What Bitcoin Did

Brent Johnson is the CEO of Santiago Capital and the creator of the Dollar Milkshake Theory.

In this episode, we discuss why the dollar may strengthen before it dies, how global debt markets rely on an insatiable demand for US dollars, and why Brent believes a global sovereign debt crisis will force a dramatic monetary reset. We get into the mechanics of the Eurodollar system, why stablecoins entrench dollar hegemony, and why attempts to escape the dollar could make it stronger in the short term and Bitcoin’s potential role in this endgame.

FOLLOW:  Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Brent Johnson: https://x.com/SantiagoAuFund

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/  RIVER: https://river.com/wbd CASA: https://casa.io/ LEDGER: https://www.ledger.com/ ANCHORWATCH: https://www.anchorwatch.com/

Michael Dunworth is an Australian entrepreneur and was one of the co-founders of Wyre, a Bitcoin payments and infrastructure provider established in 2013.

In this episode, we discuss nation-states strategically acquiring Bitcoin, why the integration of Bitcoin mining into national energy strategies could become a key geopolitical advantage, and how Bitcoin adoption could revitalise struggling companies like GameStop.

We also get into the risks of quantum computing for Bitcoin encryption, the significance of unsolved mathematical problems for humanity, and the transformative potential of solving these equations. We also explore Bitcoin as an antidote to consumerism, the future possibility of encoding ourselves into light for space travel, and whether the real existential risk to Bitcoin could be societal apathy in a world of free energy.

FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Michael Dunworth: https://x.com/MichaelDunwort1

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/  RIVER: https://river.com/wbd CASA: https://casa.io/ LEDGER: https://www.ledger.com/ ANCHORWATCH: https://www.anchorwatch.com/

Peter Dunworth is the Director of a multi-family office and is the co-founder of The Bitcoin Adviser.

In this episode, we discuss why Bitcoin is the only asset that can recapitalise the financial system, why Peter believes Bitcoin could become a $100 trillion asset within a decade, why credit markets are ultimately a collateral problem, and why financializing Bitcoin might be necessary to save Main Street from being collateral damage. We also get into Australia's property obsession, GameStop’s pivot to Bitcoin, the difference between Bitcoin derivatives and the asset itself, and MicroStrategy.

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/  RIVER: https://river.com/wbd CASA: https://casa.io/ LEDGER: https://www.ledger.com/ ANCHORWATCH: https://www.anchorwatch.com/

FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Peter Dunworth: https://x.com/peterbtcadviser 

Nik Bhatia is the author of Layered Money and The Bitcoin Age.

In this episode, we discuss the structure and evolution of the modern financial system, how banks run the world and why understanding liquidity is essential to grasping Bitcoin’s place in the world. We also get into the Eurodollar system, the coming end of quantitative tightening, the behavioural vs mechanical impact of QE, and how the credit system could coexist with Bitcoin.

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/  RIVER: https://river.com/wbd CASA: https://casa.io/ LEDGER: https://www.ledger.com/ ANCHORWATCH: https://www.anchorwatch.com/

FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Nik Bhatia: https://x.com/timevalueofbtc

In this episode, I am joined by Pierre Rochard & Michael Goldstein. We discuss the Nakamoto Institute, why they believe money is a foundational pillar of civilisation, how Austrian economics helped them recognise Bitcoin’s potential so early and why everyone should hoard Bitcoin.

We also get into speculative attacks, why they think Bitcoin’s incentives are designed to win, and how a state adopting Bitcoin represents a peaceful transfer of monetary power.

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/  RIVER: https://river.com/wbd CASA: https://casa.io/ LEDGER: https://www.ledger.com/ ANCHORWATCH: https://www.anchorwatch.com/

FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Pierre Rochard: https://x.com/BitcoinPierre Michael Goldstein: https://x.com/bitstein

Luke Gromen is the founder of FFTT, an economic research firm focused on global macro trends.

In this episode, we discuss why Luke believes the U.S. is approaching a sovereign debt crisis, how rising interest costs and capital outflows are driving the system toward a breaking point, and why the current path could lead to inflation, capital controls, and a repricing of gold. We also get into the potential role of Bitcoin as a neutral reserve asset, whether the U.S. could strategically adopt Bitcoin or issue Bitcoin-backed bonds.

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/  RIVER: https://river.com/wbd CASA: https://casa.io/ LEDGER: https://www.ledger.com/ ANCHORWATCH: https://www.anchorwatch.com/

Parker Lewis is the author of Gradually, Then Suddenly and Head of Business Development at Zaprite.

In this episode, Parker pushes back on Jeff Snider’s ideas about the monetary system, challenging the idea that central banks don’t actually print money, the fallacy of elastic money and why the world will ultimately converge on Bitcoin as its dominant currency. We also discuss why Parker believes the U.S. is locked into perpetual money printing, how fiat debt cycles will inevitably collapse, and why Bitcoin will win.

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/  RIVER: https://river.com/wbd CASA: https://casa.io/ LEDGER: https://www.ledger.com/ ANCHORWATCH: https://www.anchorwatch.com/

Avik Roy is a policy analyst, and the president of the Foundation for Research on Equal Opportunity.

In this episode, we discuss why Avik believes the U.S. fiscal situation is heading toward a crisis within the next 20 years, the growing debt problem, and the likelihood of government-imposed capital controls and repression. We also get into Bitcoin's role in this economic landscape, whether the U.S. could adopt Bitcoin in a strategic reserve, and how past monetary shocks—like Executive Order 6102 and the Nixon Shock—inform what might come next.

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/  RIVER: https://river.com/wbd CASA: https://casa.io/ LEDGER: https://www.ledger.com/ ANCHORWATCH: https://www.anchorwatch.com/

Jeff Snider is a macro analyst and the host of Eurodollar University.

In this episode, we discuss why Jeff believes the Federal Reserve has far less control over the economy than people assume, the true nature of money creation, and whether inflation was ever really about money printing. We also get into his perspective on the global economic landscape, the long-term effects of the pandemic’s economic policies, why he thinks central banks are more about signalling than substance, and Bitcoin Bonds

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/  CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

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

Hunter Beast is a Bitcoin researcher focused on mitigating the risks quantum computing may pose to Bitcoin.

In this episode, we discuss the potential threat quantum computers pose to Bitcoin’s cryptographic security, whether Q-Day—the moment when quantum computers can break Bitcoin’s encryption—is an imminent reality, and how governments and institutions are preparing for this future. We also get into Hunter’s Bitcoin Improvement Proposal, BIP 360, which aims to introduce post-quantum cryptography to Bitcoin and the broader implications of quantum advancements, from national security to the possibility of a quantum arms race.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/  CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Hunter Beast: https://x.com/cryptoquick 

Matthew Pines is a national security consultant and a Fellow at the Bitcoin Policy Institute. American HODL is an OG Bitcoiner.

In this episode, we discuss the Strategic Bitcoin Reserve, the geopolitical game theory behind nation-states accumulating Bitcoin and the details of the executive order. We also get into the implications for monetary policy, how this shifts incentives for developers, and whether this signals the beginning of a global Bitcoin arms race.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/  CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny American HODL: https://x.com/americanhodl8 or https://primal.net/hodl Matthew Pines: https://x.com/matthew_pines

Josh Hendrickson is a professor of economics and Chair of the Department of Economics at the University of Mississippi, William Luther is an associate professor of economics at Florida Atlantic University and a senior fellow at the Bitcoin Policy Institute.

In this episode, we discuss why many mainstream economists misunderstand Bitcoin and why monetary economists remain skeptical, the flaws of modern economics and the dominance of naive empiricism. We also get into Gresham’s Law, the potential for a Bitcoin standard, the sustainability of fiat money, and whether we need central banks.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/  CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Josh Hendrickson: https://x.com/RebelEconProf William Luther: https://x.com/WilliamJLuther 

Daniel Batten is a Bitcoin environmental analyst and investor focused on mining and sustainable energy.

In this episode, we break down why this cycle is different, with sovereign funds, pension funds, and miners driving demand. We discuss landfill gas-powered mining, methane mitigation, and how Bitcoin turns stranded energy into an asset.

We also get into the collapse of environmental FUD, the shift in institutional investment, and why Bitcoin’s volatility cycles are smoothing out.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/  CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

Checkmate is an on-chain analyst and founder of Checkonchain.

In this episode, we break down the recent Bitcoin correction, what’s driving sentiment, and whether this is just a shakeout. We discuss the role of long-term holders in market cycles, how ETFs are reshaping Bitcoin’s liquidity flows, and why Bitcoin dominance has caught many off guard.

We also get into the macro forces influencing Bitcoin’s price action and explore how its market structure mirrors natural systems like earthquakes.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

James Lavish is a macro investor, former hedge fund manager, and managing partner at the Bitcoin Opportunity Fund.

In this episode, we discuss global liquidity cycles, the role of the Federal Reserve in managing market liquidity, and the implications of U.S. deficit spending. We also get into Bitcoin’s correlation with liquidity cycles, the potential for Bitcoin-backed bonds, whether Bitcoin will eventually break free from its perception as a risk asset and what incoming QE could mean for Bitcoin’s price.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

Preston Pysh is an investor, GP at Ego Death Capital and host of The Investor’s Podcast & Nico Lechuga is Founding Partner at Ego Death Capital.

In this episode, we discuss Bitcoin-backed bonds, the role of Bitcoin in corporate finance, and whether the U.S. or nation-states will adopt Bitcoin as a strategic reserve. We also get into game theory behind sovereign wealth funds, companies following MicroStrategy’s playbook, and the broader implications of financial markets being forced to adapt to Bitcoin as well as the impact of U.S. deficit spending, whether fiscal austerity is even possible under a fiat system, and what Bitcoin's rise means for global monetary policy.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

Eric Yakes is the author of The 7th Property and Managing Partner at Epoch, a Bitcoin venture firm.

In this episode, we discuss Bitcoin adoption trends, the role of ETFs and institutional buyers, and whether nation-states will adopt Bitcoin as a reserve asset and the rise of Bitcoin-backed corporate finance.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

Becca Rubenfeld is the co-founder and COO of Anchor Watch.

In this episode, we discuss Becca’s journey from corporate America to Bitcoin, Anchor Watch’s Trident Vault, the role of MiniScript in securing Bitcoin, the role of Lloyd’s of London, and why insured custody is the future. We also get into the challenges of startup life, raising money in a bear market, and what it takes to insure all the Bitcoin.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation and Fictitious Capital is a writer and researcher.

In this episode, Alex and Fictitious Capital discuss Bitcoin's potential to challenge the current global financial order. They debate the feasibility of a Strategic Bitcoin Reserve, the implications for U.S. financial dominance, and whether Bitcoin adoption can truly constrain state power.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd CASA: https://casa.io/  LEDGER: https://www.ledger.com/ 

Alex Thorn is the Head of Research at Galaxy Digital.

In this episode, we discuss the growing institutional adoption of Bitcoin, the role of the U.S. government, whether a strategic Bitcoin reserve is on the table and Trump's Policies on Bitcoin. We a also get into the end of Operation Choke Point 2.0, Bitcoin’s current cycle, the role of ETFs, and why Bitcoin not crypto.

MASSIVE THANKS TO OUR SPONSORS:  IREN: https://www.iren.com/ RIVER: https://river.com/wbd CASA: https://casa.io/  LEDGER: https://www.ledger.com/