Willy Woo gets into Bitcoin’s evolving market structure, breaking down how institutional flows, ETFs, and treasury companies are reshaping the bull market. He explains why Bitcoin has never faced a true business cycle downturn, why 2026 could be the first real test, and how liquidity waves set the rhythm for both blow-off tops and brutal bear markets.

He unpacks the mechanics of Strategy's debt model versus MetaPlanet’s synthetic leverage, how ETFs are smoothing inflows and dampening volatility, and why premiums to NAV create both opportunity and risk. Willy also zooms out to the thousand-year arc of money, showing why fiat is a short-lived social consensus ledger and Bitcoin is destined to be the next energy-secured system of value.

In this episode:

- How ETFs are changing Bitcoin’s price dynamics

- Premiums to NAV, synthetic leverage, and liquidation risk

- Why treasury companies could amplify the next bear market

- Liquidity cycles and business downturns

- ESG, BlackRock, and the shift in institutional adoption

- The transition from gold and fiat to Bitcoin

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Preston Pysh gives us a masterclass on Bitcoin treasury companies, unpacking the mechanics behind Michael Saylor’s strategy and why it has outperformed Bitcoin since 2020.

He explains how preferred stock and convertible debt are being engineered to funnel Bitcoin onto balance sheets, why the unraveling of the fixed-income market is the hidden fuel behind this model, and the risks investors face in treating treasury companies as a proxy for holding Bitcoin.

Preston gets into the accounting controversies around MicroStrategy, the looming threat of government nationalisation, and why self-custody Bitcoin is the ultimate safeguard.

In this episode:

- Why self-custody Bitcoin is important

- How preferred stock and convertible debt power treasury growth

- The collapse of the 40-year fixed-income bull market

- Understanding premiums to NAV and dilution risks

- “Ponzi-adjacent” Bitcoin treasuries

- Nationalisation and centralisation risks for Bitcoin

- Why the STRC issuance may be one of the most brilliant financial products ever designed

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In this episode, Peter breaks down his five-year legal battle with Craig Wright, how UK libel laws were weaponised against him, and the moment the case finally turned in his favour.

We also get into his fight to save Bedford, and why running businesses there changed his political view, how government policy makes entrepreneurship harder, and turning to private solutions because of the failure of the state.

In this episode:

- Craig Wright’s lawsuits and the UK libel system

- The real impact of government policy

- The mission to save Bedford

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Calle gets into into the future of financial and communication privacy, exploring how tools like Cashu and BitChat could help Bitcoiners survive in an increasingly hostile regulatory environment.

He breaks down why privacy is essential for democracy, the lessons from the original Crypto Wars, and how eCash can offer near-perfect transaction privacy.

Calle explains the history behind David Chaum’s invention, the trade-offs Bitcoin made for auditability, and why eCash mints could be run by communities for both Lightning payments and private internet services. As well as BitChat as a censorship-resistant messenger and the growing legal risks faced by privacy developers.

In this episode:

- Why financial privacy is as important as free speech

- Lessons from the Crypto Wars 1.0

- How Chaumian eCash works and why it’s unmatched for privacy

- Offline payments and tap-to-pay Bitcoin

- The risks and pressures facing privacy developers today

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Lyn Alden and Andy Constan go deep on Bitcoin treasury companies like Strategy, debating whether they’re outright Ponzi schemes or legitimate vehicles for leveraged Bitcoin exposure.

We dig into how these companies actually generate returns, why premiums to NAV exist, and the conditions that could cause the model to unravel. Lyn lays out her cautiously bullish case for well-run treasuries, while Andy argues the structure depends on new capital in ways that can’t last forever.

In this episode:

- What makes a Bitcoin treasury company different from an ETF

- Why premiums to NAV exist

- How Strategy’s capital structure works

- Whether treasury companies can generate income without selling Bitcoin

- The “Ponzi-adjacent” problem

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Andy Constan: https://x.com/dampedspring

Troy Cross and Ella Hough break down the state of Bitcoin adoption across the U.S. and the globe, revealing what the data really says about Bitcoin’s political alignment, institutional shift, and cultural future.

We get into the surprising statistics around self-custody, what Gen Z actually thinks about Bitcoin, and whether American bitcoiners can become a meaningful political force.

In this episode:

- Who owns Bitcoin - What Gen-Z think of Bitcoin

- The myth of political consensus around Bitcoin

- Bitcoin as a language of truth across culture, time, and power

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Ella Hough: https://x.com/21MMforthe21st

Checkmate breaks down Bitcoin's market structure, why treasury companies are flooding in, and whether the four-year cycle has finally broken.

We get into how institutional money is reshaping on-chain dynamics, why long-term holders are behaving differently this cycle, and what the recent 80,000 BTC move signals about dormant supply.

Checkmate also explains the risks and opportunities of corporate treasury plays, premium-to-NAV dynamics, and how the rest of this bull market could play out.

In this episode:

- Treasury company dynamics

- Why Bitcoin’s drawdowns are structurally different this cycle

- The rise of institutional-sized transactions and empty mempools

- What the 80,000 BTC sale tells us about long-dormant coins

- The quantum debate

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Dylan LeClair breaks down the rise of Bitcoin treasury companies, why corporate adoption may be hitting a “gradually then suddenly” inflection point, and whether Michael Saylor’s lead is now insurmountable.

We get into how Metaplanet scaled from a few hundred Bitcoin to 16,000+, what’s driving premiums over NAV, and why public capital markets are becoming the biggest buyers of Bitcoin.

Dylan also explains Saylor’s latest innovation, “Stretch", and explains why this could transform corporate balance sheets and fixed income markets.

In this episode:

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Nik Bhatia breaks down why Bitcoin may have broken free of its four-year cycle and what that means for the next decade.

We discuss Bitcoin's market maturity, compressed volatility, and how new corporate demand are reshaping price dynamics — and why this could mean an end to drawn out bear markets and blow-off tops.

We get into how macro forces like liquidity, rate policy, and U.S. fiscal dominance intersect with Bitcoin, whether Powell vs. Trump really matters, and why Bitcoin could hit $1 million by 2032.

In this episode:

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Jeff Booth explains why free markets are naturally deflationary and why this changes everything.

What if the entire economy is built on a lie? Jeff Booth argues our credit-based system fights the natural deflation of free markets through endless money manipulation — and why Bitcoin creates the first truly global free market.

We explore how AI accelerates abundance, why most people are stuck in “Fiatland,” and how Bitcoin adoption will transform everything from housing to global power structures.

In this episode:

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