What Bitcoin Did

• Bitcoin, Gold & the Coming Liquidity Pivot | Lyn Alden

  Lyn Alden is a macroeconomist, investor, and the author of Broken Money, known for her deep analysis of liquidity cycles, fiscal dominance, and long-term market structure. In this episode, Lyn breaks down the major macro shift happening right now, the end of quantitative tightening, the turning point in global liquidity, and what this means for Bitcoin, gold, interest rates, and risk assets. She explains why QT is effectively finished, how repo market stress is signalling a balance-sheet pivot, why fiscal dominance is driving inflation, and why Bitcoin’s stagnation has more to do with liquidity and capital rotation than the halving cycle. We discuss the real reason Bitcoin is flat in 2025, how AI has redirected investment flow away from BTC, why OG-holder distribution still shapes every cycle, and why the four-year Bitcoin cycle is dead. Lyn also breaks down gold’s explosive run, the mechanics of fiscal deficits, the “nothing stops this train” thesis, and how the next phase of global liquidity will impact Bitcoin, gold, equities, and the broader macro environment. THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Lyn Alden: https://x.com/LynAldenContact or https://primal.net/lyn

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• Is BIP444 An Attack on Bitcoin? | Rob Hamilton

  Rob Hamilton is the co-founder and CEO of Anchor Watch, a Bitcoin custody and insurance provider. In this episode, Rob breaks down BIP-444, the proposed soft fork aimed at stopping spam. He explains why it represents the most contentious governance moment since the block-size wars, what the proposal actually changes, how it could trigger chain splits and reorgs, and why he believes the effort has almost no chance of success. We discuss the economics, incentives, and psychology behind the new fork movement, why filters failed, how miners really behave under fee pressure, and why futures markets can ultimately determine whether a fork has any economic weight. THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Rob Hamilton: https://x.com/Rob1Ham

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• What It Really Means to Be Sovereign | SeedSigner

  SeedSigner is an open-source Bitcoin signing device. In this episode, SeedSigner breaks down why trustless hardware matters and why Bitcoin security is a journey, not a destination. He explains how hardware wallets have become a “cat-and-mouse” game of exploits and firmware trust, why he chooses to trust math over manufacturers, and how SeedSigner gives users a verifiable, DIY alternative to commercial wallets. We discuss the evolution of Bitcoin custody, from paper wallets to multisig, and how SeedSigner empowers users to hold keys without relying on opaque supply chains. SeedSigner also shares lessons from his years in digital forensics, why most people’s threat model is themselves, and how open-source sovereignty could become Bitcoin’s last line of defence against capture. THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny SeedSigner: https://x.com/SeedSigner

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• Bitcoin Power Law: The End of Exponential Growth | Matthew Mezinskis

  Matthew Mezinskis is a macroeconomic researcher, host of Crypto Voices and creator of Porkopolis Economics. In this episode, Matthew breaks down why Bitcoin doesn’t grow exponentially like traditional finance, it grows on a power curve. He explains why this difference matters for sustainability, how it challenges credit-based systems, and what it means for the long-term coexistence of Bitcoin and fiat money. We discuss how the power law reveals Bitcoin’s proportional and sustainable growth, why exponential systems like debt-driven markets inevitably face booms and busts, and how Bitcoin could eventually pull TradFi into a Bitcoin world rather than be absorbed by it. Matthew also explores Bitcoin’s growing dominance as base money, comparing its scale to global cash and reserves, and why its next major milestone is surpassing U.S. cash in circulation. THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Matthew Mezinskis: https://x.com/1basemoney

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• Why Bitcoin’s Bull Market Isn’t Over | Rational Root

  The Rational Root is an on-chain analyst and the creator of the Bitcoin Strategy platform. In this episode, Root breaks down whether Bitcoin’s four-year cycle is truly over. He explains why the recent correction “broke the structure” of the bull market, why early Bitcoiners are taking profits at $100K, and how this institutional “IPO moment” could define Bitcoin’s next decade. We discuss what the data says about long-term holder sell pressure, diminishing returns, and the lengthening of business cycles — and why Bitcoin may now be entering a phase of slower, more stable growth led by institutions and nation-states. Root also shares why he believes Bitcoin is still massively undervalued compared to other assets, why the current distribution phase is healthy, and why patience will be rewarded for those thinking in years, not weeks. THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Rational Root: https://x.com/theRationalRoot

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