Podcast Episode Summary

The Wolf Of All Streets with Scott Melker

Episode: "Bitcoin Will NEVER Be The Same! The Harsh Truth... | Alex Gladstein"

Date: August 31, 2025

Overview

Host Scott Melker sits down with Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, to discuss the evolving role of Bitcoin in a rapidly changing world. This episode dives deep into the seismic shifts in Bitcoin’s narrative—from early cypherpunk ideals to mainstream institutional adoption, the proliferation of stablecoins, and the global struggle for financial freedom. Gladstein frames Bitcoin as the ultimate "freedom money," dissecting its importance for billions living under authoritarian regimes, and explores the implications of Wall Street, governments, and massive corporations embracing Bitcoin. The conversation also addresses stablecoins, altcoins, and the ongoing battle over digital cash’s future.

Key Discussion Points & Insights

1. The Journey Of Bitcoin: From Cypherpunks To Institutions

• Cypherpunk Origins vs. Mainstream Adoption
  • Early adopters envisioned Bitcoin as liberation technology.
  • The "dream is alive" as long as Bitcoin remains permissionless and uncensorable.

    “As long as I can, without permission, send some bitcoin anywhere in the world and no one can stop it, the dream is alive.” — Alex Gladstein (00:00, 04:30)

  • Mainstream entry (e.g., BlackRock, the Trump family) is inevitable and necessary for mass adoption.
  • Some early Bitcoiners feel alienated seeing Bitcoin embraced by entities they once viewed as the “enemy.”

    “It’s hard for some of them to see that bitcoin’s not only going to be for them forever and it’s actually going to be for everybody, including BlackRock and the US government.” — Alex Gladstein (03:26)

• Narrative vs. Protocol
  • Concerns about Bitcoin being “co-opted” conflate narrative/branding with the immutable nature of the decentralized protocol.

    “No technical aspect of bitcoin has been co opted. The network remains cypherpunk and the tools get more so by the day despite or even, I would argue, because of mainstream adoption.” — Alex Gladstein (01:56)

2. Bitcoin As Freedom Money & Its Humanitarian Impact

• Real-World Need & Global Perspective
  • 5.7 billion people live under authoritarian or financially repressive regimes; only ~10% have access to sound money and basic rights (12:09).
  • Bitcoin enables financial independence for the oppressed, refugees, and anyone excluded by legacy banking.

    “It’s a superpower. It doesn’t know if you’re a refugee or a billionaire…It doesn’t care.” — Alex Gladstein (12:30)

  • Human rights activists increasingly use Bitcoin, benefiting from improved user experience and broader ecosystem tools.
• Bitcoin’s Dual Nature
  • The debate: store of value vs. medium of exchange. Gladstein argues both are essential; removing one “collapses the whole thing” (13:41).
  • Real-world examples: Solutions allow users in developing countries to pay local merchants using Bitcoin, which is auto-converted without KYC (15:06).

3. Stablecoins, Fiat, and the Global Monetary Battle

• Rise of Stablecoins
  • Stablecoins weren't meant as U.S. financial power tools, but became instruments for spreading dollar hegemony abroad.
  • Their volume and popularity, especially in unstable economies, are altering geopolitical dynamics (20:41).
• Risks, Utility, and Limits
  • Stablecoins are not “freedom money”—can be frozen, censored, or devalued, and rely on underlying U.S. treasuries.

    “Stablecoins are not freedom money. They can be rugged, they can go to zero, they can be frozen, they can be censored.” — Alex Gladstein (00:42, 40:53)

  • Humanitarian value acknowledged, but ultimately, only Bitcoin fulfills the promise of censorship resistance and property rights.
• The Dollar’s Last Stand
  • Dollar “milkshake theory”: before USD collapses, it will engulf weaker currencies globally via stablecoin proliferation (21:53).
  • Eventual transition from dollar-centric to Bitcoin-centric world will take decades.

4. Institutional Adoption: Trojan Horse or Betrayal?

• Validating the Asset
  • Mainstream institutional adoption (e.g., BlackRock ETFs, US government positioning, former critics like Larry Fink) legitimizes Bitcoin in the eyes of the public (29:14).

    “People are unwittingly participating in a big revolution.” — Alex Gladstein (29:14)

  • Stage One is broad recognition as an investment, not just a “Ponzi” or “criminal” asset.
  • Gladstein suggests adoption by governments and Wall Street is not a betrayal but an “awesome” trojan horse accelerating Bitcoin’s cause (04:21, 29:59).
• Patriotic Case for Bitcoin
  • Argues core American ideals (privacy, liberty, accountable government) align more with Bitcoin than today’s dollar-dominated, surveillance-heavy, debt-driven model.

    “If you’re pro-American and you’re a patriot, you should be anti-Dollar. I think dollar has been bad for America. It’s certainly been bad for a lot of the world.” — Alex Gladstein (30:00)

5. The Real Threats: Altcoins and Shitcoin Proliferation

• Education Hurdles
  • Altcoin scams and noise create trust issues and slow real adoption/education in the developing world (43:07).
  • Stablecoins can distract from Bitcoin’s core peer-to-peer value proposition, but Gladstein focuses concern more on scammy “shitcoins” causing real harm and destroying trust.

    “This vast sea of altcoins is a huge hurdle to bitcoin education.” — Alex Gladstein (43:07)

  • Some “backdoor” Bitcoiners are onboarded through altcoin/NFT speculation, but Gladstein believes recent cycles have bifurcated communities (44:26).

6. Bitcoin Scaling and Layer-2 Innovation

• Lightning Network & Beyond
  • Lightning adoption has matured; custodial, user-friendly apps like Wallet of Satoshi now provide a frictionless experience (46:45).

    “Lightning is very good today. Like, it was totally shitty five years ago, but, like, it’s gotten a lot better.” — Alex Gladstein (45:33)

  • Emergence of L2/sidechain solutions like Spark, E-cash, and payment pools will form Bitcoin’s “central nervous system,” enabling scalable global settlement atop the base layer.

    “You’re going to have custodians, EE cash mints, L2s, payment pools… it’s all going to settle over Lightning.” — Alex Gladstein (47:24)

• Nostr and Open Social Platforms
  • Nostr: a censorship-resistant, natively Bitcoin-compatible social network, reminiscent of early Bitcoin itself—small, rough, but potentially transformative (49:00).

7. Call to Action: Education, Adoption, and Advocacy

• Practical Advocacy
  • Pay Me In Bitcoin: The key to a “prosperous future” is demanding and enabling Bitcoin as real money—tips, salaries, and business payments (37:12).
  • Human Rights Foundation efforts: Oslo Freedom Forum, Bitcoin Development Fund, and Financial Freedom Report newsletter support open-source projects and financial education for people under authoritarianism (50:06).

Notable Quotes & Memorable Moments

• On Bitcoin’s Neutrality:

  “Bitcoin is for enemies.” — Scott Melker (06:51)
  “It’s a neutral currency.” — Alex Gladstein (06:54)

• On Early-Adopter Disillusionment:

  “It is interesting to see a lot of people that once really spoke about bitcoin as being anti-government… embracing every piece of news that sends the number up.” — Scott Melker (07:33)

• On Bitcoin’s Humanitarian Power:

  “Money’s a problem, a big problem in their lives… So to all of a sudden be able to access Bitcoin… it’s a superpower.” — Alex Gladstein (12:10)

• On Stablecoins:

  “They’re guaranteed lose your money coins. Like, they track inflation.” — Alex Gladstein quoting Jeff Booth (00:42)

• On Institutional Embrace:

  “Five years ago [Larry Fink] was like, no fucking way, scam. And now… he’s not saying it’s going to replace the dollar, but he’s basically saying it could.” — Scott Melker (29:29)

• On American Patriotism & Bitcoin:

  “If you’re pro-American and you’re a patriot, you should be anti Dollar. I think dollar has been bad for America.” — Alex Gladstein (29:59) “It’ll help reform America away from some of its worst parts…” — Alex Gladstein (32:00)

• On Stablecoin KYC Risks:

  “There’s a dilemma… we can have a much more powerful global stablecoin regime as long as there’s no KYC. But I don’t know if they’re going to like that.” — Alex Gladstein (34:48)

• On Lightning Network’s Evolution:

  “You have to be Bayesian, right. You have to change your mind when things change on the ground.” — Alex Gladstein (47:24)

Timestamps for Key Segments

| Timestamp | Topic / Quote | |---------------|------------------------------------------------------------------------------------------------------------| | 00:00 | Permissionless Bitcoin & the “dream” still alive | | 01:56-04:30 | On “co-opting” the narrative vs. the protocol | | 12:09 | Global financial repression—90% vs. 10% problem stat | | 13:41 | Store of value vs. medium of exchange debate | | 15:06 | Real-world Bitcoin apps—M-Pesa in Kenya, Square piloting in the US | | 21:53 | Dollar “milkshake” theory & stablecoin geopolitics | | 29:14 | Institutional adoption as stage one; “unwittingly in a revolution” | | 29:59 | Why Bitcoin aligns with American ideals | | 34:48 | Stablecoin KYC dilemma | | 37:12 | “Pay me in Bitcoin”—the rallying cry for real economic adoption | | 43:07 | Altcoins as education hurdle | | 46:45 | Lightning and L2 scaling improvements—Wallet of Satoshi, Spark | | 49:00 | Nostr and the promise of open, censorship-resistant social media | | 50:06 | Human Rights Foundation’s projects—Oslo Freedom Forum, Bitcoin Development Fund, newsletter |

How To Get Involved

• Oslo Freedom Forum: In-person events on Bitcoin and open tech for human rights (50:06)
• Bitcoin Development Fund: Grants for open-source Bitcoin projects, $1M per quarter
• Financial Freedom Report: Weekly newsletter on financial repression and tech for activists
• Advocacy: Pay me in Bitcoin! Start small with tips or partial salary, and spread education

Final Thought:
Gladstein leaves listeners reflecting on Bitcoin’s real use-case: unstoppable money for the unfree. While institutions, stablecoins, and altcoins swirl in the digital asset storm, the core mission—empowering the powerless—is still at the heart of Bitcoin’s most passionate advocates.