What Bitcoin Did

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. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Mark Moss: https://x.com/1MarkMoss

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. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Michael Saylor: https://x.com/saylor

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. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Peter McCormack: https://x.com/PeterMcCormack

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. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Simon Dixon: https://x.com/SimonDixonTwitt

American HODL & Matt Odell join the show for a review of a year that left most Bitcoin narratives exposed. We unpack why expectations ran ahead of reality, why the super cycle never materialised, and how ETFs, treasury companies, and institutional capital quietly changed how this market actually operates. We get into Bitcoin’s underperformance versus gold and equities, the absence of meaningful retail demand, and how leverage distorted outcomes rather than driving real adoption. We discuss what this means long term. From institutional involvement and shifting power structures, to the breakdown of the four year cycle framework. We also get into custody, incentives, freedom, and whether Bitcoin has to pass through the traditional system before it can meaningfully reshape it. THANKS TO OUR SPONSORS: IREN ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny American HODL: https://primal.net/hodl ODELL: https://primal.net/odell