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