Episode notes
- Brady and John open with World Cup talk, including Canada’s first-ever World Cup win, the U.S. matchup, and how the tournament is challenging global stereotypes about America
- Bitcoin sentiment is notably weak, with price around $62K and many market participants expecting a four-year-cycle-style bottom later in 2026
- John outlines possible causes of the sell-off, including whale selling, miner selling, AI stock flows, and reflexive belief in the four-year cycle
- The hosts compare this drawdown to 2022, noting that today’s decline feels less explainable than the Fed tightening, inflation, and crypto collapses of the prior bear market
- They discuss Kevin Warsh’s first Fed meeting, unchanged rates, mixed dot plots, and the possibility that inflation remains above target until 2028
- Lyn Alden’s CNBC appearance is highlighted, especially her view that major balance sheet reduction is unlikely and that much of Bitcoin’s leverage-driven pain may already be behind us
- BlackRock’s new Bitcoin income ETF is discussed as another sign that Wall Street continues building Bitcoin products, even if the product may not suit every investor
- Strategy’s Stretch preferred stock volatility is analyzed, with John arguing the situation is serious but not existential for Strategy
- SpaceX’s IPO and 18,712 BTC holdings are discussed as another example of unique founder-led companies holding Bitcoin
- Swan announces RBX, Real Bitcoin Exchange, a product designed to help ETF holders, especially GBTC holders, exchange shares for real Bitcoin in a tax-efficient, in-kind process
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