Everyone called 2025 the year of the Great Debasement trade. Michael Howell says it never actually happened. And what comes next could be the biggest monetary regime change in 70 years.

Michael Howell, liquidity expert and founder of CrossBorder Capital, returns to break down why global liquidity, not M2, is the real driver of Bitcoin, why the bond market just broke a 70-year-old pattern, and why the true debasement trade has not even started yet.

Here is what we cover:

• Why M2 is the wrong metric for Bitcoin and why global liquidity has a 13-week predictive lead on crypto prices

• The BES dollar basket explained and why Bitcoin remains the dominant driver even against Ethereum and Solana

• Why the real economy and financial economy are pulling liquidity from each other right now

• The AI capex boom draining liquidity from financial markets and starving Bitcoin of fuel

• Why the 30-year Treasury yield breaking 5% is a bigger deal than most people realize and why Howell thinks 6% is coming

• The 1951 Treasury Fed Accord parallel and why we may be entering a similar regime change today

• The $40 trillion debt threshold and why the average tenor of government debt is quietly being shortened everywhere

• Why Scott Bessent's yield curve management is printing money without ever calling it printing money

• Why Howell rejects the idea that the debasement trade started last year and what the actual tipping point looks like

• China's PBOC liquidity injections and why gold's move has been a China story, not a Western one

• Bitcoin's global liquidity cycle model and why it points to a bottom around the middle of 2027

• Why Howell is not a believer in the four year cycle and what he thinks is driving Bitcoin's cycles instead

• The best monetary hedge for a high inflation regime and why crypto's multiplier effect means even a small allocation matters enormously

This is one of the most technically rigorous breakdowns of global liquidity and its relationship to Bitcoin you will find anywhere.

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LIVE 🔴 Bitcoin self custody in 2026: the COLDCARD hack, the Trezor data breach, and how to secure Bitcoin. Hardware wallet security, multisig, passphrases, entropy and on chain time locks, rebuilt from first principles.

Self custody just failed a stress test nobody was ready for. A COLDCARD firmware flaw produced weak seeds going back to 2021, and coins were swept from people who believed they held the safest hardware wallet made. Trezor customers had their names, home addresses and phone numbers leaked through a shipping partner, many of them people who had only just switched. A fake Sparrow wallet sat live in the App Store. A phishing ad ranked above Trezor's own search result. BitBox audited itself with AI and found critical bugs.

The old advice was buy a device, write down your words, you're safe. That advice is dead.

In this episode we rebuild Bitcoin self custody from first principles with two people who do this for a living: Tony, founder of The Bitcoin Way, and Doctor Francesco Madonna, CEO of BitVault. They agree on the diagnosis and they disagree, sharply, on the cure. Tony will not allow a third party anywhere near a setup. Francesco's design puts a co-signing key with a service and enforces spending delays on chain. We put that disagreement on the table instead of around it.

We also build the actual 2026 process, step by step: ordering a hardware wallet without your home address ending up in the next breach, generating and verifying entropy, passphrase structure, when single sig plus passphrase beats multisig, two of three across multiple vendors, on chain time delays, descriptor backups, and the recovery rehearsal almost nobody runs.

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The wealthy are sitting ducks. Steven Franssen says most of them do not even realize it.

Steven Franssen returns for his third appearance on the show to break down why the newly minted decamillionaires of the last decade have no sound economic footing, why the political chaos in Washington is quietly setting up the largest wealth transfer in modern history, and why $1 million Bitcoin might be the trap that costs complacent wealthy people everything.

Here is what we cover:

• The Coldcard hack and why the only people protected were the ones who used the randomizing function nobody thought they needed

• The ethics of white hat hackers sweeping vulnerable funds and what happens to victims now

• Bitcoin governance and consensus explained through the lens of a limited state and voluntary reputation-based society

• The PPP loan fraud nobody has to pay back and what it reveals about who the rules actually apply to

• Why the great mistake wealthy people are making right now is taking the current situation for granted

• Trump's broken promises beyond Ross Ulbricht, the meme coin controversy, and why the Iran war directly suppressed the Bitcoin price

• Why Scott Bessent's oil price magic trick has held so far and how long that can possibly last

• The generational wealth transfer nobody is talking about and why BlackRock is positioned to inherit what the boomers built

• The DSA, downwardly mobile elites, and why hardline ideologies are gaining ground on both extremes

• Flock cameras, the surveillance state, and the first real grassroots pushback against it in years

• Why the 2026 midterms could hand Bitcoin its biggest bull case yet regardless of who wins

• Why Bitcoin becomes more important, not less, as trillions get printed into the AI trade

• Closing thoughts on individual change, moral progress, and where Steven finds hope right now

This is one of the most wide-ranging and unfiltered political and macro conversations you will find on Bitcoin News this year.

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Bob Burnett just confirmed the thing most Bitcoiners did not want to hear. BIP-110 did not fail because of the miners. It failed because Wall Street, the exchanges, and Strategy said no.

He watched it happen live from his couch, already certain of the outcome since June. Now he is back with the most candid insider account you will hear anywhere: what actually went down at Ocean, why the suits and the custodians decided this fight before a single block was mined, and why the social layer wound from this may take far longer to heal than the technical one ever did.

Here is what we cover:

• The moment an Ocean-mined block appeared on both sides of the chain split at the exact same time

• Why Bob believes BIP110 was never close to succeeding despite the hype in the final weeks

• Why he does not agree that miners control Bitcoin and why the real story is about exchanges, custodians, and user demand

• How Antpool and Foundry effectively decided the outcome and why Foundry giving clients a binary choice mattered enormously

• The Roughnecks group spending roughly half a million dollars a day renting hash rate to keep BIP110 alive

• What actually happens to the abandoned BIP110 chain now, including a hard fork, a new hashing algorithm, and a new difficulty level

• An inside look at the division within Ocean itself between the three camps, and how Ocean built dual-template infrastructure to give miners a real choice

• The full explanation of Ocean's 0.3 BTC refund to users who were signaling for BIP110 without realizing it

• Why Bob compares the split to a divorce and calls for empathy and healing on both sides of the community

• What comes next for Ocean, including the new Portal product, SOC 2 compliance, and a renewed push for decentralized block production

• A first look at a brand new BIP Bob is working on and the open questions around how any future Bitcoin upgrade should be proposed and activated

This is one of the most honest and firsthand accounts of the BIP110 fork you will find anywhere.

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LIVE 🔴— The battle for Bitcoin is OVER.

The Bitcoin Red Team. The Bitcoin Security Consortium. The failure of BIP-110. Something has shifted in Bitcoin and most people have not clocked it yet.

Coinicarus and Rod join the show live to ask the question a lot of Bitcoiners are quietly thinking but not saying out loud. Have the suits taken control of freedom money? And if they have, is there any going back?

Here is what we get into:

Why the Bitcoin Security Consortium and the Bitcoin Red Team signal a new phase of institutional control over Bitcoin infrastructure

Why BIP-110 failed and what that failure actually reveals about who holds real power in Bitcoin governance today

Whether Wall Street money and corporate treasury companies have fundamentally changed the character of Bitcoin

Whether this shift is inevitable maturation or a genuine threat to what made Bitcoin different in the first place

What Bitcoiners who care about sovereignty and decentralization should actually be watching for next

This is a live conversation, so expect it to get heated. Freedom money was never supposed to have a boardroom. Now it might.

🔔 Subscribe for weekly Bitcoin and macro analysis.

Follow the guests:

Coinicarus → https://x.com/coinicarus?s=11

Rod → https://x.com/rodpalmerhodl?s=11

In the wake of the Coldcard exploit Alex Bragan, CTO of Jan3, and Prince Filip, Chief Strategy Officer of Jan3, join the show to look at the future of Bitcoin, whether self-custody survives and if this is the start of the end for the sovereign individual or the beginning of a radical new form of government and global politics.

They also break down what happened how AI is rocking the Bitcoin world for bad (and good), and why they believe we are witnessing its anti-fragility in action.

They also cover the newly released B20 report ranking every country on Bitcoin adoption, why Prince Filip believes monarchies might be the future of good governance, and why the energy side of Bitcoin mining is the most exciting frontier for the rest of the decade.

Here is what we cover:

• Why AI is now being used by black hat hackers to probe critical Bitcoin infrastructure and why Boltz had to shut down

• Prince Filip's own close call with the Coldcard exploit while on vacation and why older firmware saved him

• Why going from open source to source available is what actually caused this entire problem

• The ethics of white hat hackers preemptively draining vulnerable wallets before criminals can

• Why the 25th word BIP-39 passphrase protected many people during this exploit and why you need one

• How Aqua Wallet generates entropy and what additional randomness sources are coming

• Why Bitcoin cannot be frozen but can be made harder to spend and why exchanges rejecting stolen coins matters

• The new B20 report ranking every country on Bitcoin adoption and why the US takes the top spot largely due to seized coins

• Why the UK ranks surprisingly high and what that reveals about the scoring methodology

• Why Bhutan is one of the best examples of practical nation state Bitcoin usage today

• Why Prince Filip believes Switzerland's federated cantonal system is the best functioning democracy in the world

• The case for monarchy 2.0 and why Liechtenstein's monarch retaining veto power tells you something important about stability

• How Bitcoin mining is quietly starting an energy renaissance, from stranded solar to communist-era district heating systems

• Why AI could either massively expand personal freedom or become the ultimate surveillance tool for governments

This is one of the most wide-ranging conversations on Bitcoin security, geopolitics, and governance you'll find this year.

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❗ DISCLAIMER ❗

Bitcoin News is not a financial adviser. All opinions expressed by us or our guests in these videos is for informational purposes only, and should not be treated as investment or financial advice of any kind. Any information provided during the video is general in nature and does not take into account the viewers specific circumstances.

The sellers are gone. Bitcoin shrugged at STRC dropping to 75 and the COLDCARD hack. It rallied when Saylor announced a Bitcoin sale.

Matt Hougan, CIO of Bitwise, says those two moments told him everything he needed to know about where we are in the cycle.

In this conversation Matt breaks down why the Bitcoin bottom is probably in, why the institutional supply squeeze has only just begun, why financial advisors pulled Bitcoin off statements at the end of Q2 and quietly bought it back on July 1st, and why Strategy is entering a very different phase than the one that made it famous.

Here is what we cover:

• Why Bitcoin shrugging at bad news is the single best indicator that the bottom is in

• The Q2 to Q3 flow reversal that caught Matt completely off guard and what it reveals about financial advisor behavior

• Why only 5 to 10% of ETF holders sold during a 50% drawdown and what that says about the conviction of the people who actually own it

• Why institutional ownership of Bitcoin ETFs is on its way from 20% to 60% and what happens to the price when it gets there

• Why the four year cycle is not dead but institutions are living in a 10 year super cycle and how both can be true at the same time

• Why BIP110 has not penetrated institutional circles at all and why Matt thinks that is a good thing

• The Bitcoin Security Consortium from BlackRock Fidelity and Strategy and why Matt thinks the mercenary reason for it is actually fine

• Why quantum comes up in every institutional meeting as a blocker to allocation and what actually convinces them to move forward anyway

• Strategy 2.0 explained and why the easy button phase is over and the managerial skill phase has begun

• Why STRC is a retail led phenomenon and what would need to change for institutions to take it seriously

• The hardest question Matt would ask Saylor on the earnings call today

• Why the next cycle catalyst is stablecoins and tokenization and why Bitcoin gets a free lift from all of it

• Why Bitwise officially forecasts Bitcoin at 1.3 million by 2035 and why Matt thinks that is probably conservative

This is one of the most grounded and data-driven takes on where Bitcoin stands right now from someone who does 15,000 institutional meetings a year.

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The Coldcard hack was devastating. But Ben Cowen says it did not mark the bottom. And he has the data to show exactly why.

Ben Cowen joins the show to break down why the price barely moved after one of the worst security events in Bitcoin history, why 2026 is tracking 2018 almost perfectly, and why the real bottom is still ahead, likely triggered by a stock market correction in September.

He also pulls no punches on Saylor, the treasury company model, Bitcoin conferences, and why the industry completely lost its way this cycle.

Here is what we cover:

• Why the Coldcard hack did not move the Bitcoin price and what that actually signals about where we are in the cycle

• How 2026 is tracking 2018 almost perfectly and why that means the real bottom has not happened yet

• Why Ben expects a 10 to 20 percent stock market correction in September and why that will be the catalyst for the Bitcoin cycle low

• The social interest data showing Bitcoin engagement is now lower than it was in 2022 and closer to 2018 levels

• Why Saylor selling Bitcoin is not about the amount but about the message it sends and what it means for Strategy long term

• Why Ben has zero confidence in STRC and why once a peg breaks it never fully recovers its trust

• Why the Bitcoin conference has become a treasury company promotional event and why that is antithetical to everything Bitcoin stands for

• Why Bitcoin treasury companies that exist solely to raise money and buy Bitcoin are no different from the altcoin founders they used to mock

• Why narrative always follows price and why we will all find a reason for the drop after it happens

• Why the ETFs have actually been declining in holdings in recent months and what that tells you about the state of retail participation

• How the 30 year Treasury yield being higher now than when rates were at 5.5 percent proves the Fed does not control the long end of the curve

• Ben's own conference in Miami on November 21st and why he built it around having a rational market discussion without booing dissenting views off stage

This is one of the most honest and unfiltered conversations about where Bitcoin actually stands right now.

🔔 Subscribe for weekly Bitcoin and macro analysis.

FOLLOW BEN 👉 @benjaminjcowen

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The Coldcard hack was just the beginning. New vulnerabilities have now been found in Boltz and multiple other wallets. And the people building the tools you use every day say the attack surface is growing faster than the community can patch it.

Seth for Privacy from Cake Wallet, Danny from Breez, and PretyFlaco from Blink Wallet join the show to break down the latest wave of Bitcoin security failures, who is still vulnerable, and why the intersection of AI and Bitcoin attacks may be the most dangerous development in the sixteen year history of this network.

Here is what we cover:

The new vulnerabilities found in Boltz and other popular wallets after the Coldcard hack and what they mean for your stack

Who is still at risk right now and why the blast radius is much wider than most people realize

Whether these attacks are isolated incidents or part of a coordinated long-game operation targeting Bitcoin holders

How AI is changing the nature of Bitcoin attacks and why the old security playbook is no longer enough

What the future of self-custody looks like in a world where AI can probe for vulnerabilities faster than humans can find them

Whether Cake Wallet, Breez, and Blink are safe and what each team has done in response to the new threat landscape

How these attacks are going to ripple into every other industry that relies on cryptographic security

The hierarchy of Bitcoin security in 2026 and what has fundamentally changed in the last few weeks

What every single Bitcoin holder needs to do right now regardless of which wallet or hardware device they use

What Bitcoin security needs to look like going forward and how the community adapts before the next wave hits

The biggest black swan in sixteen years of Bitcoin is not over. This conversation is required listening for anyone who holds Bitcoin.

Resources:

Cake Wallet: https://cakewallet.com/

Breez: https://breez.technology/

Seth's site: https://sethforprivacy.com/

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❗ DISCLAIMER ❗

Bitcoin News is not a financial adviser. All opinions expressed by us or our guests in these videos is for informational purposes only, and should not be treated as investment or financial advice of any kind. Any information provided during the video is general in nature and does not take into account the viewers specific circumstances.

The COLDCARD hack is still sending shockwaves through the Bitcoin community. But Jameson Lopp and Nick Neuman say the bigger question is not what just happened. It is what is coming next.

In this conversation we bring in two of the most respected voices in Bitcoin security to break down who is actually vulnerable, what every Bitcoin holder needs to do right now, and whether this attack was the beginning of something much larger and more coordinated than anyone wants to admit.

Here is what we cover:

Are more hacks on the way and what the latest on-chain signals are already suggesting

Who is vulnerable outside of COLDCARD users and why assuming you are safe is the most dangerous thing you can do right now

Whether the COLDCARD hack could have been a retirement attack, a coordinated long-game operation designed to hit the people with the largest and oldest stacks

The hierarchy of Bitcoin security in 2026 and whether everything we thought we knew just changed

What every Bitcoin holder needs to do immediately regardless of which hardware wallet they use

Whether Boltz suspending activities and wallets like Aqua and Bull Bitcoin are actually safe right now

How AI is going to fundamentally disrupt Bitcoin security going forward and why the attack surface is growing faster than most people realize

Why Saylor's loud silence on the hack is raising eyebrows and what it might signal

Why Saylor selling went almost completely unnoticed while the community was focused elsewhere

Where is NVK the founder of COLDCARD and why his absence from the public conversation is one of the most discussed topics in Bitcoin security right now

What the next chapter of Bitcoin security looks like and how the community needs to adapt before the next attack lands

Do not assume you are safe. This conversation is for everyone who holds Bitcoin.

Resources:

Casa: https://casa.io/

Trezor: https://trezor.io/

Lopp's site: https://www.lopp.net/

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❗ DISCLAIMER ❗

Bitcoin News is not a financial adviser. All opinions expressed by us or our guests in these videos is for informational purposes only, and should not be treated as investment or financial advice of any kind. Any information provided during the video is general in nature and does not take into account the viewers specific circumstances.