Podcast Summary: "Bitcoin’s Historic Year Winds Down & FDA Weighs in on GLP-1 Pill"

Podcast: Brew Markets
Host: Ann Berry
Date: December 23, 2025

Episode Overview

This episode of Brew Markets offers a year-end recap of Bitcoin's watershed year in the markets and regulatory space, delving into what made 2025 a turning point for cryptocurrency. Host Ann Berry, joined by her producer John and later by guest Natalie Brunel (author of Bitcoin Is For Everyone), explores key milestones, regulatory shifts, price volatility, and the broader mainstreaming of crypto. The second half focuses on Natalie’s bullish perspective on Bitcoin's unique role as both savings technology and global empowerment tool, including real-world stories and debates about its role versus traditional assets. The episode closes with quick coverage of major news on mergers & acquisitions and Novo Nordisk’s breakthrough FDA approval for an oral weight-loss drug.

Key Discussion Points and Insights

1. The Mainstreaming of Crypto in 2025 (02:49–13:00)

• 2025: The Year Crypto Went Mainstream

  • Significant regulatory changes in the U.S. fostered institutional adoption.
    • "Since President Trump’s inauguration in January, the US regulatory stance has shifted from enforcement to fostering blockchain innovation..." (00:54)
    • SEC leadership and passage of the Clarity Act and Genius Act facilitated institutional and retail involvement.

• Market Milestones

  • Crypto market cap crossed $4 trillion in July, Bitcoin hit an all-time high of over $126,000 in October; later dropped below $100,000. (03:36)
  • Major financial institutions and fintechs (Stripe, PayPal, Shopify) made big moves:
    • Stripe’s $1.1B acquisition of Bridge, Circle’s $1B IPO, PayPal’s “Pay with Crypto” initiative, and Shopify accepting stablecoins. (04:06–05:23)
    • "When you see the likes of Visa and Mastercard... these are real institutions saying, okay, whatever our feelings about the..." (05:32)
  • Institutional products (ETFs, custodial services) proliferating for both retail and professional clients.

• Key Regulatory Milestones

  • Genius Act (regulates stablecoins—reserve, transparency, oversight).
  • Clarity Act (clarifies whether tokens are securities or commodities).
  • Result: 64% increase in mentions of stablecoins in SEC filings. (06:50)

• Volatility & October Sell-Off

  • October 10: Massive $19B liquidation, market cap shed $1T (25% drop)—catalyzed by anticipated tariffs, but underpinned by deeper forces. (07:28–08:36)
    • Debate on why: Is it macro tech jitters? Answer unclear, with AI and tech stocks recovering but crypto still trailing.

• Digital Asset Treasuries ("DATs")

  • Explosion from 10 to 200 DAT companies holding crypto on their balance sheets (~4% of all BTC/ETH).
  • "Michael Saylor's Strategy just yesterday said in a filing that it had bolstered its cash reserves..." (09:54)
  • MSCI consultation on whether to reclassify these firms as fund-like vehicles threatens their inclusion in indexes, possibly reducing passive demand for both DAT stocks and Bitcoin itself. Critical decision expected Jan 15, 2026. (11:45–12:57)
  • "There is one theory that January 15 is the date everyone is waiting for to see if the underlying demand for Bitcoin is going to rev back up again." (12:54, John)

2. Interview with Natalie Brunel: Bitcoin's Purpose and Power (15:12–40:24)

Natalie Brunel’s Core Arguments

• Bitcoin as a Unique Asset and Savings Technology

  • Bitcoin is separated from “broader crypto,” viewed as neutral, apolitical, finite, and accessible.
    • "Bitcoin is the best savings technology and one that is accessible to everyone in the world." (15:36)
    • 90% of Natalie’s assets are in Bitcoin, "putting her money where her beliefs are." (15:00)

• Bitcoin’s Immunity (or Not) From Inflation

  • Fixed supply: "There's only going to be 21 million Bitcoin; that's in the code..." (16:35)
  • Satoshis: Fractional units make it accessible worldwide for as little as $5. (20:01)
  • Asset inflation debate: Ann presses on whether Bitcoin is truly immune to inflation when price rises because of more buyers—Brunel argues that accessibility through fractional ownership makes it unique, with ongoing global demand the primary driver of price. (21:28)
  • "It grows in value at an average rate of 20 to 30% per year. Conservatively, on average, it's actually been growing like 50 to 60%." (20:49, Brunel)

• Bitcoin vs. Stocks and Real Estate

  • Stocks are subject to human risk (management, competition, changing products), Bitcoin isn't—no board, CEO, or company decision-making.
    • "Bitcoin is something that is not something that's the purview of any humans to control... and it's something that's really tied to just something that no one can manipulate, which is energy." (24:06, Brunel)
  • Ownership demographics: Top 10% own 85% of U.S. stocks; bitcoin’s distribution is more egalitarian as it grows. (24:06)

• Human Stories: Global Economic Empowerment

  • Bitcoin provides lifelines in economies with currency collapse or oppressive regimes.
    • Examples:
      • Lebanese woman unable to access her own bank funds.
      • Roya Mahboob in Afghanistan pays female staff in bitcoin, circumventing gender-restricted banking.
      • "If she had had bitcoin, she would have been able to access her wallet, especially if it was in self custody, and use that bitcoin to empower her family to flee if she needed to flee." (28:02)

• U.S. Context: Savings Crisis & American Dream

  • Despite new platforms offering fractional stock ownership, most Americans still don’t invest.
    • "The majority of stocks are owned by a few people in this country. Like, the 10% own 85% of stocks. I’m trying to make asset accumulation more accessible." (24:06)
  • Main problem: inability to save in a reliable way due to inflation/high living costs.

Bitcoin as Currency: Adoption Timeline and Role of Merchants

• Medium of Exchange vs. Store of Value

  • Natalie: Store of value will be the first role; currency use will follow as merchants start preferring payment in bitcoin.
    • Block enabling merchants to accept bitcoin seamlessly. (31:19)
    • "I think businesses will start to say, I want you to pay me in bitcoin. And that's where we'll see more of the medium of exchange and the velocity of the money will increase." (31:20)

• Stablecoins vs. Bitcoin

  • Stablecoins provide cheap, easy access to dollars for those who need them; bitcoin becomes the next step as a savings vehicle. (32:00–32:29)

• Timeline for Broader Adoption

  • "I think in the next 10 years we'll be surprised by how much activity has happened and how much evolution, especially now that the institutions are coming in." (32:40)

3. Institutions & The “Money Printer Mountain” (33:48–38:08)

• Institutional Adoption: Pros & Cons

  • Trend: Harvard’s largest equity holding is now BlackRock’s Bitcoin ETF (IBIT).
  • Natalie’s concern: “I don't want the institutions to front run everyone. I want us ... to get our chance to accumulate as many satoshis as we can before bitcoin hits a million dollars.” (35:09)

• “Money Printer Mountain” and Egalitarian Ownership

  • In the fiat system, proximity to central banks determines who benefits most; in Bitcoin, no one can print, inflate, or change the rules.
    • "Anyone who starts to just accumulate a bit, little bit, their purchasing power is going up along with everyone else. So... all of us benefit." (36:40)

• Trust and America

  • Ann asks whether Bitcoin becomes a “flight to safety” in the U.S.; Natalie’s stark answer:
    • "I actually think that trust is so broken down right now that if bitcoin didn't exist, I would have very little hope for what could bring us together." (38:35)
    • Bitcoin provides an option for peaceful transition to a more equitable system.

4. Rapid News Roundup: M&A and Pharmaceuticals (40:24–42:19)

• ServiceNow Acquires Armis

  • $7.75B cash deal to enhance cybersecurity within ServiceNow’s enterprise software ecosystem.
  • Part of an M&A surge as the year closes. (40:37)

• Novo Nordisk’s FDA-Approved Weight Loss Pill

  • Approval of an oral GLP-1 (same active as injectable Wegovy/Ozempic) makes headlines; stock jumps 8%. (41:24)
  • Ongoing rivalry with Pfizer for oral obesity treatments. (41:34)

Notable Quotes & Timestamps

• On 2025 as a Crypto Watershed:

  • “This is the year that crypto sort of went mainstream.” — John, (03:26)

• On Regulation Unlocking Adoption:

  • “In July, Congress passed the bipartisan Genius act ... setting the standards for reserve backing, transparency and oversight. Now this was a really critical moment...” — Ann (05:59)

• On DAT Companies and Index Inclusion:

  • “D A Ts have been benefiting from the index inclusion game ... as a DAT grows large enough, it’s included in indices like MSCI... Under the proposal, if a firm’s digital asset holdings represents 50% or more of its assets, it could now be excluded from MSCI’s main equity indexes...” — Ann (11:45)

• On Bitcoin's Accessibility:

  • “Anyone can verify the code. It’s open source. So you have it right there in the code. It says no more than 21 million.” — Natalie Brunel, (16:35)

• On Long-Term Thesis:

  • “Bitcoin is something that is not something that's the purview of any humans to control ... and it's something that's really tied to just something that no one can manipulate, which is energy.” — Natalie Brunel, (24:06)

• On Human Rights and Bitcoin:

  • “There are billions of people who are in regimes that are oppressive, authoritarian, and they need economic freedom more than anyone.” — Natalie Brunel, (29:34)

• On Trust and the Future:

  • "I actually think that trust is so broken down right now that if bitcoin didn't exist, I would have very little hope for what could bring us together." — Natalie Brunel, (38:35)

Key Timestamps

• 02:49 – 13:00: 2025 Crypto Milestones, Market Trends, Regulation
• 15:12 – 40:24: Interview with Natalie Brunel — Bitcoin purpose, inflation, asset-vs-currency debate, global stories
• 40:24 – 41:24: Breaking News: ServiceNow–Armis deal
• 41:24 – 42:09: FDA approval for Novo Nordisk’s weight loss pill and pharma context

Tone and Flow

The episode maintains Morning Brew’s signature clear, brisk, and data-driven tone, with moments of debate, skepticism, and relatable personal stories, especially as Ann Berry alternates between market analyst and empathetic interviewer. Natalie Brunel’s advocacy for Bitcoin is passionate, personal, and rooted in both macroeconomic analysis and individual empowerment narratives.

This summary is designed to give listeners a structured, content-rich overview that captures both the strategic breadth and the emotional stakes of the episode.