What Bitcoin Did

Checkmate breaks down Bitcoin's market structure, why treasury companies are flooding in, and whether the four-year cycle has finally broken.

We get into how institutional money is reshaping on-chain dynamics, why long-term holders are behaving differently this cycle, and what the recent 80,000 BTC move signals about dormant supply.

Checkmate also explains the risks and opportunities of corporate treasury plays, premium-to-NAV ...

Dylan LeClair breaks down the rise of Bitcoin treasury companies, why corporate adoption may be hitting a “gradually then suddenly” inflection point, and whether Michael Saylor’s lead is now insurmountable.

We get into how Metaplanet scaled from a few hundred Bitcoin to 16,000+, what’s driving premiums over NAV, and why public capital markets are becoming the biggest buyers of Bitcoin.

Dylan also explains Saylor’s latest innovation...

Nik Bhatia breaks down why Bitcoin may have broken free of its four-year cycle and what that means for the next decade.

We discuss Bitcoin's market maturity, compressed volatility, and how new corporate demand are reshaping price dynamics — and why this could mean an end to drawn out bear markets and blow-off tops.

We get into how macro forces like liquidity, rate policy, and U.S. fiscal dominance intersect with Bitcoin, whethe...

Jeff Booth explains why free markets are naturally deflationary and why this changes everything.

What if the entire economy is built on a lie? Jeff Booth argues our credit-based system fights the natural deflation of free markets through endless money manipulation — and why Bitcoin creates the first truly global free market.

We explore how AI accelerates abundance, why most people are stuck in “Fiatland,” and how Bitcoin adoption w...

Thomas Pacchia is the co-founder of Pubkey.

In this episode, we get into the evolving culture of Bitcoin, why number-go-up narratives overshadow deeper principles like privacy, self-sovereignty, and freedom. Thomas explains why he believes Bitcoin risks becoming disconnected from its original ethos, and the importance of maintaining a robust, culturally-driven Bitcoin community.

We also discuss the increasing role of institutio...

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 sha...

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 volatil...

Mitchell Askew is Head of Research at Blockware and author of The Conservative Case for Bitcoin.

In this episode, we discuss the growing role of Bitcoin treasury companies, how miners are evolving into treasury plays, and why Blockware is betting on mining as a tool for institutional Bitcoin accumulation. We get into companies choosing ASICs over spot Bitcoin, how tax incentives and cash flow denominated in Bitcoin are changing the...

CJ Konstantinos is the Founder of People’s Reserve.

In this episode, we discuss Bitcoin’s rise as digital gold, its role in revolutionising real estate and finance, and why it’s poised to become the ultimate pristine collateral. We get into the maturation of the Bitcoin bull market and the potential for Bitcoin bonds to recapitalise economies. CJ also discusses the importance of free market money, the risks of financialisation, and...

Matthew Pines is a the Executive Director at Bitcoin Policy Institute and an advisor to Skywatcher.

In this episode, we explore the evolving landscape of UAPs, why the U.S. government may be sitting on legacy programs involving non-human intelligence, and how the 2017 New York Times article triggered a wave of official investigations and whistleblower disclosures.

We also get into the parallels between Bitcoin and UAPs as epistemic...

Grant McCarty is the Co-President of the Bitcoin Policy Institute.

In this episode, we discuss the state of Bitcoin policy in Washington DC, how the Strategic Bitcoin Reserve went from a fringe idea to a real legislative proposal, and why the next 18 months could define Bitcoin’s regulatory future in the United States.

We also get into the stablecoin and market structure bills currently moving through Congress, how internal dysfunc...

Becca Rubenfeld is the co-founder and COO of AnchorWatch.

In this episode, Becca tells the story of how she adopted her son from a Ukrainian orphanage, including government corruption, falsified records, and systemic failures. What began as a summer hosting program turned into a two-year battle to rescue her son. Becca also opens up about her recent diagnosis with an aggressive and rare form of cancer—and why she felt now was the t...

Erik Cason is the author of Cryptosovereignty & co-founder of Vora. Jesse Posner is a an engineer, formally at Coinbase and BitKey & the co-founder of Vora.

In this episode, we discuss why Erik and Jesse believe the modern state has already collapsed, why Bitcoin is the only shot at reclaiming sovereignty in the digital age and how philosophy, law, and cryptography intersect.

We also get into the rise of Bitcoin treasury companies ...

Jeff Walton is a financial analyst, a former reinsurance broker and the Founder of True North.

In this episode, we break down the rise of Bitcoin treasury companies, why Strategy is playing an entirely different game, and how Saylor’s new financial instruments are creating a Bitcoin-native yield curve. We also discuss how these instruments could absorb trillions from the fixed income market and what that means for Bitcoin’s long-te...

Jeff Ross is a macroeconomist, bitcoiner and Founder & CEO of Vailshire Capital Management.

In this episode, we discuss why Jeff believes we're entering a new inflationary era that echoes the 1970s, why global capital is rotating out of U.S. assets, and how this sets up Bitcoin and gold for massive outperformance & why he thinks the next Bitcoin cycle could peak in late 2025.

We also get into the risks of corporate Bitcoin treasury...

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 inceptio...

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...

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 responsi...

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 -...