What Bitcoin Did

“We have approximately 2% market penetration of AI tools. That was all it took to sell out the entire planet’s compute.” Harry Sudock, Chief Business Officer at CleanSpark, returns to discuss why Bitcoin miners are moving into AI and why that could make Bitcoin stronger. We get into the economics driving the shift, what it means for mining decentralisation, and why Harry believes demand for AI compute is only getting started. We also discuss the backlash against AI data centres, including concerns about electricity prices, water consumption and noise. Harry explains why he believes building more power could lower energy bills, how data centers can benefit local communities, and why he would start an energy company today. Sponsors: Ledn - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BitGo - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny Bitkey - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd AnchorWatch - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd Cape - Get 33% off your first six months with code WBD. https://www.cape.co/wbd Abundant Mines - Bitcoin mining made simple. https://abundantmines.com FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Harry Sudock: https://x.com/harry_sudock

“Imagine tomorrow you hear that the US government started putting Bitcoin on their balance sheet. Guess what happens next? Everybody tries to front-run it. Everybody and their mother tries to front-run it.” Misha Komarov and Clara Shikhelman of [[alloc] init] join me to discuss Shielded Bitcoin, their plan to make Bitcoin private. We get into how Bitcoin PIPEs use witness encryption to lock Bitcoin behind a cryptographic proof, how a shielded transaction actually works, why you leave with someone else’s deposit rather than your own, and what it would cost compared with a normal transaction. We also discuss why governments and institutions will need privacy, whether brand new cryptography can be trusted with billions of dollars, how the team plans to pay people to break it, and why they wouldn’t be comfortable with large amounts in it today. Finally, we get into whether Bitcoin’s resistance to change is a feature, whether soft forks are dead, why quantum resistance is a must-have upgrade, and the legal risks of building privacy tools after the Samourai Wallet case. Sponsors: Ledn - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BitGo - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny Bitkey - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd AnchorWatch - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd Cape - Get 33% off your first six months with code WBD. https://www.cape.co/wbd Abundant Mines - Bitcoin mining made simple. https://abundantmines.com FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Misha Komarov:https://x.com/nemothenoone Clara Shikhelman: https://x.com/ClaraShik

“You have inflation, you better own assets.” James Lavish returns to discuss why America’s $40 trillion debt problem limits the Fed’s ability to fight inflation, and why Bitcoin still isn’t ripping. We get into Kevin Warsh’s latest rate decision, how the war in Iran is feeding higher energy prices, and why raising rates could make the debt problem worse while cutting them could push borrowing costs higher. We also discuss Bitcoin fatigue, the money flowing into AI and prediction markets, and why institutions are still moving slowly despite JPMorgan’s bullish long-term forecast. James explains why he believes the Bitcoin bottom is in, his base case of $400K–$500K in early to mid-2029, and why another major drawdown could follow the next bull market. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles James Lavish: https://x.com/jameslavish

“Your house isn’t getting more valuable. Your dollar’s becoming worthless.” Leon Wankum, real estate developer and author of Digital Real Estate, joins me to discuss why he believes Bitcoin will replace property as the world’s dominant store of value. We get into how homes became savings accounts, why rising house prices can hide currency debasement, and whether buying property still makes sense as a way to build wealth. What happens when people stop treating houses as investments? We discuss the housing crisis, the difference between buying a home and saving in real estate, and how much of the wealth held in property could move into Bitcoin. We also get into Bitcoin-backed mortgages, corporate Bitcoin treasuries, and why governments have so much at stake in keeping house prices high. Could Bitcoin make housing affordable again, and how long might that transition take? THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Leon Wankum: https://x.com/leonwankum

“Our vision was one, his vision was different. Why would he stay?” Nacho Pauls, Chief Commercial Officer at OCEAN, joins me to discuss why Luke Dashjr and Mechanic left the company, the fallout from BIP110, and how the controversy cost the pool nearly half its hashrate. He gives his account of the internal disagreements, the painful split and what comes next. We also get into why major Bitcoin miners are turning towards AI, and why Nacho believes the shift could actually strengthen Bitcoin. How decentralised is Bitcoin’s mining industry? We discuss the influence of large pools and hardware manufacturers, the risks of government pressure, and why control over which transactions enter a block matters. We also get into stranded energy, the economics of staying competitive and the challenges miners face heading towards the 2028 halving. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Nacho Pauls: https://x.com/NachoPauls

"This doesn’t stop, it accelerates from here." Rob Hamilton returns to discuss the AI attacks on Bitcoin, the fallout from the Coldcard hack and the volunteers racing to find vulnerabilities before hackers do. He explains how the Bitcoin Red Team scanned around 650 codebases, flagging more than 10,000 potential issues, including 1,500 rated high or critical. We discuss how a $1 AI scan helped Rob identify the Coldcard flaw, what the team found when it tested Bitcoin Core, and how AI is uncovering problems that security audits missed. Rob also explains why he expects the attacks to spread beyond Bitcoin. We also get into what this means for self-custody, the risks of relying on a single hardware wallet, multisig, testing your backups and whether Bitcoiners really understand the systems protecting their life savings. Finally, we discuss why some American AI models refused to help with the defensive work, how Chinese open models filled the gap, and why Rob sees attempts to restrict access to AI as a threat to freedom of thought. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Rob Hamilton: https://x.com/Rob1Ham

“The people who bet right by being early to Bitcoin are the ones who get blamed.” Avik Roy returns to discuss why he believes America’s debt crisis is far worse than official forecasts suggest, and why Bitcoiners shouldn’t assume they’ll be safe. We get into his 15-year warning, the risk of bank failures and inflation, and how governments could restrict access to Bitcoin or target those who hold it. We also discuss self-custody, capital controls and the freedom to exit, before getting into Bitcoin treasury companies and whether their incentives align with shareholders. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Avik Roy: https://x.com/Avik

“The worst thing is to not own any of it.” Eric Yakes returns to discuss why he believes Bitcoin’s four-year cycle is breaking, why diminishing returns may not be inevitable, and how institutional and nation-state demand could change the next rally. He explains why Bitcoin needs to become bigger and more liquid before its largest potential buyers can make meaningful allocations. We also get into Bitcoin’s role as a hedge against debasement, the debate over money versus digital gold, and why Eric rejects the “private Bitcoin” pitch around Zcash. We finish with how AI could make Bitcoin’s scarcity more valuable, the security risks that concern him most, and why he still believes the biggest mistake is owning none. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Eric Yakes: https://x.com/ericyakes

“Bitcoin feels alive, but not intelligent. And AI feels intelligent, but not alive.” Dhruv Bansal joins to discuss why AI may need Bitcoin to survive, why autonomous agents could choose Bitcoin over dollars and stablecoins, and how earning Bitcoin to pay for their own resources could align them with human needs. We also get into how Bitcoin could help rebuild a free and open internet, the problems with advertising and surveillance, and whether AI could accelerate hyperbitcoinization. Dhruv explores how Bitcoin and AI could give rise to a new form of digital life and why he sees an optimistic path for both. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/ ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Dhruv Bansal: https://x.com/dhruvbansal

“We experienced, as a percentage of deposits, the biggest bank run in history.” Alan Lane joins to discuss the fall of Silvergate, the bank run that followed FTX’s collapse, and how his team kept meeting withdrawals as 70% of deposits left. He explains why he believed the bank could rebuild and what changed between surviving the run and deciding to close. We also get into Operation Choke Point 2.0, why Alan believes Washington wanted the industry cut off from banking, and the failures of Silicon Valley Bank and Signature just days after Silvergate’s wind-down announcement. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/ ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd