Podcast Summary: The Wolf of All Streets
Episode: Bitcoin Hesitates As The Fed Prepares To Flood Markets! What's Next?
Date: December 4, 2025
Host: Dave Weisberger (subbing for Scott Melker)
Guest: Alex Miller (Stacks Project Lead)
Episode Overview
This episode dives deep into Bitcoin’s current market hesitation, macroeconomic uncertainty, and the rapidly evolving interplay between crypto markets, institutional finance, mining, energy infrastructure, and programmability. The conversation between Dave and Alex explores the lingering volatility around $92,500, skepticism regarding the four-year cycle, the growing institutional presence, the practical impacts of electricity markets, and how innovations like Stacks are reshaping Bitcoin utility.
Key Discussion Points & Insights
1. Market Mood and Volatility
- Current sentiment:
- Bitcoin is hovering around $92,500, with high fear and confusion on both sides.
- Lingering macro uncertainty: concerns about inflation, jobs numbers, and speculation about the Fed’s monetary response.
- Volatility and the Four-Year Cycle:
- Debate over whether the famous four-year cycle is dead or simply evolving.
- The holiday season brings added chaos and “weirdness” in crypto activity.
- “One of the endless debates I think over the last year in particular... is the four-year cycle dead or is it going to repeat itself?” — Alex Miller, [01:02]
- Recurring FUD (Fear, Uncertainty, Doubt):
- Every bottom is accompanied by recurring narratives:
- Bitcoin compared to tulip mania
- Allegations of Ponzi schemes
- Satoshi rumors
- Concerns about players like MicroStrategy
- Skeptics (e.g., Steve Hanke, Peter Schiff) get louder as prices churn [02:18]
- Every bottom is accompanied by recurring narratives:
2. On-Chain Fundamentals and Network Health
- Hashrate and Builder Energy:
- Despite the noise, network fundamentals (hashrate, builder community) are at all-time highs:
- 115 exahash, more than 10x compared to the FTX collapse era. [02:35]
- “At the same time, however, building and the network seem stronger than ever.” — Dave Weisberger, [02:35]
- Despite the noise, network fundamentals (hashrate, builder community) are at all-time highs:
- Builder Perspective:
- Activity has shifted:
- Less focus on direct core protocol advancements, more integration with the broader financial system.
- Institutional adoption drives recent momentum.
- “Last year, the story has absolutely been integration into the core financial system more than direct building on top of bitcoin.” — Alex Miller, [04:51]
- Activity has shifted:
3. Bitcoin Mining, Energy Markets, and AI
- Mining Economics:
- Solo vs. pool mining, impacts of increasing hashrate. Personal anecdotes about mining to offset garage heating costs. [06:04]
- Some Bitcoin miners briefly considered pivoting to AI compute but largely reaffirmed their commitment to mining—interpreted as bullish faith in Bitcoin’s future.
- “The idea that the people who put their money where their mouth on it is clearly don't think that there's something to go.” — Alex Miller, [07:47]
- MicroStrategy Dynamics:
- Debate about the risks/benefits of MicroStrategy’s large Bitcoin position.
- Path dependency: In a sideways market, MicroStrategy (MSTR) underperforms due to interest payments; it outperforms Bitcoin in uptrends and suffers more in downtrends. [08:55–12:50]
- The real value for MicroStrategy: Its first-mover advantage if/when banks can treat BTC as collateral—potentially transforming it into a “Bitcoin bank.”
- “When the Basel rules change... MicroStrategy has the ability to turn themselves into a bitcoin bank.” — Dave Weisberger, [12:20]
4. The Future of Corporate Bitcoin Plays and ETFs
- Treasury Companies vs. ETFs:
- The appeal of using companies to gain BTC exposure is fading as ETFs and regulated structures become available.
- ETFs are less risky, more transparent, and cheaper for most investors.
- Counterparty risk and managerial competence (or lack thereof) are major drawbacks for company-based plays.
- “It's a lot more sure of a thing to pay 10 or 20 basis points on an ETF... versus how much are these people going to spend on CEO salaries and compliance and what if they get hacked?” — Alex Miller, [14:47]
- Corporate Treasury Strategies:
- Future corporate adoption of Bitcoin will be more strategic and focused on outperformance, not just speculative holding.
- “Treasury companies will go away and you’ll be left with companies... using Bitcoin on balance sheets for a very specific reason as momentum builds back into the market.” — Dave Weisberger, [15:35]
5. Bitcoin, Energy Infrastructure & AI Data Centers
- Symbiosis of Mining and Renewables:
- Bitcoin mining’s flexibility in power consumption is critical for the transition to greener grids and can help balance renewable energy supply/demand.
- Mention of Texas as a case study: miners provide load-shedding to stabilize the grid, enabling more solar build-out. [19:03]
- AI’s energy needs vs. Bitcoin: AI inference can’t be ramped up/down as quickly as mining, making Bitcoin a perfect “demand-response” asset. [18:16–19:45]
- Small Modular Reactors (SMRs) and the Grid:
- Massive investment in nuclear SMRs is partly driven by Bitcoin and AI’s power needs, plus regulatory bottlenecks for grid upgrades.
- “If you think... a modern grid can be recalibrated for double the amount of power demand... without a stabilizing technology like Bitcoin... I think that you're smoking something.” — Dave Weisberger, [21:44]
- Bitcoin’s Positive Role:
- Contrary to environmental narratives, Bitcoin can catalyze investment in clean energy infrastructure.
- “Bitcoin is undeniably a contributory asset... It allows you to build grids in a much more efficient [way].” — Dave Weisberger, [23:32]
- Alex notes: “Bitcoin mining will fund the next generation of green power build out the same way that AI is like driving a move back to nuclear.” [24:49]
6. Stacking, Yield, and Programmability on Bitcoin
- What’s New at Stacks:
- Launch of dual stacking—allows users to earn yield on BTC by participating in Stacks’ mining/consensus protocol. [29:09–30:49]
- “People want to earn yield and return on their bitcoin... but no one really has very good ways to do it right now.” — Alex Miller, [29:29]
- Yield Mechanics (Explained Simply):
- Stacks uses “Proof of Transfer”—miners bid BTC to earn STX, and those BTC bids are distributed as yield to participants.
- No lending or counterparty risk; yield flows from economically valuable network transactions, not magic boxes or hidden leverage.
- “If you don’t know what the economically valuable transaction is, you’re the economically valuable transaction to someone.” — Alex Miller, [33:14]
7. Macro Reflections and Future Outlook
- Bitcoin’s Strategic Status:
- US government (per Trump EO) now recognizes Bitcoin as a strategic asset—key to both financial and infrastructure stability, though the market may not have fully priced in its strategic role yet. [27:11–28:21]
- Long-Term Confidence:
- Any narrative of Bitcoin’s demise is increasingly out of touch with on-chain and real-world developments.
- “It’s just pretty clear bitcoin’s going to be around for the long run.” — Alex Miller, [30:50]
- Stablecoins and Monetary Systems:
- Stablecoins’ early success is proof of crypto’s real role in unstable regions; ultimately, Bitcoin may serve those same global needs.
Notable Quotes & Memorable Moments
-
Bitcoin and Narrative Cycles:
“It always feels like bitcoin bottoms coincide with renewed calls of calling bitcoin tulip bulbs... Or Ponzi scheme... And the perma skeptics... have gotten more and more histrionic.”
— Dave Weisberger, [02:18] -
On MicroStrategy’s Path Dependency:
“If Bitcoin doesn’t go up 10%, you’re going to lose money being in MicroStrategy because it means that their loans are outperforming their assets.”
— Dave Weisberger, [09:55] -
On Mining and AI Data Centers:
“Bitcoin miners can go there and use [cheap solar] as load shedding. You can ramp your demand profile on Bitcoin mining in 15 seconds... There’s no downside to that.”
— Alex Miller, [19:03] -
On the Energy Transition:
“There is no such thing as a rich energy poor society. All rich societies have a lot of energy... the cheaper the energy, the better.”
— Alex Miller, [22:49] -
On Yield and Risk:
“If you don’t know where the yield’s coming from, you are the yield.”
— Alex Miller, [33:14]
Timestamps for Important Segments
- [00:01] – Intro/setup, market tension, Bitcoin at $92,500
- [02:18] – Recurring FUD at Bitcoin bottoms
- [04:24] – Builder perspective: Building & integrating in the Bitcoin ecosystem
- [06:04] – Bitcoin mining details and trends
- [08:55] – MicroStrategy’s strategy and market risks
- [14:47] – Why ETFs are less risky than corporate BTC holdings
- [18:16] – Bitcoin vs. AI energy needs in modern data centers
- [21:44] – Role of Bitcoin in stabilizing the grid and enabling clean energy
- [27:11] – The intersection of green movement and nuclear power
- [29:09] – Stacks, Bitcoin yield, and the new proof-of-transfer mechanism
- [33:14] – The importance of understanding where yield comes from
- [34:28] – Closing and plugs
Conclusion
Takeaway:
The episode clearly foregrounds that despite price volatility and headlines, Bitcoin’s fundamental utility and integration—both as a financial asset and as an energy-grid stabilizer—are stronger than ever. The conversation underscores Bitcoin’s maturation: institutional interest, deeper infrastructure relevance, and innovative approaches to programmability and yield. Be wary of simple narratives; the real story is layered, evolving, and increasingly entwined with the broader economic and technical fabric.
How to Learn More:
- Follow Alex Miller at Twitter: @AlexLMiller
- Explore Stacks and its new features at stacks.co
For listeners who couldn’t tune in:
You’ll walk away understanding how today’s Bitcoin market is shaped by macro uncertainty, evolving narratives, and real-world infrastructure challenges and opportunities, plus how projects like Stacks are tackling programmability and yield within the Bitcoin ecosystem.