The Coldcard hack was devastating. But Ben Cowen says it did not mark the bottom. And he has the data to show exactly why.

Ben Cowen joins the show to break down why the price barely moved after one of the worst security events in Bitcoin history, why 2026 is tracking 2018 almost perfectly, and why the real bottom is still ahead, likely triggered by a stock market correction in September.

He also pulls no punches on Saylor, the treasury company model, Bitcoin conferences, and why the industry completely lost its way this cycle.

Here is what we cover:

• Why the Coldcard hack did not move the Bitcoin price and what that actually signals about where we are in the cycle

• How 2026 is tracking 2018 almost perfectly and why that means the real bottom has not happened yet

• Why Ben expects a 10 to 20 percent stock market correction in September and why that will be the catalyst for the Bitcoin cycle low

• The social interest data showing Bitcoin engagement is now lower than it was in 2022 and closer to 2018 levels

• Why Saylor selling Bitcoin is not about the amount but about the message it sends and what it means for Strategy long term

• Why Ben has zero confidence in STRC and why once a peg breaks it never fully recovers its trust

• Why the Bitcoin conference has become a treasury company promotional event and why that is antithetical to everything Bitcoin stands for

• Why Bitcoin treasury companies that exist solely to raise money and buy Bitcoin are no different from the altcoin founders they used to mock

• Why narrative always follows price and why we will all find a reason for the drop after it happens

• Why the ETFs have actually been declining in holdings in recent months and what that tells you about the state of retail participation

• How the 30 year Treasury yield being higher now than when rates were at 5.5 percent proves the Fed does not control the long end of the curve

• Ben's own conference in Miami on November 21st and why he built it around having a rational market discussion without booing dissenting views off stage

This is one of the most honest and unfiltered conversations about where Bitcoin actually stands right now.

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Bitcoin News is not a financial adviser. All opinions expressed by us or our guests in these videos is for informational purposes only, and should not be treated as investment or financial advice of any kind. Any information provided during the video is general in nature and does not take into account the viewers specific circumstances.