What Bitcoin Did

Lyn Alden, an investment strategist known for her macroeconomic insights, teams up with Andy Constan, a 39-year finance veteran, to discuss Bitcoin treasury companies. They tackle the legitimacy of these firms, questioning if they border on Ponzi schemes. The duo examines how returns are generated, why there are premiums to net asset value, and whether these companies can sustain operations without new capital. Alden offers a bullish outlook on well-run treasuries, while Constan warns of their unsustainable reliance on fresh investments.

Troy Cross, a researcher with the Nakamoto Project, and Ella Hough, co-founder of the Bitcoin Students Network, dive deep into Bitcoin adoption trends worldwide. They unveil unique insights about Gen Z's views on Bitcoin and the surprising statistics surrounding self-custody. The conversation challenges myths about Bitcoin’s political alignment and highlights its potential as a universal language of truth. Furthermore, they discuss the significant role of young bitcoiners in shaping future political landscapes and the importance of financial education.

Checkmate, a Bitcoin analyst and on-chain data expert who writes the Checkmate newsletter, explores Bitcoin's evolving market dynamics. He discusses why treasury companies are entering the scene and how institutional money is shifting on-chain behaviors. Checkmate highlights the implications of a recent 80,000 BTC sale on dormant assets and the distinct nature of drawdowns this cycle. He also delves into the impacts of quantum computing and corporate treasury strategies, giving insights into the future landscape of Bitcoin investment.

Dylan LeClair, a Bitcoin maximalist leading MetaPlanet's Bitcoin strategy, discusses the surge of corporate Bitcoin adoption. He reveals how companies like MetaPlanet scaled their Bitcoin holdings and the emerging competition in a winner-take-most market. Dylan explains Michael Saylor's revolutionary 'Stretch' and its potential to reshape corporate finances. He dives into premium dynamics, market fluctuations, and the connection between liquidity and Bitcoin price. With corporate treasuries getting serious, the landscape of finance is looking to transform dramatically.

Nik Bhatia, author of *Layered Money* and a Bitcoin macro expert, dives into Bitcoin's potential shift away from traditional four-year cycles. He discusses how evolving corporate treasury strategies and increased liquidity are reshaping Bitcoin's market dynamics. Bhatia also examines the implications of macroeconomic forces on Bitcoin's price, suggesting that it could reach $1 million by 2032. The conversation touches on the impact of political influences like Jerome Powell’s policies and what it means for investors.

Jeff Booth, author of 'The Price of Tomorrow' and a Bitcoin advocate, discusses the deflationary nature of free markets. He argues that our credit-driven economy is inherently flawed, as it fights against natural deflation. The conversation highlights how AI could exacerbate economic disparities while Bitcoin has the potential to create a truly global market. Booth emphasizes the cultural divide between ‘Fiatland’ and Bitcoin, and explains why regions like the Global South might adopt Bitcoin faster, reshaping power dynamics and housing markets.

Thomas Pacchia, co-founder of Pubkey, dives into the evolving culture of Bitcoin, emphasizing the vital principles of privacy, self-sovereignty, and freedom. He warns against the overshadowing 'number-go-up' mentality that distracts from Bitcoin's original ethos. The conversation also highlights the mounting influence of institutions and ETFs on Bitcoin, as well as the challenges posed by regulatory frameworks like the Patriot Act that threaten financial privacy. Pacchia shares insights on Pubkey's expansion and community-building efforts in Washington, D.C.

Mauricio Di Bartolomeo, co-founder of Ledn and a Venezuelan survivor of hyperinflation, discusses Bitcoin's transformative potential in the financial system. He shares how Ledn navigated the collapse of competitors by eliminating risky practices and focusing exclusively on Bitcoin-backed loans. Mauricio emphasizes the growing acceptance of Bitcoin among banks and the implications for interest rates. He contrasts traditional lending's biases with Bitcoin's promise of financial inclusion, illustrating its role as a lifeline amidst economic turmoil.

Rational Root, an insightful Bitcoin on-chain analyst and author of the "Bitcoin Strategy Platform" Substack, discusses the current state of Bitcoin's bull market. He argues against a prolonged bear market, highlighting how institutional demand is reshaping price dynamics. The conversation dives into the potential of 100k as a new baseline and the impact of macro factors like interest rates and political policies. Root also emphasizes the evolving psychological landscape of the market, framing Bitcoin’s structural adoption as a stabilizing force against volatility.

Mitchell Askew, Head of Research at Blockware and author of The Conservative Case for Bitcoin, dives into the evolving world of Bitcoin treasury companies and mining strategies. He discusses how miners are transforming into treasury plays and the tax benefits affecting company decisions. The conversation highlights Bitcoin's market dynamics, the generational divide in adoption, and the future price trajectory, with Mitchell asserting the four-year cycle is over and predicting a 'stair-step' journey to $1 million.