitcoin accumulation. We get into companies choosing ASICs over spot Bitcoin, how tax incentives and cash flow denominated in Bitcoin are changing the landscape, and the emergence of global copycats of MicroStrategy.</p> <p>We also get into the dynamics of hash rate, Bitcoin price, and the impact of ETFs on volatility. Finally, we cover the generational gap in Bitcoin adoption, why Gen Z isn’t saving, and why Mitchell believes the four-year Bitcoin cycle is dead - and that Bitcoin will now “stair-step” its way to $1 million.</p> <p>THANKS TO OUR SPONSORS: </p> <p>IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> </p> <p>RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> </p> <p>ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> </p> <p>BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> </p> <p>LEDN: <a href="https://learn.ledn.io/wbd">https://learn.ledn.io/wbd</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>Mitchell Askew: <a href="https://x.com/MitchellHODL">https://x.com/MitchellHODL</a></p>

<p>CJ Konstantinos is the Founder of People’s Reserve.</p> <p>In this episode, we discuss Bitcoin’s rise as digital gold, its role in revolutionising real estate and finance, and why it’s poised to become the ultimate pristine collateral. We get into the maturation of the Bitcoin bull market and the potential for Bitcoin bonds to recapitalise economies. CJ also discusses the importance of free market money, the risks of financialisation, and how Bitcoiners can vote with their money to drive a peaceful financial revolution.</p> <p>We also cover the implications of using Bitcoin as collateral for mortgages, the dangers of liquidation risk, and why MicroStrategy could become a central bank of the digital economy.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> LEDN: <a href="https://www.ledn.io/">https://www.ledn.io/</a> </p> <p>Follow: 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> CJ Konstantinos: <a href="https://x.com/CJKonstantinos">https://x.com/CJKonstantinos</a></p>

<p>Matthew Pines is a the Executive Director at Bitcoin Policy Institute and an advisor to Skywatcher.</p> <p>In this episode, we explore the evolving landscape of UAPs, why the U.S. government may be sitting on legacy programs involving non-human intelligence, and how the 2017 New York Times article triggered a wave of official investigations and whistleblower disclosures.</p> <p>We also get into the parallels between Bitcoin and UAPs as epistemic journeys, the UAP Disclosure Act, and why some believe we’re facing a constitutional crisis over secret government programs. Finally, we discuss Skywatcher's effort to gather empirical UAP data, why new physics might be locked behind closed doors, and how the next scientific paradigm shift could reshape our understanding of reality.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> LEDN: <a href="https://www.ledn.io/">https://www.ledn.io/</a> </p> <p>Follow: 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> Matthew Pines: <a href="https://x.com/matthew_pines">https://x.com/matthew_pines</a></p>

<p>Grant McCarty is the Co-President of the Bitcoin Policy Institute.</p> <p>In this episode, we discuss the state of Bitcoin policy in Washington DC, how the Strategic Bitcoin Reserve went from a fringe idea to a real legislative proposal, and why the next 18 months could define Bitcoin’s regulatory future in the United States.</p> <p>We also get into the stablecoin and market structure bills currently moving through Congress, how internal dysfunction could derail progress, and why executive orders aren't enough. Finally, we talk about codifying Bitcoin into law and the quiet support from lawmakers across the aisle.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> </p> <p>Follow: 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> Grant McCarty: <a href="https://x.com/grant_mccarty">https://x.com/grant_mccarty</a></p>

<p>Becca Rubenfeld is the co-founder and COO of AnchorWatch.</p> <p>In this episode, Becca tells the story of how she adopted her son from a Ukrainian orphanage, including government corruption, falsified records, and systemic failures. What began as a summer hosting program turned into a two-year battle to rescue her son. Becca also opens up about her recent diagnosis with an aggressive and rare form of cancer—and why she felt now was the time to tell this story.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> </p> <p>Follow: 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> Becca Rubenfeld: <a href="https://x.com/beccaamilee">https://x.com/beccaamilee</a></p>

<p>Erik Cason is the author of Cryptosovereignty & co-founder of Vora. Jesse Posner is a an engineer, formally at Coinbase and BitKey & the co-founder of Vora.</p> <p>In this episode, we discuss why Erik and Jesse believe the modern state has already collapsed, why Bitcoin is the only shot at reclaiming sovereignty in the digital age and how philosophy, law, and cryptography intersect.</p> <p>We also get into the rise of Bitcoin treasury companies and how this growing financialization of Bitcoin could lead to a liquidity crisis and reflexive market crash. Finally, we talk about building tools for freedom, the founding ethos of Vora, and why the fight for privacy in both money and AI is a civilizational imperative.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> </p> <p>Follow: 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> 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> Jesse Posner: <a href="https://x.com/jesseposner">https://x.com/jesseposner</a></p>

<p>Jeff Walton is a financial analyst, a former reinsurance broker and the Founder of True North.</p> <p>In this episode, we break down the rise of Bitcoin treasury companies, why Strategy is playing an entirely different game, and how Saylor’s new financial instruments are creating a Bitcoin-native yield curve. We also discuss how these instruments could absorb trillions from the fixed income market and what that means for Bitcoin’s long-term price floor.</p> <p>We get into the risks of corporate treasury models, why some of the new entrants look like the 2017 ICO market, whether these structures could lead to reflexive crashes in a bear market and the future of equity in a Bitcoin-denominated world.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> </p> <p>Follow: 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> Jeff Walton: <a href="https://x.com/PunterJeff/">https://x.com/PunterJeff/</a></p>

<p>Jeff Ross is a macroeconomist, bitcoiner and Founder & CEO of Vailshire Capital Management.</p> <p>In this episode, we discuss why Jeff believes we're entering a new inflationary era that echoes the 1970s, why global capital is rotating out of U.S. assets, and how this sets up Bitcoin and gold for massive outperformance & why he thinks the next Bitcoin cycle could peak in late 2025.</p> <p>We also get into the risks of corporate Bitcoin treasury strategies, the geopolitical impact of war on markets, and why emerging markets and Bitcoin will benefit.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> </p> <p>Follow: 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> Jeff Ross: <a href="https://primal.net/DrJeff">https://primal.net/DrJeff</a></p>

<p>Erin Redwing is a former astronomer turned astrologer and the host of the Hell Money podcast.</p> <p>In this episode, we discuss how outer planet astrology can offer insights into macroeconomic and civilisational shifts, why Erin believes Bitcoin's 2032 Saturn-Uranus cycle climax is a make-or-break moment, and how the Age of Aquarius provides a framework for decentralisation. We also talk about the natal chart of Bitcoin, why its inception reflects a structural tension between rebellion and order, and how astrology helps Erin make predictions about markets.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> </p> <p>Follow: 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> Erin Redwing: <a href="https://x.com/realizingerin">https://x.com/realizingerin</a></p>

<p>Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation, Paul Sztorc is Founder and CEO of LayerTwoLabs and the creator or Drivechains.</p> <p>In this episode, we discuss whether Bitcoin is falling behind the innovation curve, if Lightning Network has failed as a project, and if privacy models like eCash are a dangerous compromise or a practical necessity. We also get into whether hard forks should be revived as a path for progress, how censorship resistance is being weighed against usability, and why Paul believes Bitcoin is accumulating “technical scar tissue.” Finally, we explore whether Bitcoin’s culture has become a bottleneck to innovation, and what that means for its long-term future.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> COINKITE: <a href="https://store.coinkite.com/promo/WBD">https://store.coinkite.com/promo/WBD</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> </p> <p>Follow: 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> 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> Paul Sztorc: <a href="https://x.com/Truthcoin">https://x.com/Truthcoin</a></p>

<p>Sam Wouters is the Director of Marketing at River. </p> <p>In this episode, we discuss why the U.S. is emerging as the dominant force in Bitcoin adoption, how proof-of-reserves has evolved in a post-FTX world, and why retail interest in Bitcoin remains muted despite all-time highs. We also discuss how institutional involvement might be both a blessing and a curse, the psychological barriers stopping new retail entrants, the moral responsibility of Bitcoiners to re-engage no-coiners, and what the next phase of Bitcoin might look like.</p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> COINKITE: <a href="https://store.coinkite.com/promo/WBD">https://store.coinkite.com/promo/WBD</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a> </p> <p>Follow: 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> Sam Wouters: <a href="https://x.com/SDWouters">https://x.com/SDWouters</a></p>

<p>Joe Carlasare is a Commercial Litigator, a long time Bitcoiner, and macro commentator.</p> <p>In this episode, we discuss the U.S. sovereign debt debate, why the doom loop narrative might be missing the bigger picture, and how rapid advances in AI and automation could unleash a wave of productivity strong enough to reshape the fiscal outlook. Joe argues that the real risk isn’t a collapsing dollar, but instability in the Treasury market - the backbone of the global financial system. We also get into why growth, not austerity, is the most likely political path forward, why the Fed’s power lies more in perception than action, and how Bitcoin wins.</p> <p>Follow: 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> Joe Carlasare: <a href="https://x.com/JoeCarlasare">https://x.com/JoeCarlasare</a> </p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> COINKITE: <a href="https://store.coinkite.com/promo/WBD">https://store.coinkite.com/promo/WBD</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a></p>

<p>Matt Corallo is an Open Source Engineer at Spiral, a long time Bitcoin Core contributor and Lightning dev.</p> <p>In this episode, we discuss the current state of Lightning: what's finally working, what UX breakthroughs are coming, and why 2024 might be the year lightning delivers.</p> <p>We also get into the risks of U.S. policy treating non-custodial services like custodians, the threat of regulatory capture through KYC mandates, why developers are walking away from the U.S. market, and why the “Save Our Wallets” campaign may be Bitcoin’s last chance to protect non-custodial tools. Plus: how OP_RETURN wars are distracting from real issues, whether Bitcoin Core needs a comms team, and if Bitcoin has already ossified.</p> <p>Follow: 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> Matt Corallo: <a href="https://x.com/TheBlueMatt">https://x.com/TheBlueMatt</a> Save Our Wallets: <a href="https://saveourwallets.org/">https://saveourwallets.org/</a> </p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> COINKITE: <a href="https://store.coinkite.com/promo/WBD">https://store.coinkite.com/promo/WBD</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a></p>

<p>American HODL is an OG Bitcoiner. In this episode, we explore how the state may co-opt Bitcoin not by banning it, but by absorbing it into public markets, enabling control through financial instruments like ETFs and convertible bonds. We also get into the rise of Bitcoin treasury companies, why Michael Saylor’s strategy is just the beginning, and the threat of an Executive Order 6102 style attack.</p> <p>We also discuss the moral tradeoffs of financialising Bitcoin and whether self-custody will be punished through regulation. As well as the Trojan horse theory of Bitcoin adoption, whether it's better to fight or subvert the state, and why the next phase of Bitcoin’s revolution might not be rebellion—but infiltration.</p> <p>Follow: 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> 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>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> COINKITE: <a href="https://store.coinkite.com/promo/WBD">https://store.coinkite.com/promo/WBD</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a></p>

<p>James Lavish is a macro investor, former hedge fund manager, and managing partner at the Bitcoin Opportunity Fund.</p> <p>In this episode, we explore the fragility of the U.S. bond market, how sovereign credit ratings work, and why the U.S. is now priced by markets as a default risk on par with Greece. We discuss the structural privilege of the dollar as the world reserve currency, why that privilege is under threat, and how the Triffin Dilemma is playing out in real time.</p> <p>We also get into institutional adoption of Bitcoin, the operational hurdles that ETFs have now removed, and what it would take for companies like Apple or Meta to trigger a wave of corporate Bitcoin treasury adoption. Finally, we look at the macro setup heading into 2026, the risk of stagflation, and why expanding global liquidity could mean Bitcoin peaks sometime next year.</p> <p>Follow: 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> James Lavish: <a href="https://x.com/jameslavish">https://x.com/jameslavish</a> </p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> COINKITE: <a href="https://store.coinkite.com/promo/WBD">https://store.coinkite.com/promo/WBD</a> BLOCKWARE: <a href="https://mining.blockwaresolutions.com/wbd">https://mining.blockwaresolutions.com/wbd</a></p>

<p>Jack Mallers is the Founder and CEO of Strike, and the Co-Founder and CEO of 21.</p> <p>In this episode, we discuss the breakdown of the post-WWII monetary order, the consequences of the U.S. exporting dollars, and why the dollar’s global reserve status is becoming a liability rather than a strength. We also get into 21’s plan to take Bitcoin-native principles into the heart of Wall Street, how companies like MicroStrategy and Metaplanet are paving the way for sovereign-grade Bitcoin exposure, and why proof-of-reserves and Bitcoin per share may become the new standard for corporate treasuries.</p> <p>Follow: 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> Jack Mallers: <a href="https://x.com/jackmallers">https://x.com/jackmallers</a> or <a href="https://primal.net/jackmallers">https://primal.net/jackmallers</a> </p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> LEDGER: <a href="https://www.ledger.com/">https://www.ledger.com/</a> CASA: <a href="https://casa.io/">https://casa.io/</a></p>

<p>Harry Sudock is SVP at CleanSpark, one of the largest publicly traded Bitcoin mining companies in the world.</p> <p>In this episode, we explore why Bitcoin mining is reshaping America’s energy landscape, the evolution of corporate Bitcoin strategy, and the game theory behind early adoption by individuals, companies, and nation states. We also get into how companies like MicroStrategy and Metaplanet are unlocking powerful financial leverage through Bitcoin balance sheets, the risks of derivatives-based exposure, and whether institutions pose a threat to Bitcoin’s long-term consensus.</p> <p>Follow: 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> Harry Sudock: <a href="https://x.com/harry_sudock">https://x.com/harry_sudock</a> </p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> LEDGER: <a href="https://www.ledger.com/">https://www.ledger.com/</a> CASA: <a href="https://casa.io/">https://casa.io/</a></p>

<p>Matthew Mezinskis is a macroeconomic researcher, host of the Crypto Voices podcast and creator of Porkopolis Economics.</p> <p>In this episode, we discuss fractional reserve banking, why it's controversial among Bitcoiners, the historical precedent for banking practices, and whether fractional reserve banking inherently poses systemic risks. </p> <p>We also get into the dangers and instabilities introduced by central banking, and why Bitcoin uniquely offers a pathway to financial sovereignty, the plumbing of the global financial system, breaking down money supply metrics, foreign holdings of US treasuries, and how all these elements indicate growing instability in the dollar system.</p> <p>Follow: 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> Matthew Mezinskis: <a href="https://x.com/1basemoney">https://x.com/1basemoney</a></p> <p>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> LEDGER: <a href="https://www.ledger.com/">https://www.ledger.com/</a> CASA: <a href="https://casa.io/">https://casa.io/</a></p>

<p>Lyn Alden is a macro analyst, investment strategist and the author of Broken Money.</p> <p>In this episode, we discuss the structural imbalances underpinning the U.S. trade deficit and its link to the dollar’s status as the global reserve currency. We get into the mechanics of capital surpluses, why U.S. treasuries are at the heart of global liquidity, and how foreign ownership of American assets introduces systemic fragility. We also discuss Bitcoin as a neutral reserve asset,, gold and tariffs, Bitcoin’s market structure, and why $150k might be in sight.</p> <p>Follow: 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> 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>THANKS TO OUR SPONSORS: IREN: <a href="https://www.iren.com/">https://www.iren.com/</a> RIVER: <a href="https://river.com/wbd">https://river.com/wbd</a> ANCHORWATCH: <a href="https://www.anchorwatch.com/">https://www.anchorwatch.com/</a> LEDGER: <a href="https://www.ledger.com/">https://www.ledger.com/</a> CASA: <a href="https://casa.io/">https://casa.io/</a></p>