What Bitcoin Did

“I would give myself 95% confidence that the bottom is in.”

Mitchell Askew and John Haar are on the show to get into whether Bitcoin’s price bottom is already in, and why this drawdown looks different.

In this episode we discuss the disconnect between record global liquidity and a Bitcoin price that has fallen 50%, the selling by OG holders, miners pivoting toward AI, and the potentially self-fulfilling nature of the four-year cycle. Selling pressure is becoming exhausted and we're now facing time pain, not price pain.

We also get into AI stealing Bitcoin’s bull run, what could force capital rotation, the future of Strategy and MetaPlanet, why blow-off tops and 75% drawdowns may be disappearing, and how Bitcoin mining is changing as major operators move into AI.

*Note, this was recorded before the recent Coldcard vulnerability. For more info watch this… https://youtu.be/rf-9rf93OpE

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“Who is left now that wants to sell at $65K?”

Bitcoin has gone through the price pain. Now comes the time pain.

Alex Thorn, Head of Firmwide Research at Galaxy, is back on the show in New York to get into whether Bitcoin has already found its bottom, why sellers may finally be exhausted, and how the next rally could begin before the wider market notices.

We discuss the on-chain signals around $58K, the changing shape of Bitcoin’s market cycles, and how the enormous debt funding the AI boom could revive the currency-debasement narrative and put Bitcoin back at the centre of the market.

We also get into whether a court can declare dormant Bitcoin “abandoned,” the attempt to claim legal ownership of coins linked to Satoshi, the quantum-computing risk, government control of superintelligent AI, and the last-minute fight to protect self-custody through the CLARITY Act.

*Note, this was recorded before the recent Coldcard vulnerability. For more info watch this… https://youtu.be/rf-9rf93OpE

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“The companies are bubbles, but I don’t think the technology is a bubble.”

Luke Gromen is back on the show to explain why the debt-fuelled AI boom may have become too big to fail, why slowing investment and valuations could threaten the wider financial system, and how even a small move from the Fed could trigger the unwind.

Luke also explains why he still hasn’t bought back most of the Bitcoin he sold near $96,000. He believes Bitcoin could trade lower alongside tech over the next few months, but his long-term thesis has not changed: America’s fiscal position cannot be fixed without significant currency devaluation, and the Fed will eventually be forced to print.

We also discuss Kevin Warsh’s attempt to establish his inflation-fighting credibility, the return of Hamiltonian economics, tariffs and reshoring, why long-term bondholders may be destroyed in real terms, the growing divide between Wall Street and the rest of America, and whether the country can remain the world’s dominant superpower.

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“This is as code red as it can get for Bitcoin self-custody.”

Rob Hamilton joins me for an emergency episode on the catastrophic Coldcard entropy bug that has exposed Bitcoin held in wallets generated on affected firmware.

A firmware change introduced in 2021 prevented Coldcard devices from generating the level of randomness users believed they were getting. The result is that attackers may be able to reconstruct seed phrases and drain wallets, even when the device was air-gapped and the seed words never touched the internet. Rob explains which Coldcard models and setups are at risk, why updating the firmware does not repair an existing vulnerable seed, and what affected users need to do now.

We also get into the risks facing single-signature and multisig wallets, whether passphrases and independently generated entropy provide protection, how attackers are finding and sweeping vulnerable wallets, and the role AI may have played in discovering the bug.

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“The company that I co-founded and wanted to build and the company Twenty One was becoming were no longer the same.”

Jack Mallers is back on the show for his first interview since stepping down as CEO of Twenty One Capital.

Jack explains why he walked away from the Bitcoin treasury company he built with Tether and took public on the New York Stock Exchange. We discuss where his vision began to diverge from the board’s, why merging Strike into Twenty One was never part of the original plan, and the expectations he regrets setting.

We also get into the AI capex bubble and why he thinks it will end in money printing, whether the Magnificent Seven are becoming too big to fail, why gold ran while Bitcoin didn’t, whether China is quietly mining Bitcoin, and why Jack believes Bitcoin’s next bull market will finally be a real one.

THANKS TO OUR SPONSORS:

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Jack Mallers: https://x.com/jackmallers