Supply Shock

In this episode, Ledger CTO Charles Guillemet explains the importance of self custody. He breaks down the evolution of Bitcoin custody, the tradeoffs between ETFs and true self-custody, the importance of seed phrases, institutional adoption through Ledger Vault, and the challenges of making multisig and hardware wallets user-friendly. Charles also stresses that Bitcoin’s value as permissionless money depends on decentralization and self-custody, urging users to practice secure backups and verify transactions. Enjoy! — Follow Charles: https://x.com/P3b7_ Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Timestamps: (00:00) Introduction (02:40) Bitcoin Custody Evolution (03:35) The Importance of Self Custody (05:26) Ledger's Role in Bitcoin Security (07:08) Seed Phrases & Security Innovations (16:24) Institutional Adoption & Custody Trends (24:16) Multisig & User Experience (28:34) Gifting Bitcoin & Hardware Wallets (30:54) Future of Bitcoin Hardware Wallets (38:26) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, David Z. Morris breaks down the Roman Storm trial, explaining Tornado Cash’s origins, the split verdict, and why the case sets a critical precedent for financial privacy. He highlights how the jury’s hung decision reflects deeper debates about decentralization, crypto regulation, and the limits of state power over code. Enjoy! — Follow David: https://x.com/davidzmorris Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (03:25) Breaking Down Roman Storm Trial Verdict (05:49) Background of Tornado Cash (09:29) The Arrest and Charges (11:58) Legal Nuances & Defense (14:18) Ledn Ad (14:55) Legal Nuances & Defense (18:51) Journalistic Perspective (26:15) The Importance of Digital Privacy (26:54) Prosecution's Mistakes and Cover-Ups (28:07) The First Witness & Payback.com Scam (31:13) Jury's Deliberation & Technical Challenges (31:51) Ledn Ad (32:37) Jury's Deliberation & Technical Challenges (35:44) Administration's Stance on Crypto Cases (38:54) Appeal Process & Legal Implications (44:28) Future of Financial Privacy (50:09) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, RootstockLabs co-founder Diego Gutierrez explains how Bitcoin-backed stablecoins and decentralized financial primitives are enabling real-world adoption, especially in volatile economies like Argentina. He contrasts Rootstock’s vision of a Bitcoin-secured, censorship-resistant financial stack with more centralized systems like Ethereum or Solana. Diego also explores how stablecoins, tokenized assets, and even nation-states may converge on Bitcoin rails, and why institutional adoption must be balanced with sovereignty and trust-minimization. Enjoy! — Follow Diego: https://x.com/dieguito Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (01:41) Rootstock & Building on Bitcoin (10:17) Ledger Ad (11:06) Bitcoin-Backed Stablecoins (18:36) Where Will Stablecoins Live? (22:11) Why Use Bitcoin for Stablecoins? (25:26) Ledger Ad (26:12) Problems with Using Other L1s (30:22) Other Bitcoin Stablecoins (32:22) Tokenizing Real World Assets (35:40) Does Tokenizing Make Sense? (39:05) Why Hasn’t Argentina Embraced Bitcoin? (44:27) Is the 4-Year Cycle Over? (48:23) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Gabriel Shipton—brother of Julian Assange—joins the podcast to discuss Project Spartacus, a grassroots initiative inscribing WikiLeaks’ most sensitive archives onto the Bitcoin blockchain. By doing so, the project aims to preserve uncensorable historical records, highlight Bitcoin's original ethos as a tool for resistance, and protect the rights of whistleblowers and journalists. Shipton reflects on Julian’s impact, the need for publishing tools outside state control, and how Bitcoin’s evolution offers a future for free expression and immutable truth. Enjoy! — Follow Gabrielle: https://x.com/GabrielShipton Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (02:06) Project Spartacus & Julian Assange (06:14) Bitcoin as a Publishing Tool (09:56) Ledn Ad (10:37) Bitcoin as a Publishing Tool (19:01) Project Spartacus Execution & Goals (25:56) Ledn Ad (26:43) Advocacy for Technologists & Journalists (36:51) Julian Assange's Current Life & Future Plans (39:26) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, CEO & Founder of 10x Capital Hans Thomas explains how Bitcoin treasury companies are becoming global “on-ramps” for digital asset adoption, leveraging public markets and the flywheel effect to compound holdings. He shares insights on raising capital from crypto whales and institutions, executing deals in emerging markets, and why execution and low-cost capital matter more than hype. Enjoy! — Follow Hans: https://www.linkedin.com/in/htnyc/ Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (02:31) Global Treasury Company Opportunities (08:35) Capital Formation & Asset Management (09:03) Ledger Ad (09:50) Capital Formation & Asset Management (16:22) Are OGs Using DATs to Cash Out? (21:39) Institutional Adoption is Healthy (25:36) Ledger Ad (26:21) How Should Retail Evaluate DATs? (34:30) Should Big Companies Adopt a Bitcoin Strategy? (41:40) Bitcoin vs. DATs (46:00) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, co-host of the Bitcoin Treasuries podcast Tim Kotzman breaks down the rapid rise of Bitcoin treasury companies beyond MicroStrategy, highlighting the opportunities in untapped global markets, the emergence of new investor metrics like Bitcoin-per-share and forward mNAV, and the challenges for retail investors navigating risk and jurisdictional complexity. He discusses company differentiation, the potential for M&A, the influence of institutional adoption, and why he expects significant expansion in the sector through year-end. Enjoy! — Follow Tim: https://x.com/TimKotzman Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (02:28) Bitcoin Treasury Boom (04:36) Are We Still Early? (06:12) Increasing BTC Per Share (09:36) Valuation Metrics (10:29) Ledn Ad (11:11) Valuation Metrics (14:58) Role of mNAV (17:34) Challenges for Retail (21:47) How Do You Maximize Your BTC? (22:29) Ledn Ad (26:03) Differentiating From Other Companies (30:36) Bitcoin vs Digital Asset Treasuries (33:39) Treasury Boom Expansion or Contraction? (35:42) When Will Mag7 Buy Bitcoin? (41:43) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Adrian Morris of True North argues that Bitcoin’s current market phase is fundamentally different from past cycles. He attributes prior boom-bust patterns less to the halving schedule and more to stimulus-driven speculation, noting that institutional ETFs, corporate treasuries, and reduced volatility are now creating a stronger, more stable bid. This “Stairway to Heaven” thesis envisions Bitcoin steadily stair-stepping higher rather than repeating extreme four-year cycles. Enjoy! — Follow Adrian: https://x.com/Adrian_R_Morris Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (00:55) Debating Bitcoin's Four-Year Cycle (05:35) Historical Context & Early Bitcoin Market (09:20) Impact of Stimulus on Bitcoin & Altcoins (17:50) Institutional & Corporate Influence (31:05) Ethereum & Institutional Sentiment (36:42) Corporate Bitcoin Strategies & Risks (41:16) Digital Asset Treasury Movement (42:44) Ethereum vs. Bitcoin Treasuries (48:49) Stairway to Heaven: Bitcoin's Future (52:07) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, author of Bitcoin Supercycle Michael Terpin explains why he believes the four-year Bitcoin cycle is still intact. He outlines his view that Bitcoin operates in "seasons" (spring, summer, fall, winter), with predictable post-halving behavior and diminishing returns. While macro forces and ETF inflows may distort short-term sentiment, Michael argues that human psychology and market structure still drive cyclical corrections. Enjoy! — Follow Michael: https://x.com/michaelterpin Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (01:37) Debating the Bitcoin Supercycle (09:08) Early & Future Bitcoin Adoption (11:30) Ledn Ad (12:09) Early & Future Bitcoin Adoption (13:52) Political Influence on Bitcoin (18:31) Bitcoin's Seasonal Patterns (25:29) Ledn Ad (26:17) Ethereum & Altcoins (30:08) Innovations & Failures in Crypto (44:05) The Concept of Bitcoin Supercycle — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Bitwise CIO Matt Hougan explains why he thinks the four-year Bitcoin cycle is breaking down. He predicts a smoother, longer cycle ahead, driven by ETF flows, regulatory clarity, and a more mature market structure.While Rizzo wrestles with nostalgia for the classic boom-bust cycle, Hougan makes the case that “this time really is different.” Enjoy! — Follow Matt: https://x.com/Matt_Hougan Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (01:03) Debating Bitcoin's Four-Year Cycle (04:13) Institutional Adoption & Regulation (04:57) Are Four-Year Cycles Psychological? (08:37) Bitcoin’s Evolving Political Impact (09:48) Ledger Ad (10:38) Bitcoin’s Evolving Political Impact (17:00) Institutions Are Slow & Steady (18:58) Reflecting on Bitcoin's Scarcity (22:20) Crypto Regulation & Institutional Impact (23:38) Ledger Ad (24:25) Retail Investors & the Four-Year Cycle (25:45) Adapting to Bitcoin's Middle Ages (33:28) Can Blockchain Support Incoming Demand? (36:50) Sovereign Adoption & Strategic Reserves (38:28) OG Bitcoin HODLers Cashing Out (41:38) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Maple Finance CEO Sidney Powell joins the show to discuss the evolving market for earning yield on Bitcoin. We explore the rise of Bitcoin treasury companies like MicroStrategy, the differences between capital structure-based returns and real onchain yield, and the role of staking and DeFi in delivering Bitcoin-native returns. Sid breaks down the risk profiles between tokenization and securitization, discusses Bitcoin Layer 2 competition, and shares why Maple is betting on the emergence of a Bitcoin yield ecosystem. Enjoy! — Follow Sid: https://x.com/syrupsid Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: 00:00 Earning Yield with Your BTC 02:40 Bitcoin Treasury Companies vs Maple 10:50 Securitization vs Tokenization 13:40 Maple’s Target Market 17:10 Appealing to Bitcoiners 21:40 Layer 2 Ecosystems 24:15 Will Bitcoin Have a Killer App? 27:28 Building off of Bitcoin 29:23 Bitcoin’s Long-Term Security Problem 32:00 Different Ways to Generate BTC Yield 34:05 Moving to a Multi-Blockchain World? 36:40 Will Banks Allow Disruption? 39:30 Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, OG Bitcoiner Alp reflects on Bitcoin’s transformation from a fringe libertarian experiment to a mainstream political tool. They discuss the dilution of early Bitcoin culture, the lingering identity crisis among mid-cycle adopters, the myth of ongoing existential threats, and the shift from cypherpunk ideals to nation-state interests. Alp shares his skepticism of Bitcoin's co-option by U.S. political movements and emphasizes that while Bitcoin is no longer underground, its core functionality and value remain intact. Enjoy! — Follow Alp: https://x.com/alpacasw Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (06:04) Bitcoin’s Changing Culture (09:56) Ledger Ad (10:43) Bitcoin’s Contrarian Mindset (16:46) Evolution of Bitcoin Upgrades (20:26) Unpacking Bitcoin Knots (24:45) Future of Bitcoin & Political Implications (26:13) Ledger Ad (27:00) Future of Bitcoin & Political Implications (28:13) Currency Competition, Tether & Dollarization (29:55) US Politics & Bitcoin (32:14) Stablecoins & the Financial System (36:59) Bitcoin's Role in America's Debt Problem (48:46) The Cypherpunk Dream & Bitcoin's Future (52:31) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Bitcoin veteran Jameson Lopp discusses the growing threat of quantum computing to Bitcoin’s cryptography. He breaks down his new Bitcoin Improvement Proposal (BIP) that aims to prevent a catastrophic supply shock by encouraging a network-wide migration to quantum-resistant addresses. Lopp explains the nuances of Shor’s algorithm, possible migration schemes, controversies around locking old funds, and his phased plan to protect user assets. We also touch on the state of Bitcoin L2s, BitVM progress, mining risks, and the philosophical tension between ossification and innovation. Enjoy! — Follow Jameson: https://x.com/lopp Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 Against Allowing Quantum Recovery of Bitcoin: https://blog.lopp.net/against-quantum-recovery-of-bitcoin/ — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (02:38) Bitcoin’s Quantum Threat (07:18) Presidio Conference (10:27) Quantum Resistant Solutions (11:08) Ledn Ad (11:45) Quantum Resistant Solutions (17:14) Jameson’s Proposal (23:21) What If You’re In A Coma? (25:00) Ledn (25:45) Proposal Feedback (27:20) Quantum Mining (29:59) How Fast Is A Quantum Hack? (32:15) The Quantum Plan (33:41) How To Protect Your Funds? (35:39) Bitcoin Layers 2s (37:43) Core vs Knots (42:01) Is Bitcoin Progressing? (45:16) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Co-Founder of StarkWare Eli Ben-Sasson joins the show to explore the philosophical and technical crossroads between Bitcoin and Ethereum. He recounts the early hopes of building zk-tech on Bitcoin, the cultural rift that pushed innovation elsewhere, and why Bitcoin’s potential remains limited without soft forks. Eli argues for a future where Bitcoin’s principles—decentralization, verifiability, and self-custody—can scale globally through new cryptographic tools like ZK proofs and Layer 2s. He reflects on governance, protocol ossification, and the critical need for experimentation to preserve Bitcoin’s revolutionary promise. Enjoy! — Follow Eli: https://x.com/EliBenSasson Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (01:41) Early Bitcoin Development (02:48) Privacy & Alternative Cryptocurrencies (05:56) Bitcoin: The Asset vs. Tech (10:03) Ledger Ad (10:51) Bitcoin: The Asset vs. Tech (13:48) Ethereum's Emergence & Impact (20:53) Experimentation & Innovation in Crypto (31:54) The Cultural Impact of Bitcoin's Development (34:03) Historical Perspective on Bitcoin's Adoption (34:55) The Necessity of Experimentation in Crypto (35:54) Bitcoin's Global Product Market Fit (37:12) Ledger Ad (37:59) Challenges in Bitcoin's Consensus Process (39:18) Governance Issues in Decentralized Blockchains (41:33) The Future of Bitcoin & Global Economics (43:34) The Role of Decentralization in Blockchain (54:51) ZK Technology & Its Applications (01:01:32) Living on Bitcoin — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Didi Taihuttu—aka the "Bitcoin Family" patriarch—shares the origin story behind selling everything to go all-in on Bitcoin, from early GPU mining and Dogecoin experiments to surviving bear markets and living unbanked for nearly a decade. He discusses why he believes Bitcoin is the only true tool for financial freedom, the moral cost of traditional finance, and how the rise of stablecoins, Lightning, and crypto infrastructure shape a new global reality. Plus, how Bitcoin can empower machines, children, and the next generation of digital nomads. Enjoy! — Follow Didi: https://x.com/Diditaihuttu Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (01:14) Bitcoin Bull Markets (03:52) Early Days of Bitcoin Mining (08:23) Switching to Dogecoin (09:35) Ledn Ad (10:13) Switching to Dogecoin (11:33) Selling Everything for Bitcoin (13:58) Living the Bitcoin Lifestyle (20:36) Trading and the 2017 Crypto Boom (21:37) Bitcoin Maximalism & Diversification (22:58) Living Unbanked (24:30) Ledn Ad (25:16) Investing in Crypto Projects (26:48) The Cultural Schism in Bitcoin Maximalism (30:01) The Future of Bitcoin & Decentralization (33:20) Lightning Network & Education (36:11) Stablecoins (39:50) The Future of Bitcoin Adoption (43:11) Predicting Bitcoin's Future (46:22) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Founder & CEO of Surus.io Patrick Murck joins the show to reflect on Bitcoin’s rise to a fresh all-time high, its original mission of financial autonomy, and the tension between price appreciation and real-world use. He discusses stablecoins as dollar-compatible tools, why market structure reforms are stalled, and how his new company enables tokenized real-world assets with bankruptcy-remote custody. We also explore US regulatory history, accredited investor rules, and why crypto remains an experiment with both promise and pitfalls. Enjoy! — Follow Patrick: https://x.com/virtuallylaw Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (01:00) Bitcoin's All-Time High (03:23) Bitcoin's Evolution (05:25) Bitcoin Treasuries & Corporate Adoption (06:19) Ledger Ad (07:05) Bitcoin Treasuries & Corporate Adoption (20:37) Regulatory Landscape & Early Challenges (35:12) Ledger Ad (35:57) Regulatory Landscape & Early Challenges (38:17) Crypto Market Structure & Securities Laws (43:21) The Future of Crypto Innovations (46:03) Bitcoin Treasuries and Marketplaces (50:33) Challenges in Crypto Regulation (55:52) Building Real World Asset Tokens (01:20:19) The Evolution of Crypto Generations (01:09:38) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock