In this episode, co-host of the Bitcoin Treasuries podcast Tim Kotzman breaks down the rapid rise of Bitcoin treasury companies beyond MicroStrategy, highlighting the opportunities in untapped global markets, the emergence of new investor metrics like Bitcoin-per-share and forward mNAV, and the challenges for retail investors navigating risk and jurisdictional complexity. He discusses company differentiation, the potential for M&A, the influence of institutional adoption, and why he expects significant expansion in the sector through year-end. Enjoy! — Follow Tim: https://x.com/TimKotzman Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (02:28) Bitcoin Treasury Boom (04:36) Are We Still Early? (06:12) Increasing BTC Per Share (09:36) Valuation Metrics (10:29) Ledn Ad (11:11) Valuation Metrics (14:58) Role of mNAV (17:34) Challenges for Retail (21:47) How Do You Maximize Your BTC? (22:29) Ledn Ad (26:03) Differentiating From Other Companies (30:36) Bitcoin vs Digital Asset Treasuries (33:39) Treasury Boom Expansion or Contraction? (35:42) When Will Mag7 Buy Bitcoin? (41:43) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Adrian Morris of True North argues that Bitcoin’s current market phase is fundamentally different from past cycles. He attributes prior boom-bust patterns less to the halving schedule and more to stimulus-driven speculation, noting that institutional ETFs, corporate treasuries, and reduced volatility are now creating a stronger, more stable bid. This “Stairway to Heaven” thesis envisions Bitcoin steadily stair-stepping higher rather than repeating extreme four-year cycles. Enjoy! — Follow Adrian: https://x.com/Adrian_R_Morris Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (00:55) Debating Bitcoin's Four-Year Cycle (05:35) Historical Context & Early Bitcoin Market (09:20) Impact of Stimulus on Bitcoin & Altcoins (17:50) Institutional & Corporate Influence (31:05) Ethereum & Institutional Sentiment (36:42) Corporate Bitcoin Strategies & Risks (41:16) Digital Asset Treasury Movement (42:44) Ethereum vs. Bitcoin Treasuries (48:49) Stairway to Heaven: Bitcoin's Future (52:07) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, author of Bitcoin Supercycle Michael Terpin explains why he believes the four-year Bitcoin cycle is still intact. He outlines his view that Bitcoin operates in "seasons" (spring, summer, fall, winter), with predictable post-halving behavior and diminishing returns. While macro forces and ETF inflows may distort short-term sentiment, Michael argues that human psychology and market structure still drive cyclical corrections. Enjoy! — Follow Michael: https://x.com/michaelterpin Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (01:37) Debating the Bitcoin Supercycle (09:08) Early & Future Bitcoin Adoption (11:30) Ledn Ad (12:09) Early & Future Bitcoin Adoption (13:52) Political Influence on Bitcoin (18:31) Bitcoin's Seasonal Patterns (25:29) Ledn Ad (26:17) Ethereum & Altcoins (30:08) Innovations & Failures in Crypto (44:05) The Concept of Bitcoin Supercycle — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Bitwise CIO Matt Hougan explains why he thinks the four-year Bitcoin cycle is breaking down. He predicts a smoother, longer cycle ahead, driven by ETF flows, regulatory clarity, and a more mature market structure.While Rizzo wrestles with nostalgia for the classic boom-bust cycle, Hougan makes the case that “this time really is different.” Enjoy! — Follow Matt: https://x.com/Matt_Hougan Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (01:03) Debating Bitcoin's Four-Year Cycle (04:13) Institutional Adoption & Regulation (04:57) Are Four-Year Cycles Psychological? (08:37) Bitcoin’s Evolving Political Impact (09:48) Ledger Ad (10:38) Bitcoin’s Evolving Political Impact (17:00) Institutions Are Slow & Steady (18:58) Reflecting on Bitcoin's Scarcity (22:20) Crypto Regulation & Institutional Impact (23:38) Ledger Ad (24:25) Retail Investors & the Four-Year Cycle (25:45) Adapting to Bitcoin's Middle Ages (33:28) Can Blockchain Support Incoming Demand? (36:50) Sovereign Adoption & Strategic Reserves (38:28) OG Bitcoin HODLers Cashing Out (41:38) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Maple Finance CEO Sidney Powell joins the show to discuss the evolving market for earning yield on Bitcoin. We explore the rise of Bitcoin treasury companies like MicroStrategy, the differences between capital structure-based returns and real onchain yield, and the role of staking and DeFi in delivering Bitcoin-native returns. Sid breaks down the risk profiles between tokenization and securitization, discusses Bitcoin Layer 2 competition, and shares why Maple is betting on the emergence of a Bitcoin yield ecosystem. Enjoy! — Follow Sid: https://x.com/syrupsid Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: 00:00 Earning Yield with Your BTC 02:40 Bitcoin Treasury Companies vs Maple 10:50 Securitization vs Tokenization 13:40 Maple’s Target Market 17:10 Appealing to Bitcoiners 21:40 Layer 2 Ecosystems 24:15 Will Bitcoin Have a Killer App? 27:28 Building off of Bitcoin 29:23 Bitcoin’s Long-Term Security Problem 32:00 Different Ways to Generate BTC Yield 34:05 Moving to a Multi-Blockchain World? 36:40 Will Banks Allow Disruption? 39:30 Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, OG Bitcoiner Alp reflects on Bitcoin’s transformation from a fringe libertarian experiment to a mainstream political tool. They discuss the dilution of early Bitcoin culture, the lingering identity crisis among mid-cycle adopters, the myth of ongoing existential threats, and the shift from cypherpunk ideals to nation-state interests. Alp shares his skepticism of Bitcoin's co-option by U.S. political movements and emphasizes that while Bitcoin is no longer underground, its core functionality and value remain intact. Enjoy! — Follow Alp: https://x.com/alpacasw Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (06:04) Bitcoin’s Changing Culture (09:56) Ledger Ad (10:43) Bitcoin’s Contrarian Mindset (16:46) Evolution of Bitcoin Upgrades (20:26) Unpacking Bitcoin Knots (24:45) Future of Bitcoin & Political Implications (26:13) Ledger Ad (27:00) Future of Bitcoin & Political Implications (28:13) Currency Competition, Tether & Dollarization (29:55) US Politics & Bitcoin (32:14) Stablecoins & the Financial System (36:59) Bitcoin's Role in America's Debt Problem (48:46) The Cypherpunk Dream & Bitcoin's Future (52:31) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Bitcoin veteran Jameson Lopp discusses the growing threat of quantum computing to Bitcoin’s cryptography. He breaks down his new Bitcoin Improvement Proposal (BIP) that aims to prevent a catastrophic supply shock by encouraging a network-wide migration to quantum-resistant addresses. Lopp explains the nuances of Shor’s algorithm, possible migration schemes, controversies around locking old funds, and his phased plan to protect user assets. We also touch on the state of Bitcoin L2s, BitVM progress, mining risks, and the philosophical tension between ossification and innovation. Enjoy! — Follow Jameson: https://x.com/lopp Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 Against Allowing Quantum Recovery of Bitcoin: https://blog.lopp.net/against-quantum-recovery-of-bitcoin/ — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (02:38) Bitcoin’s Quantum Threat (07:18) Presidio Conference (10:27) Quantum Resistant Solutions (11:08) Ledn Ad (11:45) Quantum Resistant Solutions (17:14) Jameson’s Proposal (23:21) What If You’re In A Coma? (25:00) Ledn (25:45) Proposal Feedback (27:20) Quantum Mining (29:59) How Fast Is A Quantum Hack? (32:15) The Quantum Plan (33:41) How To Protect Your Funds? (35:39) Bitcoin Layers 2s (37:43) Core vs Knots (42:01) Is Bitcoin Progressing? (45:16) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Co-Founder of StarkWare Eli Ben-Sasson joins the show to explore the philosophical and technical crossroads between Bitcoin and Ethereum. He recounts the early hopes of building zk-tech on Bitcoin, the cultural rift that pushed innovation elsewhere, and why Bitcoin’s potential remains limited without soft forks. Eli argues for a future where Bitcoin’s principles—decentralization, verifiability, and self-custody—can scale globally through new cryptographic tools like ZK proofs and Layer 2s. He reflects on governance, protocol ossification, and the critical need for experimentation to preserve Bitcoin’s revolutionary promise. Enjoy! — Follow Eli: https://x.com/EliBenSasson Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (01:41) Early Bitcoin Development (02:48) Privacy & Alternative Cryptocurrencies (05:56) Bitcoin: The Asset vs. Tech (10:03) Ledger Ad (10:51) Bitcoin: The Asset vs. Tech (13:48) Ethereum's Emergence & Impact (20:53) Experimentation & Innovation in Crypto (31:54) The Cultural Impact of Bitcoin's Development (34:03) Historical Perspective on Bitcoin's Adoption (34:55) The Necessity of Experimentation in Crypto (35:54) Bitcoin's Global Product Market Fit (37:12) Ledger Ad (37:59) Challenges in Bitcoin's Consensus Process (39:18) Governance Issues in Decentralized Blockchains (41:33) The Future of Bitcoin & Global Economics (43:34) The Role of Decentralization in Blockchain (54:51) ZK Technology & Its Applications (01:01:32) Living on Bitcoin — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Didi Taihuttu—aka the "Bitcoin Family" patriarch—shares the origin story behind selling everything to go all-in on Bitcoin, from early GPU mining and Dogecoin experiments to surviving bear markets and living unbanked for nearly a decade. He discusses why he believes Bitcoin is the only true tool for financial freedom, the moral cost of traditional finance, and how the rise of stablecoins, Lightning, and crypto infrastructure shape a new global reality. Plus, how Bitcoin can empower machines, children, and the next generation of digital nomads. Enjoy! — Follow Didi: https://x.com/Diditaihuttu Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (01:14) Bitcoin Bull Markets (03:52) Early Days of Bitcoin Mining (08:23) Switching to Dogecoin (09:35) Ledn Ad (10:13) Switching to Dogecoin (11:33) Selling Everything for Bitcoin (13:58) Living the Bitcoin Lifestyle (20:36) Trading and the 2017 Crypto Boom (21:37) Bitcoin Maximalism & Diversification (22:58) Living Unbanked (24:30) Ledn Ad (25:16) Investing in Crypto Projects (26:48) The Cultural Schism in Bitcoin Maximalism (30:01) The Future of Bitcoin & Decentralization (33:20) Lightning Network & Education (36:11) Stablecoins (39:50) The Future of Bitcoin Adoption (43:11) Predicting Bitcoin's Future (46:22) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Founder & CEO of Surus.io Patrick Murck joins the show to reflect on Bitcoin’s rise to a fresh all-time high, its original mission of financial autonomy, and the tension between price appreciation and real-world use. He discusses stablecoins as dollar-compatible tools, why market structure reforms are stalled, and how his new company enables tokenized real-world assets with bankruptcy-remote custody. We also explore US regulatory history, accredited investor rules, and why crypto remains an experiment with both promise and pitfalls. Enjoy! — Follow Patrick: https://x.com/virtuallylaw Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for $100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (01:00) Bitcoin's All-Time High (03:23) Bitcoin's Evolution (05:25) Bitcoin Treasuries & Corporate Adoption (06:19) Ledger Ad (07:05) Bitcoin Treasuries & Corporate Adoption (20:37) Regulatory Landscape & Early Challenges (35:12) Ledger Ad (35:57) Regulatory Landscape & Early Challenges (38:17) Crypto Market Structure & Securities Laws (43:21) The Future of Crypto Innovations (46:03) Bitcoin Treasuries and Marketplaces (50:33) Challenges in Crypto Regulation (55:52) Building Real World Asset Tokens (01:20:19) The Evolution of Crypto Generations (01:09:38) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Alex B from Ark Labs joins the show to discuss how Arkade, a new Bitcoin scaling protocol, enables off-chain programmability without bridges, preserves self-custody, and avoids global state constraints. He discusses complementarity with Lightning, unlocking Bitcoin-native capital markets, programmable contracts, synthetic assets, and how Arkade could transform Bitcoin financial infrastructure – and more. Enjoy! — Follow Alex: https://x.com/bergealex4 Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (02:37) What is Arkade? (06:17) Ledn Ad (06:59) Programmability & Scripting (12:32) Comparing Arkade with Other Solutions (33:01) Future of Bitcoin Financialization (33:49) Ledn Ad (34:35) Future of Bitcoin Financialization (48:46) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, CEO of Swan Cory Klippsten discusses Swan Bitcoin’s Series C raise and its partnership with a French semiconductor company pivoting into Bitcoin treasury accumulation. He explains the rise of leveraged Bitcoin equities, how these companies use debt markets to acquire Bitcoin, and the potential influx of institutional fixed income into Bitcoin. Cory breaks down risks, opportunities, and why he believes Bitcoin-focused financial institutions are inevitable – touching on market cycles, treasury company models, and strategic corporate adoption. Enjoy! — Follow Cory: https://x.com/coryklippsten Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: 00:00 Swan-Sequans Treasury Partnership 2:45 Bitcoin Treasury Endgame 4:59 Leveraged Bitcoin Equities 6:30 Breaking Down the Strategy 7:30 Ads (Ledger) 8:14 Breaking Down the Strategy 12:07 Unique Arbitrage Opportunities 15:35 Differentiating Good vs Bad Actors 17:55 Fixed Income Opportunity 19:36 When do the Floodgates Open? 22:53 Ads (Ledger) 23:38 When do the Floodgates Open? 25:06 Swan’s Goals 28:33 Crypto Treasury Companies 30:44 Is this Bull Market Different? 32:44 Bitcoin Treasury Doomsday 36:00 Moving Toward Hyperbitcoinization 38:40 Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Bitcoin core developer Peter Todd discusses the rise of Bitcoin Knots, censorship debates, op_return limits, miner incentives, the challenges of blocking ordinals and inscriptions, scaling via Lightning, the future of Bitcoin development, and more. Enjoy! — Follow Peter: https://x.com/peterktodd Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (01:24) Bitcoin's Firestorm (02:07) Ledn Title Ad (02:28) Bitcoin's Firestorm (06:27) Satoshi Dice (08:50) Censoring Transactions (13:34) Ability to Dissent (16:45) Ledn Ad (17:22) Is Bitcoin Knots A Threat? (20:16) The Knots Critique of Bitcoin (27:52) Making A Moral Argument (28:46) Ledn Ad (29:32) Making A Moral Argument (32:03) Responsibility of Miners (35:54) Filtering is Pointless (37:33) “Shoulds” vs Reality (41:56) Development & Price (44:56) Multiple Bitcoin Soft Forks (47:19) Bitcoin Dream Development (49:53) Alternative Financial System (53:22) Innovations in Crypto — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this special interview live from Permissionless IV, Rizzo sits down with Bitcoin OG & Core developer Jeff Garzik to reflect on Bitcoin’s early days, the culture shift from experimentation to ossification, and his belief that Bitcoin’s social and monetary network would have emerged regardless of specific developers. Garzik critiques Lightning as a failed detour, champions Layer 2s like Hemi for bringing programmability to Bitcoin, and stresses that Ethereum remains vital due to its developer traction and audit maturity. Enjoy! — Follow Jeff: https://x.com/jgarzik Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (01:47) Building the Bitcoin Market (08:16) Ledger Ad (09:42) Bitcoin Then vs Today (11:55) Bitcoin Ossification (13:39) Was Bitcoin Inevitable? (18:38) Who Controls Bitcoin? (21:37) Bitcoin Forks & Lightning Network (25:01) Crypto is the Beta Test for Bitcoin (25:34) Ledger Ad (26:19) Crypto is the Beta Test for Bitcoin (31:08) What Did Ethereum Achieve? (36:46) EVMs, BitVM & L2s (41:24) Unleashing Bitcoin Upgrades (49:25) Identifying the Problems (57:46) Why Work on Bitcoin Today? — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this special bonus episode, we dive into the takeaways from Permissionless IV, unpacking the biggest industry narratives and themes shaping crypto today. We discuss the future of stablecoins, give a candid macro outlook, and explore how Big Tech is positioning itself as the next crypto overlord. Finally, we reflect on some predictions we got wrong – and what we learned from them. Enjoy! — Follow Jack: https://x.com/whosknave  Follow Felix: https://x.com/fejau_inc  Follow Boccaccio: https://x.com/salveboccaccio  Follow Danny: https://x.com/defi_kay_  Follow Rizzo: https://x.com/pete_rizzo_  Follow Supply Shock: https://twitter.com/SupplyShockBW  Follow Blockworks: https://twitter.com/Blockworks_   Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx  Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock  Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6  — Timestamps: (00:00) Intro (00:57) Permissionless IV Takeaways (07:00) Biggest Industry Narratives (12:00) Future of Stablecoins (17:44) Macro Outlook (20:47) Big Tech Overlords (28:38) Predictions We Got Wrong — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this special episode of Supply Shock live from Permissionless IV, Pete Rizzo hosts a panel of top builders pushing the frontier of Bitcoin development: Jeff Garzik (Hemi), Muneeb Ali (Stacks), Eli Ben-Sasson (StarkWare), and Hong Kim (Core). They debate where to build in the Bitcoin ecosystem, the evolving use cases for Bitcoin L2s, and how to make BTC productive through lending, yield, and interoperability. The panel also explores the path to mass adoption, the limits of Bitcoin's base layer, and whether mainstream apps like Polymarket can thrive on Bitcoin. Enjoy! — Follow Jeff: https://x.com/jgarzik Follow Muneeb: https://x.com/muneeb Follow Eli: https://x.com/EliBenSasson Follow Hong: https://x.com/hongkim__ Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. — Timestamps: (00:00) Introduction (02:53) Challenges and Opportunities in Bitcoin (06:26) Ledn Ad (07:07) Challenges and Opportunities in Bitcoin (08:26) Use Cases and Innovations (14:20) Mainstream Adoption and Success Metrics (18:30) Ledn Ad (19:17) Mainstream Adoption and Success Metrics (24:52) Technical Barriers and Solutions (36:03) Corporate Treasury and Yield (40:15) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode live from Permissionless, Milk Road founder Kyle Reidhead joins the show to discuss the drivers of Bitcoin demand, the impact of the Israel-Iran war, and whether crypto money will chase crypto IPOs, treasury companies, or something else. We also discuss Michael Saylor & Strategy, who wins the stablecoin boom, what the future for Bitcoin looks like, and more. Enjoy! — Follow Kyle: https://x.com/KyleReidhead Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (00:32) What Drives Bitcoin? (06:15) Ledger Ad (08:26) Bitcoin vs Gold (14:19) This Cycle’s Narrative (18:20) Ledger Ad (19:08) Strategy & Crypto Treasury Companies (24:28) Where Does Value Accrue in Crypto? (27:07) Regulation Tailwinds (29:24) Bitcoin vs Crypto (32:22) Bringing the World Into Bitcoin (35:15) Big Bitcoin Catalysts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this special episode from the Empire podcast, Blockworks unveils its new Token Transparency framework—an initiative designed to close the information gap and bring much-needed clarity to the crypto space. Dan Smith, Head of Data at Blockworks, explains how this framework will reshape how token projects operate and why transparency is the key to crypto’s future. Enjoy! — Follow Dan: https://x.com/smyyguy Fallow Yano: https://x.com/JasonYanowitz Follow Empire: https://x.com/theempirepod Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! https://blockworks.co/event/permissionless-iv — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io/ to learn more. Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: 00:00 Token Transparency 02:25 The Token Market & Lemons 09:54 Ads (Ledn) 10:30 The Token Market & Lemons Cont'd 11:40 Equity vs Token Risk 14:18 Structural Token Issues 17:12 How Did We Get Here? 22:57 Token Horror Stories 31:50 Token Launches 36:06 Ads (Ledn) 36:51 Token Launches Cont'd 56:50 Best Case Scenario 01:02:38 Impact On Token Prices — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Bitcoin historian Pete Rizzo joins the Milk Road Show to share his thesis on the coming explosion of Bitcoin treasury companies and why they may drive the next major inflow into Bitcoin. He explains why stablecoins and NFTs were once ignored just like Bitcoin treasuries are now, why thousands of firms—not dozens—might soon hold BTC, and how this could mirror past crypto waves like CoinMarketCap and the ICO boom. The episode also touches on meme coins, regulatory bottlenecks, tokenized stocks, Bitcoin vs. crypto culture, and more. Enjoy! — Follow Jay: https://x.com/JayHamilton0 Follow Milk Road: https://milkroad.com/ Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! https://blockworks.co/event/permissionless-iv — Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com. — Timestamps: (00:00) Introduction (02:32) How Bitcoin’s Narrative Quietly Shifted (10:50) Ledger Ad (11:36) What’s the Big Trend Everyone’s Missing? (14:09) Is an Altcoin Season Still Coming? (18:54) Ledger Ad (19:41) Why Japan’s Bitcoin Stocks Are Booming (21:48) Do We Need This Many Bitcoin Treasury Companies? (25:29) How Bitcoin Companies Will Evolve Next (27:08) Is This Bitcoin’s Biggest Inflow Catalyst? (27:50) Has Crypto Innovation Hit a Wall? (33:42) Are Tokenized Stocks & Stablecoins the Future? (38:36) Why Bitcoin Needs Separation from Crypto (41:07) Are More Bitcoin Winters Inevitable? (47:15) Wrap-Up — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

This week, Rizzo is joined by Nolan Bauerle and Michael McSweeney for a heavyweight clash of Bitcoin visions: Jack Dorsey vs. Michael Saylor. The panel breaks down Dorsey’s developer-first, decentralized payments push versus Saylor’s Wall Street-centric, corporate treasury strategy. They debate who's funding Bitcoin’s future, who’s leading the charge in public perception, and which model holds up better under political and economic pressure. Enjoy! — Follow Nolan: ⁠https://x.com/countbtc⁠   Follow Michael: ⁠https://x.com/mpmcsweeney⁠   Follow Rizzo: ⁠https://x.com/pete_rizzo_⁠   Follow Supply Shock: ⁠https://twitter.com/SupplyShockBW⁠  Follow Blockworks: ⁠https://twitter.com/Blockworks_⁠   Supply Shock Telegram: ⁠https://t.me/+SpmLg6P_QcgxNDcx⁠  Supply Shock Newsletter: ⁠https://blockworks.co/newsletter/supplyshock⁠  Supply Shock Survey: ⁠https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6⁠  — Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! ⁠https://blockworks.co/event/permissionless-iv⁠  — Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit ⁠https://www.ledn.io/⁠ to learn more.  — Timestamps: (00:00) Introduction (03:01) Michael Saylor's Bitcoin Journey (05:14) Jack Dorsey's Bitcoin Vision (08:44) Comparing Saylor and Dorsey's Approaches (11:22) Ledn Ad (11:59) Investment Strategies and Funding (20:32) Corporate Treasury and Market Impact (28:29) Personal Reflections on Jack Dorsey (28:58) Ledn Ad (29:45) The Cult of Personality in Bitcoin (31:19) Narrative Building and Financial Engineering (32:33) Corporate Adoption of Bitcoin (34:47) The Evolution of Bitcoin Narratives (35:30) Human Capital and Industry Shifts (37:25) Political Influences and Bitcoin (40:48) Challenges and Opponents (48:21) The Future of Bitcoin (49:20) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock