Bitcoin is valuable because it’s censorship resistant with Andrew Bailey

Episodes

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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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
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→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
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Bitcoin in the 2024 US presidential election with Dennis Porter
31 Oct· 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.
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→ 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 Oct· 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.
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→ 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 Oct· 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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→ 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 Oct· 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.
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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 - 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
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→ 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 Oct· 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.
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→ 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 Oct· 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.
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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.
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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
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→ 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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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.
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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.
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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.
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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.
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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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Bitcoin at the Bloomberg Invest Summit with Alyse Killeen
13 Aug· The Bitcoin Frontier
In this episode, Alyse Killeen discusses bitcoin's presence at the Bloomberg Invest Summit and its connection to AI, including insights from Jeff Booth’s thesis. She examines the positive feedback loop between AI and the Lightning Network, comparing it to other bitcoin Layer 2 solutions. Alyse also touches on Fold’s SPAC, her motivation for founding Stillmark, and the regulatory challenges facing bitcoin and bitcoin startups. She shares her thoughts on educating politicians about bitcoin, the future of Taproot assets, and how startups should navigate bitcoin’s volatility. The episode concludes with a discussion on the most underrated bitcoin products and how to balance between holding bitcoin and investing in bitcoin startups.
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TIMESTAMPS:
00:00:00 Intro
00:01:43 Bitcoin at the Bloomberg Invest Summit
00:05:45 Bitcoin, LLMs, and generative AI
00:08:04 Jeff Booth thesis + AI
00:11:26 AI and Lightning positive feedback loop
00:15:58 Lightning vs other bitcoin L2s
00:19:20 Fold’s SPAC and bitcoin VC
00:21:15 Why did you found Stillmark?
00:23:49 Regulatory hurdles for bitcoin or bitcoin startups?
00:28:27 Educating politicians on bitcoin vs crypto
00:30:55 What’s the biggest challenge for bitcoin startups?
00:33:29 Taproot assets
00:36:51 Credit cards vs Lightning decades from now
00:39:59 Should bitcoin startups operate differently because of bitcoin volatility?
00:42:07 Most underrated bitcoin product or service
00:47:28 Holding bitcoin vs investing in bitcoin startups
00:56:23 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
→ Alyse Killen’s Twitter: https://x.com/AlyseKilleen
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Bitcoin—short the current world and long a new world with James Lavish
6 Aug· The Bitcoin Frontier
In this episode, James Lavish discusses the potential of bitcoin against the current fragile financial system. He starts by explaining why bitcoin is short the current world and long a new world. James examines how weak leadership can create challenging times and its impact on financial cycles. He explores the next wave of institutional adoption and whether Wall Street still laughs at bitcoin. Emphasizing the need for critical thinking, James questions if excessive economic stimulus actually slows bitcoin adoption. He speculates on bitcoin's potential value, considering $10 trillion, $100 trillion, or $1,000 trillion scenarios. The episode also covers how long he thinks the market can fall and analyzes the national debt, and what it means for America and bitcoin.

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TIMESTAMPS:
00:00:00 Intro
00:01:10 Bitcoin—short the current world and long a new one
00:05:00 Weak men create hard times
00:06:34 Institutional cycle—next wave of adoption?
00:15:39 Does Wall Street still laugh at bitcoin?
00:20:15 Bitcoin requires critical thinking
00:29:38 Does extreme stimulus actually slow bitcoin adoption?
00:34:30 What’s the endgame for bitcoin? $10T, $100T, $1,000T+?
00:37:50 How long will this market crash last?
00:39:35 National debt–something is wrong, but what?
00:46:43 Will the transition from a fiat standard to bitcoin standard be smooth?
00:48:29 What’s something you believe that most bitcoiners would disagree with?
00:50:20 What is the biggest risk to bitcoin?
00:52:25 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
→ Caitlin Long’s Twitter: https://x.com/jameslavish
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Bitcoin businesses under the Biden Administration with Caitlin Long
30 Jul· The Bitcoin Frontier
In this episode, Caitlin Long analyzes bitcoin businesses under the Biden Administration. She begins with her reasons for building Custodia and the importance of opening banking to all industries. Caitlin critiques the SEC's recent court losses and explores Custodia's efforts to obtain a master account at the Federal Reserve, contrasting Custodia's approach with the Federal Reserve's stance. The discussion moves to Operation Choke Point 2.0, the future of banking, and whether de-banking is a subtle attempt to ban bitcoin and crypto. Caitlin shares her thoughts on the surprise of ETF approvals and the more unknown risks of centralized exchanges. She speculates on the products banks might offer once they enter the bitcoin space and the impact of rehypothecation on bitcoin's price.
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TIMESTAMPS:
00:00:00 Intro
00:01:26 Why did Caitlin build Custodia?
00:02:43 Opening banking to all industries
00:04:26 SEC continues losing court cases
00:05:46 Master account at the Federal Reserve
00:11:49 Custodia vs Federal Reserve
00:16:13 Operation Choke Point 2.0
00:21:05 Future of banking?
00:22:50 Is de-banking a roundabout way to ban bitcoin and crypto?
00:30:38 How surprising were the ETF approvals?
00:35:54 Unknown risk of centralized exchanges
00:38:50 When banks come what products will they offer?
00:43:08 Does rehypothecation affect the price of bitcoin?
00:46:37 Banking industry endgame–fractional reserve vs full reserve?
00:52:35 Are you surprised Tether never died?
00:57:00 What is the biggest risk to bitcoin?
01:00:12 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
→ Caitlin Long’s Twitter: https://x.com/CaitlinLong_
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Everything you know about MicroStrategy is wrong with Brian Brookshire
23 Jul· The Bitcoin Frontier
In this episode, Brian Brookshire provides a comprehensive analysis of MicroStrategy’s bitcoin acquisition strategy. He begins with his background in fintech product marketing, including experiences at Stanford and in Asia. Brian explores MicroStrategy's use of convertible debt to accumulate more bitcoin per share, evaluating the marginal returns and looking back at the NAV discount in 2022. He discusses the risks of MicroStrategy as a bitcoin yield vehicle, potential new products, and future acquisitions. The conversation compares spot bitcoin to spot MSTR and considers whether other companies will soon follow MicroStrategy's lead. Last, Brian dives into his perspective on the stock-to-flow and power law models.
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TIMESTAMPS:
00:00:00 Intro
00:01:11 Brian’s background—Stanford, Asia, and fintech product marketing
00:02:49 MSTR’s bitcoin convertible debt strategy
00:12:08 Accumulating more bitcoin per share
00:15:26 Marginal returns on increasing bitcoin per share?
00:18:27 MSTR’s NAV blowing out?
00:19:41 MSTR’s NAV discount in 2022
00:21:50 MSTR as bitcoin yield?
00:22:48 MSTR new products and potential future acquisitions
00:24:12 Spot bitcoin vs spot MSTR
00:25:49 Will other companies finally follow MSTR?
00:30:08 S2F, power law, and the models
00:32:00 What’s the biggest risk to bitcoin?
00:34:44 What’s something you believe about bitcoin that many bitcoiners would disagree with?
00:35:26 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
→ Brian Brookshire’s Twitter: https://x.com/btc_overflow
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Bitcoin is becoming a coiled spring with Nik Bhatia
16 Jul· The Bitcoin Frontier
In this episode, Nik Bhatia provides a comprehensive analysis of current market conditions, starting with an overview of the macroeconomic landscape and its implications for various assets, including bitcoin. He explores bitcoin's potential performance under different macro scenarios and examines whether broken monetary systems actually hinder bitcoin adoption. The discussion extends to global liquidity trends and their impact on bitcoin, insights into the efficiency of markets, log bitcoin charts, and academic perspectives. Bhatia also identifies potential catalysts for the next wave of bitcoin adoption and debates whether paper bitcoin is suppressing its price.
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TIMESTAMPS:
00:00:00 Intro
00:01:57 Macro—where do you see markets right now?
00:06:47 How will bitcoin perform in various macro conditions?
00:10:56 Does broken money actually slow bitcoin adoption?
00:15:12 Global liquidity and bitcoin
00:26:10 Efficient markets, log bitcoin chart, and academics
00:30:54 Catalyst for next adoption wave
00:35:17 Is paper bitcoin suppressing the price?
00:45:10 Does bitcoin weaken or strengthen the Dollar over the next decade?
00:49:00 What’s it like teaching young people about bitcoin?
00:49:51 What’s something you believe that most bitcoiners would disagree with?
00:50:09 What’s the biggest risk to bitcoin?
00:50:35 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
→ Nik Bhatia’s Twitter: https://x.com/timevalueofbtc
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Bitcoin is valuable because it’s censorship resistant with Andrew Bailey
9 Jul· The Bitcoin Frontier
In this episode, Andrew Bailey, author of Resistance Money, explores the philosophical foundations of bitcoin and its role as resistance money. He discusses the need for resistance in today's socio-economic landscape, who benefits from it, and why he wrote another bitcoin book. Andrew argues for bitcoin's adoption based on more widely held beliefs and examines its value in a censorship-free world. He addresses the role of privacy, bitcoin's future, and the importance of self-custody versus centralized custody. The conversation also covers the ossify versus non-ossify debate, personal reputational risks, its political impact, and its biggest risks.
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TIMESTAMPS:
00:00:00 Introduction
00:01:24 What is Resistance Money?
00:02:17 Andrew’s philosophy background
00:04:46 What do people need to resist?
00:07:52 Who needs resistance money?
00:10:58 Why write another bitcoin book?
00:12:38 Arguing for bitcoin from more widely held beliefs
00:14:37 Is bitcoin valuable if there is no censorship?
00:15:47 How does philosophy help us understand bitcoin?
00:19:49 Bitcoin as an alien technology drop
00:21:36 What’s the role of privacy and money?
00:23:32 Can there be too much privacy?
00:27:05 Bitcoin is a new tool in today’s reality
00:28:00 Where is bitcoin in a decade?
00:31:59 How can we accelerate self-custody adoption?
00:33:55 What’s the concern with centralized custody?
00:37:35 Ossify vs not ossify fork
00:42:56 Risking your reputation talking positively about bitcoin?
00:46:23 When will bitcoin become not fringe?
00:48:53 How might bitcoin transform politics?
00:52:46 Biggest risk to bitcoin?
00:55:27 What’s something you believe about bitcoin that many bitcoiners would disagree with?
00:56:45 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
→ Andrew Bailey’s Twitter: https://x.com/resistancemoney
→ Andrew’s book: https://www.resistance.money
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Why Olympic athletes need bitcoin with Jeremy HK Nova
2 Jul· The Bitcoin Frontier
In this episode, former 12x USA national mountain bike champion and Olympian Jeremy HK Nova shares his journey from the trails to bitcoin. He reflects on life lessons, proud achievements, and the evolution of mountain biking globally and in the US. Jeremy discusses his transition from professional racing, discovering bitcoin, and his interest in macroeconomics. He explains why he sold his rental properties for bitcoin and why extreme sports athletes should start embracing bitcoin. The conversation explores exercise science misconceptions, Jeremy's bitcoin pitch to mountain bikers, and bitcoin's impact in El Salvador. Jeremy also talks about his work at Studio Shed, demonetizing real estate, and his unique views on bitcoin.
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TIMESTAMPS:
00:00:00 Introduction
00:01:20 Jeremy’s journey into professional mountain biking
00:04:20 Mountain biking and life
00:05:35 Most proud mountain biking achievement?
00:07:10 Various mountain biking disciplines
00:08:19 Living in the olympic athlete village
00:09:22 How big of a sport is mountain biking?
00:10:29 Evolution of professional mountain biking
00:12:55 How big is professional mountain biking in the US?
00:13:23 Post-professional mountain biking
00:16:12 Jeremy discovering bitcoin
00:20:06 Why interested in macro, finance, and economics?
00:21:45 Selling rental properties for bitcoin
00:24:06 Extreme sport athletes earning bitcoin
00:26:00 Bitcoin and extreme sports counter culture
00:28:36 Exercise science and bitcoin–what else are experts wrong about?
00:30:09 Are athletes more likely to have a healthy skepticism?
00:30:50 Jeremy’s bitcoin pitch to other mountain bikers
00:34:42 Bitcoin in El Salvador
00:37:51 Spouses and bitcoin
00:41:36 Do other pro athletes earning bitcoin really understand bitcoin?
00:42:27 Other pro mountain bikers deep into bitcoin?
00:42:50 How else can bitcoin help pro athletes?
00:45:35 Jeremy’s day job at Studio Shed
00:47:05 Demonetizing real estate
00:50:27 What’s the biggest risk to bitcoin?
00:52:23 What’s something you believe about bitcoin that many bitcoiners would disagree with?
00:54:09 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
→ Jeremy HK Nova’s Twitter: https://x.com/JeremyHK
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Everything you know about MicroStrategy is wrong with Brian Brookshire

Bitcoin is becoming a coiled spring with Nik Bhatia

Why Olympic athletes need bitcoin with Jeremy HK Nova