What Bitcoin Did

Peter McCormack is back on the show for a conversation on power, the state of the UK, and why the system is broken. We get into how debt, inflation, and centralised government incentives have hollowed out public services, destroyed the middle class, and turned politics into a fight over power rather than outcomes. Peter explains why inflation is the real tax, why asset inflation benefits elites at the expense of everyone else, and why neither the left nor the right is willing or able to fix the underlying problem. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Peter McCormack: https://x.com/PeterMcCormack

Simon Dixon joins the show for a conversation on money, power, and why Bitcoin exists at all. Drawing on decades inside investment banking and monetary reform, Simon explains why modern capitalism is not capitalism at all, how debt based money guarantees systemic collapse, and why governments are not the real locus of power. We trace the origins of central banking, fractional reserve lending, and the financial industrial complex, and why attempts at reform were always destined to fail. We then turn to Bitcoin as both an exit and a battleground. Simon lays out the real attack vectors facing Bitcoin today, from Wall Street financialisation and ETFs to corporate treasury centralisation and custody capture. He explains why self custody matters, why elites want different rules for themselves, and why Bitcoin can survive even if it is co-opted at the edges. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Simon Dixon: https://x.com/SimonDixonTwitt

American HODL & Matt Odell join the show for a review of a year that left most Bitcoin narratives exposed. We unpack why expectations ran ahead of reality, why the super cycle never materialised, and how ETFs, treasury companies, and institutional capital quietly changed how this market actually operates. We get into Bitcoin’s underperformance versus gold and equities, the absence of meaningful retail demand, and how leverage distorted outcomes rather than driving real adoption. We discuss what this means long term. From institutional involvement and shifting power structures, to the breakdown of the four year cycle framework. We also get into custody, incentives, freedom, and whether Bitcoin has to pass through the traditional system before it can meaningfully reshape it. THANKS TO OUR SPONSORS: IREN ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny American HODL: https://primal.net/hodl ODELL: https://primal.net/odell

Joe Carlasare joins the show for a breakdown of why Bitcoin’s sideways year has been so widely misread, and why sentiment today is the worst it's been. We get into why 2025 fell below expectations, why Bitcoin’s lack of volatility pushed capital toward AI stocks and gold, and the fall out from the October 10th liquidation event. We get into why the four year cycle narrative no longer fits a market shaped by ETFs, options, and institutional hedging, why calendar based thinking has become a liability, and why a year of consolidation may be working off excess rather than signalling weakness. Joe explains why a new all time high in 2026 would be one of the most bullish developments in Bitcoin’s history, permanently breaking cycle psychology, and lays out what could shift Bitcoin from hard mode back into a structurally bullish macro asset as liquidity, positioning, and confidence come back. THANKS TO OUR SPONSORS: IREN ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Joe Carlasare: https://x.com/JoeCarlasare

David Dredge joins the show for a deep dive into why risk is being dangerously misunderstood across global markets, and why Bitcoin’s recent underperformance may actually be a symptom of structural stress, not failure. David explains why volatility itself isn’t the risk, why leverage is the real accelerant, and how TradFi risk models quietly manufacture systemic blow-ups. We unpack how suppressed volatility, ETFs, options markets, and structured products are changing Bitcoin’s market structure, why leverage is creeping in through Wall Street rather than native crypto venues, and how max pain dynamics emerge when under-capitalised risk builds up. David breaks down why the four-year cycle narrative is breaking down, why Bitcoin’s muted year isn’t about demand weakness, and how positioning ultimately drives outcomes. THANKS TO OUR SPONSORS: IREN ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny David Dredge: https://x.com/ConvexityDredge