The Bitcoin Frontier - Unchained Capital, Inc

Latest Episodes:

Powering through halvings and short sellers with Hut 8 Feb 20, 2024

Show notes

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.

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TIMESTAMPS:

00:00:00 Intro

00:01:03 Background—getting into bitcoin mining

00:06:12 Hut 8 <> US Bitcoin Merger

00:11:00 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 concerned

00:20:19 Monitor mining competitors

00:26:12 Will there be another boom bust cycle?

00:33:37 J Capital’s short report

00:39:30 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

The bitcoin ETF boom with James Seyffart Feb 13, 2024

Show notes

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.

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TIMESTAMPS:

00:00:00 Intro

00:01:20 Bloomberg and bitcoin

00:05:31 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 hack

00:30:16 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 ETFs

00:46:47 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 thoughts

WHERE 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

Bitcoin will crash energy prices with Andrew Myers Feb 06, 2024

Show notes

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.

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TIMESTAMPS:

00:00:00 Intro

00:01:40 Permissionless Power Markets

00:06:19 Entrepreneurship under a bitcoin standard

00:08:25 Bitcoin adoption in the energy sector

00:13:57 Credit worthiness of bitcoin miners

00:16:30 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 geopolitics

00:24:22 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 0

00:46:01 Merging of the mining and energy industries?

00:47:47 Closing thoughts

WHERE 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

AI rumbles while infrastructure crumbles with Drew D'Agostino Jan 30, 2024

Show notes

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.

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TIMESTAMPS:

00:00:00 Intro

00:01:57 Who are you?

00:03:25 How did you get into bitcoin?

00:08:57 Putting bitcoin on your SaaS company’s balance sheet

00:15:29 Board and Employee’s reaction to bitcoin on balance sheet

00:20:33 Is bitcoin changing company culture?

00:26:46 Bitcoin raises the bar for any investment

00:29:00 What happens as the world adopts bitcoin?

00:31:47 Bitcoin as a long term or short term benchmark

00:37:18 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 cycles

00:56:08 AGI and the singularity?

00:58:50 Bitcoin may bring innovation back to the physical world

WHERE 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

A $1,000,000 bitcoin won't cause chaos with Peter Dunworth and Luke Broyles Jan 23, 2024

Show notes

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.

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TIMESTAMPS:

00:00:00 Intro

00:01:35 What are the implications of humanity discovering bitcoin?

00:08:06 How do you value bitcoin?

00:17:48 Comprehending rapid technological innovation

00:25:00 Perfect scarcity clashing with real world abundance

00:29:22 ETF is approved, now what?

00:38:53 93% of all bitcoin has already been mined

00:44:03 Will bitcoin cycles continue?

00:47:12 ETF vs Self-custody

00:59:17 Saving bitcoin for centuries: Inheritance and Trusts

01:08:12 Accelerating adoption and closing thoughts

WHERE 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

Demanding payment in bitcoin with Will Cole Jan 16, 2024

Show notes

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.

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TIMESTAMPS:

00:00:00 Intro

00:01:00 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 bitcoin

00:17:10 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 businesses

00:28:07 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

Bitcoin derangement and accelerating productivity with Jimmy Song Jan 09, 2024

Show notes

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.

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TIMESTAMPS:

00:00:00 Intro

00:01:19 Bitcoin derangement syndrome

00:09:54 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

Bitcoin is not a hedge, it’s the solution with Parker Lewis Jan 02, 2024

Show notes

In this episode, Parker Lewis dives into why his bitcoin is not a hedge presentation was so successful, how he wrote Gradually, Then Suddenly, and the odds of bitcoin and the Dollar coexisting. He addresses common misconceptions, reflects on the evolution of his own writings about bitcoin, and explores why there’s nothing more American than bitcoin and nothing more un-American than the Dollar.

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TIMESTAMPS:

00:00:00 Intro

00:01:51 “Bitcoin is not a hedge” presentation hits 250,000+ views

00:05:46 Presentation criticism - what is “printing” money?

00:08:44 Macro investors and bitcoin

00:10:31 What’s the best way to explain bitcoin?

00:19:17 Will bitcoin leave people behind?

00:21:07 Why write a book?

00:26:15 We’re probably not wrong about bitcoin.

00:31:08 Which essay did you need to update most?

00:34:08 Ordering your essays in the book

00:37:55 Objections to bitcoin are answered in Gradually Then Suddenly

00:39:30 Still reading Federal Reserve transcripts?

00:45:04 Do most people know the Dollar is designed to debase forever?

00:47:15 Unexpected symptoms of broken money?

00:50:44 Banning bitcoin

00:59:06 Will bitcoin and the dollar co-exist?

01:01:30 There’s nothing more American than bitcoin

01:07:34 What’s exciting about bitcoin payments?

01:13:04 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Parker Lewis’ Twitter: https://twitter.com/parkeralewis

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

Bitcoin brings chaos to order with Matt Pirkowski Dec 26, 2023

Show notes

In this episode, Matt Pirkowski dives into the complex relationship between information, money, and technology. He offers thought-provoking insights on the evolving landscape of bitcoin and its impact on the global financial system and humanity. The discussion traverses various topics, including the philosophical aspects of order and chaos in economics and a deep analysis of proof of work and proof of stake. Pirkowski's expertise shines through as he navigates these intricate subjects with a unique perspective and extreme depth.

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→ Send us an email podcast@unchained.com

TIMESTAMPS:

00:00:00 Intro

00:00:53 What’s your background?

00:04:08 “Order to chaos” and “chaos to order”

00:06:15 What is money?

00:19:55 Can there be more than one money?

00:27:30 Proof of Work vs Proof of Stake

00:38:57 Is Ethereum’s future uncertain?

00:43:20 Hold bitcoin for ethereum for the next 10 years?

00:47:40 Self custody in complex systems

00:53:24 What happens as the world adopts bitcoin?

01:01:44 8 billion people connected at light speed

01:09:16 Is social media dangerous?

01:15:38 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Matthew Pirkowski’s Twitter: https://twitter.com/MattPirkowski

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

Bitcoin's tipping point: JP Morgan and ETFs with Matthew Schultz Dec 19, 2023

Show notes

In this podcast episode, Matt Schultz, co-founder and executive chairman of CleanSpark, a leading public bitcoin miner, discusses JP Morgan initiating coverage on the top bitcoin miners. He shares insights on challenges faced while building a top bitcoin mining operation and CleanSpark's strategy in transitioning from selling to holding bitcoin. Schultz also dives into the company's approach to financing projects, particularly in relation to leveraging debt amid bitcoin's volatility, and offers his perspective on the potential impact of a bitcoin ETF approval. The conversation further explores CleanSpark's decision to build infrastructure in Georgia, predictions for the mining industry's growth, and thoughts on the 2024 Bitcoin halving and its possible effects on the market.

SUPPORT THE PODCAST:

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→ Send us an email podcast@unchained.com

TIMESTAMPS:

00:00:00 Intro

00:00:53 Who are you and what do you do at CleanSpark?

00:04:03 What does the world not understand about mining?

00:08:00 15,000 miners in Washington, Georgia

00:09:22 JP Morgan initiating coverage on bitcoin miners

00:13:05 Institutional investors in bitcoin miners

00:15:28 What’s hard about building a mining company?

00:21:22 If you were not in bitcoin mining, what would you be doing?

00:22:30 Financing and growing CleanSpark with debt or equity?

00:25:20 Will we see another wave of greed and leverage in the next cycle?

00:30:30 Will CleanSpark buy distressed halving capitulation assets?

00:32:35 How big of a catalyst will the ETF be?

00:35:17 Will energy and mining companies consolidate?

00:37:00 What’s hard for regulators and Wall Street to grasp about bitcoin mining?

00:38:38 How fast can hashrate double?

00:42:28 AI competing with mining infrastructure

00:43:01 Why build mining infrastructure in Georgia?

00:47:51 CleanSpark expanding internationally?

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Matthew Schultz’s Twitter: https://twitter.com/smatthewschultz

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

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