What Bitcoin Did

Freddie New unpacks why the next wave of Bitcoin treasury companies could change the game, and why his new venture, B Hodl, is designed to be more than just another balance sheet play. From Lightning Network infrastructure and UK policy battles to raising fresh capital without leverage, Freddie explains how Bitcoin-only businesses can scale sustainably while strengthening the network itself. We dig into why so many treasury companies risk collapse in a bear market, how B Hodl is structured to avoid forced selling, and why the UK urgently needs a strong Bitcoin voice in both finance and politics. Freddie also explores why institutions will eventually be forced to hold Bitcoin, how mNAV multiples shape valuations, and why every treasury company needs to prove it’s building real infrastructure, not just stacking sats. In this episode: - Why B Hodl is more than a Bitcoin treasury company - How Lightning node operations create real Bitcoin-denominated revenue - Why avoiding leverage is key to long-term survival - Why every company will one day hold Bitcoin on their balance sheet THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Freddie New: Freddie New: https://x.com/freddienew

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny James Lavish: https://x.com/jameslavish

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Eric Yakes: https://x.com/ericyakes

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny John Scott-Railton: https://x.com/jsrailton

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Vijay Selvam: https://x.com/VijaySelvamXO

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY 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/

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny American HODL: https://primal.net/hodl Steven Lubka: https://x.com/dzambhalahodl

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/\\\\\\\_DannyKnowles or https://primal.net/danny Willy Woo: https://x.com/woonomic

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny Preston Pysh: https://x.com/prestonpysh or https://primal.net/preston

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny Peter McCormack: https://x.com/PeterMcCormack

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: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny Calle: https://x.com/callebtc or https://primal.net/calle

Lyn Alden and Andy Constan go deep on Bitcoin treasury companies like Strategy, debating whether they’re outright Ponzi schemes or legitimate vehicles for leveraged Bitcoin exposure. We dig into how these companies actually generate returns, why premiums to NAV exist, and the conditions that could cause the model to unravel. Lyn lays out her cautiously bullish case for well-run treasuries, while Andy argues the structure depends on new capital in ways that can’t last forever. In this episode: - What makes a Bitcoin treasury company different from an ETF - Why premiums to NAV exist - How Strategy’s capital structure works - Whether treasury companies can generate income without selling Bitcoin - The “Ponzi-adjacent” problem THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Lyn Alden: https://x.com/LynAldenContact Andy Constan: https://x.com/dampedspring

Troy Cross and Ella Hough break down the state of Bitcoin adoption across the U.S. and the globe, revealing what the data really says about Bitcoin’s political alignment, institutional shift, and cultural future. We get into the surprising statistics around self-custody, what Gen Z actually thinks about Bitcoin, and whether American bitcoiners can become a meaningful political force. In this episode: - Who owns Bitcoin - What Gen-Z think of Bitcoin - The myth of political consensus around Bitcoin - Bitcoin as a language of truth across culture, time, and power THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Troy Cross: https://x.com/thetrocro Ella Hough: https://x.com/21MMforthe21st

Checkmate breaks down Bitcoin's market structure, why treasury companies are flooding in, and whether the four-year cycle has finally broken. We get into how institutional money is reshaping on-chain dynamics, why long-term holders are behaving differently this cycle, and what the recent 80,000 BTC move signals about dormant supply. Checkmate also explains the risks and opportunities of corporate treasury plays, premium-to-NAV dynamics, and how the rest of this bull market could play out. In this episode: - Treasury company dynamics - Why Bitcoin’s drawdowns are structurally different this cycle - The rise of institutional-sized transactions and empty mempools - What the 80,000 BTC sale tells us about long-dormant coins - The quantum debate THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Checkmate: https://x.com/_Checkmatey_

Dylan LeClair breaks down the rise of Bitcoin treasury companies, why corporate adoption may be hitting a “gradually then suddenly” inflection point, and whether Michael Saylor’s lead is now insurmountable. We get into how Metaplanet scaled from a few hundred Bitcoin to 16,000+, what’s driving premiums over NAV, and why public capital markets are becoming the biggest buyers of Bitcoin. Dylan also explains Saylor’s latest innovation, “Stretch", and explains why this could transform corporate balance sheets and fixed income markets. In this episode: How corporate treasuries are competing in a winner-take-most market Why premiums to NAV compress - and when they could expand again The mechanics behind Stretch How liquidity, interest rates, and credit markets drive Bitcoin price action THANKS TO OUR SPONSORS: RIVER ANCHORWATCH IREN BLOCKWARE LEDN Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Dylan LeClair: https://x.com/DylanLeClair_

Nik Bhatia breaks down why Bitcoin may have broken free of its four-year cycle and what that means for the next decade. We discuss Bitcoin's market maturity, compressed volatility, and how new corporate demand are reshaping price dynamics — and why this could mean an end to drawn out bear markets and blow-off tops. We get into how macro forces like liquidity, rate policy, and U.S. fiscal dominance intersect with Bitcoin, whether Powell vs. Trump really matters, and why Bitcoin could hit $1 million by 2032. In this episode: Why the four-year halving cycle may be over How corporate treasury strategies are changing Bitcoin’s market structure The role of liquidity and treasury markets in driving Bitcoin price What Powell vs. Trump means for rates, inflation, and Bitcoin THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Nik Bhatia: https://x.com/timevalueofbtc

Jeff Booth explains why free markets are naturally deflationary and why this changes everything. What if the entire economy is built on a lie? Jeff Booth argues our credit-based system fights the natural deflation of free markets through endless money manipulation — and why Bitcoin creates the first truly global free market. We explore how AI accelerates abundance, why most people are stuck in “Fiatland,” and how Bitcoin adoption will transform everything from housing to global power structures. In this episode: Why inflation isn’t natural - and what deflation really means How AI and Bitcoin together rewrite the rules of the economy The cultural divide between “Fiatland” and Bitcoin Why the Global South may leapfrog the West in Bitcoin adoption How to prepare for the transition to a Bitcoin economy THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Jeff Booth: https://primal.net/jeffbooth

Thomas Pacchia is the co-founder of Pubkey. In this episode, we get into the evolving culture of Bitcoin, why number-go-up narratives overshadow deeper principles like privacy, self-sovereignty, and freedom. Thomas explains why he believes Bitcoin risks becoming disconnected from its original ethos, and the importance of maintaining a robust, culturally-driven Bitcoin community. We also discuss the increasing role of institutions, treasuries, and ETFs in Bitcoin, how regulatory frameworks like the Patriot Act and Bank Secrecy Act challenge financial privacy, and why these battles are crucial for Bitcoin's future. We also discuss Pubkey and it's expansion into DC and Bitcoin culture, and adoption on a global scale. THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Thomas Pacchia: https://x.com/tpacchia

Mauricio Di Bartolomeo is the co-founder of Ledn, the largest consumer Bitcoin lender. In this episode, we discuss how Ledn survived the collapse of BlockFi and Celsius, why they’ve removed all rehypothecation and Ethereum products, and why Bitcoin-backed loans are set to reshape global credit markets. Mauricio explains how banks entering the space could drive rates lower and why Ledn is focused solely on Bitcoin. Mauricio also shares his personal story of growing up in Venezuela under hyperinflation, discovering Bitcoin, and building Ledn to give people everywhere access to the same financial tools. Root is a Bitcoin on-chain analyst and the author of the "Bitcoin Strategy Platform" Substack. In this episode, we discuss the current state of Bitcoin’s bull market, why Root believes there’s no basis for a prolonged bear market, and how institutional demand is changing Bitcoin’s price dynamics. We cover Bitcoin’s structural adoption through ETFs, treasury companies, and sovereign buyers, and why these may limited downside volatility. We also get into the psychological stages of the market, why 100k could now serve as Bitcoin’s new baseline, and how macro factors like interest rate cuts and Trump’s policies might influence the next leg up. THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Mauricio Di Bartolomeo: https://x.com/cryptonomista

Root is a Bitcoin on-chain analyst and the author of the "Bitcoin Strategy Platform" Substack. In this episode, we discuss the current state of Bitcoin’s bull market, why Root believes there’s no basis for a prolonged bear market, and how institutional demand is changing Bitcoin’s price dynamics. We cover Bitcoin’s structural adoption through ETFs, treasury companies, and sovereign buyers, and why these may limited downside volatility. We also get into the psychological stages of the market, why 100k could now serve as Bitcoin’s new baseline, and how macro factors like interest rate cuts and Trump’s policies might influence the next leg up. THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN Follow: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Rational Root: https://x.com/therationalroot