In this discussion, James Check, an expert in on-chain Bitcoin analytics, shares insights on common misconceptions surrounding Bitcoin. He highlights the significance of understanding long-term holder behavior and key market metrics that could indicate potential price peaks. The conversation navigates risks like audience capture and speculates on Bitcoin's trajectory—whether it will experience slow growth or major drops. Check also reflects on the future role of Bitcoin in investment portfolios, drawing intriguing parallels with gold and even pondering the existence of extraterrestrial Bitcoin.

In this episode, we sit down with Troy Cross to examine the environmental impact of bitcoin mining and its potential role in stabilizing energy grids. Troy shares his journey into bitcoin and peer-to-peer systems, addressing early concerns about energy consumption and how his views have evolved. We explore key data from bitcoin miners on energy usage and discuss the challenges of gathering accurate information. Troy highlights bitcoin mining’s unique flexibility in reducing emissions and compares its energy impact to other technologies like AI. We also cover the political implications of bitcoin, potential risks, and the importance of effective branding for bitcoin’s future growth.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.com→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-descriptionTIMESTAMPS:00:00 Introduction01:40 The environmental impact of bitcoin mining04:28 How Troy got into bitcoin and peer-to-peer systems07:33 Early concerns about bitcoin’s energy consumption11:21 Bitcoin’s role in stabilizing energy grids14:53 Data from bitcoin miners on energy consumption18:47 Challenges in gathering bitcoin mining data21:25 Bitcoin mining’s flexibility and reduced emissions25:02 Halvings, miners, and price28:37 Bitcoin’s superpower: Flexible energy consumption32:12 Comparing bitcoin to AI in energy use34:44 The future of energy and bitcoin38:12 How bitcoin mining adapts to market conditions42:28 Political ramifications of bitcoin46:08 The biggest risk to bitcoin50:09 Bitcoin’s branding challenges54:12 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Troy Cross’s Twitter: https://x.com/thetrocro→ Troy’s bitcoin ownership report: https://www.thenakamotoproject.org/report→ Troy’s bitcoin mining report: https://www.btcpolicy.org/articles/bitcoin-mining-reduces-carbon-emissions

In this episode, we sit down with Rational Root to explore whether bitcoin is on the verge of entering a parabolic growth phase. We discuss key indicators, including on-chain data, market cycles, and global liquidity trends, to assess the current state of bitcoin and its potential for rapid price acceleration. Root breaks down the importance of short-term holder behavior, ETF flows, and the psychology of the market. We also consider external factors, such as macroeconomic conditions and regulatory developments, that could fuel or hinder bitcoin's next major move.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:01:40 Where are we in the 4 year cycle?04:55 Bitcoin goes sideways or down a majority of the time08:14 Cycles from the bottom13:03 On-chain value map21:21 Do ETFs change on-chain analytics?24:00 Psychology of a bitcoin market cycle26:23 Global liquidity catalyst30:14 Short-term holder supply34:38 Bitcoin ETF flows43:30 Bitcoin ETF cost basis45:55 Bitwise proof of reserves49:40 HODL Model update1:01:40 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Rational Root’s Twitter: https://x.com/therationalroot

In this episode, former FBI agent Ren McEachern breaks down financial crime and fraud in the digital age. We cover how criminals use different monetary tools for money laundering, whether the FBI can reverse wire transfers, and their work on the dark web. Ren explains asset seizures, including high-value items like yachts, and the unique challenges of seizing and liquidating bitcoin. We also discuss the FBI’s evolving stance on bitcoin, tracing crypto transactions, and using off-chain data to prevent fraud. Lastly, we tackle the potentially fraudulent NFT market, and Ren shares what he sees as the biggest risk to bitcoin today.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:01:30 Introduction and Background06:00 Most common monetary tool used in money laundering?09:08 Can the FBI reverse wire transfers?12:48 FBI and the dark web15:12 Brazil banning X.com17:15 Seizing assets and chasing yachts21:55 Liquidating seized assets and yachts24:00 The difficulty of seizing bitcoin29:00 Government seizure of bitcoin and liquidation37:00 Trump’s strategic bitcoin stockpile40:00 The FBI's perspective on bitcoin50:10 Future of fraud with bitcoin and crypto?01:01:25 Is the NFT market just money laundering?01:04:30 Most commonly used crypto for fraud?01:08:13 Biggest risk to bitcoin?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Ren McEachern’s LinkedIn: https://www.linkedin.com/in/george-ren-mceachern

In this episode, Joe Consorti joins us to explore the impacts of trillion-dollar deficits on the fiscal landscape and what it means for bitcoin’s future. We start with a look at the current liquidity environment and how asset prices are responding, followed by a discussion on rate cuts and capital deployment strategies. Joe shares his outlook on bitcoin’s trajectory through 2025 and the central bank actions we should be keeping a close eye on. We then examine key models like the power law and stock-to-flow to understand how they relate to bitcoin’s growth. Joe also addresses whether excessive monetary and fiscal stimulus could harm bitcoin, and why crypto is in decline while bitcoin continues to thrive. Finally, we talk about the acceleration of exponential growth, before wrapping up with Joe’s thoughts on unpopular beliefs and the biggest risks facing bitcoin today.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00 Introduction01:30 Trillion-dollar deficits and the fiscal situation10:43 The liquidity spigot and asset prices17:21 Rate cuts and capital deployment25:35 Bitcoin's future and monitoring central bank actions30:35 Predicting bitcoin in 2025 and factors to watch37:12 The power law model vs. the stock-to-flow model40:05 Does too much monetary and fiscal stimulus harm bitcoin?46:50 The decline of crypto and the thriving of bitcoin51:00 Acceleration and exponential growth01:02:20 Unpopular beliefs and the biggest risks to bitcoinWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Joe Consorti’s Twitter: https://x.com/JoeConsorti

In this episode, Dylan LeClair joins us to discuss positive feedback loops around bitcoin’s extreme volatility and a collapsing crypto industry. We kick off with Vitalik's questions about the sustainability of yield in the crypto space and whether ethereum and other cryptocurrencies are at risk of fading away. Dylan offers his insights on the VIX spike in early August and what it might mean for the broader market. We then shift to the success of bitcoin ETFs and dive into how companies like Metaplanet and MicroStrategy are using financial engineering to increase their bitcoin holdings per share. Dylan shares his thoughts on the concept of corporate "bitcoin yield" versus holding bitcoin in cold storage, and how volatility can create a highly positive feedback loop. We also touch on the power law and S2F models, rounding off with a personal note as Dylan reflects on his high school teachers congratulating him on his success.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:50 Vitalik questioning where the yield comes from00:04:07 Are crypto and ethereum dying?00:08:03 Vix spike in early August—bottom for risk assets?00:14:34 Success of bitcoin ETFs00:17:30 Metaplanet and Microstrategy financial engineering more bitcoin00:33:42 Bitcoin “yield” or bitcoin per share?00:36:58 Metaplanet and MSTR vs cold storage bitcoin00:43:00 Volatility results in a positive feedback loop00:54:13 Power law and S2F model00:56:45 Dylan’s high school teachers00:59:35 What’s something you believe that most bitcoiners would disagree with?01:04:29 What’s the biggest risk to bitcoin?01:08:15 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Dylan LeClair’s Twitter: https://x.com/DylanLeClair_

In this episode, Sean Buckley, former professional baseball player and scout, shares his journey from college baseball to being drafted by the Cincinnati Reds. He reflects on the challenges of transitioning from the minors to the majors and the mental toll of playing the game at a high level. Sean discusses his shift from player to scout, offering insights into player dynamics, scouting's impact on his view of baseball, and how it influenced his approach to investing. He explores the parallels between identifying value in baseball and in markets, particularly bitcoin. Sean also touches on the difficulties of generating market alpha, the reasons behind his interest in capital allocation, and how he introduced the concept of bitcoin to other players.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:17 Sean’s intro into college baseball and MLB draft00:03:00 How did you get started with baseball?00:03:58 Ever feel burnt out playing too much baseball?00:05:40 What was Sean’s college major?00:07:49 Drafted by the Cincinnati Reds00:10:55 Did you think you could be one of the best players?00:12:35 Minors vs majors—big difference?00:14:39 Transitioning from player to scout00:18:39 Player dynamics and drama00:20:38 Did scouting change your perspective on baseball?00:23:05 Investing vs scouting00:24:57 Has identifying value become more difficult?00:26:55 When did you get interested in capital allocation and bitcoin?00:33:16 Generating market alpha—why bitcoin?00:38:00 Did you tell players about bitcoin?00:40:22 Did other minor league players buy gold and single family homes?00:42:10 What’s the catalyst for players to get interested in bitcoin?00:44:19 What is the player’s union?00:45:41 Should the union do anything about bitcoin and personal finance?00:47:45 Retiring after professional sports00:50:58 What podcast or books do you recommend?00:53:30 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Sean Buckley’s Twitter: https://x.com/seancbuckley

In this episode, Nazar Khan, COO of Terawulf, discusses his entry into power and bitcoin mining, weighing the importance of inexpensive energy versus more efficient machines. He shares his thoughts on the growth of mining capacity, the competition between AI and mining for power, and the possibility of utilities acquiring bitcoin miners. Nazar also explores Terawulf's dual exposure to AI and mining, strategies for managing bitcoin's volatility, and the challenges of operating in a hyper competitive market. He addresses the impact of miners on bitcoin's price, potential international expansion plans, and whether mining could lead to lower consumer electricity prices. The episode wraps up with Nazar's views on mining's natural decentralization, a contrarian belief he holds, and the biggest risks facing bitcoin today.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:17 Nazar’s into to power and mining00:06:51 More energy or better machines?00:08:32 Was bitcoin mining intuitive to you at first?00:13:08 8 GWs added over the last few years, what about the next 4 years?00:15:00 Do AI and mining compete for power?00:22:37 Will utilities acquire bitcoin miners?00:25:27 WULF—AI vs mining exposure00:28:03 Mining through the volatility00:30:14 Is mining a brutally competitive market?00:34:00 Most difficult part about operating a bitcoin mine?00:35:15 Do miners affect the price of bitcoin?00:36:59 Is WULF US only? When international mining?00:40:47 Magnitude of mining power00:42:00 Is global energy production about to explode?00:48:56 Does mining lead to lower consumer electricity prices?00:56:30 Does mining naturally decentralize to low cost power?00:56:55 What’s something you believe that most bitcoiner’s disagree with?00:59:12 What’s the biggest risk to bitcoin?00:59:36 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, Alyse Killeen discusses bitcoin's presence at the Bloomberg Invest Summit and its connection to AI, including insights from Jeff Booth’s thesis. She examines the positive feedback loop between AI and the Lightning Network, comparing it to other bitcoin Layer 2 solutions. Alyse also touches on Fold’s SPAC, her motivation for founding Stillmark, and the regulatory challenges facing bitcoin and bitcoin startups. She shares her thoughts on educating politicians about bitcoin, the future of Taproot assets, and how startups should navigate bitcoin’s volatility. The episode concludes with a discussion on the most underrated bitcoin products and how to balance between holding bitcoin and investing in bitcoin startups.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:43 Bitcoin at the Bloomberg Invest Summit00:05:45 Bitcoin, LLMs, and generative AI00:08:04 Jeff Booth thesis + AI00:11:26 AI and Lightning positive feedback loop00:15:58 Lightning vs other bitcoin L2s00:19:20 Fold’s SPAC and bitcoin VC00:21:15 Why did you found Stillmark?00:23:49 Regulatory hurdles for bitcoin or bitcoin startups?00:28:27 Educating politicians on bitcoin vs crypto00:30:55 What’s the biggest challenge for bitcoin startups?00:33:29 Taproot assets00:36:51 Credit cards vs Lightning decades from now00:39:59 Should bitcoin startups operate differently because of bitcoin volatility?00:42:07 Most underrated bitcoin product or service00:47:28 Holding bitcoin vs investing in bitcoin startups00:56:23 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Alyse Killen’s Twitter: https://x.com/AlyseKilleen

In this episode, James Lavish discusses the potential of bitcoin against the current fragile financial system. He starts by explaining why bitcoin is short the current world and long a new world. James examines how weak leadership can create challenging times and its impact on financial cycles. He explores the next wave of institutional adoption and whether Wall Street still laughs at bitcoin. Emphasizing the need for critical thinking, James questions if excessive economic stimulus actually slows bitcoin adoption. He speculates on bitcoin's potential value, considering $10 trillion, $100 trillion, or $1,000 trillion scenarios. The episode also covers how long he thinks the market can fall and analyzes the national debt, and what it means for America and bitcoin.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:10 Bitcoin—short the current world and long a new one00:05:00 Weak men create hard times00:06:34 Institutional cycle—next wave of adoption?00:15:39 Does Wall Street still laugh at bitcoin?00:20:15 Bitcoin requires critical thinking00:29:38 Does extreme stimulus actually slow bitcoin adoption?00:34:30 What’s the endgame for bitcoin? $10T, $100T, $1,000T+?00:37:50 How long will this market crash last?00:39:35 National debt–something is wrong, but what?00:46:43 Will the transition from a fiat standard to bitcoin standard be smooth?00:48:29 What’s something you believe that most bitcoiners would disagree with?00:50:20 What is the biggest risk to bitcoin?00:52:25 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Caitlin Long’s Twitter: https://x.com/jameslavish