What Bitcoin Did – Détails, épisodes et analyse

Mauricio Di Bartolomeo is the co-founder of Ledn, the largest consumer Bitcoin lender.

In this episode, we discuss how Ledn survived the collapse of BlockFi and Celsius, why they’ve removed all rehypothecation and Ethereum products, and why Bitcoin-backed loans are set to reshape global credit markets.

Mauricio explains how banks entering the space could drive rates lower and why Ledn is focused solely on Bitcoin. Mauricio also shares his personal story of growing up in Venezuela under hyperinflation, discovering Bitcoin, and building Ledn to give people everywhere access to the same financial tools.

Root is a Bitcoin on-chain analyst and the author of the "Bitcoin Strategy Platform" Substack.

In this episode, we discuss the current state of Bitcoin’s bull market, why Root believes there’s no basis for a prolonged bear market, and how institutional demand is changing Bitcoin’s price dynamics. We cover Bitcoin’s structural adoption through ETFs, treasury companies, and sovereign buyers, and why these may limited downside volatility.

We also get into the psychological stages of the market, why 100k could now serve as Bitcoin’s new baseline, and how macro factors like interest rate cuts and Trump’s policies might influence the next leg up.

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Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

Mauricio Di Bartolomeo: https://x.com/cryptonomista

Root is a Bitcoin on-chain analyst and the author of the "Bitcoin Strategy Platform" Substack.

In this episode, we discuss the current state of Bitcoin’s bull market, why Root believes there’s no basis for a prolonged bear market, and how institutional demand is changing Bitcoin’s price dynamics. We cover Bitcoin’s structural adoption through ETFs, treasury companies, and sovereign buyers, and why these may limited downside volatility.

We also get into the psychological stages of the market, why 100k could now serve as Bitcoin’s new baseline, and how macro factors like interest rate cuts and Trump’s policies might influence the next leg up.

THANKS TO OUR SPONSORS:

IREN

RIVER

ANCHORWATCH

BLOCKWARE

LEDN

Follow:

Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny

Rational Root: https://x.com/therationalroot

Erin Redwing is a former astronomer turned astrologer and the host of the Hell Money podcast.

In this episode, we discuss how outer planet astrology can offer insights into macroeconomic and civilisational shifts, why Erin believes Bitcoin's 2032 Saturn-Uranus cycle climax is a make-or-break moment, and how the Age of Aquarius provides a framework for decentralisation. We also talk about the natal chart of Bitcoin, why its inception reflects a structural tension between rebellion and order, and how astrology helps Erin make predictions about markets.

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/ BLOCKWARE: https://mining.blockwaresolutions.com/wbd

Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Erin Redwing: https://x.com/realizingerin

Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation, Paul Sztorc is Founder and CEO of LayerTwoLabs and the creator or Drivechains.

In this episode, we discuss whether Bitcoin is falling behind the innovation curve, if Lightning Network has failed as a project, and if privacy models like eCash are a dangerous compromise or a practical necessity. We also get into whether hard forks should be revived as a path for progress, how censorship resistance is being weighed against usability, and why Paul believes Bitcoin is accumulating “technical scar tissue.” Finally, we explore whether Bitcoin’s culture has become a bottleneck to innovation, and what that means for its long-term future.

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/ COINKITE: https://store.coinkite.com/promo/WBD BLOCKWARE: https://mining.blockwaresolutions.com/wbd

Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Alex Gladstein: https://x.com/gladstein or https://primal.net/gladstein Paul Sztorc: https://x.com/Truthcoin

Sam Wouters is the Director of Marketing at River.

In this episode, we discuss why the U.S. is emerging as the dominant force in Bitcoin adoption, how proof-of-reserves has evolved in a post-FTX world, and why retail interest in Bitcoin remains muted despite all-time highs. We also discuss how institutional involvement might be both a blessing and a curse, the psychological barriers stopping new retail entrants, the moral responsibility of Bitcoiners to re-engage no-coiners, and what the next phase of Bitcoin might look like.

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/ COINKITE: https://store.coinkite.com/promo/WBD BLOCKWARE: https://mining.blockwaresolutions.com/wbd

Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Sam Wouters: https://x.com/SDWouters

Joe Carlasare is a Commercial Litigator, a long time Bitcoiner, and macro commentator.

In this episode, we discuss the U.S. sovereign debt debate, why the doom loop narrative might be missing the bigger picture, and how rapid advances in AI and automation could unleash a wave of productivity strong enough to reshape the fiscal outlook. Joe argues that the real risk isn’t a collapsing dollar, but instability in the Treasury market - the backbone of the global financial system. We also get into why growth, not austerity, is the most likely political path forward, why the Fed’s power lies more in perception than action, and how Bitcoin wins.

Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Joe Carlasare: https://x.com/JoeCarlasare

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/ COINKITE: https://store.coinkite.com/promo/WBD BLOCKWARE: https://mining.blockwaresolutions.com/wbd

Matt Corallo is an Open Source Engineer at Spiral, a long time Bitcoin Core contributor and Lightning dev.

In this episode, we discuss the current state of Lightning: what's finally working, what UX breakthroughs are coming, and why 2024 might be the year lightning delivers.

We also get into the risks of U.S. policy treating non-custodial services like custodians, the threat of regulatory capture through KYC mandates, why developers are walking away from the U.S. market, and why the “Save Our Wallets” campaign may be Bitcoin’s last chance to protect non-custodial tools. Plus: how OP_RETURN wars are distracting from real issues, whether Bitcoin Core needs a comms team, and if Bitcoin has already ossified.

Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Matt Corallo: https://x.com/TheBlueMatt Save Our Wallets: https://saveourwallets.org/

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/ COINKITE: https://store.coinkite.com/promo/WBD BLOCKWARE: https://mining.blockwaresolutions.com/wbd

American HODL is an OG Bitcoiner. In this episode, we explore how the state may co-opt Bitcoin not by banning it, but by absorbing it into public markets, enabling control through financial instruments like ETFs and convertible bonds. We also get into the rise of Bitcoin treasury companies, why Michael Saylor’s strategy is just the beginning, and the threat of an Executive Order 6102 style attack.

We also discuss the moral tradeoffs of financialising Bitcoin and whether self-custody will be punished through regulation. As well as the Trojan horse theory of Bitcoin adoption, whether it's better to fight or subvert the state, and why the next phase of Bitcoin’s revolution might not be rebellion—but infiltration.

Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny American HODL: https://x.com/americanhodl8 or https://primal.net/hodl

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/ COINKITE: https://store.coinkite.com/promo/WBD BLOCKWARE: https://mining.blockwaresolutions.com/wbd

James Lavish is a macro investor, former hedge fund manager, and managing partner at the Bitcoin Opportunity Fund.

In this episode, we explore the fragility of the U.S. bond market, how sovereign credit ratings work, and why the U.S. is now priced by markets as a default risk on par with Greece. We discuss the structural privilege of the dollar as the world reserve currency, why that privilege is under threat, and how the Triffin Dilemma is playing out in real time.

We also get into institutional adoption of Bitcoin, the operational hurdles that ETFs have now removed, and what it would take for companies like Apple or Meta to trigger a wave of corporate Bitcoin treasury adoption. Finally, we look at the macro setup heading into 2026, the risk of stagflation, and why expanding global liquidity could mean Bitcoin peaks sometime next year.

Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny James Lavish: https://x.com/jameslavish

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/ COINKITE: https://store.coinkite.com/promo/WBD BLOCKWARE: https://mining.blockwaresolutions.com/wbd

Jack Mallers is the Founder and CEO of Strike, and the Co-Founder and CEO of 21.

In this episode, we discuss the breakdown of the post-WWII monetary order, the consequences of the U.S. exporting dollars, and why the dollar’s global reserve status is becoming a liability rather than a strength. We also get into 21’s plan to take Bitcoin-native principles into the heart of Wall Street, how companies like MicroStrategy and Metaplanet are paving the way for sovereign-grade Bitcoin exposure, and why proof-of-reserves and Bitcoin per share may become the new standard for corporate treasuries.

Follow: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Jack Mallers: https://x.com/jackmallers or https://primal.net/jackmallers

THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/ LEDGER: https://www.ledger.com/ CASA: https://casa.io/