What Bitcoin Did

Latest Episodes:

Inflation, Liquidity, the Fed & Bitcoin | James Lavish Sep 15, 2025

Show notes

James Lavish unpacks why the Federal Reserve, runaway debt, and global liquidity cycles are setting the stage for Bitcoin’s next explosive move. From stagflation and deficits to institutional rebalancing and treasury companies, James explains why Bitcoin is unlike any asset the Fed can control.

We dig into why policymakers are trapped between inflation and recession, how trillions in debt force them to keep the Ponzi going, and why every rate cut is bullish for Bitcoin. James also explores the role of Black Swan events, how institutions dampen volatility while driving adoption, and why neutral, permissionless money is the only escape from today’s broken system.

In this episode:

- Are we heading for stagflation?

- How $324T in global debt guarantees more money printing

- The rise of treasury companies and institutional rebalancing

- Why global liquidity is the key signal for Bitcoin’s price

- What a Fed cornered by inflation means for the future of money

THANKS TO OUR SPONSORS:

Follow:

Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

James Lavish: https://x.com/jameslavish

The Path to $10 Million Bitcoin | Eric Yakes Sep 11, 2025

Show notes

Eric Yakes lays out why Bitcoin is on track for $10 million, and how cultural shifts, institutional adoption, and political realities are accelerating the path. From revolutions and mass movements to balance sheets and BlackRock ETFs, Eric explains why Bitcoin is unlike any other asset in financial history.

We get into why qualitative forces - belief, culture, and narrative - drive Bitcoin’s price as much as math, how the rise of treasury companies and governments adopting Bitcoin could fundamentally change markets, and why neutral, permissionless money is the escape valve from today’s credit-driven system. Eric also explores what a $10M Bitcoin world might look like: from time preference shifts and new architecture to political legitimacy and global strategic reserves.

In this episode:

- Why Eric believes Bitcoin can reach $10M within a decade

- How revolutions explain Bitcoin’s cultural momentum

- The role of ETFs, treasury companies, and government reserves

- Why narratives, not fundamentals, move markets

- How neutral money could restructure capitalism and society

- What a $10M Bitcoin world means for time preference, politics, and the future

THANKS TO OUR SPONSORS:

Follow:

Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

Eric Yakes: https://x.com/ericyakes

Exposing Pegasus: How the State Spies on You | John Scott-Railton Sep 09, 2025

Show notes

John Scott-Railton dives into the dark world of spyware, surveillance, and state power — and what it means for our freedoms in the digital age. From uncovering Pegasus spyware in 2016 to exposing private intelligence firms like Black Cube, John explains how governments, corporations, and authoritarian regimes exploit our phones and data to control narratives and suppress dissent.

We discuss how spyware has evolved from phishing texts to zero-click exploits, the chilling stories of journalists and dissidents targeted, and why even democracies are sliding into mass surveillance under the guise of “safety.” John also warns about the next frontier: AI supercharging surveillance, corporate data brokers selling your life by the byte, and if Bitcoin faces the same creeping panopticon risks if incentives aren’t carefully guarded.

In this episode:

- The rise of mercenary spyware like Pegasus

- How the state abuses surveillance tech

- The role of corporate surveillance and data brokers

- AI’s potential to supercharge surveillance

- If Bitcoin could face the same panopticon dynamics

THANKS TO OUR SPONSORS:

Follow:

Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

John Scott-Railton: https://x.com/jsrailton

From Wall Street to Bitcoin & The Separation of Money & State | Vijay Selvam Sep 05, 2025

Show notes

Vijay Selvam digs into the first principles of Bitcoin, why it matters, how it works, and what makes it the greatest tool against authoritarian states. From his background on Wall Street during the 2008 financial crisis to writing Principles of Bitcoin, Vijay explains why digital scarcity is a paradigm-shifting invention and why separating money from the state may be one of the most important moments in human history.

We explore why narratives like “digital gold” are both useful and limiting, how Bitcoin embodies Enlightenment values of decentralization, and why its real political and philosophical implications go far beyond finance. Vijay also shares why the greatest threats to Bitcoin come from within, and how Bitcoin serves as both a mirror and a peaceful revolution for humanity.

In this episode:

- The 2008 financial crisis and discovering Bitcoin

- Digital scarcity and the core innovation of Bitcoin

- Separation of money and state vs. church and state

- Narratives: digital gold, freedom money, and beyond

- Bitcoin’s political and philosophical ramifications

- Why Bitcoin is a mirror that forces self-reflection

THANKS TO OUR SPONSORS:

Follow:

Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

Vijay Selvam: https://x.com/VijaySelvamXO

The Real Bitcoin Revolution Is Grassroots | Rod Roudi Sep 02, 2025

Show notes

Rod Roudi gets into the convergence of Bitcoin, AI, energy, and freedom tech — and why grassroots adoption matters just as much as corporate treasury plays. From the rise of Bitcoin meetups and physical hubs like Bitcoin Park to the explosive growth of mining innovation, Rod makes the case that open-source tools and community-driven education are the foundations of Bitcoin’s future.

We discuss how Bitcoin Park solo-mined a block against one-in-a-thousand odds, and why home-grown projects like BitAxe and miner-powered heating systems are reshaping the mining landscape. Rod also shares how he uses AI in his own workflows, what the future of education might look like for his kids, and why entrepreneurial grit will matter more than credentials in the age of automation.

In this episode:

- The rise of grassroots Bitcoin communities and meetups

- Solo-mining a block live

- Mining decentralisation

- The convergence of Bitcoin, AI, and energy

THANKS TO OUR SPONSORS:

Follow:

Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

Rod Roudi: https://x.com/bitkite

Imagine IF: https://bitcoinpark.com/imagineif

Bitcoin Park: https://bitcoinpark.com/

Paper Bitcoin Summer | American HODL & Steven Lubka Aug 28, 2025

Show notes

American HODL & Steven Lubka get into the rise of Bitcoin treasury companies, unpacking how securitisation, jurisdictional arbitrage, and corporate leverage are shaping the next phase of Bitcoin’s financialisation. We discuss whether this new wave of Bitcoin-wrapped equities is a healthy Bitcoin on-ramp or just a speculative bubble, and what happens to these companies in a bear market.

Steven breaks down Nakamoto’s strategy, from running higher leverage to building a global network of local vehicles and using M&A to accumulate Bitcoin at scale. We get into the “Paper Bitcoin Summer” thesis, the morality of treasury cos, if they are just another form of shitcoining, or a necessary step to embed Bitcoin into public markets and give millions passive exposure?

In this episode:

- The playbook for Bitcoin treasury companies

- Why size, leverage, and jurisdiction matter for survival

- MNAVs, premiums, and the risk in a bear market

- The morality of treasury companies

THANKS TO OUR SPONSORS:

Follow:

Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

American HODL: https://primal.net/hodl

Steven Lubka: https://x.com/dzambhalahodl

The Bull Market, Institutional Adoption & 2026 Recession? | Willy Woo Aug 26, 2025

Show notes

Willy Woo gets into Bitcoin’s evolving market structure, breaking down how institutional flows, ETFs, and treasury companies are reshaping the bull market. He explains why Bitcoin has never faced a true business cycle downturn, why 2026 could be the first real test, and how liquidity waves set the rhythm for both blow-off tops and brutal bear markets.

He unpacks the mechanics of Strategy's debt model versus MetaPlanet’s synthetic leverage, how ETFs are smoothing inflows and dampening volatility, and why premiums to NAV create both opportunity and risk. Willy also zooms out to the thousand-year arc of money, showing why fiat is a short-lived social consensus ledger and Bitcoin is destined to be the next energy-secured system of value.

In this episode:

- How ETFs are changing Bitcoin’s price dynamics

- Premiums to NAV, synthetic leverage, and liquidation risk

- Why treasury companies could amplify the next bear market

- Liquidity cycles and business downturns

- ESG, BlackRock, and the shift in institutional adoption

- The transition from gold and fiat to Bitcoin

THANKS TO OUR SPONSORS:

Follow:

Danny Knowles: https://x.com/\\\\\\\_DannyKnowles or https://primal.net/danny

Willy Woo: https://x.com/woonomic

The Bitcoin Treasury Playbook | Preston Pysh Aug 21, 2025

Show notes

Preston Pysh gives us a masterclass on Bitcoin treasury companies, unpacking the mechanics behind Michael Saylor’s strategy and why it has outperformed Bitcoin since 2020.

He explains how preferred stock and convertible debt are being engineered to funnel Bitcoin onto balance sheets, why the unraveling of the fixed-income market is the hidden fuel behind this model, and the risks investors face in treating treasury companies as a proxy for holding Bitcoin.

Preston gets into the accounting controversies around MicroStrategy, the looming threat of government nationalisation, and why self-custody Bitcoin is the ultimate safeguard.

In this episode:

- Why self-custody Bitcoin is important

- How preferred stock and convertible debt power treasury growth

- The collapse of the 40-year fixed-income bull market

- Understanding premiums to NAV and dilution risks

- “Ponzi-adjacent” Bitcoin treasuries

- Nationalisation and centralisation risks for Bitcoin

- Why the STRC issuance may be one of the most brilliant financial products ever designed

THANKS TO OUR SPONSORS:

Follow:

Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny

Preston Pysh: https://x.com/prestonpysh or https://primal.net/preston

Saving Bedford with Bitcoin | Peter McCormack Aug 19, 2025

Show notes

In this episode, Peter breaks down his five-year legal battle with Craig Wright, how UK libel laws were weaponised against him, and the moment the case finally turned in his favour.

We also get into his fight to save Bedford, and why running businesses there changed his political view, how government policy makes entrepreneurship harder, and turning to private solutions because of the failure of the state.

In this episode:

- Craig Wright’s lawsuits and the UK libel system

- The real impact of government policy

- The mission to save Bedford

THANKS TO OUR SPONSORS:

Follow:

Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny

Peter McCormack: https://x.com/PeterMcCormack

The War on Bitcoin Privacy | Calle Aug 14, 2025

Show notes

Calle gets into into the future of financial and communication privacy, exploring how tools like Cashu and BitChat could help Bitcoiners survive in an increasingly hostile regulatory environment.

He breaks down why privacy is essential for democracy, the lessons from the original Crypto Wars, and how eCash can offer near-perfect transaction privacy.

Calle explains the history behind David Chaum’s invention, the trade-offs Bitcoin made for auditability, and why eCash mints could be run by communities for both Lightning payments and private internet services. As well as BitChat as a censorship-resistant messenger and the growing legal risks faced by privacy developers.

In this episode:

- Why financial privacy is as important as free speech

- Lessons from the Crypto Wars 1.0

- How Chaumian eCash works and why it’s unmatched for privacy

- Offline payments and tap-to-pay Bitcoin

- The risks and pressures facing privacy developers today

THANKS TO OUR SPONSORS: