In this episode, we sit down with Willy Woo, a leading on-chain analyst and bitcoin market expert. Willy provides insights into the current state of the market, highlighting how corporate and institutional players like MicroStrategy and BlackRock are shaping bitcoin’s adoption. He explains bitcoin’s role as a potential global reserve asset and its energy-based scarcity model, which sets it apart from traditional assets like gold. We discuss the impact of upcoming FASB accounting changes on companies holding bitcoin, the risks of centralization, and the sustainability of bitcoin’s four-year cycles. Willy also shares his thoughts on how bitcoin’s growth could reshape geopolitics and global monetary systems, offering a clear vision for a decentralized financial future.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 Intro01:31 Current state of the bitcoin market03:02 Bitcoin dominance, altcoins, and institutional impact07:08 MicroStrategy and the future of ETFs10:37 FASB accounting and potential S&P 500 inclusion13:54 BlackRock’s role in legitimizing bitcoin16:54 Bitcoin as digital gold and its exponential growth22:15 Energy scarcity and bitcoin’s long-term viability28:11 Bitcoin’s potential as a global reserve asset38:25 Geopolitical implications of a bitcoin standard43:23 Where are we in the current bitcoin cycle?50:19 Bitcoin’s biggest risks and future challenges54:05 Optimism for bitcoinWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Willy Woo’s Twitter: https://x.com/woonomic

In this episode, we sit down with Dhruv Bansal, co-founder of Unchained, and Samson Mow, CEO of JAN3, for a friendly debate on whether bitcoin was invented or discovered. We examine how historical inventions and discoveries like mathematics and fire compare to bitcoin, explore the philosophical implications of digital scarcity, and discuss its relevance across civilizations. Dhruv and Samson share their insights on bitcoin as a living organism, potential challenges from quantum computing, and the evolution of its network over time. The conversation also touches on the future of money and mining in a spacefaring civilization, how energy markets intersect with bitcoin, and the practicality of sidechains for interplanetary use. Throughout, we question the boundaries of bitcoin’s definition, its adaptability, and its role as the ultimate form of energy money.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 Intro1:43 Welcome to the debate: invented vs. discovered3:48 Definitions: what makes something invented or discovered?7:53 Analyzing historical examples: math, melodies, and fire12:03 Was bitcoin invented or discovered? Opening arguments20:25 The ship of theseus analogy for bitcoin’s evolution24:09 Addressing quantum computing and potential bitcoin changes30:58 Bitcoin as a living organism and its self-regulation33:19 Does digital scarcity truly exist across civilizations?39:09 Bitcoin’s impact on energy grids and global sustainability42:00 Mars colonization: should Martians adopt bitcoin or a sidechain?47:09 Decentralization vs. centralization of hash power in space52:50 Concluding thoughts: bitcoin’s universal role as energy money1:01:10 The biggest risk to bitcoin—aliens?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Dhruv Bansal’s Twitter: https://x.com/dhruvbansal→ Samson Mow’s Twitter: https://x.com/Excellion

In this episode, we sit down with Dr. Jack Kruse, a neurosurgeon with over 30 years of experience, to explore his transformative journey from centralized medicine to decentralized health and his discovery of bitcoin as a tool for freedom and time preservation. Jack discusses the flaws in traditional medicine, the significance of circadian biology, and why sunlight and sleep are critical for optimal health. He explains his perspective on bitcoin as a “time machine” and the parallels between decentralized money and biology. The conversation touches on the importance of self-custody, the role of technology in shaping health outcomes, and whether Americans should consider moving to El Salvador for greater personal freedom. Jack also shares insights on the challenges of population growth, the potential to extend human lifespan, and how bitcoiners can prioritize health to secure their future.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 Intro1:06 Jack Kruse's background and medical journey3:32 Decentralized medicine: what it means9:20 Why centralized medicine is broken11:19 The importance of circadian biology18:25 Bitcoin and time: connecting decentralized money to health23:11 "Bitcoin is a time machine": explained33:53 How sunlight and darkness affect health37:10 The role of technology in health outcomes43:08 Living a healthier, longer life: practical advice49:47 El Salvador: should Americans move there?57:29 Is bitcoin a time machine for everyone? Victor’s story1:01:13 The case for decentralizing your lifeWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Dr. Jack Kruse’s Twitter: https://x.com/DrJackKruse

In this episode, we sit down with Joe Kelly, co-founder and CEO of Unchained, to discuss his journey from his first ‘aha’ moment with bitcoin to building a company that prioritizes long term bitcoin security and self-custody. Joe reflects on Unchained’s evolution into a bitcoin-only company, his personal donation to the University of Austin’s bitcoin endowment, and Unchained’s new bitcoin donor-advised fund product. We explore the critical importance of self-custody, why new bitcoiners should care about self-custody, the challenges and opportunities for global bitcoin adoption, and Unchained’s future roadmap. Joe also shares his thoughts on the risks and potential of AI, phishing threats in the digital space, and the balance between security and user experience in bitcoin financial services.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 Intro1:18 ‘Aha’ moment, Dhruv’s influence4:19 Founding Unchained, long-term vision7:47 Bitcoin-only focus10:27 University of Austin donation13:18 Bitcoin donor-advised funds15:23 Beyond bitcoin: family, consciousness17:45 Favorite podcast20:23 Why self-custody matters26:01 Accelerating adoption28:52 Phishing threats32:20 Bitcoin ETFs35:41 AI, identity verification38:17 Unchained’s future40:03 Roadmap, sustainability41:30 Favorite products44:44 ECB bitcoin paper46:50 Contrarian views on money49:05 Bitcoin’s biggest risk50:44 Closing remarksWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Joe Kelly’s Twitter: https://x.com/josephkelly

In this episode, we sit down with Marty Bent, founder of TFTC, Managing Partner at Ten31 VC, and Director at Cathedra Bitcoin. Marty shares his journey, from starting his newsletter and TFTC podcast to recording at Barstool Sports and now recently being cited by the European Central Bank in an academic paper. We explore his take on the ECB's paper, bitcoin’s adoption speed, and the risks of mining centralization. Marty dives into vulnerabilities in bitcoin core, the future of mining, and Ten31’s unique approach to supporting bitcoin-only companies on a bitcoin standard. We also discuss the balance between clickbait and integrity in bitcoin media and AI's impact on content and media.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 Introduction1:05 Starting Marty's newsletter and TFTC3:22 Expectations vs. reality: Marty's journey5:47 Recording at barstool sports and potential acquisition10:21 Talking about bitcoin with co-workers at the managed futures fund13:05 European central bank citing Marty's newsletter23:25 Vulnerabilities in bitcoin29:04 Mining centralization—is it a problem?40:30 Worst and best business models you've seen at Ten3147:26 What's the end goal for Ten31 portfolio companies?52:08 How will VC change after the monetization of bitcoin?58:23 How will media and AI evolve over the next decade?1:02:23 Hyperbitcoinization faster than we expect?1:08:00 Biggest risk for bitcoin?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, we sit down with Dennis Porter, CEO and Co-Founder of the Satoshi Action Fund, for an in-depth look at bitcoin’s place in U.S. politics. Dennis opens with an overview of how each political party approaches bitcoin and discusses the importance of bipartisan support. He examines bitcoin's resonance with American values, its appeal across political lines, and how policies can balance innovation and openness with consumer protection. Dennis reflects on the role of single-issue bitcoin voters and the potential impact on future elections including the 2024 US presidential election. He also explores how states are beginning to adopt bitcoin-friendly policies and the importance of creating scalable templates for state-level adoption.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 Intro1:09 Breaking down each party’s stance on bitcoin3:04 Bipartisan effort and why it matters for bitcoin5:39 Kamala Harris vs. biden on bitcoin7:04 Protecting consumers while supporting innovation8:32 Bitcoin’s inclusiveness and appeal to democrats9:36 Why bitcoin resonates with American values10:16 Importance of bipartisan support for bitcoin11:38 Working with both sides of the aisle17:17 Role of broken money in political division20:40 ECB’s stance on bitcoin holders23:14 Debunking the ECB paper26:16 Bitcoin’s potential as a bipartisan issue29:20 Single-issue bitcoin voters and future elections32:14 Bitcoin voters as a swing factor in elections36:43 Strategic bitcoin stockpile plan39:17 How bitcoin influences future elections41:17 Adoption of bitcoin-friendly policies at the state level47:15 Influence of presidential cycles vs. halvings on bitcoin cycles50:07 Creating template policies for state adoption53:02 Risk to bitcoin: if earth falls into the sunWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Dennis Porter’s Twitter: https://x.com/Dennis_Porter_

In this episode, we sit down with Pierre Rochard, VP of Research at Riot Platforms, and Bitstein, co-founder of the Nakamoto Institute, to discuss hyperbitcoinization and more. Pierre and Michael open by reflecting on its price history, historical cycles, and long-term outlook. They explore bitcoin’s progression onto the global stage, considering how central banks view it and where we are in the context of hyperbitcoinization. They address the critical balance between self-custody and bitcoin banks, including insights into the evolving role of custody solutions and associated risks. Discussing perspectives like those of Michael Saylor and Saifedean Ammous, they weigh in on bitcoin’s function as both an asset, a money, and the concept of bitcoin “yield.” The conversation covers MicroStrategy’s strategic approach to bitcoin and their perspective on the various models like S2F, power law, and Bitcoin24.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 - Intro1:17 - Reflections on bitcoin cycles3:21 - Long-term outlook5:12 - Bitcoin on global stage7:05 - Central banks’ view on bitcoin14:03 - Defining hyperbitcoinization17:05 - Self-custody vs. bitcoin banks25:16 - Future of bitcoin custody30:10 - Risks in custodial options35:38 - Saylor vs. Saifedean on bitcoin banking42:27 - Bitcoin yield vs. fiat yield50:02 - MicroStrategy’s strategy55:10 - Modeling bitcoin’s value1:02:31 - Fiat vs. bitcoin volatility1:04:15 - Challenging views in bitcoin communityWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Pierre Rochard’s Twitter: https://x.com/BitcoinPierre→ Bitstein’s Twitter: https://x.com/bitstein

In this episode, we sit down with Chaitanya Jain (CJ), an MBA candidate at Harvard Business School and strategist at MicroStrategy, who worked closely with Michael Saylor on the recent open source Bitcoin24 model. CJ shares his experience talking about bitcoin at HBS, detailing efforts to distinguish it from broader crypto discussions. We explore Michael Saylor’s perspective on whether bitcoin is money or just another asset. CJ offers insights into building the Bitcoin24 model and MicroStrategy’s evolving custody strategy, including the future of bitcoin in banking and other companies adopting MicroStrategy’s bitcoin strategy. We also cover their acquisition strategy using equity and convertible notes, the constraints they face, and how to think about valuing MicroStrategy in relation to their NAV. Last, CJ discusses MicroStrategy's potential future S&P 500 inclusion, effective bitcoin advocacy techniques, and the most significant risks to bitcoin today.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:00:00:00 Introduction and background00:03:23 Experience at HBS with bitcoin00:06:06 Efforts to differentiate bitcoin from crypto at HBS00:08:13 Bitcoin and crypto courses at HBS00:10:21 Michael Saylor’s view of bitcoin: money or asset?00:12:12 Catalysts for HBS interest in bitcoin00:14:06 Key takeaways from interacting with Michael Saylor00:18:25 Valuing bitcoin without cash flows00:20:36 Building the Bitcoin24 model with MicroStrategy00:24:24 MicroStrategy’s bitcoin custody strategy00:26:32 Future of bitcoin in banking00:30:55 Other companies following MicroStrategy’s bitcoin strategy00:38:21 MicroStrategy’s bitcoin acquisition strategy: equity and convertible notes00:46:24 Limits on equity issuances and convertible notes00:50:24 Common misunderstandings about MicroStrategy00:52:42 MicroStrategy’s inclusion in the S&P 50000:58:26 Bitcoin advocacy and persuasion techniques00:59:10 Biggest risks to bitcoinWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Chaitanya Jain’s Twitter: https://x.com/_ChaitanyaJ

In this episode, we sit down with Luke Gromen to unpack the U.S. fiscal landscape, exploring the growing strain of true interest expense and why the world may be entering a liquidity acceleration phase. Luke highlights some of the most crowded and least crowded trades in the market today and explains why gold miners are taking on a new role, while commodity stocks resemble bonds. We also discuss the potential release valves of gold, oil, and bitcoin. Luke provides insights into the shifting dynamics of physical versus paper assets, the repricing of bonds and hard assets, and bitcoin’s potential place in central bank reserves. Additionally, we cover China’s latest economic moves, the ongoing global debt bubble, and the potential impact of the U.S. Presidential election.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:00:00 - Intro01:06 - The U.S. fiscal situation and 'true interest expense'02:49 - U.S. fiscal tightening and liquidity needs04:03 - 'America doesn’t get to do collectively stupid stuff with borrowed money forever'04:51 - What is money?07:13 - Most crowded and least crowded trades today08:39 - 'Gold miners are the new commodity stocks, commodity stocks are the new bonds'12:07 - The release valve: gold, oil, and maybe bitcoin14:21 - Bitcoin miners as the new gold miners?16:06 - The importance of physical versus paper assets20:10 - The accelerating repricing event in bonds and hard assets23:49 - How bitcoin and gold fit into the reserve asset narrative33:14 - Will central banks eventually hold bitcoin?35:00 - China’s aggressive stimulus and what it means for global markets39:00 - The global sovereign debt bubble and the U.S. deficit40:21 - U.S. Presidential election and fiscal largesse41:59 - Repricing of gold and bitcoin49:10 - What most bitcoiners disagree with Luke on50:24 - The biggest risks to bitcoin and gold55:00 - Outro and where to find more of Luke’s workWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Luke Gromen’s Twitter: https://x.com/LukeGromen

In this episode, we sit down with James Check to tackle common misconceptions in bitcoin, from misunderstood on-chain metrics to the real impact of long-term holders. We break down key market indicators, discuss risks of audience capture, and explore whether bitcoin is set for slow, steady growth or another 80% drop. We also dive into the relevance of entity-adjusted metrics, the potential impact of ETFs, and how Checkmate optimizes bitcoin allocation strategies. Looking ahead, we speculate on bitcoin’s role in future portfolios, touch on large-scale gold buying, and even consider whether aliens might have their own version of bitcoin.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:00:00 Introduction01:40 What is one thing you think most people are wrong about?08:14 Misinterpreted on-chain metrics and long-term holders13:00 Key metrics to watch for market tops19:10 Protecting against audience capture in bitcoin narratives22:44 Slow grind up vs fast exponential growth?25:48 Will bitcoin fall another 80% at some point?29:25 Bitcoin was not a ZIRP phenomenon30:10 Optimizing DCA and portfolio allocations through cycles35:00 How accurate are “entity-adjusted” on-chain metrics?41:10 Do ETFs destroy the potential usefulness of on-chain analytics?46:35 Decades from now, how much bitcoin is in a typical portfolio?50:50 Who is buying gold in size now?56:50 Do aliens exist and did they discover their own bitcoin?1:02:50 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Checkmate’s Twitter: https://x.com/_Checkmatey_

In this episode, we sit down with Troy Cross to examine the environmental impact of bitcoin mining and its potential role in stabilizing energy grids. Troy shares his journey into bitcoin and peer-to-peer systems, addressing early concerns about energy consumption and how his views have evolved. We explore key data from bitcoin miners on energy usage and discuss the challenges of gathering accurate information. Troy highlights bitcoin mining’s unique flexibility in reducing emissions and compares its energy impact to other technologies like AI. We also cover the political implications of bitcoin, potential risks, and the importance of effective branding for bitcoin’s future growth.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-descriptionTIMESTAMPS:00:00 Introduction01:40 The environmental impact of bitcoin mining04:28 How Troy got into bitcoin and peer-to-peer systems07:33 Early concerns about bitcoin’s energy consumption11:21 Bitcoin’s role in stabilizing energy grids14:53 Data from bitcoin miners on energy consumption18:47 Challenges in gathering bitcoin mining data21:25 Bitcoin mining’s flexibility and reduced emissions25:02 Halvings, miners, and price28:37 Bitcoin’s superpower: Flexible energy consumption32:12 Comparing bitcoin to AI in energy use34:44 The future of energy and bitcoin38:12 How bitcoin mining adapts to market conditions42:28 Political ramifications of bitcoin46:08 The biggest risk to bitcoin50:09 Bitcoin’s branding challenges54:12 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Troy Cross’s Twitter: https://x.com/thetrocro→ Troy’s bitcoin ownership report: https://www.thenakamotoproject.org/report→ Troy’s bitcoin mining report: https://www.btcpolicy.org/articles/bitcoin-mining-reduces-carbon-emissions

In this episode, we sit down with Rational Root to explore whether bitcoin is on the verge of entering a parabolic growth phase. We discuss key indicators, including on-chain data, market cycles, and global liquidity trends, to assess the current state of bitcoin and its potential for rapid price acceleration. Root breaks down the importance of short-term holder behavior, ETF flows, and the psychology of the market. We also consider external factors, such as macroeconomic conditions and regulatory developments, that could fuel or hinder bitcoin's next major move.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]:01:40 Where are we in the 4 year cycle?04:55 Bitcoin goes sideways or down a majority of the time08:14 Cycles from the bottom13:03 On-chain value map21:21 Do ETFs change on-chain analytics?24:00 Psychology of a bitcoin market cycle26:23 Global liquidity catalyst30:14 Short-term holder supply34:38 Bitcoin ETF flows43:30 Bitcoin ETF cost basis45:55 Bitwise proof of reserves49:40 HODL Model update1:01:40 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Rational Root’s Twitter: https://x.com/therationalroot

In this episode, former FBI agent Ren McEachern breaks down financial crime and fraud in the digital age. We cover how criminals use different monetary tools for money laundering, whether the FBI can reverse wire transfers, and their work on the dark web. Ren explains asset seizures, including high-value items like yachts, and the unique challenges of seizing and liquidating bitcoin. We also discuss the FBI’s evolving stance on bitcoin, tracing crypto transactions, and using off-chain data to prevent fraud. Lastly, we tackle the potentially fraudulent NFT market, and Ren shares what he sees as the biggest risk to bitcoin today.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]:01:30 Introduction and Background06:00 Most common monetary tool used in money laundering?09:08 Can the FBI reverse wire transfers?12:48 FBI and the dark web15:12 Brazil banning X.com17:15 Seizing assets and chasing yachts21:55 Liquidating seized assets and yachts24:00 The difficulty of seizing bitcoin29:00 Government seizure of bitcoin and liquidation37:00 Trump’s strategic bitcoin stockpile40:00 The FBI's perspective on bitcoin50:10 Future of fraud with bitcoin and crypto?01:01:25 Is the NFT market just money laundering?01:04:30 Most commonly used crypto for fraud?01:08:13 Biggest risk to bitcoin?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Ren McEachern’s LinkedIn: https://www.linkedin.com/in/george-ren-mceachern

In this episode, Joe Consorti joins us to explore the impacts of trillion-dollar deficits on the fiscal landscape and what it means for bitcoin’s future. We start with a look at the current liquidity environment and how asset prices are responding, followed by a discussion on rate cuts and capital deployment strategies. Joe shares his outlook on bitcoin’s trajectory through 2025 and the central bank actions we should be keeping a close eye on. We then examine key models like the power law and stock-to-flow to understand how they relate to bitcoin’s growth. Joe also addresses whether excessive monetary and fiscal stimulus could harm bitcoin, and why crypto is in decline while bitcoin continues to thrive. Finally, we talk about the acceleration of exponential growth, before wrapping up with Joe’s thoughts on unpopular beliefs and the biggest risks facing bitcoin today.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]:00:00 Introduction01:30 Trillion-dollar deficits and the fiscal situation10:43 The liquidity spigot and asset prices17:21 Rate cuts and capital deployment25:35 Bitcoin's future and monitoring central bank actions30:35 Predicting bitcoin in 2025 and factors to watch37:12 The power law model vs. the stock-to-flow model40:05 Does too much monetary and fiscal stimulus harm bitcoin?46:50 The decline of crypto and the thriving of bitcoin51:00 Acceleration and exponential growth01:02:20 Unpopular beliefs and the biggest risks to bitcoinWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Joe Consorti’s Twitter: https://x.com/JoeConsorti

In this episode, Dylan LeClair joins us to discuss positive feedback loops around bitcoin’s extreme volatility and a collapsing crypto industry. We kick off with Vitalik's questions about the sustainability of yield in the crypto space and whether ethereum and other cryptocurrencies are at risk of fading away. Dylan offers his insights on the VIX spike in early August and what it might mean for the broader market. We then shift to the success of bitcoin ETFs and dive into how companies like Metaplanet and MicroStrategy are using financial engineering to increase their bitcoin holdings per share. Dylan shares his thoughts on the concept of corporate "bitcoin yield" versus holding bitcoin in cold storage, and how volatility can create a highly positive feedback loop. We also touch on the power law and S2F models, rounding off with a personal note as Dylan reflects on his high school teachers congratulating him on his success.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:50 Vitalik questioning where the yield comes from00:04:07 Are crypto and ethereum dying?00:08:03 Vix spike in early August—bottom for risk assets?00:14:34 Success of bitcoin ETFs00:17:30 Metaplanet and Microstrategy financial engineering more bitcoin00:33:42 Bitcoin “yield” or bitcoin per share?00:36:58 Metaplanet and MSTR vs cold storage bitcoin00:43:00 Volatility results in a positive feedback loop00:54:13 Power law and S2F model00:56:45 Dylan’s high school teachers00:59:35 What’s something you believe that most bitcoiners would disagree with?01:04:29 What’s the biggest risk to bitcoin?01:08:15 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Dylan LeClair’s Twitter: https://x.com/DylanLeClair_

In this episode, Sean Buckley, former professional baseball player and scout, shares his journey from college baseball to being drafted by the Cincinnati Reds. He reflects on the challenges of transitioning from the minors to the majors and the mental toll of playing the game at a high level. Sean discusses his shift from player to scout, offering insights into player dynamics, scouting's impact on his view of baseball, and how it influenced his approach to investing. He explores the parallels between identifying value in baseball and in markets, particularly bitcoin. Sean also touches on the difficulties of generating market alpha, the reasons behind his interest in capital allocation, and how he introduced the concept of bitcoin to other players.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:17 Sean’s intro into college baseball and MLB draft00:03:00 How did you get started with baseball?00:03:58 Ever feel burnt out playing too much baseball?00:05:40 What was Sean’s college major?00:07:49 Drafted by the Cincinnati Reds00:10:55 Did you think you could be one of the best players?00:12:35 Minors vs majors—big difference?00:14:39 Transitioning from player to scout00:18:39 Player dynamics and drama00:20:38 Did scouting change your perspective on baseball?00:23:05 Investing vs scouting00:24:57 Has identifying value become more difficult?00:26:55 When did you get interested in capital allocation and bitcoin?00:33:16 Generating market alpha—why bitcoin?00:38:00 Did you tell players about bitcoin?00:40:22 Did other minor league players buy gold and single family homes?00:42:10 What’s the catalyst for players to get interested in bitcoin?00:44:19 What is the player’s union?00:45:41 Should the union do anything about bitcoin and personal finance?00:47:45 Retiring after professional sports00:50:58 What podcast or books do you recommend?00:53:30 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Sean Buckley’s Twitter: https://x.com/seancbuckley

In this episode, Nazar Khan, COO of Terawulf, discusses his entry into power and bitcoin mining, weighing the importance of inexpensive energy versus more efficient machines. He shares his thoughts on the growth of mining capacity, the competition between AI and mining for power, and the possibility of utilities acquiring bitcoin miners. Nazar also explores Terawulf's dual exposure to AI and mining, strategies for managing bitcoin's volatility, and the challenges of operating in a hyper competitive market. He addresses the impact of miners on bitcoin's price, potential international expansion plans, and whether mining could lead to lower consumer electricity prices. The episode wraps up with Nazar's views on mining's natural decentralization, a contrarian belief he holds, and the biggest risks facing bitcoin today.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:17 Nazar’s into to power and mining00:06:51 More energy or better machines?00:08:32 Was bitcoin mining intuitive to you at first?00:13:08 8 GWs added over the last few years, what about the next 4 years?00:15:00 Do AI and mining compete for power?00:22:37 Will utilities acquire bitcoin miners?00:25:27 WULF—AI vs mining exposure00:28:03 Mining through the volatility00:30:14 Is mining a brutally competitive market?00:34:00 Most difficult part about operating a bitcoin mine?00:35:15 Do miners affect the price of bitcoin?00:36:59 Is WULF US only? When international mining?00:40:47 Magnitude of mining power00:42:00 Is global energy production about to explode?00:48:56 Does mining lead to lower consumer electricity prices?00:56:30 Does mining naturally decentralize to low cost power?00:56:55 What’s something you believe that most bitcoiner’s disagree with?00:59:12 What’s the biggest risk to bitcoin?00:59:36 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, Alyse Killeen discusses bitcoin's presence at the Bloomberg Invest Summit and its connection to AI, including insights from Jeff Booth’s thesis. She examines the positive feedback loop between AI and the Lightning Network, comparing it to other bitcoin Layer 2 solutions. Alyse also touches on Fold’s SPAC, her motivation for founding Stillmark, and the regulatory challenges facing bitcoin and bitcoin startups. She shares her thoughts on educating politicians about bitcoin, the future of Taproot assets, and how startups should navigate bitcoin’s volatility. The episode concludes with a discussion on the most underrated bitcoin products and how to balance between holding bitcoin and investing in bitcoin startups.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:43 Bitcoin at the Bloomberg Invest Summit00:05:45 Bitcoin, LLMs, and generative AI00:08:04 Jeff Booth thesis + AI00:11:26 AI and Lightning positive feedback loop00:15:58 Lightning vs other bitcoin L2s00:19:20 Fold’s SPAC and bitcoin VC00:21:15 Why did you found Stillmark?00:23:49 Regulatory hurdles for bitcoin or bitcoin startups?00:28:27 Educating politicians on bitcoin vs crypto00:30:55 What’s the biggest challenge for bitcoin startups?00:33:29 Taproot assets00:36:51 Credit cards vs Lightning decades from now00:39:59 Should bitcoin startups operate differently because of bitcoin volatility?00:42:07 Most underrated bitcoin product or service00:47:28 Holding bitcoin vs investing in bitcoin startups00:56:23 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Alyse Killen’s Twitter: https://x.com/AlyseKilleen

In this episode, James Lavish discusses the potential of bitcoin against the current fragile financial system. He starts by explaining why bitcoin is short the current world and long a new world. James examines how weak leadership can create challenging times and its impact on financial cycles. He explores the next wave of institutional adoption and whether Wall Street still laughs at bitcoin. Emphasizing the need for critical thinking, James questions if excessive economic stimulus actually slows bitcoin adoption. He speculates on bitcoin's potential value, considering $10 trillion, $100 trillion, or $1,000 trillion scenarios. The episode also covers how long he thinks the market can fall and analyzes the national debt, and what it means for America and bitcoin.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:10 Bitcoin—short the current world and long a new one00:05:00 Weak men create hard times00:06:34 Institutional cycle—next wave of adoption?00:15:39 Does Wall Street still laugh at bitcoin?00:20:15 Bitcoin requires critical thinking00:29:38 Does extreme stimulus actually slow bitcoin adoption?00:34:30 What’s the endgame for bitcoin? $10T, $100T, $1,000T+?00:37:50 How long will this market crash last?00:39:35 National debt–something is wrong, but what?00:46:43 Will the transition from a fiat standard to bitcoin standard be smooth?00:48:29 What’s something you believe that most bitcoiners would disagree with?00:50:20 What is the biggest risk to bitcoin?00:52:25 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Caitlin Long’s Twitter: https://x.com/jameslavish

In this episode, Caitlin Long analyzes bitcoin businesses under the Biden Administration. She begins with her reasons for building Custodia and the importance of opening banking to all industries. Caitlin critiques the SEC's recent court losses and explores Custodia's efforts to obtain a master account at the Federal Reserve, contrasting Custodia's approach with the Federal Reserve's stance. The discussion moves to Operation Choke Point 2.0, the future of banking, and whether de-banking is a subtle attempt to ban bitcoin and crypto. Caitlin shares her thoughts on the surprise of ETF approvals and the more unknown risks of centralized exchanges. She speculates on the products banks might offer once they enter the bitcoin space and the impact of rehypothecation on bitcoin's price. SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:26 Why did Caitlin build Custodia?00:02:43 Opening banking to all industries00:04:26 SEC continues losing court cases00:05:46 Master account at the Federal Reserve00:11:49 Custodia vs Federal Reserve00:16:13 Operation Choke Point 2.000:21:05 Future of banking?00:22:50 Is de-banking a roundabout way to ban bitcoin and crypto?00:30:38 How surprising were the ETF approvals?00:35:54 Unknown risk of centralized exchanges00:38:50 When banks come what products will they offer?00:43:08 Does rehypothecation affect the price of bitcoin?00:46:37 Banking industry endgame–fractional reserve vs full reserve?00:52:35 Are you surprised Tether never died?00:57:00 What is the biggest risk to bitcoin?01:00:12 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Caitlin Long’s Twitter: https://x.com/CaitlinLong_ 

In this episode, Brian Brookshire provides a comprehensive analysis of MicroStrategy’s bitcoin acquisition strategy. He begins with his background in fintech product marketing, including experiences at Stanford and in Asia. Brian explores MicroStrategy's use of convertible debt to accumulate more bitcoin per share, evaluating the marginal returns and looking back at the NAV discount in 2022. He discusses the risks of MicroStrategy as a bitcoin yield vehicle, potential new products, and future acquisitions. The conversation compares spot bitcoin to spot MSTR and considers whether other companies will soon follow MicroStrategy's lead. Last, Brian dives into his perspective on the stock-to-flow and power law models.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:11 Brian’s background—Stanford, Asia, and fintech product marketing00:02:49 MSTR’s bitcoin convertible debt strategy00:12:08 Accumulating more bitcoin per share00:15:26 Marginal returns on increasing bitcoin per share?00:18:27 MSTR’s NAV blowing out?00:19:41 MSTR’s NAV discount in 202200:21:50 MSTR as bitcoin yield?00:22:48 MSTR new products and potential future acquisitions00:24:12 Spot bitcoin vs spot MSTR00:25:49 Will other companies finally follow MSTR?00:30:08 S2F, power law, and the models00:32:00 What’s the biggest risk to bitcoin?00:34:44 What’s something you believe about bitcoin that many bitcoiners would disagree with?00:35:26 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Brian Brookshire’s Twitter: https://x.com/btc_overflow

In this episode, Nik Bhatia provides a comprehensive analysis of current market conditions, starting with an overview of the macroeconomic landscape and its implications for various assets, including bitcoin. He explores bitcoin's potential performance under different macro scenarios and examines whether broken monetary systems actually hinder bitcoin adoption. The discussion extends to global liquidity trends and their impact on bitcoin, insights into the efficiency of markets, log bitcoin charts, and academic perspectives. Bhatia also identifies potential catalysts for the next wave of bitcoin adoption and debates whether paper bitcoin is suppressing its price.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:57 Macro—where do you see markets right now?00:06:47 How will bitcoin perform in various macro conditions?00:10:56 Does broken money actually slow bitcoin adoption?00:15:12 Global liquidity and bitcoin00:26:10 Efficient markets, log bitcoin chart, and academics00:30:54 Catalyst for next adoption wave00:35:17 Is paper bitcoin suppressing the price?00:45:10 Does bitcoin weaken or strengthen the Dollar over the next decade?00:49:00 What’s it like teaching young people about bitcoin?00:49:51 What’s something you believe that most bitcoiners would disagree with?00:50:09 What’s the biggest risk to bitcoin?00:50:35 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Nik Bhatia’s Twitter: https://x.com/timevalueofbtc 

In this episode, Andrew Bailey, author of Resistance Money, explores the philosophical foundations of bitcoin and its role as resistance money. He discusses the need for resistance in today's socio-economic landscape, who benefits from it, and why he wrote another bitcoin book. Andrew argues for bitcoin's adoption based on more widely held beliefs and examines its value in a censorship-free world. He addresses the role of privacy, bitcoin's future, and the importance of self-custody versus centralized custody. The conversation also covers the ossify versus non-ossify debate, personal reputational risks, its political impact, and its biggest risks.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Introduction00:01:24 What is Resistance Money?00:02:17 Andrew’s philosophy background00:04:46 What do people need to resist?00:07:52 Who needs resistance money?00:10:58 Why write another bitcoin book?00:12:38 Arguing for bitcoin from more widely held beliefs00:14:37 Is bitcoin valuable if there is no censorship?00:15:47 How does philosophy help us understand bitcoin?00:19:49 Bitcoin as an alien technology drop00:21:36 What’s the role of privacy and money?00:23:32 Can there be too much privacy?00:27:05 Bitcoin is a new tool in today’s reality00:28:00 Where is bitcoin in a decade?00:31:59 How can we accelerate self-custody adoption?00:33:55 What’s the concern with centralized custody?00:37:35 Ossify vs not ossify fork00:42:56 Risking your reputation talking positively about bitcoin?00:46:23 When will bitcoin become not fringe?00:48:53 How might bitcoin transform politics?00:52:46 Biggest risk to bitcoin?00:55:27 What’s something you believe about bitcoin that many bitcoiners would disagree with?00:56:45 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Andrew Bailey’s Twitter: https://x.com/resistancemoney→ Andrew’s book: https://www.resistance.money

In this episode, former 12x USA national mountain bike champion and Olympian Jeremy HK Nova shares his journey from the trails to bitcoin. He reflects on life lessons, proud achievements, and the evolution of mountain biking globally and in the US. Jeremy discusses his transition from professional racing, discovering bitcoin, and his interest in macroeconomics. He explains why he sold his rental properties for bitcoin and why extreme sports athletes should start embracing bitcoin. The conversation explores exercise science misconceptions, Jeremy's bitcoin pitch to mountain bikers, and bitcoin's impact in El Salvador. Jeremy also talks about his work at Studio Shed, demonetizing real estate, and his unique views on bitcoin. SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Introduction00:01:20 Jeremy’s journey into professional mountain biking00:04:20 Mountain biking and life00:05:35 Most proud mountain biking achievement?00:07:10 Various mountain biking disciplines00:08:19 Living in the olympic athlete village00:09:22 How big of a sport is mountain biking?00:10:29 Evolution of professional mountain biking00:12:55 How big is professional mountain biking in the US?00:13:23 Post-professional mountain biking00:16:12 Jeremy discovering bitcoin00:20:06 Why interested in macro, finance, and economics?00:21:45 Selling rental properties for bitcoin00:24:06 Extreme sport athletes earning bitcoin00:26:00 Bitcoin and extreme sports counter culture00:28:36 Exercise science and bitcoin–what else are experts wrong about?00:30:09 Are athletes more likely to have a healthy skepticism?00:30:50 Jeremy’s bitcoin pitch to other mountain bikers00:34:42 Bitcoin in El Salvador00:37:51 Spouses and bitcoin00:41:36 Do other pro athletes earning bitcoin really understand bitcoin?00:42:27 Other pro mountain bikers deep into bitcoin?00:42:50 How else can bitcoin help pro athletes?00:45:35 Jeremy’s day job at Studio Shed00:47:05 Demonetizing real estate00:50:27 What’s the biggest risk to bitcoin?00:52:23 What’s something you believe about bitcoin that many bitcoiners would disagree with?00:54:09 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Jeremy HK Nova’s Twitter: https://x.com/JeremyHK

In this episode, Ray Kamrath, Chief Commercial Officer of Bakkt, shares his journey from Wall Street to embracing bitcoin. Starting with a light-hearted recount of riding scooters and breaking his arm in Austin, Ray narrates his first encounter with bitcoin and the concept of sound money. He contrasts gold and bitcoin, explains his decision to join Bakkt, and he explores the potential for an institutional driven bull market. Ray offers insights into political interactions with bitcoin, valuation methods, and a potential monetary reset. The discussion also covers collaborative custody, differentiating bitcoin from other cryptocurrencies, and Bakkt's future trajectory.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Introduction00:01:20 Who is Ray Kamrath?00:02:38 Riding scooters and breaking arms in Austin00:03:36 Ray first hearing about bitcoin00:07:50 Talking about sound money on Wall Street00:10:37 Gold vs bitcoin00:11:36 Why join Bakkt?00:16:15 An institutional-driven bull market00:22:20 Government and bitcoin00:24:39 How do you value bitcoin?00:27:20 Monetary reset–what does it look like?00:31:30 Which countries will influence the market most?00:38:30 Collaborative custody and a network of keys00:42:18 Bitcoin vs crypto00:45:47 Where is Bakkt in 5 years?00:47:10 Where is bitcoin in 5 years?00:48:54 Passive flows, MSTR, and bitcoin00:50:41 What’s something you believe that most bitcoiners would disagree with?00:51:47 What’s the biggest risk to bitcoin?00:53:59 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Ray Kamrath’s Twitter: https://x.com/Ray_Kamrath→ Bakkt’s Twitter: https://x.com/Bakkt

In this episode, David Marcus, CEO and co-founder of Lightspark, discusses his journey from Facebook to bitcoin and the challenges of integrating Lightning at Coinbase. He explores the pace of bitcoin adoption, differentiates between custodial and non-custodial Lightning services, and addresses the market for goods transactable only over the Lightning network. The conversation also touches on the impact of AI on financial services, the future of Visa and Mastercard with bitcoin, and issues with taxes on smaller bitcoin payments.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Introduction00:01:35 Founded and exited multiple companies—why so much success?00:02:50 Leaving Facebook to start Lightspark?00:07:03 Telecom and paypal to bitcoin?00:08:19 David’s first touchpoint with bitcoin00:12:26 Adoption occurring faster or slower than you expected?00:15:20 Implementing Lightning at Coinbase00:17:50 What took Coinbase so long to implement Lightning?00:20:30 Transaction fees on L1 and L200:23:05 Is Lightning broken?00:25:55 Custodial Lightning vs non-custodial Lightning00:33:40 Spending bitcoin vs Lightning as payment technology only00:35:19 Concerns with stablecoins on Lightning?00:36:50 Tether’s rapid growth00:38:24 Goods and services only sold over the Lightning network?00:40:17 Future of AI and AI agents00:42:45 Wealth created from AI?00:45:07 Lightspark, Visa, and Mastercard00:47:09 Barriers to break into in person retail payments00:49:50 Will Visa and Mastercard be forced to adopt bitcoin and Lightning?00:50:40 Will taxes always be a hurdle for bitcoin payments?00:51:25 Will the Visa and bank “3% payment fee” eventually go away?00:52:39 What’s something you believe that most bitcoiners would disagree with?00:54:44 What’s the biggest risk to bitcoin and Lightning?00:56:46 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ David Marcus’s Twitter: https://x.com/davidmarcus→ Lightspark's Twitter: https://x.com/lightspark

In this episode, Alex Thorn, Head of Research at Galaxy, explores the implications of states attacking bitcoin and discusses how the U.S. can support bitcoin. He analyzes potential catalysts for the U.S. government buying bitcoin and questions if Nvidia and mega-cap tech are in a bubble. The conversation covers bitcoin’s stability and volatility, the prospect of MicroStrategy in the S&P 500, and when more companies might adopt similar strategies. He also addresses another wave of CPI inflation, Balaji’s $1,000,000 bitcoin prediction, the beliefs of MMTers, and what drives bitcoin cycles. The episode concludes with discussions on bitcoin scaling, contrarian beliefs, risks to bitcoin, and Alex's Unchained and Bitcoin Commons rap.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Introduction00:01:52 “Attacking bitcoin will harm america more than bitcoin.”00:04:35 How can America support bitcoin?00:08:15 Catalyst for U.S. government buying bitcoin00:10:08 Is Nvidia and mega cap tech a bubble?00:13:52 Bitcoin’s stability and volatility00:15:42 Microstrategy in S&P 500?00:18:01 When will more companies copy Microstrategy?00:19:37 Different corporate bitcoin strategies00:20:50 When may bitcoin become less volatile?00:26:50 Why do academics and economists still disregard bitcoin?00:28:35 Will bitcoin be obvious in hindsight?00:30:20 Is another wave of CPI inflation coming?00:32:15 Are assets going up regardless of decreasing or increasing rates?00:34:47 Balaji’s $1,000,000 bitcoin prediction in 90 days00:37:26 MMTers—do they believe what they say?00:39:50 What drives bitcoin cycles? Halving, macro or something else?00:42:37 Bitcoin was not just a ZIRP phenomenon00:45:06 S2F and power law models00:47:38 Research at Galaxy00:51:48 Will bitcoin scale on Lightning or a different L2?00:56:20 What’s something you believe that most bitcoiners would disagree with?00:57:58 What’s the biggest risk to bitcoin?01:02:42 Alex’s Unchained, Bitcoin Commons, and Joe rap01:04:03 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Alex Thorn’s Twitter: https://x.com/intangiblecoins

In this episode, John Ratcliff, a bitcoin blockchain analytics pioneer and early bitcoin adopter since 2013, explores the extremity of bitcoin scarcity. John shares his extensive background as a game developer and how he initially began to understand bitcoin. He discusses the similarities between early game development and bitcoin's block size limit, as well as the interesting connection between bitcoin and freemasonry. The conversation also covers topics like Modern Monetary Theory (MMT), UFOs, and the mindset needed to analyze the bitcoin blockchain. Listeners will learn John’s perspective on bitcoin price models, the true scarcity of bitcoin, and practical advice for young people incorporating bitcoin into their lives.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Introduction00:01:35 John’s background as a game developer and 2013 bitcoiner00:02:57 Did being a video game developer help you understand bitcoin?00:07:38 John’s catalyst to understanding bitcoin00:11:42 Money or markets within video games00:13:05 Resource constraints in bitcoin and early game development00:19:39 Bitcoin video games00:20:17 You’re a freemason–what is a freemason?00:23:29 Bitcoin and freemasons00:27:19 Do MMTers actually believe what they say?00:29:26 UFOs, aliens, and open mindedness00:34:30 Analyzing the bitcoin blockchain00:51:00 How scarce is bitcoin01:05:18 Bitcoin price models—S2F and power law01:06:16 Advice for young people making bitcoin a part of their life01:14:20 Something you believe that most holders of bitcoin would disagree?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ John Ratcliff’s Twitter: https://x.com/jratcliff

In this episode, Christopher David, a self-taught software engineer with two decades of experience, dives into the future of AI and bitcoin. Christopher offers his expert analysis on OpenAI's GPT-4o model release, the evolving dynamics between humans and AI, and the pivotal question of whether AI will replace or create millions of jobs. He also examines the future landscape of closed-source versus open-source models, the innovative ways software engineers are leveraging LLMs, and the potential arrival of AGI.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Introduction00:01:35 Christopher’s software and bitcoin background00:02:47 Thoughts on Open AI GPT-4o?00:07:00 Is technology actually accelerating?00:13:08 Will we use AI as a personal assistant or as autonomous agents?00:19:18 What is AGI? When will we see AGI?00:24:30 How will humans continue to interact with AI models?00:28:14 Will AI replace or create jobs?00:31:20 AI models and software engineering00:36:14 Will open source models keep pace with closed source models?00:38:13 One big AGI model or many niche models?00:41:22 How does bitcoin fit into the future of AI?00:43:05 What is OpenAgents?00:45:53 What is an AI agent?00:49:22 Does AI destroy moats around SaaS companies?00:51:23 Are we approaching a technological singularity?00:52:53 Is AI a centralizing or decentralizing technology?00:53:58 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Christopher David’s Twitter: https://x.com/AtlantisPleb

In this episode, Bitstein discusses critical aspects of bitcoin's history. We begin with an analysis of the 2015-2017 blocksize war and its implications. Bitstein offers insights on potential future bitcoin fork wars and whether he would ever support any future hard forks. We explore bitcoin's antifragility and why institutions like the Mises Institute haven't fully embraced it. Bitstein also outlines the long-term vision of the Nakamoto Institute. We then examine stock-to-flow and power law models to understand bitcoin’s “boundless” total addressable market (TAM).SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Introduction00:01:36 2015-2017 blocksize war00:21:21 Will there be future bitcoin fork wars?00:27:27 Will Bitstein ever choose a future hardfork?00:32:34 Antifragility of bitcoin00:43:25 Why is the Mises Institute not a massive bitcoin proponent?00:48:00 Nakamoto institute—long term vision?00:58:26 Supporting the Nakamoto Institute01:00:43 S2F and power law models01:07:39 Bitcoin’s total addressable market?01:12:22 Closing thoughtsSUPPORTING LINKS:Nakamoto Institute: https://nakamotoinstitute.org/Support the Nakamoto Institute: https://nakamotoinstitute.org/get-involved/ Donate to the Nakamoto Institute: https://nakamotoinstitute.org/donate/ Contact the Nakamoto Institute: https://nakamotoinstitute.org/contact/ WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Bitstein’s Twitter: https://x.com/bitstein

In this episode, Matt McClintock shares his expertise on managing thousands of bitcoins for ultra-wealthy clients. He discusses the differences between early bitcoin pioneers from 2010 and existing ultra-high-net-worth individuals (UHNWIs) buying bitcoin, the burning questions ultra high net worth bitcoin holders ask, and how bitcoin is transforming wealth inheritance. Matt dives into trust durations, jurisdictions, and tax strategies, revealing whether these UHNWIs are still buying bitcoin or diversifying and shifting to “ethical” investments. We also look at bitcoin's future in the US, the timing of ETF approvals, its total addressable market, and the surprising number of early ultra-wealthy adopters.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Introduction00:01:30 Matt’s background: Helping people hold thousands of bitcoins00:04:55 Early bitcoiners vs. existing UHNWIs00:09:47 Key questions from ultra-wealthy bitcoiners00:12:58 Inheriting traditional assets vs. bitcoin00:19:22 Trust duration and jurisdictions00:25:06 Trust endings and tax implications00:29:30 Do ultra-wealthy bitcoiners still buy bitcoin?00:34:44 Wealthy investing in moral good vs. returns00:38:49 How will the US and bitcoin evolve together?00:43:25 Timing of ETF approvals00:47:00 Bitcoin’s total addressable market00:50:40 Surprised by ultra-wealthy early adopters?00:53:50 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Matt McClintock’s Twitter: https://twitter.com/mcclintock_m Connect with Matt McClintock and The Bespoke Group: →  Website: https://bespokegroup.io/→  Matt’s X: [https://x.com/mcclintock_m →  Company X: https://x.com/BespokeGroupCO→  Matt’s LinkedIn: https://www.linkedin.com/in/mattmcclintock/→  Company LinkedIn: https://www.linkedin.com/company/bespoke-service-company-llc/

In this episode, Dr. Jeff Ross shares insights on current macroeconomic trends, including the Federal Reserve's reconsideration of rate cuts, increased market volatility over the past month, and unexpectedly high inflation rates. He discusses the power law model, drawing comparisons with patterns observed during his medical career as a physician and radiologist. Dr. Jeff also explores strategies for constructing the optimal portfolio in 2024 and in the future under a bitcoin standard.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:33 Macro—fed walking back rate cuts, VIX high, hot inflation00:06:55 S2F and power law—where will bitcoin go this cycle?00:17:49 Best performing hedge fund of 202400:20:57 Bitcoin, MSTR, miners, and options?00:26:53 Changing the geopolitical world order00:33:00 What’s the optimal bitcoin allocation?00:37:36 Is there anyone that should not buy bitcoin?00:39:13 Will investment management get less or more important?00:40:32 ETF, exchange, or self custody?00:42:41 Will financial advisors play a role in private key management?00:45:32 Future of bitcoin custody00:48:28 Are passive index funds useful on a bitcoin standard?00:51:37 Optimal portfolio allocation on a bitcoin standard00:53:15 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Dr. Jeff Ross’s Twitter: https://twitter.com/VailshireCap

In this episode, we explore bitcoin skepticism, focusing on topics such as hashrate volatility, potential miner attacks, and Michael Saylor's perspective on bitcoin. Micah provides insights from his bitcoin textbook and uses a chalkboard to clearly illustrate his views on the future of the bitcoin mining industry. We dive into significant issues like transaction censoring and miner collusion, and discuss the potential future risks to bitcoin's cryptographic security.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:15 Who are you and when did you start thinking about bitcoin?00:14:30 What do people think about your bitcoin textbook?00:15:45 Do you own bitcoin?00:16:38 Do you want bitcoin to succeed?00:19:55 Is saving bad?00:20:44 Rent seeking?00:21:45 Could bitcoin’s hashrate be highly volatile?00:27:38 What’s the tipping point of hashrate volatility?00:30:17 Is this hashrate volatility a problem?00:31:20 Attacking bitcoin00:35:20 What are the attacks miners might do?00:39:35 When do you think this type of attack may occur?00:43:24 MARA transaction censoring failed00:44:24 What’s the tipping point for miner collusion?00:45:55 We’ve already seen miner capitulation00:47:30 Bitcoin price vs value?00:48:00 Will the price of bitcoin keep going up?00:48:16 Thoughts on Michael Saylor?00:50:13 Any risk of cryptography breaking?00:51:40 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Micah Warren’s Twitter: https://twitter.com/AchimWar 

In this episode, we compare common hardware wallets with SeedSigner, a DIY bitcoin hardware wallet. We explore the reasons behind building SeedSigner, the process of securely generating seeds, and the considerations for holding a private key on hot devices like an iPhone or cold devices like a Trezor, Ledger, or Coldcard. We also discuss the evolution of bitcoin custody over the last decade, the risks associated with using common hardware like Raspberry Pi, and the advantages of multisig versus singlesig setups.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:25 What is SeedSigner?00:02:05 Why build SeedSigner?00:05:44 Holding a private key on an iPhone?00:06:33 Building a SeedSigner device00:08:16 Why call it a “signing device?”00:10:45 Generating seeds securely00:12:33 Good security vs extreme paranoia00:17:05 How has bitcoin custody evolved over the last 10 years?00:25:42 How to securely buy hardware?00:30:45 Are there risks to using a raspberry pi for bitcoin private keys?00:32:58 Multisig vs singlesig00:39:10 DIY multisig vs collaborative custody multisig00:40:53 Using different hardware devices for different seeds00:44:54 Future of bitcoin custody in 10-20 years00:50:00 New SeedSigner features?00:52:41 New to multisig and using SeedSigner?00:56:30 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ SeedSigner’s Twitter: https://twitter.com/SeedSigner 

In this episode, Fred Krueger reflects on his initial experience of purchasing bitcoin on Mt. Gox and subsequently selling it on Mt. Gox. He dives into detailed explanations of both the Stock-to-Flow (S2F) and power law models, offering his insights on whether the bitcoin power law model should be regarded as a mathematical law or just a pattern. Finally, he discusses potential factors that could disrupt the power law model and addresses the notion proposed by Michael Saylor that all models are broken.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:20 Fred’s background preparing him for bitcoin00:04:17 Fred buying bitcoin on Mt. Gox00:06:37 Bitcoin as a pet rock with no cash flow00:10:57 S2F and Power law models00:23:03 ETH trending to 000:25:17 Power law—mathematical law or pattern?00:40:16 Extreme bear markets00:41:50 Using bitcoin and bitcoin custody00:47:50 How would the power law model break?01:01:09 Will all the models break?01:07:01 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Fred Krueger’s Twitter: https://twitter.com/dotkrueger 

In this episode, Bryan Jacoutot dives into the process leading to the approval of a bitcoin ETF, comparing this journey with the potential pathway for an Ethereum ETF to receive approval. He touches on the Ethereum Foundation investigation, what would happen if ethereum is declared an unregistered security, and how ethereum’s proof of stake consensus mechanism may play a role in the approval process. Last, he suggests what may be the biggest threat to bitcoin and how the United States and bitcoin may evolve together.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:04 Bitcoin ETF approval vs Ethereum ETF approval00:08:27 Reasonable concerns for not approving the bitcoin ETF for years?00:13:56 What happens if ETH is declared an unregistered security?00:18:24 Proof of Work vs Proof of Stake—commodity vs security00:26:40 Was ETH not declared an unregistered security because it went up so much?00:31:50 Security vs commodity? Truly binary?00:36:36 Slashing in PoS and ETFs00:38:38 Forks and ETFs00:40:34 Biggest threat to bitcoin?00:46:00 Bitcoin’s role in presidential and local elections00:49:00 Will bitcoin bear markets eventually cause financial system instability?00:50:52 United States and bitcoin—freedom values00:54:15 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Bryan Jacoutot’s Twitter: https://twitter.com/BryanJacoutot 

In this episode, Allen Farrington breaks down the “deflation is bad” narrative in economics. He explains why the deflation paranoia is wrong and what growth may look like under a bitcoin standard. Allen also thinks about how an index like the S&P 500 may perform under a bitcoin standard and he explains his DLCVM paper on bitcoin scaling in detail.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:04 Is deflation a bad thing?00:11:04 Is there malintent behind “deflation = bad”?00:17:10 Deflation worries are wrong00:23:10 Growth under a bitcoin standard?00:25:46 Your wealth is melting in BTC00:28:32 S&P 500 under a bitcoin standard00:32:52 Company lifecycle under a bitcoin standard00:37:36 Building decentralized markets on bitcoin00:42:53 DLCVM - perfectly scaling bitcoin00:52:14 Are you a technical, political, or economic thinker?00:54:27 Allen Farrington podcast?00:56:53 What’s something you believe that most bitcoiners disagree with?01:01:12 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Allen Farrington’s Twitter: https://twitter.com/allenf32

In this episode, we sit down with Will Reeves to discuss his perspective on what bitcoin scaling will look like in 2026, how there may be future unknown scaling solutions we cannot even comprehend today, the risks to bitcoin failing to scale further, altcoin speculation and unit bias, and the future of Fold in 5 years.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:22 Scaling bitcoin in 2026?00:06:49 Unknown futuristic scaling solutions?00:08:32 Failure to scale scenario?00:10:30 Risk that people get comfortable with centralized custodians?00:13:40 BlackRock bitcoin fork00:16:09 It was good an ETF was not approved in 201300:16:40 Will altcoins ever die?00:22:45 Unit bias—bitcoin vs altcoins00:24:51 Treating sats rewards differently?00:28:44 Sat flows vs HODL’d bitcoin 00:32:32 Future of fiat payments companies?00:34:27 Unstoppable payments00:39:09 Where is Fold in 5 years?00:41:52 Why are so many people passionate about Fold?00:43:16 Rapid fire Fold questions from the audience00:47:47 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Will’s Twitter: https://twitter.com/wlrvs

In this episode, we sit down with Giovanni Santostasi who created the bitcoin power law model. Giovanni explains what power laws are and why they are common in physics and nature. He then expounds on his bitcoin power law model in detail, why there are cycles within the model, and how the model could potentially break in the future.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:15 Physics and bitcoin00:25:35 Power law model00:38:23 Bubbles and cycles in the model01:08:35 How would the model break?01:16:29 Will the market front run the power law model?01:26:49 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Giovanni’s Twitter: https://twitter.com/Giovann35084111→ Giovanni's Patreon: https://www.patreon.com/ScaleInvariant→ Bitposeidon: https://bitposeidon.com/ 

In this episode, we sit down with Haris Basit, Chief Strategy Officer at Bitdeer (NASDAQ: BTDR) to talk about a massive potential Bitcoin ASIC breakthrough that could severely disrupt the entire bitcoin mining industry. Haris has been involved with bitcoin ASIC development since 2014, and he has a deep background in semiconductor physics. SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:09 Background in semiconductor industry00:03:12 Semiconductor physics00:07:13 Developing bitcoin ASICs in 201400:08:14 Bitcoin ASICs vs other chips00:11:36 Ordering wafers from TSMC00:13:32 Chip fabs around the world00:16:30 Bitdeer vs Bitmain?00:17:40 Designing and simulating chips00:20:35 Bitdeer and Jihan Wu00:24:44 Designing the most efficient bitcoin ASIC00:26:40 Future ASIC breakthroughs?00:32:02 Hurdles to building more chip fabs?00:37:24 Mega bitcoin mining farms?00:38:31 AI and bitcoin mining interacting00:41:04 2024 halving00:43:55 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, we sit down with Bobby Shell to discuss the two major ongoing wealth transfers—bitcoin and small to medium-sized businesses (SMBs). Bobby discusses his history growing a number of SMBs, and he explains how bitcoin holders may be well positioned to begin operating a small-medium business with their newfound wealth. Last, we discuss the impact of bitcoin on corporations, SMBs, and the individual, and how a bitcoin standard will likely lead to more localized entrepreneurial activity and fewer mega-corporations.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:10 Bobby’s history helping build SMBs and Voltage00:03:33 Two major wealth transfers—bitcoin and SMBs00:07:45 Bitcoin holders acquiring SMBs00:12:16 Buying bitcoin vs buying an SMB00:16:24 Holding bitcoin and using SBA loans00:19:25 Which SMB to build?00:21:11 Private equity rolling up local businesses00:25:00 Entrepreneurship from early wealthy bitcoiners00:28:26 AI and new technology in SMBs00:30:34 Will bitcoin create more opportunities for local entrepreneurs?00:40:25 Does bitcoin bring power from the corporation back to the individual?00:47:45 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Bobby Shell’s Twitter: https://twitter.com/iBobbyShell→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, we sit down with Lyn Alden for an in-depth discussion on her recent presentation at Princeton, evaluating the thresholds at which the academic community might recognize bitcoin's legitimacy in terms of its market valuation or size. We explore if the ETFs have the potential to amplify a potential bull run, and we get her thoughts on self-custody vs ETFs. Last, we explore her opinion on various bitcoin price models and what may mark the top of this coming cycle.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:20 Explaining bitcoin at Princeton00:07:58 What size bitcoin will academics take bitcoin seriously?00:12:03 Surprises in your book, Broken Money?00:15:15 First month of bitcoin ETF results00:19:31 ETFs amplifying the bull run?00:21:40 Muted 2021 high?00:22:59 Could the ETFs capture bitcoin?00:30:00 Self-custody vs ETF? 00:37:54 How big of an impact will the halving have?00:40:03 Halving vs macro liquidity cycle?00:42:50 S2F model, power law model, and price models00:44:40 Where is the next cycle top?00:47:05 Will “crypto” gambling ever die?00:49:36 Buying bitcoin vs bitcoin startups00:52:37 What’s a good bitcoin startup?00:55:04 How could bitcoin fail?00:57:40 Closing thoughts, Broken Money, and Ego DeathWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Lyn Alden’s Twitter: https://twitter.com/LynAldenContact→ Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Buy Lyn’s book: https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG83QBJ6/

In this episode, Joe Burnett sits down with Asher Genoot, CEO of Hut 8, and Sue Ennis, Head of Investor Relations at Hut 8. They discuss the groundbreaking merger between Hut 8 and US Bitcoin Corp, marking the largest bitcoin mining merger in history. The conversation also covers the impact of ETF approval on Hut, the strategic shift towards diversifying beyond bitcoin mining, and the anticipation surrounding the upcoming bitcoin halving. Additionally, they tackle the implications of J Capital's short report, the future of mining site sizes as the block subsidy decreases, and the potential role of miners in the energy sector.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:03 Background—getting into bitcoin mining00:06:12 Hut 8 <> US Bitcoin Merger00:11:00 How has the ETF approval changed Hut?00:12:56 Why diversify out of bitcoin mining?00:17:12 Halving in ~2 months, excited or concerned00:20:19 Monitor mining competitors00:26:12 Will there be another boom bust cycle?00:33:37 J Capital’s short report00:39:30 Block subsidy trending to 0—future size of mining sites?00:47:53 Will miners become a substantial part of energy grids?00:49:46 What excites you over the next 2-3 years?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Sue Ennis’s Twitter: https://twitter.com/bigsuey→ Asher Genoot’s Twitter: https://twitter.com/ashergenoot→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, James discusses why he started analyzing bitcoin ETF approvals and net-flows. He explains why bitcoin ETFs were denied for so long, how they got approved in 2024, and how individuals should consider holding real bitcoin vs holding an ETF. We cover the SEC X account hack and other surprises since the ETFs began trading. We even contrast the gold ETFs with the bitcoin ETFs, and discuss what may be the end game of GBTC.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:20 Bloomberg and bitcoin00:05:31 Did you think a bitcoin ETF would be approved before 2024?00:07:47 Why was it denied for so long?00:10:33 Will bitcoin play a role in the 2024 election?00:11:43 Hold your own keys or the ETF?00:19:15 Will ETFs mute bitcoin’s volatility?00:21:58 How do you value bitcoin?00:26:58 SEC Twitter account hack00:30:16 Surprises since ETF approvals?00:33:31 End game of GBTC?00:37:15 Can ETFs increase their fees?00:40:34 Gold ETF vs bitcoin ETFs00:46:47 Can the gold market be manipulated via ETFs or futures?00:49:44 What do most not understand about the bitcoin ETFs?00:55:16 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → James Seyffart’s Twitter: https://twitter.com/JSeyff→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, Andrew Myers shares his vision of bitcoin revolutionizing global power markets by making them more permissionless and efficient. He explains why entrepreneurship could become easier under a bitcoin standard, evaluates the sustainability of mega mining farms (100+ MW), and looks into the future of global energy production in relation to bitcoin miners.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:40 Permissionless Power Markets00:06:19 Entrepreneurship under a bitcoin standard00:08:25 Bitcoin adoption in the energy sector00:13:57 Credit worthiness of bitcoin miners00:16:30 Are mega mining farms (100MW+) sustainable?00:18:17 Will bitcoin lead to the development of new energy technologies?00:20:07 Will the world continue to produce exponentially more energy?00:22:27 Bitcoin mining and geopolitics00:24:22 Will countries that embrace bitcoin have a massive advantage?00:26:55 How will bitcoin change power prices?00:30:54 “Who will build the roads (transmission lines)?”00:41:04 Will bitcoin create sovereign self-sufficient communities?00:42:19 Block subsidy trending toward 000:46:01 Merging of the mining and energy industries?00:47:47 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Andrew Myer’s Twitter: https://twitter.com/acmyers→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, Drew D’Agostino talks about how the banking system collapses of last year inspired him to bring his 30 employee SaaS company onto a bitcoin standard by adding bitcoin into its treasury and using bitcoin as a tool to make better decisions. Drew’s SaaS company is in the AI industry, so he also touches on the current state of the AI hype cycle and his outlook on the true speed of technology innovation and growth.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:57 Who are you?00:03:25 How did you get into bitcoin?00:08:57 Putting bitcoin on your SaaS company’s balance sheet00:15:29 Board and Employee’s reaction to bitcoin on balance sheet00:20:33 Is bitcoin changing company culture?00:26:46 Bitcoin raises the bar for any investment00:29:00 What happens as the world adopts bitcoin?00:31:47 Bitcoin as a long term or short term benchmark00:37:18 Has bitcoin influenced your products or services?00:39:49 What do you think about the current state of AI?00:45:28 AI deflationary or inflationary?00:48:49 AI cycles vs bitcoin cycles00:56:08 AGI and the singularity?00:58:50 Bitcoin may bring innovation back to the physical worldWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Drew D’Agostino’s Twitter: https://twitter.com/DrewDAgostino→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, Peter and Luke explain why they think $1,000,000 bitcoin is both early and optimistic for the world. They review humanity’s technological progress and discuss why bitcoin is a paradigm shift when it comes to our ability to save and store wealth into the future. Last, they touch on the ETF approval and how it compares to self-custodied bitcoin.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:35 What are the implications of humanity discovering bitcoin?00:08:06 How do you value bitcoin?00:17:48 Comprehending rapid technological innovation00:25:00 Perfect scarcity clashing with real world abundance00:29:22 ETF is approved, now what?00:38:53 93% of all bitcoin has already been mined00:44:03 Will bitcoin cycles continue?00:47:12 ETF vs Self-custody00:59:17 Saving bitcoin for centuries: Inheritance and Trusts 01:08:12 Accelerating adoption and closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Peter Dunworth’s Twitter: https://twitter.com/PeterBTCAdviser→ Talk to Luke to set-up a multisig vault: https://calendly.com/luke-btc-advisor/the-bitcoin-adviser-initial-consultation?month=2024-01→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, Will talks about potential major catalysts for bitcoin payments, why businesses will ultimately demand payment in bitcoin, society’s trend towards more and more financial censorship, building bitcoin products, and sci-fi books.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:00 What are you working on now?00:05:25 Is the timing right for Zaprite (bitcoin payments)?00:08:16 Next catalyst for bitcoin payments?00:12:29 Will Saylor accept bitcoin at Microstrategy?00:14:10 Dentists accepting bitcoin00:17:10 Would accepting bitcoin payments become a viral feedback loop?00:20:05 Discounts for paying in bitcoin?00:23:48 3% credit card fees are restaurants and small businesses00:28:07 Is bitcoin our best tool to stop financial censorship? 00:34:44 Online or brick and mortar more likely to accept bitcoin first?00:36:58 What will happen to credit card companies?00:42:39 How is building on bitcoin different from building other software?00:59:21 Low time preference to building bitcoin products?01:07:00 What’s required to build good bitcoin products?01:08:54 What’s your favorite sci-fi book and why?01:10:49 Does bitcoin feel like we’re living in a sci-fi book?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Will Cole’s Twitter: https://twitter.com/willcole→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, Jimmy Song dives into bitcoin derangement syndrome, his expectations for the speed of bitcoin adoption, how much more productive the world would be under a bitcoin standard, his experience visiting Argentina and more.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email [email protected]:00:00:00 Intro00:01:19 Bitcoin derangement syndrome00:09:54 Has bitcoin adoption happened faster or slower than you expected?00:16:09 Did you expect extreme cycle volatility?00:19:38 Do people still think you’re crazy in regards to bitcoin? 00:23:21 How would corporate culture change under a bitcoin standard?00:28:50 How much more productive would the world be without rent seekers?00:41:37 Of the books you’ve written, which is your favorite?00:44:04 What was your experience in Argentina? Javier Melei?00:54:00 What will be the next surprise in global bitcoin adoption?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Jimmy Song’s Twitter: https://twitter.com/jimmysong→ Joe Burnett’s Twitter: https://twitter.com/IIICapital