“We are in the digital gold rush to acquire as much Bitcoin as humanly possible.”

Jeff Walton joins the show to break down the rise of Bitcoin-backed credit, Strive’s SATA instrument, and why perpetual preferred equity could become one of the most important capital market innovations in Bitcoin.

We discuss why SATA is now paying daily dividends, how Strive thinks about risk, reserves, leverage, and Bitcoin coverage, and why these new credit instruments may become a structural buyer of Bitcoin through both bull and bear markets.

We also get into Strategy’s role as the market leader, the shift away from convertible debt, the future of Bitcoin treasury companies, proof of reserves, custody risk, institutional adoption, and whether Bitcoin credit could eventually reprice the entire credit market.

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“Whoever blinks first wins.”

Mechanic joins me to discuss the controversial BIP110 proposal, the fight over spam and inscriptions, and whether Bitcoin users can force a consensus change without support from the major mining pools.

We get into miner power, node enforcement, UASF game theory, soft forks, and whether Bitcoin is drifting away from its original purpose as money. Mechanic argues that Bitcoin’s strength comes from ordinary users enforcing the rules, not corporations, exchanges, or miners.

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“Trust the process. The money will be printed.”

Arthur Hayes returns to the show to explain why he believes the Bitcoin bull market is back on, and why the next move higher will once again be driven by global liquidity.

In this episode, we discuss why war, AI, supply chain fragility, rising bond market stress, and political incentives all point in the same direction: more spending, more debt, and more money printing. Arthur explains why governments are not going to choose austerity, why the inflationary tax is the path of least resistance, and why Bitcoin remains the trade in a world where fiat liquidity keeps expanding.

We also get into the risks ahead: AI-driven job losses, social unrest, energy and commodity shocks, the fragility of the Treasury market, and the possibility of another policy panic.

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Arthur Hayes: https://x.com/CryptoHayes