We Study Billionaires - The Investor’s Podcast Network BTC250: Is This Bitcoin Bull Market Over w/ Tuur Demeester (Bitcoin Podcast)
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Sep 3, 2025 Tuur Demeester, an influential investor and Bitcoiner known for his insightful research on Bitcoin and macroeconomics, dives deep into Bitcoin's 2025 outlook. He discusses how institutional investment, rather than retail, is fueling this bull cycle. Demeester highlights the risks of custodial confiscation and the Ponzi-like structure of fiat currencies. He explores Bitcoin's potential to replace gold as a monetary anchor and the transformative impacts of technology like the Lightning Network. Finally, he suggests that Bitcoin could reduce global conflicts in the long run.
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Institutional Bull Market, Not Retail Mania
- This cycle lacks a retail speculative mania and feels institutional-driven rather than retail-fueled.
- Tuur Demeester and Preston Pysh see large price moves without the classic retail blow-off pattern of prior cycles.
Whale Behavior Looks More Like Holding
- Hodler net position change shows whales largely holding, not capitulating during this rally.
- Large on-chain movements sometimes reflect reallocation into leveraged products, not pure selling.
Confiscation Could Happen Through Custodians
- Governments may pursue stealthy confiscation via custodial and corporate routes instead of blunt seizures.
- Demeester warns certain custodial vehicles could face higher political risk than self-custody.