

Bitcoin Policy Institute
Bitcoin Policy Institute
The BPI team comprises experts in economics, law, philosophy, energy, and environmental science, working together to explore the impacts of new technology on existing US public policy interests. Below you'll find a variety of shows featuring BPI fellows, staff and guests, all of which explore the intersection of Bitcoin and United States policy.
Episodes
Mentioned books

Oct 6, 2025 • 54min
Hash Handcuffs: How Sanctions Collide with Censorship-Resistant Money
In this conversation, Renee Sorchik sits down with Dr. Joshua Hendrickson and Dr. Craig Warmke to discuss their new paper, Sanctions and Sanction-Resistant Money. They explore the concept of “Hash Handcuffs” — the idea of enforcing U.S. sanctions on the Bitcoin network — and whether such attempts are technically feasible or economically effective. The discussion examines potential pressure points such as miners, nodes, and developers; the role of Marathon Digital’s OFAC-compliant mining experiment; and the theoretical concept of “feather forking.” The guests also consider the geopolitical implications of sanctions enforcement, the importance of maintaining a strong domestic mining industry, and how Bitcoin’s censorship resistance challenges traditional financial control mechanisms.Connect with the Bitcoin Policy Institute: https://x.com/btcpolicyorgConnect with Craig Warmke: https://x.com/craigwarmkeConnect with Josh Hendrickson: https://x.com/RebelEconProfConnect with Renee Sorchik: https://x.com/Renee_C_SChapters:00:00 – Intro & Guest Bios01:00 – Why the U.S. dollar dominates global sanctions03:00 – Bitcoin’s censorship resistance vs. OFAC compliance07:00 – Miners, nodes & developers as sanction targets12:00 – The Marathon Digital “clean block” experiment17:00 – Why compliant mining isn’t impossible22:00 – Fees, incentives & global mining competition25:00 – The “Feather Fork” strategy explained30:00 – How chain rewrites could change miner incentives38:00 – Game theory of mining compliance44:00 – Why domestic mining is a matter of national security47:00 – Bitcoin’s resilience against censorship52:00 – Closing thoughts: freedom, policy, and the future of mining

Oct 3, 2025 • 53min
Bitcoin Policy Hour Ep. 13: The War on Bitcoin Wallets, Why CLARITY is Make or Break
Congress is waging a war on Bitcoin wallets through the CLARITY Act — a market structure bill that could either protect self-custody and open-source developers or dismantle them at the last minute. In episode 17, special guest Kyle Olney joins to break down what the bill really says, why the Satoshi Needs You campaign is rallying Bitcoiners, and how Washington politics could decide the future of peer-to-peer money. This is the most important Bitcoin policy battle in over 16 years — one that will shape freedom to transact in America and beyond.Read more about the Save our Wallets campaign in Bitcoin Magazine: http://bitcoinmagazine.com/politics/s...🔶 Connect with Zack Shapiro on X: https://x.com/zackbshapiro🔶 Connect with Zack Cohen on X: https://x.com/zackcohen_🔶 Connect with Kyle Olney on X: https://x.com/KyleOlney🔶 Learn more about the Bitcoin Policy Institute: https://www.btcpolicy.org/Chapters:00:00 - Introduction: Context on Bitcoin Policy and AI01:26 - Save Our Wallets Campaign Background and Purpose07:04 - Current Status and Challenges of Market Structure Legislation14:38 - Risks Rollback Risks18:07 - Implications of the Market Structure Bill for Bitcoin20:03 - The Critical Moment: Schrodinger's Bill and Call to Action20:52 - Why Developer Protections Matter for Bitcoin's Future23:05 - Legal and Philosophical Challenges of Regulating Infrastructure36:35 - Reassurance and Encouragement for First-Time Advocacy39:22 - Reaching the Middle Ground in the Senate46:10 - Bitcoin's Success and Government Pushback48:15 - The Fight for Freedom Money50:44 - Final Call to Action - SAVE OUR WALLETS

Sep 17, 2025 • 56min
Bitcoin Policy Hour Ep. 12: Intel, AI and Investing in the Age of State-Led Capitalism
In an era where free markets are increasingly shaped by state power, investors need to understand the nexus of geopolitics, political economy and exponential technologies as a tool of statecraft. BPI’s Matt Pines and Zack Shapiro join Zack Cohen to examine how U.S. industrial policy, AI breakthroughs, and Bitcoin regulation are converging to reshape global markets. The conversation explores the latest market structure bill and its impact on Bitcoin liquidity, the strategic Bitcoin reserve as a potential geopolitical hedge, and what Intel’s bailout signals about the rise of national champions and state-directed capital allocation.Chapters:00:00 - Intro: Strategic Technologies & Global Rivalry01:19 - Market Structure Legislation: What's New09:52 - Noncustodial Developer Protection as a Priority14:06 - Strategic Bitcoin Reserve: National Security & Geopolitical Implications20:57 - Political Cycles: The Defining Feature of Market Cycles?26:20 - Intel, NVIDIA & Government Stakes in Tech Companies49:07 - Economic Statecraft and the Shift from Multinational to National Capitalism49:07 - AI: The New Social Architecture55:45 - Closing Remarks

Sep 8, 2025 • 1h 1min
Economists Discuss Block Fullness, Security, and the Price of Bitcoin
In this conversation, Renee Sorchik discusses with Dr. Joshua Hendrickson and Dr. William Luther the implications of their research on Bitcoin, focusing on the relationship between block size, security, and the price of Bitcoin. They explore how block congestion can act as a deterrent to criminal activities, the empirical analysis of breaches and fraud, and the historical context of the block size debate. The discussion also touches on policy considerations for Bitcoin's future and the potential impact of Layer Two solutions on transaction dynamics.Connect with the Bitcoin Policy Institute: https://x.com/btcpolicyorgConnect with William Luther: https://x.com/WilliamJLutherConnect with Josh Hendrickson: https://x.com/RebelEconProfConnect with Renee Sorchik: https://x.com/Renee_C_SChapters00:00 – Intro & Guest Bios01:00 – Block size, congestion & crime deterrence04:30 – Why criminals must move fast07:00 – Fees, laundering risks & public blockchains09:00 – Lessons from traditional finance (Brazil example)12:00 – Breaches are rare, but significant15:00 – Blocksize Wars & small blocks as security20:30 – Policymakers, trade-offs & decentralization25:00 – SegWit as a natural experiment30:00 – Congestion, confidence & Bitcoin price38:00 – Lightning Network & scaling trade-offs43:00 – Why academics should study Bitcoin52:00 – Closing thoughts & future research

Aug 21, 2025 • 1h 4min
Bitcoin & Elections: What the Leading Pollsters See Coming in the Midterms
In this episode, Renee Sorchik, VP of Research at the Bitcoin Policy Institute, sits down with Brent Buchanan, CEO of Cygnal, America’s leading polling firm, and Troy Cross, professor at Reed College and co-founder of the Nakamoto Project. Together they dive deeper into new polling data and survey findings on Bitcoin adoption, ownership, and public perception.The conversation explores who really owns Bitcoin, how those demographics compare to common assumptions, and what Cygnal’s nationally recognized polling reveals about Bitcoin’s role in American politics. With elections approaching, the guests discuss how Bitcoin intersects with voter trends, public policy, and broader cultural narratives.From the Nakamoto Project’s mission to close gaps in Bitcoin education to Cygnal’s insights as the top-ranked private pollster, this discussion sheds light on Bitcoin’s growing influence both in the marketplace and at the ballot box.Read the Cygnal Poll: https://www.cygn.al/poll-bitcoin-owners-lean-republican-emerging-as-sought-after-voting-bloc-in-2026-elections/Read the Nakamoto Project Poll: https://www.thenakamotoproject.org/report Chapters00:00 Introduction to the Bitcoin Landscape04:17 The Nakamoto Project and Bitcoin Ownership Insights08:38 Survey Insights: Political Leanings and Bitcoin Ownership12:54 Demographics of Bitcoin Owners and Their Values17:06 The Impact of Bitcoin on Political Engagement21:59 The Future of Bitcoin and Political Influence28:15 Understanding Bitcoin's Political Impact30:55 The Disconnect Between Bitcoin Holders and Policymakers32:50 Mobilizing Bitcoin Holders for Political Action36:11 Targeting the Bitcoin Demographic in Politics38:47 Building Wealth and Understanding Bitcoin44:11 The Political Advantage of Supporting Bitcoin48:42 Long-Term Strategies for Engaging Bitcoin Voters

Jul 28, 2025 • 55min
Bitcoin Policy Hour Ep. 11: Why the Quantum Threat to Bitcoin Matters for US-China Conflict
What future risk does quantum computing pose to Bitcoin, and how can we think of those risks in terms of their potential geopolitical outcomes?In this episode of Bitcoin Policy Hour, Matthew Pines, Zack Shapiro and Zack Cohen recap the "Crypto Week" legislative wins, followed by a deep dive on the "Q-Day" threat—the moment quantum computers become powerful enough to threaten Bitcoin’s core cryptographic security.This leads to the question: with the ability to undermine Satoshi’s coins, could a quantum breakthrough trigger a global monetary crisis, and ignite a new geopolitical arms race between the U.S., China, and tech giants?Chapters:00:00 - Introduction and Crypto Legislation Update07:45 - Political Dynamics and Future of Crypto Bills12:15 - White House Crypto Report and Strategic Bitcoin Reserve16:42 - Order of Operations for Market Structure and BRCA18:34 - Quantum Computing Summit and Bitcoin Implications25:17 - Technical Progress and Timelines in Quantum Computing30:21 - Quantum Threats to Bitcoin and Migration Strategies41:39 - Political Economy and Strategic Importance of Quantum Risk for Bitcoin43:26 - BPI's Role and Government Interest in Quantum and Bitcoin47:03 - Risk Assessment and Market Perception of Quantum Threat52:00 - Policy Implications and Institutional Considerations for Quantum Migration53:47 - Closing Remarks and Teaser for Next Episode on Quantum Opportunities

Jul 17, 2025 • 47min
Bitcoin Policy Hour Ep. 10: Crypto Week, CBDC Drama, $120k BTC w/ David Zell
In this episode of the Bitcoin Policy Hour, the Bitcoin Policy Institute's Zack Cohen and Zack Shapiro are joined by special guest David Zell, (BPI Co-founder) to break down Crypto Week in DC, including the Genius Act, anti-CBDC legislation, and the Clarity Act.The team analyzes the recent surge in Bitcoin price action, the growing role of institutional capital, and how partisan politics are shaping the current outlook for digital asset policy in the United States. They also dive into the Roman Storm/Tornado Cash trial and the legal threat to open-source development represented therein. (Recorded 7/15/2025)Chapters:00:00 - Intro + Market Moves Breakdown 02:30 - Institutional vs. Retail: Who’s Buying Bitcoin Now? 06:00 - Policy Shift: Why Institutions Are Finally Allocating 12:00 - Crypto Week in DC: Bills and Political Maneuvering 17:00 - Bitcoin vs. Crypto: Political Spending and Influence 21:00 - Genius Act + Stablecoin Politics 34:00 - CBDCs vs. Stablecoins: Privacy, Control, and the Future of Money 43:00 - Tornado Cash Case and Open Source Legal Risk

Jul 16, 2025 • 59min
Bitcoin Policy Hour Ep. 9: Elon's America Party Bitcoin Embrace & 80K BTC "Hack" a Quantum Canary?
Elon Musk’s newly-stated alignment with the so-called “America Party” might mark a turning point in Bitcoin politics—but could it also polarize Trump against BTC? In this episode of the Bitcoin Policy Hour, BPI’s Matthew Pines, Zack Shapiro, and Zack Cohen unpack the political chessboard as Elon steps closer to Bitcoin.Chapters:00:00 – Elon’s Political Power & Bitcoin Alignment01:04 – Mysterious 80,000 BTC Movement: Quantum or OG?06:00 – Legal Ownership vs Possession of Bitcoin13:00 – Adverse Possession, White Hat vs Black Hat19:00 – National Security Risks if North Korea Brute-Forces Bitcoin22:00 – Elon, Trump, and the Politicization of Bitcoin26:40 – Why the “Bitcoin Unifier” Narrative Still Struggles in DC30:00 – Sidelines in Legislation: Crypto vs Bitcoin in Congress33:00 – The Van Hollen Bill: Bitcoin Punishment via El Salvador35:00 – Bitcoin as Anti-Authoritarian Tech vs State Control38:00 – Stablecoins, Tether, and U.S. Digital Dollar Statecraft42:00 – Geopolitical Stakes in Monetary Technology Wars

6 snips
Jul 6, 2025 • 1h 7min
Bitcoin Policy Hour Ep. 8: Running it Hot, The Big Beautiful Bill Debt Playbook Explained
The U.S. government's fiscal strategies are creating significant challenges for Bitcoin's future. The discussion highlights the recent failures of vital tax reforms, including the de minimis exemption, and the essential Blockchain Regulatory Certainty Act. There's a deep dive into the political landscape, addressing conflicts within the Republican party and the implications for cryptocurrency legislation. Bitcoin emerges as a potential hedge against inflation, while stablecoins are seen as crucial players in the evolving financial ecosystem.

Jul 2, 2025 • 29min
Bitcoin Policy Hour Ep. 7: From $2T to $10T, How Bitcoin Will Re-Architech Political Power in America
At the nexus of AI, international relations and monetary policy, Bitcoin’s rise is poised to change the distribution and consolidation of power across the political stack.00:00 - Intro: From the Bitcoin Policy Summit in DC04:00 - Why Bitcoin touches every policy domain06:00 - National security and dual-use tech with Patrick Witt09:00 - Government’s evolving view on Bitcoin10:30 - Balancing privacy, surveillance & freedom12:00 - Private intel conversations on Bitcoin geopolitics16:50 - Stablecoins, Clarity Act, and legislative strategy18:30 - Strategic outlook: quantum, AI & China22:00 - Lightning, AGI, and machine-to-machine paymentsWatch on YouTube: https://youtu.be/D2B6Svxjgew