What Bitcoin Did

“You have inflation, you better own assets.”

James Lavish returns to discuss why America’s $40 trillion debt problem limits the Fed’s ability to fight inflation, and why Bitcoin still isn’t ripping. We get into Kevin Warsh’s latest rate decision, how the war in Iran is feeding higher energy prices, and why raising rates could make the debt problem worse while cutting them could push borrowing costs higher.

We also discuss Bitcoin fatigue, the money flowing into AI and prediction markets, and why institutions are still moving slowly despite JPMorgan’s bullish long-term forecast. James explains why he believes the Bitcoin bottom is in, his base case of $400K–$500K in early to mid-2029, and why another major drawdown could follow the next bull market.

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“Your house isn’t getting more valuable. Your dollar’s becoming worthless.”

Leon Wankum, real estate developer and author of Digital Real Estate, joins me to discuss why he believes Bitcoin will replace property as the world’s dominant store of value. We get into how homes became savings accounts, why rising house prices can hide currency debasement, and whether buying property still makes sense as a way to build wealth.

What happens when people stop treating houses as investments? We discuss the housing crisis, the difference between buying a home and saving in real estate, and how much of the wealth held in property could move into Bitcoin.

We also get into Bitcoin-backed mortgages, corporate Bitcoin treasuries, and why governments have so much at stake in keeping house prices high. Could Bitcoin make housing affordable again, and how long might that transition take?

THANKS TO OUR SPONSORS:

LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan.

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BITGO - Secure your Bitcoin with institutional grade security.

https://www.bitgo.com/danny

ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd

BITKEY - Get 10% off the new Bitkey wallet with code WBD.

https://bitkey.world/wbd

EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection.

https://expatmoney.com/wbd

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Leon Wankum: https://x.com/leonwankum

“Our vision was one, his vision was different. Why would he stay?”

Nacho Pauls, Chief Commercial Officer at OCEAN, joins me to discuss why Luke Dashjr and Mechanic left the company, the fallout from BIP110, and how the controversy cost the pool nearly half its hashrate. He gives his account of the internal disagreements, the painful split and what comes next.

We also get into why major Bitcoin miners are turning towards AI, and why Nacho believes the shift could actually strengthen Bitcoin.

How decentralised is Bitcoin’s mining industry? We discuss the influence of large pools and hardware manufacturers, the risks of government pressure, and why control over which transactions enter a block matters. We also get into stranded energy, the economics of staying competitive and the challenges miners face heading towards the 2028 halving.

THANKS TO OUR SPONSORS:

LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan.

https://learn.ledn.io/wbd

BITGO - Secure your Bitcoin with institutional grade security.

https://www.bitgo.com/danny

ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd

BITKEY - Get 10% off the new Bitkey wallet with code WBD.

https://bitkey.world/wbd

EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection.

https://expatmoney.com/wbd

FOLLOW:

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Nacho Pauls: https://x.com/NachoPauls

"This doesn’t stop, it accelerates from here."

Rob Hamilton returns to discuss the AI attacks on Bitcoin, the fallout from the Coldcard hack and the volunteers racing to find vulnerabilities before hackers do. He explains how the Bitcoin Red Team scanned around 650 codebases, flagging more than 10,000 potential issues, including 1,500 rated high or critical.

We discuss how a $1 AI scan helped Rob identify the Coldcard flaw, what the team found when it tested Bitcoin Core, and how AI is uncovering problems that security audits missed. Rob also explains why he expects the attacks to spread beyond Bitcoin.

We also get into what this means for self-custody, the risks of relying on a single hardware wallet, multisig, testing your backups and whether Bitcoiners really understand the systems protecting their life savings.

Finally, we discuss why some American AI models refused to help with the defensive work, how Chinese open models filled the gap, and why Rob sees attempts to restrict access to AI as a threat to freedom of thought.

THANKS TO OUR SPONSORS:

LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan.

https://learn.ledn.io/wbd

BITGO - Secure your Bitcoin with institutional grade security.

https://www.bitgo.com/danny

ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd

BITKEY - Get 10% off the new Bitkey wallet with code WBD.

https://bitkey.world/wbd

EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection.

https://expatmoney.com/wbd

FOLLOW:

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Rob Hamilton: https://x.com/Rob1Ham

“The people who bet right by being early to Bitcoin are the ones who get blamed.”

Avik Roy returns to discuss why he believes America’s debt crisis is far worse than official forecasts suggest, and why Bitcoiners shouldn’t assume they’ll be safe. We get into his 15-year warning, the risk of bank failures and inflation, and how governments could restrict access to Bitcoin or target those who hold it.

We also discuss self-custody, capital controls and the freedom to exit, before getting into Bitcoin treasury companies and whether their incentives align with shareholders.

THANKS TO OUR SPONSORS:

LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan.

https://learn.ledn.io/wbd

BITGO - Secure your Bitcoin with institutional grade security.

https://www.bitgo.com/danny

ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd

BITKEY - Get 10% off the new Bitkey wallet with code WBD.

https://bitkey.world/wbd

EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection.

https://expatmoney.com/wbd

FOLLOW:

Danny Knowles: https://x.com/_DannyKnowles

Avik Roy: https://x.com/Avik