Unchained Ep. 931 Summary: "Why Bitcoin Could Hit $150,000 Soon. Plus ‘Code Is Law’ Film"

Episode Overview

Host Laura Shin delivers a two-part episode:

• Part 1: In-depth interview with Lawrence Lepard—a prominent sound money advocate, gold investor, and author of The Big Print. The discussion explores the failings of the current monetary system, why Lepard believes Bitcoin will outperform gold (and could soon reach $150,000), and how sound money could reshape society.
• Part 2: Conversation with filmmaker James Craig about the new documentary Code Is Law, which investigates infamous DeFi hacks (like The DAO, Indexed Finance, Kyberswap, and Mango Markets) and the core debate over "code as law" in crypto.

Part 1: Lawrence Lepard on Bitcoin, Sound Money, and the Future of Finance

Background and Personal Journey into Bitcoin ([01:07]–[04:56])

• Introduction

  • Lawrence Lepard: Investment manager (Equity Management Associates), renowned sound money advocate, author of The Big Print.
  • Became viral for a heated tweet directed at gold maximalist Alasdair McLeod, defending Bitcoiners' integrity.

• Personal Motivation

  • Lepard traces his journey from gold and silver investing inspired by the Ron Paul movement, Austrian economics, and skepticism about fiat currency manipulation.
  • Initial skepticism regarding Bitcoin due to earlier failed digital currencies. First bought Bitcoin in 2013 at ~$300/coin, realizing over time its architectural advantages and resilience.
  • Quote:

    “As my confidence level in it actually being a sounder form of money than gold just kind of grew progressively through the years … They are still sound money, but compared to Bitcoin, they’re inferior.” (Lawrence Lepard, [03:49])

The Case for Bitcoin: Failing Fiat and Currency Crisis ([04:56]–[13:32])

• Monetary System Failures

  • Shares generational stories about his family's struggles under monetary manipulation: the Great Depression, Volcker's interest rates, and government rule-changing during the 2008 crisis.
  • Central theme: Current capitalism is “crony capitalism”—elites manipulate money, setting prices with government and Federal Reserve “for themselves at the expense of everyone else.”
  • Quote:

    “The average American has been gaslit into thinking that they’re doing something wrong … when in fact, it’s a very conscious strategy on the part of the government, the banks, and the people who control the Federal Reserve.” (Lawrence Lepard, [07:10])

• Debt Doom Loop and Inflation

  • Post-2008, debt and money creation accelerate uncontrollably—resulting in a “doom loop” where interest payments and deficits feed on each other.
  • Government will eventually have to restart money-printing/yield curve control as in WWII, resulting in severe inflation.
  • Quote:

    “All roads lead to Rome, which is money printing ... It’s just mathematical. If they don’t print the money, they can’t service the existing debts and the whole thing collapses.” (Lawrence Lepard, [11:00])

• Currency Crisis Timeline

  • Predicts a currency crisis and monetary system break possibly as soon as 2032–2034.

Embracing Deflation and the Problem with Infinite Growth ([14:41]–[19:40])

• Keynesian Model vs. Reality

  • Criticizes the focus on constant economic growth on a resource-constrained planet. Instead, the focus should be on efficiency and technological advancement—deflation is a natural result.
  • The fiat system’s need for perpetual growth conflicts with deflationary technological progress.

• The Role of Central Bank-Set Interest Rates

  • Tampering with interest rate “price” distorts incentives, funds the “wrong things,” and allows the elite to extract disproportionate benefits.
  • Shares example of Wall Street elite receiving non-recourse Federal Reserve loans as evidence of systemic corruption.
  • Quote:

    “When you start messing around with what that interest rate is, you screw everything up … And so it’s just a really badly broken and unfair system that needs badly to be reformed.” (Lawrence Lepard, [15:51])

How Bitcoin “Defunds” War & Ranks Among Asset Classes ([20:43]–[28:39])

• Bitcoin as a Bulwark Against War

  • Argues that wars are unaffordable absent inflation—sound money (like Bitcoin) prevents governments from "printing" war money.
  • Quote:

    “If the government doesn’t have the money, they can’t fight the war. And it’s the money supply inflation that allows them to have the money.” (Lawrence Lepard, [22:24])

• Bitcoin vs. Gold and Other Assets

  • Bitcoin is fundamentally superior by absolute scarcity (algorithmic, unchangeable supply).
  • Cites The Bitcoin Standard: stock-to-flow for Bitcoin already surpasses gold, and will become even more deflationary.
  • Quote:

    “By creating digital scarcity, what Satoshi did was gift us with a form of money that is mathematically limited … That’s why it’s going up forever, Laura. It really is.” (Lawrence Lepard, [26:07])

Current Allocation, Investment Strategy, and Bitcoin Price Prediction ([28:39]–[33:46])

• Personal Asset Allocation

  • 70% Bitcoin, 30% gold (ratio grew from Bitcoin’s performance, not gold sales).

    “The weighting is ... about 70/30 now, Bitcoin/gold. But ... Bitcoin’s gone up a lot, not because I’ve sold any gold.” ([29:25])

  • Sees Bitcoin as “the fastest horse,” with gold appealing for those averse to volatility.

• Current Macro Environment

  • Gold tends to lead as a “smell test” for inflation and monetary debasement, with Bitcoin lagging and then surging rapidly thereafter.
  • Predicts Bitcoin could reach $150,000 within six months, possibly higher.

    “I see Bitcoin going to 2, 3, 400,000 sometime in the next 18 months. Probably on the sooner side of that. I expect 150, probably within six months.” ([33:18])

Bitcoin Treasury Companies and DATS ([33:46]–[39:12])

• MicroStrategy & Digital Asset Treasuries
  • Views MicroStrategy as the pioneering “BTC on steroids”—leveraged exposure to Bitcoin using stock issuance or preferred shares.
  • Cautions against over-leveraging and chasing excessive risk; simply holding Bitcoin is the optimal long-term play:

    “Bitcoin is the best performing asset out there by far. Just holding it, just hodling and forgetting about it is probably what 9 out of 10 investors should do.” ([38:26])

Asset Class Outlook ([39:12]–[44:19])

• Ranking Assets in the “Sovereign Debt Crisis”
  • Bitcoin, gold, and silver will outperform; conventional stocks are “overvalued” and could face a major correction, though easy money could delay the reckoning.
  • Bonds are the clear loser in an inflationary or hyperinflationary scenario.
  • Real estate appealing as a hard asset, but less mobile and susceptible to taxes/bubbles.
  • Lepard’s "three favorite buckets": Bitcoin, gold, silver.

Part 2: ‘Code Is Law’—James Craig on Crypto Hacks and the Philosophy of Blockchain ([46:07]–[63:15])

Film Introduction and Genesis ([46:07]–[48:11])

• About "Code is Law"

  • Feature-length doc explores the philosophy and legal ambiguity around "code is law" through notorious DeFi hacks: The DAO, Indexed Finance, Kyberswap, Mango Markets.
  • Focus includes the stories of developers, investigators, and victims.

• Origin Story

  • Director James Craig discovered the subject after learning of massive unreported DeFi exploits; recognized the lack of mainstream awareness and the philosophical divide in crypto.

Central Message and Tone ([48:11]–[49:53])

• Philosophical Neutrality

  • Did not intend to take a strong pro/con "code is law" stance; wanted to present the debate and let viewers draw their own conclusions.

    “I didn’t want the film to be a ‘Code is Law’ or an anti-‘Code is Law’ film. We wanted to try and walk the line of kind of just bringing forward the debate…” (James Craig, [48:17])

• Reception and Evolving Consensus

  • Revisiting the philosophy’s relevance due to cases like Avi Eisenberg/Mango Markets, where “code is law” emerges as a real-world courtroom defense, not just an internet meme.

Inside the Hacks: Key Stories and Characters ([49:54]–[55:13])

• The DAO Hack

  • Early, idealistic Ethereum project—the first major realization that "code is law" can fracture a community.
  • The exploit led to an existential crisis over whether to roll back the blockchain; split the community.
  • Quote:

    “There’s this huge schism in this community with actually many people saying, well, no, it shouldn’t even be called a hack. … This is the whole ethos behind this technology, that we shouldn’t be calling this person a hacker.” ([56:02])

• Index Finance/Kyberswap/Andy Medjedovich

  • Andy Medjedovich: Teenage hacker responsible for multiple eight-figure exploits, actively defended himself with a "code is law" argument, currently evading law enforcement.
  • Humor in how he got caught: His online handle was traced to a Wikipedia edit where he added himself as a “notable alumnus”.

    “It was pure kind of ego silliness that ended up in him getting caught.” ([52:37])

  • Despite being unrepentant and public, lost his initial gains due to vulnerabilities in a vanity address tool. Later performed even larger hacks.

• Community Fallout

  • Medjedovich sometimes had direct contact with project teams prior to attacks—possibly for technical curiosity, information gathering, or ego reasons.

The Legacy of the DAO and Investor Trauma ([55:13]–[58:47])

• Victim Support and Continued Impact
  • DAO survivors like Lefteris remain key contacts when new hacks occur—underscoring the lack of institutional support and the crypto community’s self-reliance.
  • Quote:

    "One of the favorite lines we got … was when Lefteris talks about how it was like a ghost of the past re-emerging … this idea of Code is Law … was a huge personal thing for him to try and defeat this ghost from the past that had come up again." (James Craig, [58:12])

On Motivations of Hackers ([58:47]–[61:07])

• Hacker Motivations
  • Some hackers like Medjedovich seem to crave recognition and a “digital battle” with protocols, often leaving breadcrumbs instead of disappearing.

Film Availability and Future Projects ([62:03]–[63:07])

• "Code is Law" is available on Amazon, Apple TV, YouTube (in select territories), and Vimeo Worldwide.
• Craig is working on films about North Korean IT workers and the story of teenagers behind a $250 million Bitcoin heist.

Notable Quotes

• Lepard on central banking incentives:

  "We’re not going to fix it until we return to a form of sound money—and the only way we’re going to do that is ... for Bitcoin to overwhelm the system." ([07:45])

• Lepard on Bitcoin’s future:

  "I’m quite convinced that it is the future of money and that we will all be — my grandkids will be paying for things measured in satoshis, not dollars." ([03:25])

• Craig on 'Code is Law' philosophy:

  "Now as the industry has progressed and matured, it's kind of been put into the past. But ... there's more of a sense that actually maybe the idea holds water and has some relevance to real life now.” ([49:17])

• Craig on DAO hack community split:

  “You would expect ... this universal, well, you know, we need to get [our money] back. ... That's not what happened at all ... many people saying ... it’s just a feature of the code.” ([55:43])

Timestamps of Key Segments

• [01:07] - Lawrence Lepard’s Bitcoin journey and Twitter controversy
• [04:56] - Family's experience with financial crises and monetary manipulation
• [09:16] - The “debt doom loop” and case for inflation
• [14:41] - Deflation as progress; critique of perpetual growth
• [20:43] - How Bitcoin could "defund war"
• [28:39] - Gold at all-time highs; Lepard's asset allocation
• [33:18] - Bitcoin price forecast: $150k within six months
• [33:46] - Digital Asset Treasuries (“DATS”) and leveraging Bitcoin
• [39:12] - Asset class outlook (stocks, gold, bonds, real estate)
• [46:07] - Introduction to "Code is Law" film with James Craig
• [49:54] - The DAO hack, Indexed Finance, Kyberswap stories
• [55:13] - Community trauma and legacy of hacks
• [61:07] - Availability of Code is Law, Craig’s next projects

Takeaways for Listeners

• Sound Money Matters: The root of many social and economic problems lies in how money is managed by governments and central banks. Bitcoin’s hard-coded supply and distribution mechanics are seen as a revolutionary solution.
• Bitcoin’s Growing Superiority: Bitcoin is considered by Lepard as not just another asset, but as “the future of money,” owing to its immutable scarcity, global adoption, and resilience.
• Approach to Asset Allocation: While gold continues to play a role, Bitcoin’s upside potential dominates for those comfortable with volatility. Treasuries and traditional stocks face threats from both inflation and overvaluation, while bonds are especially vulnerable.
• Deflation as Progress: Modern economies should embrace efficiency gains through technology (deflation), but today's fiat-based debt system obstructs this natural progression.
• Crypto’s Dark Corners: The immutability and neutrality of blockchain code foster difficult ethical and legal dilemmas—as dramatized in the Code Is Law documentary.
• Community and Governance: Even as technology evolves, human judgment and community values remain central—whether choosing to fork a blockchain, support victims, or reassess what “law” means.

(For a full appreciation of the episode's nuance, listen to the full discussions at the timestamps provided.)