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!

—

Follow Phil: https://philzimmermann.com/EN/background/index.html

Follow Rizzo: https://x.com/pete_rizzo_

Follow Supply Shock: https://twitter.com/SupplyShockBW

Follow Blockworks: https://twitter.com/Blockworks_

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

(02:45) 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

—

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.