What Bitcoin Did

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.

THANKS TO OUR SPONSORS:

ANCHORWATCH

BLOCKWARE

LEDN

BITKEY

SWAN

CAPE

FOLLOW:

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

Harry Sudock: https://x.com/harry_sudock

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.

THANKS TO OUR SPONSORS:

ANCHORWATCH

BLOCKWARE

LEDN

BITKEY

SWAN

CAPE

FOLLOW:

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

Bitkey: https://x.com/Bitkey

“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.

THANKS TO OUR SPONSORS:

ANCHORWATCH

BLOCKWARE

LEDN

BITKEY

SWAN

CAPE

FOLLOW:

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

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

“If your system can’t survive without inflation, the problem isn’t deflation.”

Allen Farrington and Sacha Meyers return to the show to break down one of the most misunderstood ideas in economics: deflation.

Allen & Sacha are the authors of Bitcoin is Venice, in this episode they get into their latest essay, Number Go Down, where they challenge the core assumptions behind modern macroeconomics. They argue that the idea inflation is necessary for a healthy economy is not grounded in reality, but in flawed models, bad incentives, and a fundamental misunderstanding of how growth actually happens.

We get into why the 2% inflation target is arbitrary, how Keynesian economics confuses credit collapse with true deflation, and why falling prices driven by innovation might actually be the most important signal of a functioning economy. We also explore the paradox of thrift, malinvestment, and why distorted price signals lead to systemic fragility.

Allen and Sacha explain why saving is the foundation of real growth, how deflation can drive investment rather than kill it, and why trying to “manage” the economy through measurement and intervention is fundamentally misguided. We also get into debt, why inflation acts as a hidden bailout mechanism, and what a world built on sound money might actually look like.

THANKS TO OUR SPONSORS:

ANCHORWATCH

BLOCKWARE

LEDN

BITKEY

SWAN

CLUB ORANGE

CAPE

FOLLOW:

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

Allen Farrington: https://x.com/allenf32

Sacha Meyers: https://x.com/sacha_meyers

“Money on the internet is still broken.”

David Marcus returns to the show to break down why moving money globally is still slow, fragmented, and expensive and how Bitcoin could fix it.

David explains how the current system is built on disconnected networks that extract fees, delay payments, and capture data. His solution is a new kind of global account built on Bitcoin infrastructure that unifies dollars, Bitcoin, and stablecoins into a single system that works instantly across borders.

We get into why platforms like Uber and YouTube could become financial hubs, how stablecoins might accelerate Bitcoin adoption, and why open networks tend to beat closed systems.

Finally, we discuss the future of AI agents that can hold and move money on your behalf, and what that means for privacy, control, and Bitcoin as the underlying monetary layer.

THANKS TO OUR SPONSORS:

ANCHORWATCH

BLOCKWARE

LEDN

BITKEY

SWAN

CLUB ORANGE

CAPE

FOLLOW:

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

David Marcus: https://x.com/davidmarcus