The Rational Root joins me to break down the Coldcard vulnerability, BIP-110, and the potential Bitcoin chain split. We also analyze on-chain momentum, Digital Credit, institutional demand, and whether Bitcoin’s 2026 bear-market bottom may already be in.

Timestamps:

0:00 Introduction

0:24 Coldcard vulnerability overview

4:46 Coin Days Destroyed and the Coldcard incident

8:41 Coldcard’s development failures

11:50 How AI could strengthen Bitcoin security

13:52 Why Coldcard barely moved Bitcoin’s price

17:16 The safest approach to self-custody

20:15 The risks of single-signature hardware wallets

23:12 BIP-110 and the potential Bitcoin chain split

23:33 Transaction fees after the Coldcard incident

25:08 Bitcoin Core, Knots, and OP_RETURN

28:41 The three ways data enters Bitcoin

33:00 Could BIP-110 make the UTXO problem worse?

35:29 Why Bitcoin’s spam problem may be overstated

37:21 Where Bitcoin is in the four-year cycle

38:35 Short-term holder momentum and capitulation

41:44 How short-term holder momentum works

43:06 Is the Bitcoin bottom already in?

45:45 Could Bitcoin fall to realized price?

47:44 Digital Credit and institutional demand

50:28 Strategy’s cash reserve and preferred stocks

51:09 Why this bear market may be less severe

54:20 Bitcoin’s disconnect from stocks

56:00 AI, macro, and the business cycle

59:15 The final day of the bear market

1:01:16 Bitcoin’s antifragility

1:01:56 Where to follow The Rational Root

Eric Jackson joins Joe Burnett to explain why he believes bitcoin could reach $50 million as AI agents transform global commerce and demand pristine digital collateral. They also discuss bitcoin’s recent underperformance, AI-powered market models, compounding through volatility, and why the next five years may be the most uncertain investing environment of our lifetimes.

Timestamps:

0:00 - Eric Jackson’s background in markets

2:14 - Finding Carvana before the comeback

3:01 - The OpenDoor trade and retail investor momentum

3:40 - How Eric got interested in bitcoin and crypto

6:26 - Building AI models before ChatGPT

9:23 - Volatility, conviction, and long-term investing

12:16 - Why Eric thinks bitcoin could reach $50 million

17:01 - Bitcoin as the “other coin” of the AI trade

17:28 - Why bitcoin has underperformed gold and AI stocks

20:16 - Is the AI boom propping up the market?

22:03 - What the world could look like in 2041

25:55 - AI, uncertainty, and the next five years

28:47 - Kevin Warsh, interest rates, and bitcoin

31:37 - Eric’s bitcoin stress indicator

40:27 - Compounding through bitcoin volatility

43:35 - Can markets be predicted with enough data?

48:20 - How AI changed market analysis

50:44 - Event Horizon IQ and AI-powered predictions

54:15 - Final thoughts and where to follow Eric

Joe Consorti joins The Mustard Seed Bitcoin Podcast to break down the Fed’s impossible choice between fighting inflation, protecting the economy, and keeping asset prices alive. We discuss why bitcoin may be the only asset accurately pricing today’s uncertainty, how AI is disrupting software but strengthening bitcoin’s long-term case, and why the dollar crash playbook may already be underway.

Timestamps:

0:00 - Joe Consorti returns

0:43 - Kevin Warsh’s impossible Fed dilemma

4:49 - Why the Fed may cut rates despite inflation

9:35 - Consumer sentiment hits 74-year lows

11:00 - The K-shaped economy: asset owners vs. everyone else

14:00 - Why they will crash the dollar before markets

17:43 - Why bitcoin is underperforming

21:08 - Is AI stealing capital from bitcoin?

25:10 - Why AI can disrupt software, but cannot disrupt bitcoin

31:02 - ISM PMI, the business cycle, and bitcoin’s bottom

34:37 - Why bitcoin broke from global M2

36:26 - What happens if oil, war, and inflation cool down?

37:17 - Why the S&P 500 could hit 10,000

40:43 - How AI expands the divide between asset owners and labor

45:31 - What bitcoiners may be wrong about

48:22 - “I missed bitcoin” and the unit bias trap

50:18 - Where to follow Joe Consorti

Bitcoin is evolving into a unique asset that responds to both crisis and liquidity expansion. In this conversation, we break down how macro policy, market structure, and institutional flows are reshaping bitcoin’s role in global portfolios. The result is a shift toward bitcoin as a core asset for long-term capital allocation.

Timestamps:

0:00 Introduction and current bitcoin market setup

0:23 Price levels, resistance, and defining a new bull market

1:30 Macro backdrop: war, uncertainty, and market reactions

2:40 Bitcoin as chaos insurance across global crises

4:00 Performance vs gold, S&P 500, and shifting perception

5:00 Liquidity asset vs risk-off asset: reconciling the paradox

6:30 Dual drivers: global liquidity and crisis demand

8:00 Declining volatility and shallower bitcoin drawdowns

9:30 Why traditional markets avoid prolonged recessions

12:00 Debt dynamics and the inevitability of policy response

14:00 Faster Fed response cycles from 2008 to today

16:00 The “big print” and bitcoin as the primary beneficiary

17:30 Role of technology and information flow in policy decisions

20:00 Monetary policy, asset inflation, and wealth concentration

21:30 Fastest stock market rally since 1982 and implications

23:30 V-shaped recoveries and forward market returns

25:00 Institutional positioning and bullish equity signals

27:00 Treasury market stress and liquidity risks

28:30 Why markets rise in both good and bad scenarios

30:00 Bitcoin’s origin and alignment with monetary debasement

31:30 Coffeezilla debate and digital credit misconceptions

35:00 STRC mechanics and sustainability of yield

40:00 Bitcoin balance sheet coverage and risk framing

43:30 Bitcoin decoupling from tech and software stocks

46:00 Long-term path toward an uncorrelated asset

46:30 What to own if bitcoin did not exist

48:30 Closing thoughts and where to follow

Digital Credit is expanding the total addressable market for Bitcoin and Bitcoin is expanding the total addressable market for Digital Credit. This conversation explores how that dynamic could scale reflexively and reshape global capital allocation.

Timestamps:

0:00 Introduction

1:24 Why Bitcoiners should care about digital credit

6:00 Bitcoin fixed income and a new asset class

8:30 The carry trade: earning Bitcoin yield

11:00 Transparent yield vs black-box risk

17:50 Why digital credit is attracting massive demand

20:00 “Printing Bitcoin with your Bitcoin”

24:59 Bitcoin as the unit of account (Roxom thesis)

34:00 The best Bitcoin investments (NVIDIA example)

38:41 Idle Bitcoin

47:01 The reflexive growth loop of digital credit

54:00 Closing thoughts: think in Bitcoin

Tad Smith joins Joe Burnett to discuss why he still favors bitcoin over gold, how AI is reshaping software, labor, and opportunity, and why he sees the current market setup as increasingly attractive for bitcoin and Strategy. They also dig into Digital Credit, the long-term potential of Strategy’s preferred products, the quantum cloud over bitcoin, and Tad’s new role leading Candy Digital.

Timestamps:

0:00 Intro

1:28 What First Clicked for Tad on Bitcoin

4:11 Gold vs. Bitcoin Right Now

6:51 Current Market Dynamics, Oil, and Volatility

8:46 Why AI Pressures Traditional Software

10:53 Why Tad Still Likes Palantir

13:03 The Fed, Inflation, and Global Liquidity

17:11 Weakening Labor Markets and Why More Printing Could Follow

19:49 Is AI Replacing White-Collar Work?

22:57 Tad’s Advice for Students and Young Workers

26:14 AI, Abundance, and Choosing Optimism

29:51 Where We Are in the Bitcoin Cycle

32:37 Does Bitcoin Have a Real Floor?

35:46 What Could Trigger Bitcoin’s Next Move Higher

38:52 Morgan Stanley, Quantum Risk, and Clearing the Clouds

46:56 Strategy, STRC, STRK, and Amplified Bitcoin

51:49 Is Stretch Strategy’s iPhone Product?

55:21 Tad on Candy Digital and Digital Collectibles

57:42 Final Thoughts on Fear, Resilience, and Happiness

Market sentiment is weak, volatility is elevated, and capital has nowhere to hide. In this episode, Adrian Morris explains why sentiment drives all markets, how it shapes bitcoin’s price, and what it takes to navigate and withstand the current environment.Read Adrian's research report here: https://tnorth.com/research/sentiment-as-substrate/Timestamps:

00:00 Introduction

00:33 Welcoming Adrian

01:08 Current market conditions and volatility

03:31 Energy, macro pressure, and bitcoin outlook

04:04 Why markets are driven by sentiment

07:54 mNAV, valuation, and sentiment shifts

13:50 The most controversial idea in the paper

15:37 Is valuation ever objective?

20:17 Bitcoin narratives vs market reality

20:35 Traditional finance misses the “first cause”

24:55 Do fundamentals matter or not?

28:46 The “blind ledger” thought experiment

31:23 Warren Buffett and valuation frameworks

34:54 What is reflexivity in markets?

36:46 Leverage, volatility, and bitcoin

39:00 Paper bitcoin and market structure

42:30 Fixed supply and bitcoin valuation

46:15 Efficient market hypothesis critique

49:45 Are free markets truly efficient?

52:13 Why most investors underperform

55:41 Passive investing and market risk

59:32 Digital credit and market perception

1:03:23 Final thoughts on sentiment and pricing

1:04:49 Weathering volatility as an investor

Bitcoin is holding firm as equities, gold, and silver decline amid rising geopolitical tension, signaling a potential shift in how the asset behaves during global stress. We break down the macro forces driving markets, the rise of digital credit as a Bitcoin demand engine, and how AI is accelerating a new financial paradigm.

Timestamps:

00:00 – Intro and Bitcoin’s move from $90K to ~$70K

03:30 – Key levels, market structure, and has the bottom formed

04:00 – Is Bitcoin broken? The 5-year CAGR debate

07:00 – Why Bitcoin performance depends on timeframe

08:20 – Bitcoin vs war: why it’s holding up

12:00 – Liquidity, narratives, and decoupling from other assets

17:30 – Rising interest rates, oil, and macro pressures

22:50 – Oil spikes and recession risk

28:10 – Digital credit finds product-market fit

32:30 – The Bitcoin demand flywheel and scaling capital

33:20 – Time horizons, volatility, and investor behavior

35:30 – Why digital credit unlocks institutional adoption

37:45 – Track record building during volatility

40:20 – Gold and silver crash: what’s happening

43:30 – Long-term outlook for gold vs Bitcoin

46:20 – AI acceleration and economic impact

49:30 – Rising uncertainty and the future of work

52:00 – AI, money printing, and Bitcoin’s role

54:00 – Final thoughts and where to follow Joe

Digital credit and bitcoin-backed money are emerging as a new foundation for global finance, offering yield, transparency, and programmability. In this episode, Parker from APYX explains how this system works, why it is gaining traction, and how it could drive the next wave of bitcoin adoption.

Timestamps:

0:00 Intro

0:33 What is digital money and digital credit

3:01 Parker’s background: from Austrian economics to bitcoin

6:18 Early career, Kraken, and DeFi experience

7:07 Why bitcoin-backed stablecoins matter

10:01 Where yield comes from in digital credit and money

11:27 What APYX is and how it works

15:44 DeFi yield demand and carry trades explained

19:01 Why capital hasn’t fully moved from Athena to APYX

21:38 October crash and Ethena’s role

23:07 Stablecoin depegs and market mechanics

25:10 How APYX maintains its peg

27:46 Floating vs hard pegs (STRC comparison)

28:23 Luna comparison and key differences

31:07 Why digital credit must scale for digital money

33:16 Private credit vs digital credit

35:27 Blockfills bankruptcy and market stress

37:04 Impact of bitcoin ETFs on market structure

40:11 Offshore vs onshore price discovery

41:38 Why bitcoin is trading around $70K

46:31 Derivatives vs spot market imbalance

47:11 Will digital credit drive bitcoin demand

50:13 Why yield products unlock new bitcoin demand

51:39 Where to learn more about APYX

Joe Burnett sits down with Conner Brown of the Bitcoin Policy Institute to discuss the Basel Committee’s 1,250% bitcoin risk weighting and why many view it as a major policy mistake limiting bank adoption. They also explore digital credit, the future of bitcoin in the financial system, and why AI agents may ultimately prefer bitcoin as money.

Timestamps:

0:00 Intro

0:49 The Basel 1,250% mistake explained

7:26 How punitive Basel’s bitcoin risk weighting is in practice

12:12 Why Basel treats gold and bitcoin so differently

15:01 What happens if the U.S. changes the rules for banks

20:06 Why America should lead in bitcoin financial products

22:07 Digital credit and why Connor is bullish on it

26:20 Why bitcoin needs to be repackaged for different users

29:10 What money AI agents prefer

33:35 What properties AI agents want in money

37:49 Why bitcoin could give AI agents a capability boost

41:32 How fast AI is advancing

48:20 AI, job displacement, and the reorganization of society

54:51 Key bitcoin policy issues to watch in Washington

1:01:14 Where to follow Connor and Bitcoin Policy Institute