Entering a liquidity acceleration phase with Luke Gromen

Episoder

A bitcoin super cycle powered by nation states with Daniel Batten
23 dec· The Bitcoin Frontier
In this episode, we sit down with Daniel Batten to explore the six megatrends shaping bitcoin this cycle, from sovereign wealth funds and pension funds entering the market to miners becoming net buyers instead of sellers. Daniel shares his take on bitcoin ETFs as a game-changer for traditional finance and the growing potential for national bitcoin reserves. We discuss whether this cycle will break the pattern of diminishing returns, why volatility isn’t the risk many think it is, and how bitcoin’s adoption could accelerate at unprecedented levels.
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→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
00:00:00 — Why sovereign wealth funds are the next big bitcoin adopters
00:01:22 — The six megatrends shaping bitcoin this cycle
00:05:06 — How pension funds are allocating to bitcoin
00:11:42 — Why miners are buying, not selling, bitcoin this cycle
00:15:19 — Will this cycle break bitcoin’s diminishing returns trend?
00:27:33 — Blow-off tops vs. steady growth: what to expect this cycle
00:30:47 — Why the bitcoin ETF success is just beginning
00:35:14 — The rise of bitcoin strategic reserves among nations
00:40:54 — Addressing the “too late for bitcoin” mindset
00:49:57 — The biggest risks to bitcoin’s future
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Daniel Batten’s Twitter: https://x.com/DSBatten
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Will quantum computers kill bitcoin?
17 dec· The Bitcoin Frontier
In this episode, we sit down with Hunter Beast, a developer focused on making bitcoin quantum resistant. Hunter shares his journey from discovering bitcoin in 2017 to working on a Bitcoin Improvement Proposal (BIP) aimed at securing the protocol against future quantum threats. We explore how quantum computers could compromise elliptic curve cryptography, why P2PK coins are at risk, how address reuse poses risks, and Hunter's proposed pay-to-quantum-resistant hash solution. He explains the challenges of implementing post-quantum cryptography, the trade-offs between security and efficiency, and the timeline for potential quantum threats. Hunter also discusses the importance of community collaboration on upgrades and how bitcoin can prepare for a secure future while maintaining its core values.
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→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
00:00:00 - Intro
00:01:02 - Meet Hunter: Bitcoin and quantum focus
00:01:51 - Fixing money: Bitcoin's potential to fix the world
00:03:06 - Real risks vs myths
00:04:41 - Elliptic curve cryptography: Bitcoin’s security backbone
00:06:08 - Why bitcoin matters: Grounding the digital world
00:07:07 - Quantum risks: Shor's algorithm and private keys
00:10:33 - Quantum threat: An existential risk to bitcoin
00:11:44 - Resilience: Lessons from Carrington event
00:12:57 - Quantum resistance
00:14:26 - Hunter’s proposal: Pay-to-quantum-resistant hash
00:17:04 - Public key risks: Old coins, mempool, reuse, taproot
00:20:22 - Quantum solutions: SegWit v3 and new algorithms
00:26:21 - Resistant addresses: Naming conventions and tips
00:31:06 - Securing bitcoin with new cryptography
00:34:06 - Signature challenges: Balancing security and block space
00:37:07 - Future cryptography: Preparing for quantum security
00:43:27 - Trade-offs of quantum-proof cryptography
00:50:00 - Quantum risk timeline: Predictions and unknowns
00:55:27 - Satoshi’s coins: Why not burn vulnerable addresses
01:00:18 - Soft fork challenges: Consensus and activation risks
01:03:10 - Closing thoughts: Hunter’s work and resources
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Hunter Beast’s Twitter: https://x.com/cryptoquick
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Klik her for at forny feed.
Bitcoin—the world’s first money and how to protect it with Junseth
10 dec· The Bitcoin Frontier
In this episode, we sit down with Junseth, a long-time bitcoiner and co-host of the legendary Bitcoin Uncensored podcast. Junseth shares how he got started in bitcoin, his views on the evolution of the bitcoin community, and his take on the cycles of bitcoin podcasts and companies. He provides insights into the rise of social engineering scams, his experience confronting phishing attackers, and the mentality behind young scammers. We also discuss the challenges of self-custody, the risks of bitcoin centralization, and the potential implications of a national bitcoin reserve. Junseth offers a unique perspective on the future of bitcoin, libertarian ideals, and the lessons learned from his years in the space.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
00:00:00 – Introduction
00:01:06 – How Junseth got involved in bitcoin
00:04:42 – Libertarianism and bitcoin's evolution
00:09:04 – Background of Junseth’s scammer calls
00:15:21 – Why young scammers do what they do
00:17:16 – Protecting yourself from phishing scams
00:24:45 – Self-custody
00:31:02 – Evolution of bitcoin podcasts
00:36:22 – Michael Saylor’s infinite money glitch
00:42:30 – Current bitcoin cycle and price movements
00:46:46 – Reflections on bitcoin's rapid adoption
00:51:16 – Bitcoin strategic reserve: pros and cons
00:54:14 – Unique perspectives and risks to bitcoin
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Junseth’s Twitter: https://x.com/verysmallclaims
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What happens after $100,000 bitcoin? Willy Woo’s first interview in 3 years
3 dec· The Bitcoin Frontier
In this episode, we sit down with Willy Woo, a leading on-chain analyst and bitcoin market expert. Willy provides insights into the current state of the market, highlighting how corporate and institutional players like MicroStrategy and BlackRock are shaping bitcoin’s adoption. He explains bitcoin’s role as a potential global reserve asset and its energy-based scarcity model, which sets it apart from traditional assets like gold. We discuss the impact of upcoming FASB accounting changes on companies holding bitcoin, the risks of centralization, and the sustainability of bitcoin’s four-year cycles. Willy also shares his thoughts on how bitcoin’s growth could reshape geopolitics and global monetary systems, offering a clear vision for a decentralized financial future.
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→ Send us an email [email protected]
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
0:00 Intro
01:31 Current state of the bitcoin market
03:02 Bitcoin dominance, altcoins, and institutional impact
07:08 MicroStrategy and the future of ETFs
10:37 FASB accounting and potential S&P 500 inclusion
13:54 BlackRock’s role in legitimizing bitcoin
16:54 Bitcoin as digital gold and its exponential growth
22:15 Energy scarcity and bitcoin’s long-term viability
28:11 Bitcoin’s potential as a global reserve asset
38:25 Geopolitical implications of a bitcoin standard
43:23 Where are we in the current bitcoin cycle?
50:19 Bitcoin’s biggest risks and future challenges
54:05 Optimism for bitcoin
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Willy Woo’s Twitter: https://x.com/woonomic
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Debating bitcoin: Invention or discovery? + its future in space with Samson Mow and Dhruv Bansal
26 nov· The Bitcoin Frontier
In this episode, we sit down with Dhruv Bansal, co-founder of Unchained, and Samson Mow, CEO of JAN3, for a friendly debate on whether bitcoin was invented or discovered. We examine how historical inventions and discoveries like mathematics and fire compare to bitcoin, explore the philosophical implications of digital scarcity, and discuss its relevance across civilizations. Dhruv and Samson share their insights on bitcoin as a living organism, potential challenges from quantum computing, and the evolution of its network over time. The conversation also touches on the future of money and mining in a spacefaring civilization, how energy markets intersect with bitcoin, and the practicality of sidechains for interplanetary use. Throughout, we question the boundaries of bitcoin’s definition, its adaptability, and its role as the ultimate form of energy money.
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→ Send us an email [email protected]
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
0:00 Intro
1:43 Welcome to the debate: invented vs. discovered
3:48 Definitions: what makes something invented or discovered?
7:53 Analyzing historical examples: math, melodies, and fire
12:03 Was bitcoin invented or discovered? Opening arguments
20:25 The ship of theseus analogy for bitcoin’s evolution
24:09 Addressing quantum computing and potential bitcoin changes
30:58 Bitcoin as a living organism and its self-regulation
33:19 Does digital scarcity truly exist across civilizations?
39:09 Bitcoin’s impact on energy grids and global sustainability
42:00 Mars colonization: should Martians adopt bitcoin or a sidechain?
47:09 Decentralization vs. centralization of hash power in space
52:50 Concluding thoughts: bitcoin’s universal role as energy money
1:01:10 The biggest risk to bitcoin—aliens?
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Dhruv Bansal’s Twitter: https://x.com/dhruvbansal
→ Samson Mow’s Twitter: https://x.com/Excellion
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Bitcoin is a time machine with Dr. Jack Kruse
19 nov· The Bitcoin Frontier
In this episode, we sit down with Dr. Jack Kruse, a neurosurgeon with over 30 years of experience, to explore his transformative journey from centralized medicine to decentralized health and his discovery of bitcoin as a tool for freedom and time preservation. Jack discusses the flaws in traditional medicine, the significance of circadian biology, and why sunlight and sleep are critical for optimal health. He explains his perspective on bitcoin as a “time machine” and the parallels between decentralized money and biology. The conversation touches on the importance of self-custody, the role of technology in shaping health outcomes, and whether Americans should consider moving to El Salvador for greater personal freedom. Jack also shares insights on the challenges of population growth, the potential to extend human lifespan, and how bitcoiners can prioritize health to secure their future.
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→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
0:00 Intro
1:06 Jack Kruse's background and medical journey
3:32 Decentralized medicine: what it means
9:20 Why centralized medicine is broken
11:19 The importance of circadian biology
18:25 Bitcoin and time: connecting decentralized money to health
23:11 "Bitcoin is a time machine": explained
33:53 How sunlight and darkness affect health
37:10 The role of technology in health outcomes
43:08 Living a healthier, longer life: practical advice
49:47 El Salvador: should Americans move there?
57:29 Is bitcoin a time machine for everyone? Victor’s story
1:01:13 The case for decentralizing your life
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Dr. Jack Kruse’s Twitter: https://x.com/DrJackKruse
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Protecting your own strategic bitcoin reserve for 100+ years with Joe Kelly
12 nov· The Bitcoin Frontier
In this episode, we sit down with Joe Kelly, co-founder and CEO of Unchained, to discuss his journey from his first ‘aha’ moment with bitcoin to building a company that prioritizes long term bitcoin security and self-custody. Joe reflects on Unchained’s evolution into a bitcoin-only company, his personal donation to the University of Austin’s bitcoin endowment, and Unchained’s new bitcoin donor-advised fund product. We explore the critical importance of self-custody, why new bitcoiners should care about self-custody, the challenges and opportunities for global bitcoin adoption, and Unchained’s future roadmap. Joe also shares his thoughts on the risks and potential of AI, phishing threats in the digital space, and the balance between security and user experience in bitcoin financial services.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
0:00 Intro
1:18 ‘Aha’ moment, Dhruv’s influence
4:19 Founding Unchained, long-term vision
7:47 Bitcoin-only focus
10:27 University of Austin donation
13:18 Bitcoin donor-advised funds
15:23 Beyond bitcoin: family, consciousness
17:45 Favorite podcast
20:23 Why self-custody matters
26:01 Accelerating adoption
28:52 Phishing threats
32:20 Bitcoin ETFs
35:41 AI, identity verification
38:17 Unchained’s future
40:03 Roadmap, sustainability
41:30 Favorite products
44:44 ECB bitcoin paper
46:50 Contrarian views on money
49:05 Bitcoin’s biggest risk
50:44 Closing remarks
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Joe Kelly’s Twitter: https://x.com/josephkelly
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Bitcoin vs the European Central Bank
5 nov· The Bitcoin Frontier
In this episode, we sit down with Marty Bent, founder of TFTC, Managing Partner at Ten31 VC, and Director at Cathedra Bitcoin. Marty shares his journey, from starting his newsletter and TFTC podcast to recording at Barstool Sports and now recently being cited by the European Central Bank in an academic paper. We explore his take on the ECB's paper, bitcoin’s adoption speed, and the risks of mining centralization. Marty dives into vulnerabilities in bitcoin core, the future of mining, and Ten31’s unique approach to supporting bitcoin-only companies on a bitcoin standard. We also discuss the balance between clickbait and integrity in bitcoin media and AI's impact on content and media.
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→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
0:00 Introduction
1:05 Starting Marty's newsletter and TFTC
3:22 Expectations vs. reality: Marty's journey
5:47 Recording at barstool sports and potential acquisition
10:21 Talking about bitcoin with co-workers at the managed futures fund
13:05 European central bank citing Marty's newsletter
23:25 Vulnerabilities in bitcoin
29:04 Mining centralization—is it a problem?
40:30 Worst and best business models you've seen at Ten31
47:26 What's the end goal for Ten31 portfolio companies?
52:08 How will VC change after the monetization of bitcoin?
58:23 How will media and AI evolve over the next decade?
1:02:23 Hyperbitcoinization faster than we expect?
1:08:00 Biggest risk for bitcoin?
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
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Bitcoin in the 2024 US presidential election with Dennis Porter
31 okt· The Bitcoin Frontier
In this episode, we sit down with Dennis Porter, CEO and Co-Founder of the Satoshi Action Fund, for an in-depth look at bitcoin’s place in U.S. politics. Dennis opens with an overview of how each political party approaches bitcoin and discusses the importance of bipartisan support. He examines bitcoin's resonance with American values, its appeal across political lines, and how policies can balance innovation and openness with consumer protection. Dennis reflects on the role of single-issue bitcoin voters and the potential impact on future elections including the 2024 US presidential election. He also explores how states are beginning to adopt bitcoin-friendly policies and the importance of creating scalable templates for state-level adoption.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
0:00 Intro
1:09 Breaking down each party’s stance on bitcoin
3:04 Bipartisan effort and why it matters for bitcoin
5:39 Kamala Harris vs. biden on bitcoin
7:04 Protecting consumers while supporting innovation
8:32 Bitcoin’s inclusiveness and appeal to democrats
9:36 Why bitcoin resonates with American values
10:16 Importance of bipartisan support for bitcoin
11:38 Working with both sides of the aisle
17:17 Role of broken money in political division
20:40 ECB’s stance on bitcoin holders
23:14 Debunking the ECB paper
26:16 Bitcoin’s potential as a bipartisan issue
29:20 Single-issue bitcoin voters and future elections
32:14 Bitcoin voters as a swing factor in elections
36:43 Strategic bitcoin stockpile plan
39:17 How bitcoin influences future elections
41:17 Adoption of bitcoin-friendly policies at the state level
47:15 Influence of presidential cycles vs. halvings on bitcoin cycles
50:07 Creating template policies for state adoption
53:02 Risk to bitcoin: if earth falls into the sun
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Dennis Porter’s Twitter: https://x.com/Dennis_Porter_
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Hyperbitcoinization with Pierre Rochard and Bitstein
29 okt· The Bitcoin Frontier
In this episode, we sit down with Pierre Rochard, VP of Research at Riot Platforms, and Bitstein, co-founder of the Nakamoto Institute, to discuss hyperbitcoinization and more. Pierre and Michael open by reflecting on its price history, historical cycles, and long-term outlook. They explore bitcoin’s progression onto the global stage, considering how central banks view it and where we are in the context of hyperbitcoinization. They address the critical balance between self-custody and bitcoin banks, including insights into the evolving role of custody solutions and associated risks. Discussing perspectives like those of Michael Saylor and Saifedean Ammous, they weigh in on bitcoin’s function as both an asset, a money, and the concept of bitcoin “yield.” The conversation covers MicroStrategy’s strategic approach to bitcoin and their perspective on the various models like S2F, power law, and Bitcoin24.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
0:00 - Intro
1:17 - Reflections on bitcoin cycles
3:21 - Long-term outlook
5:12 - Bitcoin on global stage
7:05 - Central banks’ view on bitcoin
14:03 - Defining hyperbitcoinization
17:05 - Self-custody vs. bitcoin banks
25:16 - Future of bitcoin custody
30:10 - Risks in custodial options
35:38 - Saylor vs. Saifedean on bitcoin banking
42:27 - Bitcoin yield vs. fiat yield
50:02 - MicroStrategy’s strategy
55:10 - Modeling bitcoin’s value
1:02:31 - Fiat vs. bitcoin volatility
1:04:15 - Challenging views in bitcoin community
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Pierre Rochard’s Twitter: https://x.com/BitcoinPierre
→ Bitstein’s Twitter: https://x.com/bitstein
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From Harvard to MicroStrategy—valuing MSTR and building Bitcoin24
22 okt· The Bitcoin Frontier
In this episode, we sit down with Chaitanya Jain (CJ), an MBA candidate at Harvard Business School and strategist at MicroStrategy, who worked closely with Michael Saylor on the recent open source Bitcoin24 model. CJ shares his experience talking about bitcoin at HBS, detailing efforts to distinguish it from broader crypto discussions. We explore Michael Saylor’s perspective on whether bitcoin is money or just another asset. CJ offers insights into building the Bitcoin24 model and MicroStrategy’s evolving custody strategy, including the future of bitcoin in banking and other companies adopting MicroStrategy’s bitcoin strategy. We also cover their acquisition strategy using equity and convertible notes, the constraints they face, and how to think about valuing MicroStrategy in relation to their NAV. Last, CJ discusses MicroStrategy's potential future S&P 500 inclusion, effective bitcoin advocacy techniques, and the most significant risks to bitcoin today.
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→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
00:00:00 Introduction and background
00:03:23 Experience at HBS with bitcoin
00:06:06 Efforts to differentiate bitcoin from crypto at HBS
00:08:13 Bitcoin and crypto courses at HBS
00:10:21 Michael Saylor’s view of bitcoin: money or asset?
00:12:12 Catalysts for HBS interest in bitcoin
00:14:06 Key takeaways from interacting with Michael Saylor
00:18:25 Valuing bitcoin without cash flows
00:20:36 Building the Bitcoin24 model with MicroStrategy
00:24:24 MicroStrategy’s bitcoin custody strategy
00:26:32 Future of bitcoin in banking
00:30:55 Other companies following MicroStrategy’s bitcoin strategy
00:38:21 MicroStrategy’s bitcoin acquisition strategy: equity and convertible notes
00:46:24 Limits on equity issuances and convertible notes
00:50:24 Common misunderstandings about MicroStrategy
00:52:42 MicroStrategy’s inclusion in the S&P 500
00:58:26 Bitcoin advocacy and persuasion techniques
00:59:10 Biggest risks to bitcoin
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Chaitanya Jain’s Twitter: https://x.com/_ChaitanyaJ
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Entering a liquidity acceleration phase with Luke Gromen
15 okt· The Bitcoin Frontier
In this episode, we sit down with Luke Gromen to unpack the U.S. fiscal landscape, exploring the growing strain of true interest expense and why the world may be entering a liquidity acceleration phase. Luke highlights some of the most crowded and least crowded trades in the market today and explains why gold miners are taking on a new role, while commodity stocks resemble bonds. We also discuss the potential release valves of gold, oil, and bitcoin. Luke provides insights into the shifting dynamics of physical versus paper assets, the repricing of bonds and hard assets, and bitcoin’s potential place in central bank reserves. Additionally, we cover China’s latest economic moves, the ongoing global debt bubble, and the potential impact of the U.S. Presidential election.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
00:00 - Intro
01:06 - The U.S. fiscal situation and 'true interest expense'
02:49 - U.S. fiscal tightening and liquidity needs
04:03 - 'America doesn’t get to do collectively stupid stuff with borrowed money forever'
04:51 - What is money?
07:13 - Most crowded and least crowded trades today
08:39 - 'Gold miners are the new commodity stocks, commodity stocks are the new bonds'
12:07 - The release valve: gold, oil, and maybe bitcoin
14:21 - Bitcoin miners as the new gold miners?
16:06 - The importance of physical versus paper assets
20:10 - The accelerating repricing event in bonds and hard assets
23:49 - How bitcoin and gold fit into the reserve asset narrative
33:14 - Will central banks eventually hold bitcoin?
35:00 - China’s aggressive stimulus and what it means for global markets
39:00 - The global sovereign debt bubble and the U.S. deficit
40:21 - U.S. Presidential election and fiscal largesse
41:59 - Repricing of gold and bitcoin
49:10 - What most bitcoiners disagree with Luke on
50:24 - The biggest risks to bitcoin and gold
55:00 - Outro and where to find more of Luke’s work
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Luke Gromen’s Twitter: https://x.com/LukeGromen
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Predicting the next bitcoin peak with Checkmate
8 okt· The Bitcoin Frontier
In this episode, we sit down with James Check to tackle common misconceptions in bitcoin, from misunderstood on-chain metrics to the real impact of long-term holders. We break down key market indicators, discuss risks of audience capture, and explore whether bitcoin is set for slow, steady growth or another 80% drop. We also dive into the relevance of entity-adjusted metrics, the potential impact of ETFs, and how Checkmate optimizes bitcoin allocation strategies. Looking ahead, we speculate on bitcoin’s role in future portfolios, touch on large-scale gold buying, and even consider whether aliens might have their own version of bitcoin.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier
TIMESTAMPS:
00:00 Introduction
01:40 What is one thing you think most people are wrong about?
08:14 Misinterpreted on-chain metrics and long-term holders
13:00 Key metrics to watch for market tops
19:10 Protecting against audience capture in bitcoin narratives
22:44 Slow grind up vs fast exponential growth?
25:48 Will bitcoin fall another 80% at some point?
29:25 Bitcoin was not a ZIRP phenomenon
30:10 Optimizing DCA and portfolio allocations through cycles
35:00 How accurate are “entity-adjusted” on-chain metrics?
41:10 Do ETFs destroy the potential usefulness of on-chain analytics?
46:35 Decades from now, how much bitcoin is in a typical portfolio?
50:50 Who is buying gold in size now?
56:50 Do aliens exist and did they discover their own bitcoin?
1:02:50 Closing thoughts
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Checkmate’s Twitter: https://x.com/_Checkmatey_
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How bitcoin mining reduces carbon emissions with Troy Cross
1 okt· The Bitcoin Frontier
In this episode, we sit down with Troy Cross to examine the environmental impact of bitcoin mining and its potential role in stabilizing energy grids. Troy shares his journey into bitcoin and peer-to-peer systems, addressing early concerns about energy consumption and how his views have evolved. We explore key data from bitcoin miners on energy usage and discuss the challenges of gathering accurate information. Troy highlights bitcoin mining’s unique flexibility in reducing emissions and compares its energy impact to other technologies like AI. We also cover the political implications of bitcoin, potential risks, and the importance of effective branding for bitcoin’s future growth.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
TIMESTAMPS:
00:00 Introduction
01:40 The environmental impact of bitcoin mining
04:28 How Troy got into bitcoin and peer-to-peer systems
07:33 Early concerns about bitcoin’s energy consumption
11:21 Bitcoin’s role in stabilizing energy grids
14:53 Data from bitcoin miners on energy consumption
18:47 Challenges in gathering bitcoin mining data
21:25 Bitcoin mining’s flexibility and reduced emissions
25:02 Halvings, miners, and price
28:37 Bitcoin’s superpower: Flexible energy consumption
32:12 Comparing bitcoin to AI in energy use
34:44 The future of energy and bitcoin
38:12 How bitcoin mining adapts to market conditions
42:28 Political ramifications of bitcoin
46:08 The biggest risk to bitcoin
50:09 Bitcoin’s branding challenges
54:12 Closing thoughts
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Troy Cross’s Twitter: https://x.com/thetrocro
→ Troy’s bitcoin ownership report: https://www.thenakamotoproject.org/report
→ Troy’s bitcoin mining report: https://www.btcpolicy.org/articles/bitcoin-mining-reduces-carbon-emissions
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Is bitcoin about to enter a parabolic growth phase? with Rational Root
24 sep· The Bitcoin Frontier
In this episode, we sit down with Rational Root to explore whether bitcoin is on the verge of entering a parabolic growth phase. We discuss key indicators, including on-chain data, market cycles, and global liquidity trends, to assess the current state of bitcoin and its potential for rapid price acceleration. Root breaks down the importance of short-term holder behavior, ETF flows, and the psychology of the market. We also consider external factors, such as macroeconomic conditions and regulatory developments, that could fuel or hinder bitcoin's next major move.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
TIMESTAMPS:
01:40 Where are we in the 4 year cycle?
04:55 Bitcoin goes sideways or down a majority of the time
08:14 Cycles from the bottom
13:03 On-chain value map
21:21 Do ETFs change on-chain analytics?
24:00 Psychology of a bitcoin market cycle
26:23 Global liquidity catalyst
30:14 Short-term holder supply
34:38 Bitcoin ETF flows
43:30 Bitcoin ETF cost basis
45:55 Bitwise proof of reserves
49:40 HODL Model update
1:01:40 Closing thoughts
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Rational Root’s Twitter: https://x.com/therationalroot
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How does the FBI think about bitcoin? with Ren McEachern
17 sep· The Bitcoin Frontier
In this episode, former FBI agent Ren McEachern breaks down financial crime and fraud in the digital age. We cover how criminals use different monetary tools for money laundering, whether the FBI can reverse wire transfers, and their work on the dark web. Ren explains asset seizures, including high-value items like yachts, and the unique challenges of seizing and liquidating bitcoin. We also discuss the FBI’s evolving stance on bitcoin, tracing crypto transactions, and using off-chain data to prevent fraud. Lastly, we tackle the potentially fraudulent NFT market, and Ren shares what he sees as the biggest risk to bitcoin today.
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→ Send us an email [email protected]
TIMESTAMPS:
01:30 Introduction and Background
06:00 Most common monetary tool used in money laundering?
09:08 Can the FBI reverse wire transfers?
12:48 FBI and the dark web
15:12 Brazil banning X.com
17:15 Seizing assets and chasing yachts
21:55 Liquidating seized assets and yachts
24:00 The difficulty of seizing bitcoin
29:00 Government seizure of bitcoin and liquidation
37:00 Trump’s strategic bitcoin stockpile
40:00 The FBI's perspective on bitcoin
50:10 Future of fraud with bitcoin and crypto?
01:01:25 Is the NFT market just money laundering?
01:04:30 Most commonly used crypto for fraud?
01:08:13 Biggest risk to bitcoin?
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Ren McEachern’s LinkedIn: https://www.linkedin.com/in/george-ren-mceachern
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Is 2025 the year bitcoin accelerates? with Joe Consorti
10 sep· The Bitcoin Frontier
In this episode, Joe Consorti joins us to explore the impacts of trillion-dollar deficits on the fiscal landscape and what it means for bitcoin’s future. We start with a look at the current liquidity environment and how asset prices are responding, followed by a discussion on rate cuts and capital deployment strategies. Joe shares his outlook on bitcoin’s trajectory through 2025 and the central bank actions we should be keeping a close eye on. We then examine key models like the power law and stock-to-flow to understand how they relate to bitcoin’s growth. Joe also addresses whether excessive monetary and fiscal stimulus could harm bitcoin, and why crypto is in decline while bitcoin continues to thrive. Finally, we talk about the acceleration of exponential growth, before wrapping up with Joe’s thoughts on unpopular beliefs and the biggest risks facing bitcoin today.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
TIMESTAMPS:
00:00 Introduction
01:30 Trillion-dollar deficits and the fiscal situation
10:43 The liquidity spigot and asset prices
17:21 Rate cuts and capital deployment
25:35 Bitcoin's future and monitoring central bank actions
30:35 Predicting bitcoin in 2025 and factors to watch
37:12 The power law model vs. the stock-to-flow model
40:05 Does too much monetary and fiscal stimulus harm bitcoin?
46:50 The decline of crypto and the thriving of bitcoin
51:00 Acceleration and exponential growth
01:02:20 Unpopular beliefs and the biggest risks to bitcoin

WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Joe Consorti’s Twitter: https://x.com/JoeConsorti
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How bitcoin’s volatility is creating a powerful positive feedback loop | Dylan LeClair
3 sep· The Bitcoin Frontier
In this episode, Dylan LeClair joins us to discuss positive feedback loops around bitcoin’s extreme volatility and a collapsing crypto industry. We kick off with Vitalik's questions about the sustainability of yield in the crypto space and whether ethereum and other cryptocurrencies are at risk of fading away. Dylan offers his insights on the VIX spike in early August and what it might mean for the broader market. We then shift to the success of bitcoin ETFs and dive into how companies like Metaplanet and MicroStrategy are using financial engineering to increase their bitcoin holdings per share. Dylan shares his thoughts on the concept of corporate "bitcoin yield" versus holding bitcoin in cold storage, and how volatility can create a highly positive feedback loop. We also touch on the power law and S2F models, rounding off with a personal note as Dylan reflects on his high school teachers congratulating him on his success.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
TIMESTAMPS:
00:00:00 Intro
00:01:50 Vitalik questioning where the yield comes from
00:04:07 Are crypto and ethereum dying?
00:08:03 Vix spike in early August—bottom for risk assets?
00:14:34 Success of bitcoin ETFs
00:17:30 Metaplanet and Microstrategy financial engineering more bitcoin
00:33:42 Bitcoin “yield” or bitcoin per share?
00:36:58 Metaplanet and MSTR vs cold storage bitcoin
00:43:00 Volatility results in a positive feedback loop
00:54:13 Power law and S2F model
00:56:45 Dylan’s high school teachers
00:59:35 What’s something you believe that most bitcoiners would disagree with?
01:04:29 What’s the biggest risk to bitcoin?
01:08:15 Closing thoughts
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Dylan LeClair’s Twitter: https://x.com/DylanLeClair_
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MLB draft to bitcoin—identifying value in baseball and markets with Sean Buckley
27 aug· The Bitcoin Frontier
In this episode, Sean Buckley, former professional baseball player and scout, shares his journey from college baseball to being drafted by the Cincinnati Reds. He reflects on the challenges of transitioning from the minors to the majors and the mental toll of playing the game at a high level. Sean discusses his shift from player to scout, offering insights into player dynamics, scouting's impact on his view of baseball, and how it influenced his approach to investing. He explores the parallels between identifying value in baseball and in markets, particularly bitcoin. Sean also touches on the difficulties of generating market alpha, the reasons behind his interest in capital allocation, and how he introduced the concept of bitcoin to other players.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
TIMESTAMPS:
00:00:00 Intro
00:01:17 Sean’s intro into college baseball and MLB draft
00:03:00 How did you get started with baseball?
00:03:58 Ever feel burnt out playing too much baseball?
00:05:40 What was Sean’s college major?
00:07:49 Drafted by the Cincinnati Reds
00:10:55 Did you think you could be one of the best players?
00:12:35 Minors vs majors—big difference?
00:14:39 Transitioning from player to scout
00:18:39 Player dynamics and drama
00:20:38 Did scouting change your perspective on baseball?
00:23:05 Investing vs scouting
00:24:57 Has identifying value become more difficult?
00:26:55 When did you get interested in capital allocation and bitcoin?
00:33:16 Generating market alpha—why bitcoin?
00:38:00 Did you tell players about bitcoin?
00:40:22 Did other minor league players buy gold and single family homes?
00:42:10 What’s the catalyst for players to get interested in bitcoin?
00:44:19 What is the player’s union?
00:45:41 Should the union do anything about bitcoin and personal finance?
00:47:45 Retiring after professional sports
00:50:58 What podcast or books do you recommend?
00:53:30 Closing thoughts
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Sean Buckley’s Twitter: https://x.com/seancbuckley
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Can bitcoin mining drive down your electricity bill? with Nazar Khan, COO of TeraWulf
20 aug· The Bitcoin Frontier
In this episode, Nazar Khan, COO of Terawulf, discusses his entry into power and bitcoin mining, weighing the importance of inexpensive energy versus more efficient machines. He shares his thoughts on the growth of mining capacity, the competition between AI and mining for power, and the possibility of utilities acquiring bitcoin miners. Nazar also explores Terawulf's dual exposure to AI and mining, strategies for managing bitcoin's volatility, and the challenges of operating in a hyper competitive market. He addresses the impact of miners on bitcoin's price, potential international expansion plans, and whether mining could lead to lower consumer electricity prices. The episode wraps up with Nazar's views on mining's natural decentralization, a contrarian belief he holds, and the biggest risks facing bitcoin today.
SUPPORT THE PODCAST:
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→ Send us an email [email protected]
TIMESTAMPS:
00:00:00 Intro
00:01:17 Nazar’s into to power and mining
00:06:51 More energy or better machines?
00:08:32 Was bitcoin mining intuitive to you at first?
00:13:08 8 GWs added over the last few years, what about the next 4 years?
00:15:00 Do AI and mining compete for power?
00:22:37 Will utilities acquire bitcoin miners?
00:25:27 WULF—AI vs mining exposure
00:28:03 Mining through the volatility
00:30:14 Is mining a brutally competitive market?
00:34:00 Most difficult part about operating a bitcoin mine?
00:35:15 Do miners affect the price of bitcoin?
00:36:59 Is WULF US only? When international mining?
00:40:47 Magnitude of mining power
00:42:00 Is global energy production about to explode?
00:48:56 Does mining lead to lower consumer electricity prices?
00:56:30 Does mining naturally decentralize to low cost power?
00:56:55 What’s something you believe that most bitcoiner’s disagree with?
00:59:12 What’s the biggest risk to bitcoin?
00:59:36 Closing thoughts
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
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How bitcoin’s volatility is creating a powerful positive feedback loop | Dylan LeClair

MLB draft to bitcoin—identifying value in baseball and markets with Sean Buckley

Can bitcoin mining drive down your electricity bill? with Nazar Khan, COO of TeraWulf