In this episode, Bitcoin historian Pete Rizzo joins the Milk Road Show to share his thesis on the coming explosion of Bitcoin treasury companies and why they may drive the next major inflow into Bitcoin. He explains why stablecoins and NFTs were once ignored just like Bitcoin treasuries are now, why thousands of firms—not dozens—might soon hold BTC, and how this could mirror past crypto waves like CoinMarketCap and the ICO boom. The episode also touches on meme coins, regulatory bottlenecks, tokenized stocks, Bitcoin vs. crypto culture, and more. Enjoy!

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Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! https://blockworks.co/event/permissionless-iv

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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.

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Timestamps:

(00:00) Introduction

(02:32) How Bitcoin’s Narrative Quietly Shifted

(10:50) Ledger Ad

(11:36) What’s the Big Trend Everyone’s Missing?

(14:09) Is an Altcoin Season Still Coming?

(18:54) Ledger Ad

(19:41) Why Japan’s Bitcoin Stocks Are Booming

(21:48) Do We Need This Many Bitcoin Treasury Companies?

(25:29) How Bitcoin Companies Will Evolve Next

(27:08) Is This Bitcoin’s Biggest Inflow Catalyst?

(27:50) Has Crypto Innovation Hit a Wall?

(33:42) Are Tokenized Stocks & Stablecoins the Future?

(38:36) Why Bitcoin Needs Separation from Crypto

(41:07) Are More Bitcoin Winters Inevitable?

(47:15) Wrap-Up

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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.

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