In this episode, David Z. Morris breaks down the Roman Storm trial, explaining Tornado Cash’s origins, the split verdict, and why the case sets a critical precedent for financial privacy. He highlights how the jury’s hung decision reflects deeper debates about decentralization, crypto regulation, and the limits of state power over code. Enjoy!

—

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Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit https://www.ledn.io/ to learn more.

—

Timestamps:

(00:00) Introduction

(03:25) Breaking Down Roman Storm Trial Verdict

(05:49) Background of Tornado Cash

(09:29) The Arrest and Charges

(11:58) Legal Nuances & Defense

(14:18) Ledn Ad

(14:55) Legal Nuances & Defense

(18:51) Journalistic Perspective

(26:15) The Importance of Digital Privacy

(26:54) Prosecution's Mistakes and Cover-Ups

(28:07) The First Witness & Payback.com Scam

(31:13) Jury's Deliberation & Technical Challenges

(31:51) Ledn Ad

(32:37) Jury's Deliberation & Technical Challenges

(35:44) Administration's Stance on Crypto Cases

(38:54) Appeal Process & Legal Implications

(44:28) Future of Financial Privacy

(50:09) Final Thoughts

—

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.

#Bitcoin #Crypto #SupplyShock

In this episode, RootstockLabs co-founder Diego Gutierrez explains how Bitcoin-backed stablecoins and decentralized financial primitives are enabling real-world adoption, especially in volatile economies like Argentina. He contrasts Rootstock’s vision of a Bitcoin-secured, censorship-resistant financial stack with more centralized systems like Ethereum or Solana. Diego also explores how stablecoins, tokenized assets, and even nation-states may converge on Bitcoin rails, and why institutional adoption must be balanced with sovereignty and trust-minimization. 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.

—

Timestamps:

(00:00) Introduction

(01:41) Rootstock & Building on Bitcoin

(10:17) Ledger Ad

(11:06) Bitcoin-Backed Stablecoins

(18:36) Where Will Stablecoins Live?

(22:11) Why Use Bitcoin for Stablecoins?

(25:26) Ledger Ad

(26:12) Problems with Using Other L1s

(30:22) Other Bitcoin Stablecoins

(32:22) Tokenizing Real World Assets

(35:40) Does Tokenizing Make Sense?

(39:05) Why Hasn’t Argentina Embraced Bitcoin?

(44:27) Is the 4-Year Cycle Over?

(48:23) Final Thoughts

—

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.

#Bitcoin #Crypto #SupplyShock

In this episode, Gabriel Shipton—brother of Julian Assange—joins the podcast to discuss Project Spartacus, a grassroots initiative inscribing WikiLeaks’ most sensitive archives onto the Bitcoin blockchain. By doing so, the project aims to preserve uncensorable historical records, highlight Bitcoin's original ethos as a tool for resistance, and protect the rights of whistleblowers and journalists. Shipton reflects on Julian’s impact, the need for publishing tools outside state control, and how Bitcoin’s evolution offers a future for free expression and immutable truth. Enjoy!

—

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—

Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF

https://blockworks.co/event/digital-asset-summit-2025-london

—

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit https://www.ledn.io/ to learn more.

—

Timestamps:

(00:00) Introduction

(02:06) Project Spartacus & Julian Assange

(06:14) Bitcoin as a Publishing Tool

(09:56) Ledn Ad

(10:37) Bitcoin as a Publishing Tool

(19:01) Project Spartacus Execution & Goals

(25:56) Ledn Ad

(26:43) Advocacy for Technologists & Journalists

(36:51) Julian Assange's Current Life & Future Plans

(39:26) Final Thoughts

—

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.

#Bitcoin #Crypto #SupplyShock

In this episode, CEO & Founder of 10x Capital Hans Thomas explains how Bitcoin treasury companies are becoming global “on-ramps” for digital asset adoption, leveraging public markets and the flywheel effect to compound holdings. He shares insights on raising capital from crypto whales and institutions, executing deals in emerging markets, and why execution and low-cost capital matter more than hype. Enjoy!

—

Follow Hans: https://www.linkedin.com/in/htnyc/

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—

Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF

https://blockworks.co/event/digital-asset-summit-2025-london

—

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

(02:31) Global Treasury Company Opportunities

(08:35) Capital Formation & Asset Management

(09:03) Ledger Ad

(09:50) Capital Formation & Asset Management

(16:22) Are OGs Using DATs to Cash Out?

(21:39) Institutional Adoption is Healthy

(25:36) Ledger Ad

(26:21) How Should Retail Evaluate DATs?

(34:30) Should Big Companies Adopt a Bitcoin Strategy?

(41:40) Bitcoin vs. DATs

(46:00) Final Thoughts

—

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.

#Bitcoin #Crypto #SupplyShock

In this episode, co-host of the Bitcoin Treasuries podcast Tim Kotzman breaks down the rapid rise of Bitcoin treasury companies beyond MicroStrategy, highlighting the opportunities in untapped global markets, the emergence of new investor metrics like Bitcoin-per-share and forward mNAV, and the challenges for retail investors navigating risk and jurisdictional complexity. He discusses company differentiation, the potential for M&A, the influence of institutional adoption, and why he expects significant expansion in the sector through year-end. Enjoy!

—

Follow Tim: https://x.com/TimKotzman

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

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—

Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF

https://blockworks.co/event/digital-asset-summit-2025-london

—

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit https://www.ledn.io/ to learn more.

—

Timestamps:

(00:00) Introduction

(02:28) Bitcoin Treasury Boom

(04:36) Are We Still Early?

(06:12) Increasing BTC Per Share

(09:36) Valuation Metrics

(10:29) Ledn Ad

(11:11) Valuation Metrics

(14:58) Role of mNAV

(17:34) Challenges for Retail

(21:47) How Do You Maximize Your BTC?

(22:29) Ledn Ad

(26:03) Differentiating From Other Companies

(30:36) Bitcoin vs Digital Asset Treasuries

(33:39) Treasury Boom Expansion or Contraction?

(35:42) When Will Mag7 Buy Bitcoin?

(41:43) Final Thoughts

—

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.

#Bitcoin #Crypto #SupplyShock

In this episode, Adrian Morris of True North argues that Bitcoin’s current market phase is fundamentally different from past cycles. He attributes prior boom-bust patterns less to the halving schedule and more to stimulus-driven speculation, noting that institutional ETFs, corporate treasuries, and reduced volatility are now creating a stronger, more stable bid. This “Stairway to Heaven” thesis envisions Bitcoin steadily stair-stepping higher rather than repeating extreme four-year cycles. Enjoy!

—

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

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—

Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF

https://blockworks.co/event/digital-asset-summit-2025-london

—

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

(00:55) Debating Bitcoin's Four-Year Cycle

(05:35) Historical Context & Early Bitcoin Market

(09:20) Impact of Stimulus on Bitcoin & Altcoins

(17:50) Institutional & Corporate Influence

(31:05) Ethereum & Institutional Sentiment

(36:42) Corporate Bitcoin Strategies & Risks

(41:16) Digital Asset Treasury Movement

(42:44) Ethereum vs. Bitcoin Treasuries

(48:49) Stairway to Heaven: Bitcoin's Future

(52:07) Final Thoughts

—

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.

#Bitcoin #Crypto #SupplyShock

In this episode, author of Bitcoin Supercycle Michael Terpin explains why he believes the four-year Bitcoin cycle is still intact. He outlines his view that Bitcoin operates in "seasons" (spring, summer, fall, winter), with predictable post-halving behavior and diminishing returns. While macro forces and ETF inflows may distort short-term sentiment, Michael argues that human psychology and market structure still drive cyclical corrections. Enjoy!

—

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—

Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF

https://blockworks.co/event/digital-asset-summit-2025-london

—

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit https://www.ledn.io/ to learn more.

—

Timestamps:

(00:00) Introduction

(01:37) Debating the Bitcoin Supercycle

(09:08) Early & Future Bitcoin Adoption

(11:30) Ledn Ad

(12:09) Early & Future Bitcoin Adoption

(13:52) Political Influence on Bitcoin

(18:31) Bitcoin's Seasonal Patterns

(25:29) Ledn Ad

(26:17) Ethereum & Altcoins

(30:08) Innovations & Failures in Crypto

(44:05) The Concept of Bitcoin Supercycle

—

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.

#Bitcoin #Crypto #SupplyShock

In this episode, Bitwise CIO Matt Hougan explains why he thinks the four-year Bitcoin cycle is breaking down. He predicts a smoother, longer cycle ahead, driven by ETF flows, regulatory clarity, and a more mature market structure.While Rizzo wrestles with nostalgia for the classic boom-bust cycle, Hougan makes the case that “this time really is different.” Enjoy!

—

Follow Matt: https://x.com/Matt_Hougan

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

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

Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6

—

Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF

https://blockworks.co/event/digital-asset-summit-2025-london

—

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

(01:03) Debating Bitcoin's Four-Year Cycle

(04:13) Institutional Adoption & Regulation

(04:57) Are Four-Year Cycles Psychological?

(08:37) Bitcoin’s Evolving Political Impact

(09:48) Ledger Ad

(10:38) Bitcoin’s Evolving Political Impact

(17:00) Institutions Are Slow & Steady

(18:58) Reflecting on Bitcoin's Scarcity

(22:20) Crypto Regulation & Institutional Impact

(23:38) Ledger Ad

(24:25) Retail Investors & the Four-Year Cycle

(25:45) Adapting to Bitcoin's Middle Ages

(33:28) Can Blockchain Support Incoming Demand?

(36:50) Sovereign Adoption & Strategic Reserves

(38:28) OG Bitcoin HODLers Cashing Out

(41:38) Final Thoughts

—

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.

#Bitcoin #Crypto #SupplyShock

In this episode, Maple Finance CEO Sidney Powell joins the show to discuss the evolving market for earning yield on Bitcoin. We explore the rise of Bitcoin treasury companies like MicroStrategy, the differences between capital structure-based returns and real onchain yield, and the role of staking and DeFi in delivering Bitcoin-native returns. Sid breaks down the risk profiles between tokenization and securitization, discusses Bitcoin Layer 2 competition, and shares why Maple is betting on the emergence of a Bitcoin yield ecosystem. Enjoy!

—

Follow Sid: https://x.com/syrupsid

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

Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6

—

Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF

https://blockworks.co/event/digital-asset-summit-2025-london

—

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit https://www.ledn.io/ to learn more.

—

Timestamps:

00:00 Earning Yield with Your BTC

02:40 Bitcoin Treasury Companies vs Maple

10:50 Securitization vs Tokenization

13:40 Maple’s Target Market

17:10 Appealing to Bitcoiners

21:40 Layer 2 Ecosystems

24:15 Will Bitcoin Have a Killer App?

27:28 Building off of Bitcoin

29:23 Bitcoin’s Long-Term Security Problem

32:00 Different Ways to Generate BTC Yield

34:05 Moving to a Multi-Blockchain World?

36:40 Will Banks Allow Disruption?

39:30 Final Thoughts

—

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.

#Bitcoin #Crypto #SupplyShock

In this episode, OG Bitcoiner Alp reflects on Bitcoin’s transformation from a fringe libertarian experiment to a mainstream political tool. They discuss the dilution of early Bitcoin culture, the lingering identity crisis among mid-cycle adopters, the myth of ongoing existential threats, and the shift from cypherpunk ideals to nation-state interests. Alp shares his skepticism of Bitcoin's co-option by U.S. political movements and emphasizes that while Bitcoin is no longer underground, its core functionality and value remain intact. Enjoy!

—

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

Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6

—

Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF

https://blockworks.co/event/digital-asset-summit-2025-london

—

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

(06:04) Bitcoin’s Changing Culture

(09:56) Ledger Ad

(10:43) Bitcoin’s Contrarian Mindset

(16:46) Evolution of Bitcoin Upgrades

(20:26) Unpacking Bitcoin Knots

(24:45) Future of Bitcoin & Political Implications

(26:13) Ledger Ad

(27:00) Future of Bitcoin & Political Implications

(28:13) Currency Competition, Tether & Dollarization

(29:55) US Politics & Bitcoin

(32:14) Stablecoins & the Financial System

(36:59) Bitcoin's Role in America's Debt Problem

(48:46) The Cypherpunk Dream & Bitcoin's Future

(52:31) Final Thoughts

—

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.

#Bitcoin #Crypto #SupplyShock