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What Bitcoin Did

What Bitcoin Did

By: Danny Knowles
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What Bitcoin Did unpacks Bitcoin’s role in reshaping money, freedom, and the future of finance.
Episodes
  • Liquidity, Deficits & the Real Bitcoin Signal | Sam Callahan

    Liquidity, Deficits & the Real Bitcoin Signal | Sam Callahan
    Dec 19 2025

    Sam Callahan is the Director of Strategy & Research at OranjeBTC.

    In this episode we discuss why Bitcoin’s fundamentals have never been stronger, why Bitcoin periodically decouples from global liquidity, how internal market dynamics can override macro conditions, and why today’s divergence between improving fundamentals and weak price action may actually be one of the most misunderstood moments in this cycle and why the four-year cycle framework is increasingly unreliable.

    We also get into the deeper structural risks facing the global financial system, from fiscal dominance and runaway deficits to the looming insolvency of Social Security and Medicare. Sam walks through why entitlement spending, demographics, and interest expense create a problem that can’t be solved politically, only postponed monetarily.

    THANKS TO OUR SPONSORS:

    IREN

    ANCHORWATCH

    BLOCKWARE

    LEDN

    BITKEY

    SWAN

    FOLLOW:

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

    Sam Callahan: https://x.com/samcallah
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    1 hr and 11 mins
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