John hosts the show and Brandon Quittem fills in for Brady, setting up a show centered on one big question: has Bitcoin already put in its cycle low
The core argument is that this drawdown looks structurally different from past cycles because Bitcoin now has stronger institutional support, ETF demand, and a much deeper capital-market base
John walks through why 2022 was uniquely brutal: high inflation, aggressive Fed tightening, shrinking money supply, crypto blowups, absent ETF infrastructure, and far less institutional sponsorship
The hosts argue those conditions are mostly absent today, making comparisons to the 2022 collapse less useful and strengthening the case that roughly $65K-$70K was a likely bottom
They highlight Morgan Stanley’s ETF launch and Goldman Sachs’ planned Bitcoin-linked income product as evidence that large financial institutions now view Bitcoin as a durable part of the financial landscape, not a passing trade
Macro discussion ranges from Fed chair drama and the cost of the Federal Reserve renovation to Hank Paulson’s treasury-crash warning and the likelihood that future stress gets papered over through more intervention
A major segment covers Strategy’s “Stretch” preferred structure and how new financing tools are expanding the company’s ability to keep accumulating Bitcoin
Brandon shares results from his Myers-Briggs survey work, arguing Bitcoiners skew heavily toward “analyst” personality types and that future adoption will require messaging that reaches more conventional, risk-averse audiences
The episode closes with discussion of socialist-style tax proposals, falling consumer sentiment versus rising asset prices, bad Bitcoin takes from credentialed critics, X becoming an “everything app,” and Bitcoin’s use in global trade outside the U.S.-centric financial system

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Has Bitcoin Bottomed?