Larry Lepard, Bob Burnett and Gary Leland on the September move: Bitcoin caught air off 62 and ran to 81 before settling near 77, the Fed's rate decision, Treasury buybacks tripling to $6 billion, and why half the people mining Bitcoin are probably losing money right now.

Larry's call: $180,000 by the end of 2027. Bob's view from inside mining: the median cost of production is in the mid $60,000s, and spot is barely above it. And for anyone still waiting for $50,000 — Larry has a two-word answer.

Plus: the fourth Boomer joins us from an elk camp in Colorado.

00:00 Give up. You missed it.

00:49 Gary's back, George is hunting

01:19 The fourth Boomer, from an elk camp

06:00 Bitcoin caught air: 62 to 81 to 77

06:32 The yen, FIMA, and Bessent's bigger boat

09:29 Warsh the hawk

11:59 The flag and the $5,000 dividend

13:18 Miner P&L

16:29 Bitcoin decouples from the Nasdaq

18:29 The AI trade peaks

22:10 Public miners go hyperscale

25:10 Larry's call: $180K by 2027

26:13 "Give up. You missed it."

29:12 Cost of production

32:16 Energy costs

35:06 Year-end predictions

37:43 "I'm not a financial advisor." "Well, I am."

Thanks to our sponsors:

Ledn — don't sell your Bitcoin, borrow against it → ledn.io/boomersSwan — real Bitcoin, in your name → swan.com/boomersSazmining — own the rig, not the output → sazmining.com/boomers

Nothing here is financial advice. Everyone's situation is different.

"Not today you don't." The Boomers open with the question every holder secretly googles — do you owe taxes on Bitcoin you never sold? — and the answer detours through gold teeth, seventeen nuclear aircraft carriers, and Larry calmly explaining why he thinks this asset goes to a million dollars… then ten. Bob puts a number on the network nobody can picture (900 exahashes — more raw computation than every supercomputer on Earth combined), George explains why that's "the magic of Bitcoin," and then the fork question lands: what actually happened at block 961,632 when BIP-110 tried to split the chain — and why one side kept mining forever while the other managed two blocks.

Lightning-round episode: taxes, hashrate, gold vs Bitcoin, the 50% drawdown rule, estate planning without losing your keys, and one bonus question that gets a very honest answer. Larry Lepard, Bob Burnett, and George Bodine hold the couch — Gary Leland sits this one out (he'll be back).

CHAPTERS

00:00 — Cold Open

00:50 — Do I Pay Taxes on Bitcoin If I Don't Sell?

02:21 — Swan (sponsor)

03:01 — Gold vs Bitcoin: Which Do You Trust?

04:29 — 900 Exahashes & 17 Aircraft Carriers

06:51 — Sazmining (sponsor)

07:25 — What Backs Bitcoin?

10:12 — Sleeping Through 50% Drawdowns

14:33 — Ledn (sponsor)

15:01 — Bonus: The BIP-110 Fork at Block 961,632

The Bitcoin Boomers is a panel for smart, successful people over 40 still on the outside of Bitcoin looking in. Plain English answers to the questions no one else will touch. Signal without the noise.

Your hosts:

Gary Leland, founder of BitBlockBoom and Hall of Fame podcaster.

Lawrence Lepard, sound money fund manager and author of The Big Print.

Bob Burnett, mining entrepreneur and founder of Barefoot Mining.

George Bodine, the World's Most Interesting Bitcoiner.

Listen to the audio anywhere:

🍎 Apple: https://podcasts.apple.com/us/podcast/the-bitcoin-boomers/id1853058330

⚡ Fountain: https://fountain.fm/show/kHBRZl0Mb0MGWMELtjw4

Subscribe: https://www.youtube.com/@BTCBoomers

Sponsors who make Boomers possible:

Sazmining, mine your own Bitcoin: https://Sazmining.com/Boomers

Ledn, borrow against your Bitcoin: https://ledn.io/boomers

Swan, Invest in Bitcoin: https://www.swan.com/boomers

Follow the hosts:

Bob Burnett https://x.com/boomer_btc | Gary Leland https://x.com/GaryLeland | Lawrence Lepard https://x.com/LawrenceLepard | George Bodine https://x.com/Jethroe111

Educational only. Not financial, legal, tax, or investment advice. Do your own research.

George Bodine recommended Coldcard on this show. Then the firmware flaw hit, and he got on the phone. In this episode he apologizes on camera, walks through moving his own funds, and the Boomers dig into what the incident really teaches about self-custody, trade-offs, and trust. Then, for the first time, George addresses BIP110's failure head-on: what went wrong, who's stepped away, and what it means to lose a battle without going home.

0:00 Cold Open

1:19 Welcome: Post-Coldcard, Post-BIP110

1:44 George's Coldcard Apology

3:52 Self-Custody Is Accountability

5:53 Ledn

6:30 Democratic Socialism & Doing the Work

9:57 Saylor, The Mandibles & Custodial Risk

11:39 Eggs, Baskets & the FDR Clue

12:29 Germany, Timing & the 75–80 Day Window

14:02 "President AOC" & Confiscation Talk

15:08 Sazmining

15:47 Trust & the Seed Phrase Question

18:05 Fathers, Values & Low Time Preference

22:41 Advice to Young Bitcoiners

23:36 BIP110 Post-Mortem

25:44 What Bitcoin Must Be for 200 Years

27:21 The Quantum Question & How Bitcoin Changes

30:55 Sign-Off

Also in this episode: the democratic socialism polling, the 75–80 day window between an election and taking office, the FDR precedent, buckets and baskets, why these three trust each other with more than lunch money, and what Bitcoin has to be to last 200 years.

Larry Lepard · Bob Burnett · George Bodine (filling in for Gary Leland)

Sponsors:

Ledn — bitcoin-backed loans. ledn.io/boomers (Bitcoin-backed borrowing involves interest, custody and liquidation risk.)

Sazmining — own the machine that mines it. sazmining.com/boomers (Mining results vary. Power and setup billed separately.)

The Bitcoin Boomers is a panel for smart, successful people over 40 still on the outside of Bitcoin looking in. Plain English answers to the questions no one else will touch. Signal without the noise.

Your hosts:

Gary Leland, founder of BitBlockBoom and Hall of Fame podcaster.

Lawrence Lepard, sound money fund manager and author of The Big Print.

Bob Burnett, mining entrepreneur and founder of Barefoot Mining.

George Bodine, the World's Most Interesting Bitcoiner.

Listen to the audio anywhere:

🍎 Apple: https://podcasts.apple.com/us/podcast/the-bitcoin-boomers/id1853058330

⚡ Fountain: https://fountain.fm/show/kHBRZl0Mb0MGWMELtjw4

Subscribe: https://www.youtube.com/@BTCBoomers

Sponsors who make Boomers possible:

Bitcoin Well, self-custody made simple: https://bitcoinwell.com

Sazmining, mine your own Bitcoin: https://Sazmining.com/Boomers

Ledn, borrow against your Bitcoin: https://ledn.io/boomers

Follow the hosts:

Bob Burnett https://x.com/boomer_btc | Gary Leland https://x.com/GaryLeland | Lawrence Lepard https://x.com/LawrenceLepard | George Bodine https://x.com/Jethroe111

Educational only. Not financial, legal, tax, or investment advice. Do your own research.