Show Notes
American HODL & Matt Odell join the show for a review of a year that left most Bitcoin narratives exposed. We unpack why expectations ran ahead of reality, why the super cycle never materialised, and how ETFs, treasury companies, and institutional capital quietly changed how this market actually operates. We get into Bitcoin’s underperformance versus gold and equities, the absence of meaningful retail demand, and how leverage distorted outcomes rather than driving real adoption. We discuss what this means long term. From institutional involvement and shifting power structures, to the breakdown of the four year cycle framework. We also get into custody, incentives, freedom, and whether Bitcoin has to pass through the traditional system before it can meaningfully reshape it. FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or primal.net/danny American HODL: https://primal.net/hodl ODELL: https://primal.net/odell THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ ANCHORWATCH: https://www.anchorwatch.com/ BLOCKWARE: https://mining.blockwaresolutions.com/wbd LEDN: https://learn.ledn.io/wbd BITKEY: https://bitkey.world/ SWAN: https://www.swan.com/wbd SUBSCRIBE TO THE PODCAST: FOUNTAIN: https://fountain.fm/show/gpascDml6iI0sM8aTOCT SPOTIFY: https://open.spotify.com/show/18Pixm6jNMATYXSO6cUnTH APPLE PODCASTS: https://podcasts.apple.com/gb/podcast/defiance/id1482455669 WEBSITE: https://www.whatbitcoindid.com/ CHAPTERS: 00:00:00 - Introduction 00:01:55 - Why Everyone Got 2025 Wrong 00:07:36 - The Four Year Cycle Is Breaking Down 00:10:16 - October Liquidations And Hidden Market Stress 00:21:06 - Gold Is Winning The Narrative War 00:22:03 - Quantum Fear And Capital Hesitation 00:40:14 - Bitcoin Policy Under Trump 00:51:19 - The Samurai Case And The Chilling Effect 01:06:15 - Bitcoin Co Option And The Long Road To Power 01:14:34 - Broken Sentiment What Bitcoin Did with Danny Knowles #Bitcoin #Finance #Money #Economics
