• Bitcoin chops around ~$90k after a brief move toward ~$94k, highlighting a “flat net” year vs late-2024 levels
• Brady revisits a long-running thesis: institutions, corporates, and nation-states may be dampening the classic four-year boom/bust cycle
• Matthew Sigel (via Bernstein) is cited arguing for an elongated cycle, limited ETF outflows during a ~30% correction, and higher long-range price targets
• The show contrasts Bitcoin and gold narratives, using a long-cycle framework to discuss “debasement trade” environments and why hard assets can rotate vs equities
• The Fed’s latest moves are framed as balance-sheet expansion via “reserve management purchases” of T-bills—QE-by-another-name and “money printing,” even if not labeled QE
• A Supreme Court case is discussed regarding presidential removal authority of federal officials, and why the Fed is viewed as a politically sensitive “special case”
• Michael Saylor posts a cryptic “guess the bank” photo (identified by viewers as JPMorgan HQ), fueling speculation about warming big-bank relationships
• BitGo receives conditional OCC approval to convert to a national trust bank, emphasizing 100% reserves and nationwide digital-asset custody authority
• Do Kwon is sentenced (15 years) for the Terra/Luna collapse; the hosts discuss “orange-washing” and how Bitcoin branding can be used to legitimize scams
• Satoshi’s final public post anniversary is noted as a core “feature” of Bitcoin—no founder, no leader, no centralized rule-changes—followed by a Swan product and services overview

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

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Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.


 

• Contrast between today’s macro backdrop and the 2021 Bitcoin peak, with tighter liquidity, higher rates, and far stronger structural support for Bitcoin
• Cory’s base case: no classic 80% “crypto winter” drawdowns anymore and a strong chance of new all-time highs in 2026
• John’s “yearly lows” chart framing: rising annual Bitcoin floors as proof of real accumulation and diminishing panic selling
• Larry Fink, Harvard, sovereign wealth funds, and major banks (BofA, Vanguard, Schwab, Citi) as long-term Bitcoin buyers, not momentum tourists
• Discussion of CFTC-approved spot Bitcoin trading on designated contract markets as another on-ramp for pensions and endowments
• Big critique of prediction markets and “scambling” (scam + gambling) as an extractive, nihilistic, fiat-era attempt to financialize everything
• Cory and John argue that crypto casinos, meme coins, and prediction markets are a giant gambling funnel that ultimately pushes people toward Bitcoin’s seriousness
• Bitcoin and energy: riffing on Elon Musk and Jensen Huang’s comments about Bitcoin turning stranded or excess energy into a universal monetary battery
• MicroStrategy’s new USD reserve is framed as a cosmetics move to soothe institutions and make their Stretch preferreds more attractive, not a change in core strategy
• Cory pushes back on “Operation Chokepoint 2.0” de-banking narratives, distinguishing between true systemic exclusion and individual risky accounts being dropped

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

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• Jeff Booth explains why Bitcoin is the foundation for the world’s first true free market—one that naturally trends toward deflation and abundance
• Argues that existing fiat systems must inflate due to debt dynamics, guaranteeing increasing centralization, surveillance, and coercion
• Dissects Elon Musk’s claim that money will become irrelevant—agreeing only if humanity transitions to a Bitcoin-based system with privacy layers
• Shows why AI and robotics accelerate deflation in a free market, but cause chaos and inequality inside fiat systems
• Breaks down why housing, healthcare, and education prices rise despite technological efficiency: money printing, not real scarcity
• Helps new Bitcoiners understand price volatility and why they must build conviction through deep study—don’t just “trust”
• Explains Bitcoin’s resilience and the importance of decentralization, self-custody, nodes, and privacy technologies like Fedimint and Cashu
• Highlights El Salvador as a real-world example of choosing a Bitcoin-based free-market path
• Discusses long-term security concerns (quantum, government attacks) and why open protocols evolve faster than threats
• Reframes Bitcoin as a civilizational protocol upgrade, not a trade—and encourages ignoring fiat pricing entirely

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

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Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.


 

• Brady joins from Bitcoin Amsterdam and reports extremely positive conference sentiment despite Bitcoin’s price consolidating around $95–105K
• Hosts discuss how price often disconnects from fundamentals and why Bitcoin’s thesis remains intact
• Review of historical “conference dumps” showing that IRL Bitcoin community morale stays strong even during drawdowns
• Deep dive on inflation, the disappearance of the U.S. penny, and long-term fiat degradation compared to Bitcoin
• Macro breakdown: surging U.S. interest expense now surpasses defense spending; government shutdown ends; TGA likely to release liquidity
• Discussion of proposed stimulus checks, 50-year mortgages, and portable/assumable mortgages as evidence policymakers won’t tolerate asset price deflation
• Czech National Bank allocates $1M to Bitcoin—first known central bank to do so
• U.S. regulatory update: Senate draft of the Clarity Act includes explicit protections for self-custody and P2P Bitcoin transactions
• SoFi becomes the first national bank to offer Bitcoin, Ethereum, and Solana purchases directly inside its banking app
• Major adoption milestone: Square enables Bitcoin/Lightning payments at 4 million merchants with optional Bitcoin settlement
• Market note: Michael Burry closes his fund, citing inability to understand today’s market—hosts contrast this with Bitcoin’s clear macro trajectory

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

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Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.


 

• Lyn Alden returns to discuss Bitcoin’s current cycle, macro conditions, and her new sci-fi novel
• Panel examines a ~25% pullback and whether it’s a pause or a new bear market
• Lyn argues halvings now matter less; macro and liquidity dominate price action
• John notes 2025 doesn’t resemble 2021’s top across inflation, M2, deficits, and Fed posture
• Bitcoin behaves more like a large-cap asset with institutional rebalancing muting extremes
• Lyn sees mild recession risk amid fiscal dominance and a two-speed economy, with reacceleration in 2026–27
• TGA fill and recent repo stress cited as short-term drags on Bitcoin liquidity
• “OG” distribution framed as an IPO-like rotation to broader holders
• Treasury company update: Strive’s 12% SATA preferred and MicroStrategy’s new issuance, with scale advantages likely to concentrate winners
• Debate on France’s proposed 1% unrealized wealth tax and why Bitcoin is productive monetary savings, not luxury wealth

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.


 

• Celebrating White Paper Day Eve, the 17th anniversary of the Bitcoin white paper
• Guest Phil Champagne discusses the second edition of The Book of Satoshi, which now includes newly released private email exchanges from early Bitcoin contributors revealed through the COPA v. Craig Wright lawsuit
• Champagne explains how these emails deepen our understanding of Satoshi Nakamoto’s thinking and confirm that Bitcoin’s creator was likely a single individual, not a team
• Insights into Satoshi’s mindset, motivations, and Austrian economics background—his aim to build a decentralized monetary system free from third parties
• Discussion of Bitcoin’s early forum culture, featuring figures like Hal Finney, Gavin Andresen, Martti Malmi, and James Donald
• Phil recalls Satoshi’s elegant defense of Bitcoin as “digital gold that can be transmitted electronically,” countering Peter Schiff’s criticisms before they existed
• A deep dive into Satoshi’s genius in solving the Byzantine Generals Problem and inventing the difficulty adjustment, enabling digital scarcity
• Champagne reflects on the importance of Satoshi disappearing, decentralizing Bitcoin’s ownership and ensuring its neutrality
• The hosts discuss how early skepticism and problem-solving exchanges shaped Bitcoin’s robust design
• Closing thoughts on Bitcoin’s evolution—Layer 2, privacy, and the belief that today’s challenges will be solved just as the “impossible” Byzantine problem once was

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.


 

• Vijay Boyapati returns to Swan Signal Live to discuss Bitcoin’s role as pristine collateral and its integration into traditional finance.
• JP Morgan plans to offer loans backed by crypto ETFs—signaling growing institutional acceptance of Bitcoin as financial collateral.
• Vijay explains why Bitcoin’s properties—no counterparty risk, global liquidity, 24/7 markets—make it the best collateral ever created.
• Discussion on Bitcoin-backed loans: the risks of leverage, loan term structure, and how wealthy investors can borrow without selling BTC.
• Debate on Bitcoin’s financialization: libertarian skepticism vs. inevitability of Bitcoin entering traditional markets.
• Vijay breaks down Bitcoin adoption waves—from cypherpunks and libertarians to tech investors, retail, and now institutions.
• Analysis of gold vs. Bitcoin: gold’s dollar gains are dwarfed by its collapse in Bitcoin terms; Bitcoin is now the ultimate store of value.
• Conversation on U.S. debt, inflation, and AI productivity: can America grow its way out, or is currency debasement inevitable?
• Generational wealth divide: how Boomers benefited from inflation while Millennials’ only hope lies in Bitcoin adoption.
• Closing takes on CZ’s Trump pardon, Tucker Carlson’s Bitcoin skepticism, and Naval Ravikant’s misguided privacy-coin comments.

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.


 

• Bitcoin dropped to $106K after a sudden Friday sell-off, triggering panic across crypto markets—but Swan’s team remained calm, stressing the long-term thesis is unchanged.
• John Haar and Isaiah noted that Bitcoin fell just 10% while altcoins crashed 50–90%, underscoring Bitcoin’s liquidity and resilience.
• The team compared the pullback to past cycles, arguing this is not a cycle top but typical mid-bull market volatility.
• Discussion on Fed Chair Powell signaling an end to QT and potential rate cuts—seen as a tailwind for Bitcoin as monetary easing returns.
• John highlighted data showing Bitcoin rose 750% during the Fed’s tightening cycle, disproving the myth that Bitcoin only thrives under easy money.
• A deep dive into the Fed’s balance sheet showed that long-dated Treasury holdings have never decreased since 2008, signaling systemic dependence on debt monetization.
• Chamath Palihapitiya’s claim that quantum computing could break Bitcoin in 2–5 years was debunked—experts and developers agree it’s decades away and Bitcoin can adapt.
• The team explored how AI could reshape the economy, potentially displacing workers and pushing governments toward UBI—but also creating new industries and efficiencies.
• Brady and John debated whether UBI could be socially beneficial or harmful; both agreed Bitcoin offers protection in any fiat debasement scenario.
• The show wrapped with reactions to Larry Fink’s 60 Minutes appearance comparing Bitcoin to gold and Elon Musk’s recent positive Bitcoin comments.

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.


 

• The team jokes about “Bitcoin being dead again” after Trump’s new tariff threats against China tanked markets and briefly pulled Bitcoin to $117K.
• They analyze Trump’s tariff negotiation style, calling it political theater and a dip-buying opportunity for “active tariff dip buyers.”
• Discussion on Core V30 debates—Bitcoiners fighting among themselves as a “bear market signal,” contrasting with the historic block size wars.
• VJ Boyapati’s chart shows long consolidation phases in this cycle—evidence of healthier, institutional-driven adoption rather than retail mania.
• Gold hits $4,000/oz, outperforming U.S. stocks; the hosts link gold’s run to the global debasement trade and rising mainstream awareness of sound money.
• John Haar highlights that despite 40-year-high inflation, global debt-to-GDP barely fell, reinforcing the inevitability of fiscal dominance and currency debasement.
• Paul Tudor Jones reaffirms Bitcoin as the “fastest horse,” signaling institutional confidence alongside gold.
• Morgan Stanley opens Bitcoin access to wealth clients—another milestone in mainstream financial adoption.
• Square launches zero-fee Bitcoin payment integration for merchants, advancing Bitcoin’s medium-of-exchange use case.
• Discussion closes on Lightning yield experiments (8–9% APY) and Luxembourg’s sovereign Bitcoin purchase, showcasing Bitcoin’s expanding financial utility and global reach.

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.


 

• Bitcoin kicks off October pressing against all-time highs near $123,900, setting an exciting tone for Q4
• Recap of BTC in DC at the Kennedy Center, featuring Michael Saylor, Cynthia Lummis, Adam Back, Pierre Rochard, Jeff Booth, Samson Mow, and many more
• Key focus on academia’s role in Bitcoin adoption, with examples from Cornell and GW University partnerships
• PubKey DC discussed as a future hub for staffers, policymakers, and Bitcoiners in Washington
• Macro landscape: global rate cuts (168 so far this year), stimulus check proposals, stagflation concerns, and every major US index hitting all-time highs alongside Bitcoin
• “The Debasement Trade”: JP Morgan recognizes the growing move into Bitcoin and gold as hedges against deficits, fiat debasement, and Fed credibility concerns
• US gold reserves valued at $1.1T highlight the case for a future Bitcoin Strategic Reserve; panelists debate timing, secrecy, and political will
• Discussion on lower Bitcoin volatility as financialization grows, reducing chances of another 80% drawdown and pointing toward steadier climbs
• DCA vs gold: visualization shows $15K invested since 2020 in Bitcoin would be worth $63K today, highlighting Swan Vault and Swan IRA as easy long-term strategies
• Digital Euro and UK digital ID proposals raise serious concerns over freedom and financial control, contrasted with Bitcoin’s censorship resistance and self-sovereignty

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.


 

• Ben and Jeff break down Strive’s reverse merger and rapid acquisition of Similar Scientific—completed in just four days.
• The deal strengthens balance sheet credit quality, improves leverage capacity, and positions the combined entity for perpetual preferred securities.
• Connection to Vivek Ramaswamy’s background in healthcare and politics creates potential synergies for future spin-offs.
• Bitcoin Treasury Company sector has faced a steep correction, but consolidation may create stronger, scalable firms.
• Ben emphasizes scale—5,000+ BTC balance sheets—as key for accessing institutional preferred markets.
• Treasury companies are experimenting with innovative financing structures (ATM issuance, convertible bonds, perpetual preferreds).
• Discussion on investor psychology: short-termism in equities vs. the long-term thesis of Bitcoin.
• Jeff presents historical math showing 4-year holding periods in Bitcoin and MicroStrategy always produced positive returns.
• Broader economic commentary: mispriced bond risk, housing affordability crisis, and wealth inequality.
• Hosts stress that Bitcoin itself should remain the foundation of portfolios, with treasury companies and credit products as higher-risk layers.

Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private.  
 

Put Bitcoin into your IRA and own your future. Check out swan.com/ira.

Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.