What Bitcoin Did

“We’re in an era where the monetary system is changing. The world is going to look very different on the other side of this thing.”

Checkmate is back on the show to explain why Bitcoin may already be back in a bull market and why the bigger story is not just the price, but the system beginning to crack.

We get into his case that the bottom is likely in, why the $60k flush looked like a real capitulation event, and the levels that matter now. Checkmate breaks down the on-chain data behind his 80% bull-market thesis, why bears may be running out of road, and what happens when sentiment flips from selling rips to buying dips.

We also get into rising bond yields, broken fiscal systems, the end of trust in government debt, Bitcoin vs gold, ETF flows, Strategy/MSTR risk, Coinbase custody risk, and why the world is moving towards assets that sit outside the system.

We then get into Australia’s proposed capital gains tax changes, why Checkmate sees them as a direct attack on savers, builders and young people, and why tax policy may become one of the next major battlegrounds for Bitcoiners.

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“The alpha is still in Bitcoin. But it’s just by treating Bitcoin as money.”

Brian De Mint is the head of marketing for Club Orange, a real-world social network for Bitcoiners.

In this episode, we discuss why Bitcoin’s next phase may not just be holding the asset, but building a real economy around it: Bitcoin meetups, IRL community, the case for spending sats, merchant adoption, Lightning payments, Bitcoin mining as a free-market energy solution, and why treating Bitcoin as money can create stronger economic relationships between Bitcoiners.

We also get into food and health to medicine, nutrition and the incentives behind the institutions we’re told to trust.

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Harry Sudock and Rory Murray from CleanSpark join the show to explain how Bitcoin miners are building entirely new treasury strategy around Bitcoin.

Instead of simply mining Bitcoin and selling it for cash, companies like CleanSpark are now borrowing against it, generating yield from it, using it as collateral, and turning their Bitcoin balance sheet into a tool for expansion.

We get into why Bitcoin may become the best collateral in global markets, how miners are using treasury strategies like covered calls and basis trades to increase returns, why Bitcoin backed lending markets are rapidly maturing, and how these strategies could completely reshape the way companies manage capital.

We also discuss the AI data centre boom, why Bitcoin miners are expanding into AI infrastructure, how Bitcoin and AI are competing for energy, and why the future of Bitcoin mining may actually become more decentralised as AI grows.

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Rory Murray: https://x.com/sprainhill

Jonathan Pollock is Product Lead for Bitkey.

In this episode, we get into wrench attacks, why physical coercion is a structural weakness of private key ownership, why seed phrases may be creating more risk than they solve, and why most self custody setups rely too heavily on users never making a mistake.

We talk about the trade offs between security, privacy, recovery, inheritance, and ease of use, alongside BitKey’s new hardware update and the company’s plans to build time delayed vaults designed to protect users during violent attacks. We also get into collaborative custody, covenants, insurance, ETFs versus self custody and why permissionless money still matters.

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“Bitcoin can change the world because the world can’t change Bitcoin.”

Jack Mallers is back on the show to break down his vision for 21, Strike, and the next phase of Bitcoin’s monetisation.

Jack explains why he doesn’t want to build another pure Bitcoin treasury company or another crypto casino, but a full-stack Bitcoin business: financial services, lending, custody, infrastructure, mining, capital markets, and a balance sheet built around Bitcoin. We get into the proposed acquisition of Strike, Bitcoin-backed lending, proof of reserves, why profitability matters, and why he thinks the best Bitcoin company won’t simply be the one that owns the most Bitcoin.

We also discuss where Bitcoin fits in a world moving towards war, inflation, energy shocks, multipolarity, and whether fiat can survive another crisis.

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Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

Jack Mallers: https://x.com/jackmallers