What Bitcoin Did

Cory Klippsten joins the show for a conversation on Bitcoin, power, and what is actually happening beneath the surface of the crypto industry. We break down why offshore exchanges are tolerated by governments, how surveillance and enforcement shape market structure, and why much of the crypto economy exists to extract rather than create long term wealth. Cory explains why Bitcoin adoption advanced structurally in 2025 despite a flat price, why tariffs and macro uncertainty weighed on markets, and why the old four year cycle narrative is likely dead.

We then get into Bitcoin treasury companies, MicroStrategy, leverage, preferred structures, and why most companies holding Bitcoin are not actually competing in the same game. We also get into self custody risks, education versus attention driven media, prediction markets, macro liquidity, and why Bitcoin is maturing into a real macro asset even if price action has not caught up yet.

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Mark Moss joins the show to talk about why Bitcoin is not just an asset, but a financial cheat code that exposes how broken the modern system really is. Mark explains why wages can never outrun inflation, why saving harder is a losing strategy, and why wealth has always been built through assets, leverage, and system design rather than hustle culture. We unpack Bitcoin treasury companies, MSTR, leverage, preferreds, and why most criticism of these structures misses how traditional finance actually works.

We then get into Bitcoin as the foundation of a new personal and institutional playbook. Mark lays out how individuals can think about building a Bitcoin based treasury, managing risk, liquidity, and leverage without blowing themselves up, and why never selling Bitcoin requires building an engine around it. We also get into macro, global liquidity and the breakdown of the four year cycle.

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Michael Saylor joins the show for a conversation on Bitcoin, power, and the treasury company playbook. We recap 2025 and look forward at 2026 with Michael arguing that Bitcoin’s real progress shows up in institutions, credit markets, accounting rules, and bank adoption, not short term price action.

We then get into a confrontational debate on Bitcoin treasury companies, mNAV, and corporate adoption. Michael rejects the criticism outright, arguing that attacking companies buying Bitcoin misses the bigger picture and misunderstands optionality, operating leverage, and risk. We explore his vision of Bitcoin evolving from digital capital into digital credit, why credit rather than price drives power, and why focus and endurance matter more than narratives.

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Peter McCormack is back on the show for a conversation on power, the state of the UK, and why the system is broken. We get into how debt, inflation, and centralised government incentives have hollowed out public services, destroyed the middle class, and turned politics into a fight over power rather than outcomes. Peter explains why inflation is the real tax, why asset inflation benefits elites at the expense of everyone else, and why neither the left nor the right is willing or able to fix the underlying problem.

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Simon Dixon joins the show for a conversation on money, power, and why Bitcoin exists at all. Drawing on decades inside investment banking and monetary reform, Simon explains why modern capitalism is not capitalism at all, how debt based money guarantees systemic collapse, and why governments are not the real locus of power. We trace the origins of central banking, fractional reserve lending, and the financial industrial complex, and why attempts at reform were always destined to fail.

We then turn to Bitcoin as both an exit and a battleground. Simon lays out the real attack vectors facing Bitcoin today, from Wall Street financialisation and ETFs to corporate treasury centralisation and custody capture. He explains why self custody matters, why elites want different rules for themselves, and why Bitcoin can survive even if it is co-opted at the edges.

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