Inflection Point

Live from the Bitcoin 2025 conference, Adam Back and Sean Bill of Blockstream break down the quiet but massive shift underway as institutions, pensions, and sovereign funds begin allocating to Bitcoin. They discuss Blockstream's mining investment strategies, institutional Bitcoin income funds, and the rise of Bitcoin treasury companies like MicroStrategy. They explain how institutions are navigating custody, risk management, and public sentiment, while warning of potential excesses in debt-fueled Bitcoin accumulation strategies. Enjoy!

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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

(01:59) Blockstream

(04:29) New Wealth Coming to Bitcoin

(05:56) Ledger Ad

(06:42) New Wealth Coming to Bitcoin

(09:29) What’s Holding Back Institutions?

(19:15) Bitcoin Treasury Companies

(22:57) Ledger Ad

(23:43) Bitcoin Treasury Companies

(33:42) Merging Blockstream Tech with Institutions

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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.

In this episode, Rizzo & Nolan Bauerle dive into the race between MicroStrategy and BlackRock to become the largest holders of Bitcoin. They compare Michael Saylor’s singular, leveraged BTC accumulation strategy with Larry Fink’s sprawling ETF-driven approach at BlackRock. They explore how each firm’s structure, incentives, and regulatory realities impact their ability to scale Bitcoin ownership—and debate whether MicroStrategy could evolve into a Bitcoin-native version of BlackRock, or if BlackRock could out-stack Saylor’s empire. 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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Timestamps:

(00:00) Introduction

(01:54) Strategy vs BlackRock

(06:56) Key Differences

(13:22) Saylor’s History

(16:47) Regulatory Advantage

(21:38) Can BlackRock Become Strategy?

(31:00) Can BlackRock Become Strategy?

(32:20) BlackRock & Global Markets

(36:28) Who Can Fully Embrace BTC?

(43:06) First to 1M BTC

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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.

In this episode, Swedish MP Dennis Dioukarev discusses his viral proposal for Sweden to adopt a strategic Bitcoin reserve—an unprecedented move in the European Union. He breaks down the flawed logic of the Swedish Central Bank's dismissal, explains how Bitcoin aligns with values of freedom and transparency, and outlines the political path forward through Sweden’s governing coalition. Dennis also warns about the risks of CBDCs, defends individual financial sovereignty, and highlights the global race among governments quietly accumulating Bitcoin. 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

(01:36) Sweden's Bitcoin Proposal

(06:46) Ledger Ad

(07:33) European Union's Stance on Bitcoin

(09:32) Swedish Politics & Bitcoin Proposal

(18:08) Global Bitcoin Adoption

(20:40) Global Bitcoin Adoption

(22:42) Swedish Bitcoin Goals & CBDCs

(27:17) The Digital Euro & Stablecoins

(30:51) Local and National Bitcoin Initiatives

(32:12) Dennis’ Bitcoin Journey

(36:34) Future of Bitcoin & Crypto

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Disclaimer: Nothing discussed on Supply Shock should be considered investment advice. Please always do your own research & speak to a financial advisor before thinking about thinking about putting your money into these crazy markets.

In this episode, Bitcoin Developer Sergio Lerner joins the show to discuss Bitcoin’s latest development battles–from the OP_RETURN data wars to the future of programmable Bitcoin through BitVMX. He argues that filtering Bitcoin transactions restricts innovation, outlines the real-world financial use cases enabled by protocols like RSK, and explains how new Bitcoin Layer 2s can enhance scalability and security without altering Bitcoin’s base layer. We also touch on Bitcoin’s long-term viability, mining centralization, and the cultural rift with broader crypto. Enjoy!

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Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

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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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Core is the Bitcoin Everything Chain—unlocking trustless Bitcoin Staking to power the future of Bitcoin DeFi.

Core empowers Bitcoin holders to earn secure, sustainable yield while retaining full control of their assets.

Start staking your Bitcoin and earn real yield: https://stake.coredao.org/blockworks

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Timestamps:

(00:00) Introduction

(03:39) Debate on Data Use in Bitcoin Blockchain

(08:02) Technical Aspects of Bitcoin Transactions

(11:20) Core Ad

(12:12) Layer Two Solutions and BitVMX

(21:59) Core Development and Alternate Implementations

(30:28) Mining Centralization Concerns

(32:37) Core Ad

(33:32) Historical Bitcoin Debates

(34:15) Understanding OP_RETURN

(37:46) Cultural Divide in Crypto

(40:48) Financial Inclusion and Bitcoin

(47:33) Future of Bitcoin and Layer 2 Solutions

(56:51) Bitcoin's Long-Term Viability

(01:00:56) Final Thoughts

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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.

In this episode, Ryan Selkis joins the show for his self-proclaimed 'last crypto interview' to discuss his whistleblowing about Mt. Gox’s insolvency, his role in securing Trump's support, and the controversy around him bringing the culture wars to crypto. We also delve into the FTX collapse, crypto vs. Bitcoin, and more.

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Follow Ryan: https://x.com/twobitidiot

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—

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

—

Core is the Bitcoin Everything Chain—unlocking trustless Bitcoin Staking to power the future of Bitcoin DeFi.

Core empowers Bitcoin holders to earn secure, sustainable yield while retaining full control of their assets.

Start staking your Bitcoin and earn real yield: https://stake.coredao.org/blockworks

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

(02:34) Early Days in Bitcoin and Crypto

(03:46) The Mt. Gox Whistleblowing Incident

(04:43) Ads (Core, Ledger)

(06:12) Digital Currency Group & Messari

(07:48) Political Climate and Crypto Regulation

(14:39) FTX Collapse and Policy Response

(18:57) Ads (Core, Ledger)

(20:35) Trump's Mar-a-Lago Event & Crypto’s Political Divide

(25:11) Culture Wars and Political Tactics

(44:37) Support for Trump in the Crypto Industry

(46:14) Ethics and Scams in Crypto

(48:03) Bitcoin vs. Crypto

(57:29) The Core Problems in Crypto

(01:12:22) AI, Truth & Justice

(01:18:42) Ryan’s Crypto Legacy

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Disclaimer: Nothing discussed on Supply Shock should be considered investment advice. Please do your own research and speak to a financial advisor before putting your money into these crazy markets.

In this episode, Chris Guida unpacks the OP_RETURN debate, argues that Bitcoin must protect its cultural values to survive, and warns that without strong norms, Bitcoin risks becoming Ethereum 2.0. He challenges the idea that Bitcoin is truly permissionless, critiques miner incentives, and defends filtering policies as vital to preserving decentralization.

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Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

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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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Timestamps:

(00:00) Introduction

(01:44) Debate Overview and Context

(02:34) The OP_RETURN Debate

(05:34) Ethereum Rollup and Fraud Proofs

(11:20) Bitcoin's Permissionless Nature

(14:10) Core Ad

(14:55) Bitcoin's Permissionless Nature

(21:28) Miners and Network Consensus

(35:11) Core Ad

(35:59) Economic Incentives and Bitcoin's Future

(42:18) The Role of Decentralization in Bitcoin's Value

(44:04) Bitcoin's Value System vs. Ethereum's Downfall

(45:28) The Impact of Scammers on Bitcoin and Ethereum

(50:14) The Importance of Self-Custody and Integrity in Bitcoin

(55:57) The Debate on Bitcoin's Filters and Transaction Validity

(01:03:30) The Future of Bitcoin and Crypto Innovations

(01:16:56) Debunking Misconceptions About Spam Control

(01:18:10) Moral Arguments and Their Impact on Bitcoin

(01:20:08) The Role of Node Runners in Spam Filtering

(01:22:41) Debate on Bitcoin Core's Policy and Developer Responsibility

(01:24:01) The Future of Bitcoin and Node Implementations

(01:29:49) Comparing Bitcoin Core and Knots

(01:40:41) The Arms Race in Spam Filtering

(01:45:21) Final Thoughts and Reflections

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Disclaimer: Nothing discussed on Supply Shock should be considered investment advice. Please always do your own research & speak to a financial advisor before thinking about thinking about putting your money into these crazy markets.

In this episode, cryptography legend Phil Zimmermann—creator of PGP—reflects on his role in the original “crypto wars,” the mixed societal impact of Bitcoin, and why he’s both intrigued by and cautious about Bitcoin’s role in human rights, crime, privacy, and global monetary systems. He applauds Bitcoin’s resistance to autocracy and surveillance but critiques its volatility, energy use, and criminal applications—offering a nuanced view of its legacy compared to PGP. 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

—

Core is the Bitcoin Everything Chain—unlocking trustless Bitcoin Staking to power the future of Bitcoin DeFi.

Core empowers Bitcoin holders to earn secure, sustainable yield while retaining full control of their assets.

Start staking your Bitcoin and earn real yield: https://stake.coredao.org/blockworks

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

(02:45) PGP & Strong Cryptography

(07:36) Digital Cash Breakthrough

(09:20) Mixed Effects of Technology

(13:03) Ads (Core, Ledger)

(14:27) Bitcoin’s Mixed Effects

(17:47) Proof-of-Work & Early Innovations

(23:06) Patents & Bitcoin

(25:34) Bitcoin’s Good vs Bad

(28:43) Criminals & Crypto

(31:26) Improving Bitcoin

(35:34) Ads (Core, Ledger)

(37:00) Improving Bitcoin

(39:49) Bitcoin vs Fiat

(43:56) Bitcoin Consensus

(47:31) Building Support via Courts vs Politics

(51:34) Laws Against Software

(53:39) Bitcoin Shortcomings

(55:49) Privacy & PGP

(59:40) Bitcoin Energy Use

(01:03:58) Is Bitcoin as Successful as PGP

(01:05:26) Autocracies & Democracy

(01:13:07) Bitcoin as a Pocketbook Issue

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Disclaimer: Nothing discussed on Supply Shock should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Janusz joins the show to discuss the growing tension in the Bitcoin community over layer two (L2) scaling, especially around rollups like Citrea. We also unpack a proposed change to the OP_RETURN limit, the ideological split between Bitcoin core devs and cultural purists (aka "filters"), and the implications for Bitcoin’s long-term scalability and security models. Enjoy!

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Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

—

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

—

Core is the Bitcoin Everything Chain—unlocking trustless Bitcoin Staking to power the future of Bitcoin DeFi.

Core empowers Bitcoin holders to earn secure, sustainable yield while retaining full control of their assets.

Start staking your Bitcoin and earn real yield: https://stake.coredao.org/blockworks

—

Timestamps:

(00:00) Introduction

(01:45) Bitcoin Debate: L2s, Citrea & Rollups

(14:56) Core Ad

(23:22) The Case for Citrea

(29:32) Growing the Bitcoin Economy

(33:51) Bitcoin Fees & Security

(40:11) Core Ad

(43:56) Babylon, Staking & Economic Security

(01:00:02) Spark Network and State Chains

(01:03:33) Comparing Spark and Lightning Networks

(01:09:03) Future Prospects and Industry Trends

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Disclaimer: Nothing discussed on Supply Shock should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Guy Malone and Adam Simecka join the show to discuss Roswell, New Mexico starting a strategic Bitcoin reserve, Bitcoin’s role in local governance, and how Roswell is approaching its Bitcoin custody. We also delve into building the new Fort Knox, Adam’s history in Bitcoin, and more. Enjoy!

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Join Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx

Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

—

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

—

Core is the Bitcoin Everything Chain—unlocking trustless Bitcoin Staking to power the future of Bitcoin DeFi.

Core empowers Bitcoin holders to earn secure, sustainable yield while retaining full control of their assets.

Start staking your Bitcoin and earn real yield: https://stake.coredao.org/blockworks

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

(02:14) Roswell Embraces Bitcoin Reserve

(08:42) Legal and Practical Challenges

(10:33) Ads (Core, Ledger)

(11:57) Legal and Practical Challenges

(14:50) Inspiration for Bitcoin Donation

(18:17) Building off of Roswell’s Bitcoin Reserve

(20:09) Understanding Permissionless Donations

(21:56) Ads (Core, Ledger)

(23:22) Bitcoin's Role in Local Governance

(25:43) Strategic Bitcoin Reserves and Property Taxes

(30:19) Future of Bitcoin in Government

(32:15) Adam’s Intro to Bitcoin

(34:12) Roswell’s Bitcoin Custody & Security

(38:06) The New Fort Knox

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Disclaimer: Nothing discussed on Supply Shock should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Rob Hamilton of Anchorwatch joins the show to discuss his company serving Bitcoin insurance to individuals and businesses, the corporate adoption narrative dominating this cycle, and the insurance and custody challenges for corporations holding Bitcoin. We also delve into shifting culture and values in crypto, whether the financialization of Bitcoin is a good thing, mapping the Bitcoin cycle top, and more. Enjoy!

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Follow Rob: https://x.com/Rob1Ham

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Join Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx

Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

—

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

—

Core is the Bitcoin Everything Chain—unlocking trustless Bitcoin Staking to power the future of Bitcoin DeFi.

Core empowers Bitcoin holders to earn secure, sustainable yield while retaining full control of their assets.

Start staking your Bitcoin and earn real yield: https://stake.coredao.org/blockworks

—

Timestamps:

(00:00) Introduction

(01:43) AnchorWatch Bitcoin Insurance

(07:57) Multi-Signature Custody

(11:46) Blockchain Insurance

(13:48) Core Ad

(14:34) Bitcoin Repayments & FASB

(19:18) Corporate Bitcoin Adoption & Insurance

(24:53) Insuring All Bitcoin

(26:25) The Corporate Adoption Narrative

(33:55) Shifting Values & Culture In Crypto

(35:22) Core Ad

(36:10) Shifting Values & Culture In Crypto

(42:42) Stablecoins

(44:43) Nation State Narrative

(46:43) Is Corporate Adoption Good?

(54:27) Bitcoin Financialization

(58:48) Bitcoin Cycle Top?

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Disclaimer: Nothing discussed on Supply Shock should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.