What Bitcoin Did

"They will allow inflation to run hotter than they'll admit to."

James Lavish is co-founder of the Bitcoin Opportunity Fund and author of The Informationist newsletter.

In this episode, we discuss Kevin Warsh's first months as Fed chair and whether the Fed is about to change how it measures inflation. We get into the inflation task force, the trimmed mean PCE, why the 2% target was always arbitrary, and how the balance sheet is quietly expanding through treasury buybacks and QE light.

We also cover credit card delinquencies hitting 2008 levels, the K-shaped economy, whether the Fed is hoping AI bails them out of the debt problem, the circular AI trade, and why James is confident Bitcoin will be back at all-time highs within 12 months.

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“Maybe it’s time to kill your heroes again, and Saylor is now the hero to slay in this cycle.”

Fernando Nikolic is the founder of Perception. In this episode, we get into whether Bitcoin has lost its narrative, why Michael Saylor’s messaging has changed, and how narratives can move markets. Fernando breaks down the shift from Saylor’s early Bitcoin maximalist language to the more recent focus on credit, derivatives and Strategy as a financial product.

We also get into whether Bitcoin’s rebel era is over, why the ETF approval may have marked the end of Bitcoin as a countercultural movement, and whether Bitcoin adoption is now becoming more fragmented, boring and inevitable.

We also get into the death of monoculture, the way the internet has broken shared reality, and how AI, Spotify and algorithmic feeds are creating a more homogenised culture.

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“Bitcoin’s value prop remains unchanged and a 50% drawdown isn’t something that should scare you. It should be viewed as an opportunity.”

Joe Consorti is back on the show to break down why he thinks the Bitcoin bottom may be closer than many people expect, why $50k is the key level to watch, and why October or November could mark the final low before Bitcoin begins moving into its next bull market.

We discuss:

– Bitcoin below $60k

– Whether the four-year cycle is still alive

– The role of inflation, oil, midterms, and global liquidity

– Why capital has rotated into the AI trade

– Michael Saylor, Strategy, MSTR, STRC

– Why central banks can’t stop printing money

– Why the Bitcoin thesis remains unchanged

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“The game has changed, it’s very clear.”

Matt Dines is a fixed-income portfolio manager and host of Mind Print Hash. In this episode, we get into why he believes the dollar system has already changed and why Bitcoin may be the endgame.

For decades, global markets have been built around the offshore dollar system: LIBOR, Fed backstops, QE, ZIRP and the assumption that every crisis ends with more liquidity. But Matt argues that world is being replaced by something very different: a Treasury-led dollar system built around T-bills, SOFR, regulated stablecoins and a new set of geopolitical incentives.

We discuss why 2022 was such an important inflection point, how the move from LIBOR to SOFR changed the structure of dollar markets, why the GENIUS Act matters for stablecoin rails, and what Treasury dominance means for the Fed, global credit and Bitcoin.

We also get into MicroStrategy and STRC, the risks facing Bitcoin treasury companies, why dollar liquidity still drives Bitcoin markets, how geopolitics is reshaping the financial system, the path to a Strategic Bitcoin Reserve, and why holding real Bitcoin still matters.

Bitcoin is not just another risk asset in this transition. It may become the base layer for a new monetary system, but getting there will be volatile, political and tied to the future of the dollar.

In this episode:

Strategy, STRC and Bitcoin treasury company risk

From Fed dominance to Treasury dominance

The end of the petrodollar

Why capital markets are war by another means

The path to a Strategic Bitcoin Reserve

Why Bitcoin is the endgame

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“The market is trying to find a villain right now—and Saylor is that guy.”

Adam Livingston explains the pressure building around Michael Saylor, MicroStrategy and STRC as the preferred stock trades at $88, well below its $100 par value.

Is STRC broken, or is the market mispricing Strategy’s credit risk? Adam explains how STRC works, why its yield has climbed above 13%, whether it can recover to par, and what Strategy’s capital structure means for MSTR shareholders. We also get into dilution, dividend coverage, Strategy’s use of its cash reserve and whether Saylor is now forced to keep accelerating his Bitcoin strategy.

We also get into the Bitcoin bear market, the possibility of a market bottom and why Adam believes the current environment is presenting a major buying opportunity.

In this episode:

Why STRC is trading below par

Whether Michael Saylor is trapped

The risks facing MSTR shareholders

Bitcoin treasury companies and “digital credit”

Bitcoin’s potential market bottom

The Fed, inflation and monetary repression

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