Cory Klippsten joins the show for a conversation on Bitcoin, power, and what is actually happening beneath the surface of the crypto industry. We break down why offshore exchanges are tolerated by governments, how surveillance and enforcement shape market structure, and why much of the crypto economy exists to extract rather than create long term wealth. Cory explains why Bitcoin adoption advanced structurally in 2025 despite a flat price, why tariffs and macro uncertainty weighed on markets, and why the old four year cycle narrative is likely dead.

We then get into Bitcoin treasury companies, MicroStrategy, leverage, preferred structures, and why most companies holding Bitcoin are not actually competing in the same game. We also get into self custody risks, education versus attention driven media, prediction markets, macro liquidity, and why Bitcoin is maturing into a real macro asset even if price action has not caught up yet.

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