THE Bitcoin Podcast Bitcoin Will Never Be the Same Again | Alex Thorn
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Aug 24, 2026 
Alex Thorn, Bitcoin analyst and investigator known for researching the Coldcard exploit, walks through whether Bitcoin’s bottom has held and how market cycles may be changing. He discusses the Coldcard theft and tracing dispersed losses. Conversation covers dampened volatility from institutional adoption, multisig and custody tradeoffs, AI’s role in cybersecurity, and why Bitcoin might be entering a new era.
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Institutional Adoption Is Dampening Volatility
- Thorn argues institutional adoption is compressing realized volatility as Bitcoin grows, making it more like gold in investor familiarity.
- He cites long-term holders, ETFs in portfolios, and rising market cap as drivers of dampened volatility.
On The Ground With Over 200 Coldcard Victims
- Thorn has personally interviewed over 200 Coldcard victims and recounts heartbreaking stories, including users who discovered thefts while family events unfolded.
- Many victims were long-term hodlers storing savings in home safes and lost coins with average dormancy ~4 years.
Scale And Where The Stolen Coins Sit Today
- Thorn confirms about 1,800 BTC stolen across waves, mostly still sitting in attacker collector addresses, representing roughly $116M at theft time.
- He says nearly 90% of those coins remain inert on-chain, allowing forensic monitoring and law enforcement alerts.