The Jacob Shapiro Podcast “Bitcoin is a Miracle”
Sep 19, 2025
Jacob and Rob delve into the intriguing parallels between today’s political and economic climate and the Roaring Twenties. They discuss the calm in markets despite geopolitical chaos and explore deep challenges like labor shortages and energy infrastructure issues. The conversation highlights the rise of Bitcoin, which Jacob considers a 'miracle,' and debates its role in geopolitics and as a store of value. Additionally, they analyze AI’s adoption trends and the implications for future investments.
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Transcript
Episode notes
Norway Trip Opens The Conversation
- Rob mentions elk and wildlife during his trip to Norway, setting a casual opening tone.
- The hosts use this catch-up to pivot into markets and geopolitics discussion.
Volatility Spiral Masks Market Breadth
- Markets show a 'volatility spiral' where big events raise appetite for risk and create unstable expectations.
- Large-cap indices hide breadth weakness: small caps and microcaps lag while a few giants drive headline gains.
Boom Erases Time Horizons
- The 1920s/Weimar analogy captures rapid tech and cultural change that shortens time horizons and increases risk-taking.
- Early boom phases feel good but can undermine savings, durability, and long-term stability.