“Bear markets are actually more about survival.”

Matt Odell is back on the show to explain why Bitcoin bear markets grind people down, why the fundamentals have not changed, and why he has never been more bullish on Bitcoin.

In this episode, we discuss Jack Mallers stepping down from XXI, the risks of Bitcoin treasury companies, and why profitable businesses should save in Bitcoin rather than make financial engineering the product.

We also get into Nostr’s failure to replace X, the continued need for open identity and private communications, and how open-source AI could make Bitcoin easier to use. Matt explains why AI agents will need permissionless money, why Lightning matters for privacy, and why strong families and local communities will become more important in an increasingly centralised world.

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“Cycles have no respect for trends.”

Michael Howell is on the show to explain why global liquidity, not Bitcoin’s four-year cycle, is the force driving Bitcoin, gold and global markets.

Michael argues that the liquidity cycle has already peaked and may not bottom until the second half of 2027. He warns that tighter liquidity could create further downside before the next major monetary expansion begins.

We get into the five-to-six-year debt refinancing cycle, why central banks are ultimately forced to keep supplying liquidity, China’s influence on the gold market, the growing debt maturity wall, and why the “great debasement” of Western currencies may still lie ahead.

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"Bitcoin treasury companies are not the equivalent of altcoins, but there’s a very similar lesson that has to be learned: they’re a great way to get less Bitcoin."

Parker Lewis is back on the show to explain why Bitcoin treasury companies such as Strategy (MSTR) may underperform Bitcoin, and why the digital capital narrative gets Bitcoin wrong.

Parker argues that investors buying treasury company stocks are often paying a premium to take on more risk: leverage, dilution, corporate expenses, execution risk, counterparty exposure and potential tax drag. While the company may accumulate more Bitcoin, he explains why that does not necessarily mean its shareholders are getting more Bitcoin for their money.

We also get into Michael Saylor’s changing message, the difference between Bitcoin as money and “digital capital,” and why Bitcoin payments are essential to its long-term success.

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“In my opinion, not just Bitcoin, but the direction of society for our lifetimes and our kids’ lifetimes will be decided in the next five to ten years.”

Brandon Quittem is back on the show to get into whether Bitcoin can survive its transition from a countercultural movement into a global financial asset without losing the qualities that make it revolutionary.

We discuss the growing concentration of bitcoin in custodians and ETFs, the threat of paper Bitcoin, the importance of protecting self-custody, and why cultural apathy may be Bitcoins biggest danger.

We also get into the Fourth Turning, institutional decay, AI, political polarisation and the battle between centralised control and individual sovereignty.

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“I think in ten years, the financial system and the Bitcoin system are going to collide.”

Matthew Mezinskis is a macroeconomic researcher, host of Crypto Voices and one of the leading voices on Bitcoin's power law and global money supply data.

In this episode, we get into whether the Bitcoin power law has finally broken, why the four-year cycle still appears intact, and what the data suggests about the current market and a possible $500,000 Bitcoin in 2029.

We also explore the coming collision between Bitcoin’s slowing power law growth, a financial system built on exponential credit and whether Bitcoin will force that system to change or ultimately be co-opted by it.

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"They will allow inflation to run hotter than they'll admit to."

James Lavish is co-founder of the Bitcoin Opportunity Fund and author of The Informationist newsletter.

In this episode, we discuss Kevin Warsh's first months as Fed chair and whether the Fed is about to change how it measures inflation. We get into the inflation task force, the trimmed mean PCE, why the 2% target was always arbitrary, and how the balance sheet is quietly expanding through treasury buybacks and QE light.

We also cover credit card delinquencies hitting 2008 levels, the K-shaped economy, whether the Fed is hoping AI bails them out of the debt problem, the circular AI trade, and why James is confident Bitcoin will be back at all-time highs within 12 months.

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“Maybe it’s time to kill your heroes again, and Saylor is now the hero to slay in this cycle.”

Fernando Nikolic is the founder of Perception. In this episode, we get into whether Bitcoin has lost its narrative, why Michael Saylor’s messaging has changed, and how narratives can move markets. Fernando breaks down the shift from Saylor’s early Bitcoin maximalist language to the more recent focus on credit, derivatives and Strategy as a financial product.

We also get into whether Bitcoin’s rebel era is over, why the ETF approval may have marked the end of Bitcoin as a countercultural movement, and whether Bitcoin adoption is now becoming more fragmented, boring and inevitable.

We also get into the death of monoculture, the way the internet has broken shared reality, and how AI, Spotify and algorithmic feeds are creating a more homogenised culture.

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“Bitcoin’s value prop remains unchanged and a 50% drawdown isn’t something that should scare you. It should be viewed as an opportunity.”

Joe Consorti is back on the show to break down why he thinks the Bitcoin bottom may be closer than many people expect, why $50k is the key level to watch, and why October or November could mark the final low before Bitcoin begins moving into its next bull market.

We discuss:

– Bitcoin below $60k

– Whether the four-year cycle is still alive

– The role of inflation, oil, midterms, and global liquidity

– Why capital has rotated into the AI trade

– Michael Saylor, Strategy, MSTR, STRC

– Why central banks can’t stop printing money

– Why the Bitcoin thesis remains unchanged

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