The Income Show

Is Bitcoin's four-year cycle still alive? Parker White used to deny it. Now he says Bitcoin tops in September 2029. Parker White is back with Joe Burnett to break down STRC's return to par, why digital credit is in the trough of its J-curve, and why liquidity is the enemy of convexity. They also cover the midterms and affordability, whether money printing drives inflation, the backlash against data centers, Strategy's STRC buybacks, the Binance hack, and how the next Bitcoin bull market plays out. Follow Parker White on X: https://x.com/TheOtherParker_Follow Joe on X: https://x.com/IIICapitalFollow True North on X: https://x.com/TNorthKeep up to date on all True North Here: https://tnorth.com/ Timestamps: 0:00 - Intro 1:24 - STRC Is Back At Par 4:46 - The Midterms And Affordability 10:29 - Does Money Printing Cause Inflation? 16:15 - Why People Hate Data Centers 26:02 - Liquidity Is The Enemy Of Convexity 31:34 - The Bear Case For Bitcoin 33:10 - Why Rates Don't Matter For Digital Credit 35:07 - Strategy's STRC Buybacks 38:23 - Digital Money Vs Digital Yield 42:08 - The Binance Hack 45:24 - AI And The Scam Problem 48:47 - When Bitcoin Tops Next Cycle 50:57 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers' filings with the Securities and Exchange Commission ("SEC"), including any registration statements, prospectuses and prospectus supplements for each issuers' securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.* Any securities referred to herein, including those of True North's parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Grant Cardone offered Jason Calacanis a $1 million bet that Bitcoin hits a new all-time high by 2028. Jason still hasn't taken it. Grant explains why he's so sure, and why he's adding Bitcoin to every apartment deal he buys. Grant Cardone joins Joe Burnett to break down his real estate and Bitcoin playbook, how STRC inspired him to bring back an 8% pref for his investors, and why he thinks the REIT model is broken. They also cover why the rich don't diversify, what Bitcoiners get wrong about marketing, and why he thinks money rotates from AI back to Bitcoin. Follow Grant Cardone on X: https://x.com/GrantCardone Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps: 0:00 - Intro 1:04 - The $1M Bitcoin Bet 5:13 - Why Bitcoin Hits a New High 8:20 - Real Estate and Bitcoin on Sale 11:10 - From One House to 16,000 Apartments 14:31 - Why the Rich Don't Diversify 20:02 - What Michael Saylor Told Him 25:41 - What $500K Bitcoin Would Mean 30:29 - How STRC Changed His Deals 35:35 - Bitcoin's Marketing Problem 45:01 - Why REITs Are Broken 51:44 - The 10,000 Bitcoin Goal 53:34 - AI and Bitcoin 57:48 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers' filings with the Securities and Exchange Commission ("SEC"), including any registration statements, prospectuses and prospectus supplements for each issuers' securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.* Any securities referred to herein, including those of True North's parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

If Bitcoin were at $200K, would anyone be talking about STRC buybacks? Adrian Morris says his data shows Bitcoin, not buybacks or dividend hikes, is what drives digital credit. Adrian Morris is back with Joe Burnett to walk through his models on STRC and SATA, explain why digital credit now trades as its own asset class, and show why the summer sell-off doesn’t mean it’s broken. They also cover digital money built on top of digital credit, what a bull market could look like for Strategy and Strive, and his Bitcoin outlook. Follow Allard Peng on X: https://x.com/_Adrian Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps: 0:00 - Intro 1:06 - The State of Digital Credit 3:23 - Why Strategy Is Buying Back STRC 5:49 - What Really Drives STRC 18:16 - Do Dividend Hikes Work? 21:51 - The $200K Test 23:15 - What Strategy Should Do Now 25:11 - Breaking Down the Data 34:17 - Was It a Leverage Flush? 43:51 - Bitcoin as a Language 47:58 - The Future of Digital Money 53:26 - Digital Credit in a Bull Market 57:07 - Bitcoin Outlook 1:00:58 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Strategy spent about nine times more buying back STRC than buying Bitcoin in one week. Allard Peng says buybacks at 98 cents on the dollar are waste. The quant returns to break down why STRC still isn’t back at $100, why not raising the dividend was the right call, and why the buybacks went too far. He also maps the digital money and digital yield products being built on top of digital credit, explains why fixed-rate preferreds may be the better long-term buy, and shares why he thinks Bitcoin is set to outperform. Follow Allard Peng on X: https://x.com/stonychambers Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:21 - Why STRC Isn’t at Par 4:09 - Is Leverage Back? 7:14 - Buybacks vs. Dividends 11:05 - Too Many Buybacks? 15:55 - When Yield Is Too High 18:51 - The Future of Digital Credit 21:29 - Digital Money and Digital Yield 30:37 - Fixed vs. Variable 40:13 - Measuring Digital Credit Risk 46:02 - Bitcoin Outlook 51:09 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Trey Sellers borrowed against his home at 5% to buy STRC yielding 10%, and he explains why he never worried when it crashed. The head of Strike Private and creator of FIRE BTC joins host Joe Burnett to discuss how Bitcoin changes the math of retiring early, why he thinks an 8% withdrawal rate is conservative on a Bitcoin standard, and why you should keep a mortgage instead of paying it off. They also cover growth vs. income investing, whether digital credit is suppressing Bitcoin's price, and why $83,000 Bitcoin is bullish. Follow Trey Sellers on X: https://x.com/ts_hodl Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:19 - Investing Before Bitcoin and the FIRE Method 8:04 - Swapping Index Funds for Bitcoin 10:02 - Is the FIRE Movement Growing? 13:04 - How Bitcoin Changes the FIRE Math 16:32 - The Case for an 8% Withdrawal Rate 21:18 - Growth vs. Income Investing 24:21 - The Tax Advantage of Digital Credit 25:44 - Volatility Is Why People Buy Bitcoin 29:14 - Why Starting Early Matters 30:25 - Borrowing Against His Home to Buy STRC 34:46 - Why You Should Keep Your Mortgage 39:25 - Why He Trusted Strategy to Pay the Dividend 45:17 - Is Digital Credit Suppressing Bitcoin's Price? 49:44 - Why $83K Bitcoin Is Bullish 52:10 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Wyatt O'Rourke believes the finance industry embracing Bitcoin is the only peaceful path to a Bitcoin standard. The founder of Bitcoin-native wealth manager Basilic Financial and author of The Bitcoinization of Finance joins host Joe Burnett to discuss why Bitcoiners will become the new 1%, how SATA and STRC are filling the fixed-income gap for his clients, and what the next generation of Bitcoin investment products could look like. They also cover inheritance and custody planning, taming Bitcoin's volatility, and what portfolios look like on a Bitcoin standard. Follow Wyatt O'Rourke on X: https://x.com/wyattorourke\_ Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ 0:00 - Intro 5:33 - Wyatt's Investing Philosophy Before Bitcoin 8:45 - The Bitcoinization of Finance 13:48 - The Biggest Mistake Wealthy Bitcoiners Make 16:48 - The Peaceful Path to Hyperbitcoinization 21:09 - Building the Bridge to a Bitcoin Standard 24:31 - The Case for Digital Credit 30:04 - What a V2 Bitcoin Income Product Looks Like 34:19 - Taming Bitcoin's Volatility 40:51 - Can Digital Credit Revive Income Investing? 45:09 - Portfolios on a Bitcoin Standard 50:35 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).\* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Tad Smith is very bullish on Bitcoin, and the fact that so many people aren't makes him even more bullish. Tad joins host Joe Burnett to discuss the Fed's surprise rate hike, Treasury Secretary Bessent's path toward yield curve control, and how AI is reshaping jobs and markets. They also cover Tad's barbell portfolio, the lessons of STRC's summer selloff, Bitcoin treasury companies, and why he believes all roads lead to Bitcoin. Follow Tad Smith on X: https://x.com/tadtweets Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:18 - The Fed's Unnecessary Rate Hike 5:49 - Bessent, Warsh and Yield Curve Control 12:01 - Is AI a Bubble? 15:04 - AI Regulation and P(doom) 20:09 - AI and the Labor Market 25:11 - Tad's Barbell Portfolio 28:28 - Digital Credit and Stretch's Summer Selloff 35:28 - Why Tad Is Bullish on Bitcoin 40:00 - Strive, Strategy and Metaplanet 44:26 - The Clarity Act and Crypto Regulation 49:19 - AI, Terminal Values and Bitcoin 52:05 - The Economy in 10 Years 55:59 - Bitcoin's Path to 2030 57:56 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back with host Joe Burnett and BritishHODL, who argues that Bitcoin’s problem wasn’t gold or AI: it became boring. They discuss why ETF investors may be the real diamond hands, BlackRock’s Bitcoin strategy, and the trade-offs of self-custody. They also explore SATA, STRC, Bitcoin-backed savings accounts, and borrowing against Bitcoin without selling. Follow British HODL on X: https://x.com/BritishHodl Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:19 - From Real Estate and Gold to Bitcoin 5:03 - Bitcoin as the Investment Hurdle Rate 7:07 - What Holds Back Bitcoin Adoption? 9:55 - Interest Rates, Debt and Global Liquidity 14:49 - Does the ISM PMI Still Matter for Bitcoin? 17:19 - Gold, AI and Why Bitcoin Became Boring 24:20 - BlackRock, IBIT and In-Kind Conversions 34:50 - Self-Custody vs. Bitcoin ETFs 38:35 - Plugging Bitcoin Into Global Finance 42:05 - Digital Credit, SATA and STRC 44:42 - Could Bitcoin Power High-Yield Savings Accounts? 50:22 - Bitcoin Purists, Borrowing and Generational Wealth 58:15 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back with host Joe Burnett, joined by Brian Harrington to discuss how he identified a likely Bitcoin bottom and navigated the latest bear market. Brian explains why he rebuilt his portfolio around income, why passive index investing no longer interests him, and how he maps products across a simplified Bitcoin yield curve. They also explore digital credit, Strategy preferreds, covered-call funds, Bitcoin-backed lending, stablecoins, and the role of predictable cash flow in reducing Bitcoin’s volatility barrier. Finally, they consider Bitcoin’s future returns, the path from income products to direct Bitcoin ownership, and why both longtime holders and newer participants may need to rethink old assumptions. Follow Brian Harrington on X: https://x.com/BrainHarrington Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:42 - The Bitcoin Bottom and Bear Market 5:42 - Strategy Sales and Market Signals 9:08 - Growth vs. Income Investing 12:23 - Bitcoin Maximalism and Tokenization 15:50 - Bitcoin as the Growth Benchmark 20:27 - The Bitcoin Yield Curve 24:07 - Total Return vs. Cash Flow 28:23 - The Case for Digital Credit 34:00 - Borrowing Against Bitcoin 36:30 - Digital Money and Stablecoins 44:03 - Volatility and Bitcoin Adoption 50:26 - Future Returns and Bitcoin Ownership 54:47 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back with host Joe Burnett, joined by Lyn Alden, to discuss U.S. Treasury buybacks, long-term yields, and the path toward financial repression. They distinguish the Treasury’s recent actions from full yield curve control, examine fiscal dominance and the relationship between the Treasury and Federal Reserve, and consider what these policies mean for hard assets. They also explore Bitcoin’s role as money and a protocol of value, its recent performance relative to gold, and the structure, valuation, and leverage risks of digital credit. Lyn compares Bitcoin mining with AI compute and explains why greater technological abundance would not eliminate scarcity or the need for money. Follow Lyn Alden on X: https://x.com/LynAldenContact Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps: 0:00 - Intro 1:15 - Treasury Buybacks and Yield Curve Control 5:55 - Why Long-Term Yields Matter 9:44 - Druckenmiller and Financial Repression 13:10 - Hard Money and Fiscal Dominance 20:36 - Bitcoin’s Role as Money 25:20 - Treasuries, Hard Assets and Currency Failure 29:16 - Bitcoin as a Protocol of Value 32:31 - Bitcoin vs. Gold 36:32 - The Digital Credit Thesis 41:16 - Valuing Digital Credit 47:23 - Stablecoins, Tokenization and Reflexivity 54:41 - Bitcoin, AI Compute and Abundance 59:41 - Closing Thoughts Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.