• Bitcoin chops around ~$90k after a brief move toward ~$94k, highlighting a “flat net” year vs late-2024 levels
• Brady revisits a long-running thesis: institutions, corporates, and nation-states may be dampening the classic four-year boom/bust cycle
• Matthew Sigel (via Bernstein) is cited arguing for an elongated cycle, limited ETF outflows during a ~30% correction, and higher long-range price targets
• The show contrasts Bitcoin and gold narratives, using a long-cycle framework to discuss “debasement trade” environments and why hard assets can rotate vs equities
• The Fed’s latest moves are framed as balance-sheet expansion via “reserve management purchases” of T-bills—QE-by-another-name and “money printing,” even if not labeled QE
• A Supreme Court case is discussed regarding presidential removal authority of federal officials, and why the Fed is viewed as a politically sensitive “special case”
• Michael Saylor posts a cryptic “guess the bank” photo (identified by viewers as JPMorgan HQ), fueling speculation about warming big-bank relationships
• BitGo receives conditional OCC approval to convert to a national trust bank, emphasizing 100% reserves and nationwide digital-asset custody authority
• Do Kwon is sentenced (15 years) for the Terra/Luna collapse; the hosts discuss “orange-washing” and how Bitcoin branding can be used to legitimize scams
• Satoshi’s final public post anniversary is noted as a core “feature” of Bitcoin—no founder, no leader, no centralized rule-changes—followed by a Swan product and services overview

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.

• Contrast between today’s macro backdrop and the 2021 Bitcoin peak, with tighter liquidity, higher rates, and far stronger structural support for Bitcoin
• Cory’s base case: no classic 80% “crypto winter” drawdowns anymore and a strong chance of new all-time highs in 2026
• John’s “yearly lows” chart framing: rising annual Bitcoin floors as proof of real accumulation and diminishing panic selling
• Larry Fink, Harvard, sovereign wealth funds, and major banks (BofA, Vanguard, Schwab, Citi) as long-term Bitcoin buyers, not momentum tourists
• Discussion of CFTC-approved spot Bitcoin trading on designated contract markets as another on-ramp for pensions and endowments
• Big critique of prediction markets and “scambling” (scam + gambling) as an extractive, nihilistic, fiat-era attempt to financialize everything
• Cory and John argue that crypto casinos, meme coins, and prediction markets are a giant gambling funnel that ultimately pushes people toward Bitcoin’s seriousness
• Bitcoin and energy: riffing on Elon Musk and Jensen Huang’s comments about Bitcoin turning stranded or excess energy into a universal monetary battery
• MicroStrategy’s new USD reserve is framed as a cosmetics move to soothe institutions and make their Stretch preferreds more attractive, not a change in core strategy
• Cory pushes back on “Operation Chokepoint 2.0” de-banking narratives, distinguishing between true systemic exclusion and individual risky accounts being dropped

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.

• Jeff Booth explains why Bitcoin is the foundation for the world’s first true free market—one that naturally trends toward deflation and abundance
• Argues that existing fiat systems must inflate due to debt dynamics, guaranteeing increasing centralization, surveillance, and coercion
• Dissects Elon Musk’s claim that money will become irrelevant—agreeing only if humanity transitions to a Bitcoin-based system with privacy layers
• Shows why AI and robotics accelerate deflation in a free market, but cause chaos and inequality inside fiat systems
• Breaks down why housing, healthcare, and education prices rise despite technological efficiency: money printing, not real scarcity
• Helps new Bitcoiners understand price volatility and why they must build conviction through deep study—don’t just “trust”
• Explains Bitcoin’s resilience and the importance of decentralization, self-custody, nodes, and privacy technologies like Fedimint and Cashu
• Highlights El Salvador as a real-world example of choosing a Bitcoin-based free-market path
• Discusses long-term security concerns (quantum, government attacks) and why open protocols evolve faster than threats
• Reframes Bitcoin as a civilizational protocol upgrade, not a trade—and encourages ignoring fiat pricing entirely

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.