• Lighthearted banter to kick things off—coffee, creatine, and mushroom elixirs fueling the Swan crew
• Market focus: Jerome Powell signals possible September Fed rate cut, sparking a sharp Bitcoin rally to $117K+
• Discussion on short-term market sentiment vs long-term conviction: zoom out, stay focused on fundamentals
• Technical analysis spotlight: Bitcoin’s 200-day SMA crosses $100K for the first time, historically a bullish long-term signal
• Debate over whether Bitcoin will continue classic boom–bust cycles or “grind boringly” upward due to ETF + institutional flows
• Bitcoin seasonality chart reviewed: September historically weak, but October and November deliver strong gains (“Uptober”)
• MicroStrategy revises MNAV guidance on ATM issuance—sparks short-term drama but long-term thesis remains unchanged
• Debate around Harvard economist Kenneth Rogoff’s anti-Bitcoin remarks (“$100 not $100K”) dismissed as stale FUD
• BIS proposal to blacklist “non-KYC tainted coins” sparks discussion on financial surveillance and freedom
• Lighter notes: Bitcoin cameo in South Park, Norwegian sovereign wealth fund adds MSTR/MetaPlanet exposure, Coinbase’s Brian Armstrong calls for $1M BTC by 2030

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.

• Anniversary reflections: 54 years since Nixon closed the gold window in 1971 and 5 years since MicroStrategy announced its first Bitcoin purchase
• Global inflation since 1971: No country has averaged <2% inflation, highlighting why Bitcoin matters as a hedge against fiat debasement
• Nixon’s 1971 speech revisited — false promises of “temporary” suspension and dollar “stability” contrasted with 89% dollar debasement since
• U.S. debt and deficits: July 2025 saw $338B in receipts vs. $630B in spending, underscoring the inevitability of growing debt burdens
• Deep dive: What’s Bitcoin’s greatest threat? Panel discussed regulation, quantum computing, mining centralization, custodian failure, and social consensus challenges
• Rate cuts incoming? Debate around September Fed meeting, with markets pricing an 85% chance of a cut despite hotter CPI prints
• Treasury Reserve: Treasury Secretary Bestyn flip-flops on whether the U.S. will acquire more Bitcoin, fueling speculation about policy direction
• Bitcoin treasury companies: Pubcos now hold 951,000 BTC; Sequans enters the top-25 list with >3,000 BTC in partnership with Swan
• MicroStrategy “Stretch” (STRC): Explained as a variable coupon preferred equity designed to tap bond-like capital pools, offering ~9% returns
• Quick hits: Bitcoin obituary count at all-time lows, Google Play walks back non-custodial wallet ban, UK pushes bizarre “delete emails to save water” advice, and James Chanos misunderstands network effects

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.

Major Policy Shift: President Trump signs an executive order directing the Department of Labor to reexamine fiduciary guidance, opening the door for Bitcoin and crypto investments in 401(k) retirement plans — a $9 trillion market.

Implementation Timeline: Panel agrees it’s medium-to-long-term bullish but may take 1–2 years before Bitcoin ETFs appear broadly in 401(k) offerings due to provider-by-provider approval.

Bitcoin vs. Crypto: Hosts stress ongoing need to educate the public on why Bitcoin is different from other cryptocurrencies, as broader “crypto” inclusion could expose investors to higher-risk assets.

Regulatory Clarity: Michael Saylor and others call for clearer frameworks to classify assets, separating Bitcoin from altcoins to prevent harmful policy spillover.

FED Gold Revaluation Paper: Federal Reserve explores revaluing gold reserves (currently marked at $42/oz) to unlock budget-neutral spending capacity — potentially tied to creating a Strategic Bitcoin Reserve.

Hidden Inflation Signal: Revaluing gold to current market prices (~$3,500/oz) would implicitly acknowledge an 8%+ annual inflation rate since the gold peg was abandoned.

Gold Tariffs & Bitcoin Advantage: Temporary headlines about potential U.S. gold import tariffs spark discussion; Saylor on Bloomberg notes Bitcoin’s weightless, borderless nature makes it immune to tariffs.

Volatility Compression: Since Bitcoin ETFs launched, 90-day rolling volatility has dropped below 40 — less than 2× gold’s — suggesting a structurally different, steadier bull market.

Cycle Danger Zone: On-chain analyst Checkmate highlights we’re within 30 days of the historical post-halving blow-off top window; debate over whether this cycle breaks the four-year pattern.

Central Banking & Money Creation: Clip from Richard Werner explaining commercial banks’ ability to create money from nothing sparks discussion on fiat fragility, war financing, and the importance of Bitcoin as sound money.

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.

• MicroStrategy’s new Stretch preferred equity product raised $2.5B—5x oversubscribed—marking the largest U.S. equity IPO in 2025 so far
• Stretch offers a 9% yield, targeting fixed-income investors, and positions MicroStrategy to tap into trillions in money market capital
• Discussion of the growing trend of Bitcoin Treasury companies, with over 160 firms now holding BTC on their balance sheets
• Alex and John caution investors to treat Bitcoin-related equities as high-risk—spot Bitcoin should remain the core holding
• Ray Dalio now recommends a 15% allocation to Bitcoin or gold, signaling growing institutional acceptance of Bitcoin as digital gold
• The IMF’s energy FUD was debunked, with Daniel Batten and Lynn Alden praised for educating on Bitcoin’s use of stranded/wasted energy
• U.S. government reaffirms the right to self-custody Bitcoin; however, progress on establishing a strategic Bitcoin reserve remains stalled
• Coinbase quietly added 2,500 BTC in Q2—its largest quarterly accumulation yet—but is still criticized for its crypto-first strategy
• Galaxy Digital’s $9B sale of 80K BTC had limited impact, showing Bitcoin’s market depth and growing institutional demand
• Tucker Carlson’s discussion of central banks funding perpetual war is a sign Bitcoin-aligned ideas are entering mainstream discourse

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.

• The Swan team humorously opened by mocking government spending inefficiency, referencing the Fed’s $3.1 billion office renovation
• Discussed the unusual dynamic between President Trump and Fed Chair Jerome Powell, including Trump's public pressure for rate cuts and stimulus
• Analyzed the Fed Funds futures curve and how market expectations for rate cuts through 2026 are priced in via CME data
• Explored the Galaxy Digital sale of 70,000 BTC from a 2011 whale, highlighting Bitcoin's strong liquidity and resilience to heavy selling pressure
• John Haar explained MicroStrategy’s new $2.5 billion “Stretch” preferred stock, comparing it to a short-duration yield instrument with monthly payouts
• Debated fiat’s distortion of housing affordability and generational economic inequality, referencing wtfhappenedin1971.com and historical gold/minimum wage stats
• Reviewed BlackRock’s recent de-dollarization graphic, which shows central banks increasing gold reserves as USD dominance declines
• Q and Isaiah shared stories from the Swan Private team, focusing on estate planning and guiding high-net-worth clients in building generational Bitcoin wealth
• Discussed stimulus check rumors from Trump and why another round could signal further monetary debasement — and Bitcoin buying opportunities
• Closed with a breakdown of how Swan Private supports clients with education, planning, and personal relationships built around a Bitcoin standard

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.

• Bitcoin hits another all-time high (ATH) at $123K amid relentless demand and tightening supply
• Historic legislative wins in the U.S.: CBDC ban codified into law; $600 de minimis tax exemption for Bitcoin spending under discussion
• Bitcoin enters the White House press room as Bitcoin Magazine asks key policy questions
• Adam Back and Blockstream in a $4B SPAC deal with Cantor Fitzgerald to create a Bitcoin treasury operation
• MicroStrategy now holds 3% of all Bitcoin, pioneering “speculative attack” borrowing at ultra-low interest rates
• Debate on whether Bitcoin’s cycles are maturing: lower volatility and fewer sharp drawdowns this cycle
• Rising Bitcoin treasury companies seen as a driver for long-term price stability and institutionalization
• Bitcoin dominance dips slightly as ETH and altcoins see a bounce, but hosts reinforce “Bitcoin, not crypto” thesis
• Trump administration exploring 401(k) access to crypto, further boosting institutional access to Bitcoin
• Pro tips for HODLers: take self-custody, think in 5+ year timeframes, and ignore short-term volatility

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.

Bitcoin at All-Time Highs: The crew celebrates Bitcoin’s new all-time highs around $118K and discusses whether we’re due for a 10% pullback. Predictions ranged from a short-term dip at $119K to price discovery pushing beyond $130K.

Institutional Adoption & Bitcoin Treasuries:

Discussion on the rise of Bitcoin treasury companies like Sequans (guided by Swan) and how they differ in execution, strategy, and impact.

The panel emphasizes that these companies aren’t meant for retail speculation but as vehicles for institutions to gain Bitcoin exposure.

“Speculative attack at scale” is driving corporate demand for Bitcoin.

Quiet Retail Cycle: Despite price highs, retail interest remains muted, with Google Trends for “Bitcoin” near 2023 levels. The hosts see this as a bullish signal, suggesting institutional accumulation is driving the market.

Macro Environment:

Trump’s renewed market cheerleading and calls for lower interest rates.

Powell’s Fed likely to hold steady this month, with potential cuts later in the year.

The panel sees a “growth at all costs” fiscal pivot favoring risk assets.

Germany’s Blunder: Germany’s sale of 50K BTC at ~$58K now looks like a historic mistake.

Elon Musk & Bitcoin: Musk tweets “Fiat is hopeless,” fueling speculation about his future engagement with Bitcoin. The hosts warn against “politician and billionaire simping.”

14-Year-Old Bitcoin Moves: A 2011 wallet holding 80K BTC (~$8.7B) moved funds to new addresses. Likely for security upgrades, not immediate selling.

Swan Private Updates: Swan Private team shares stories about helping clients with Bitcoin wealth management, custody, and estate planning during this bull run.

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.

Bitcoin Price Action: Hovering near $110K, with all-time highs above $112K recently. Discussed global liquidity spikes and the M2 money supply’s correlation with Bitcoin price trends.

Macroeconomics:

U.S. deficits, debt concerns, and the “Big Beautiful Bill” passing.

Ray Dalio’s remarks on the political impossibility of balancing the U.S. budget, echoing the “nothing stops this train” meme.

The impact of AI as a deflationary force and its implications for the fiat system.

Bitcoin as an Exit Strategy:

Personal responsibility in opting out of the fiat system through Bitcoin.

The growing necessity for individuals and corporations to store value in Bitcoin.

Housing Market & Consumption Economy:

Rising home prices due to monetary premium; potential relief through Bitcoin adoption.

Bitcoin Treasury Companies:

Debate over ethics and sustainability of companies leveraging Bitcoin treasuries.

Viewed as inevitable due to regulatory arbitrage; focus on institutional capital rather than retail.

Emphasis on responsible management and transparency as key to long-term success.

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.