TFTC: A Bitcoin Podcast

Uptober came and went. Marty and Baron break down Anthropic's S-1, why hyperscalers are now free cash flow negative, the $6.3 billion Binance hack, and why Bitcoin's simplicity keeps looking like a feature.

🔗 https://bitcoinproducts.com

In this episode:

• What Anthropic's S-1 does and doesn't tell us about the bull and bear cases
• Where the compute goes: training vs. serving customers
• Junk rating talk and the cost of capital for the AI build out
• Microsoft job cuts and the search for real AI ROI
• Red October, Intel's worst day since 1974, and hedge fund de-grossing
• Big Tech free cash flow turning negative and the debt to GDP reckoning
• Lula's win in Brazil and what it means for the Donroe Doctrine
• The Binance hack and why Bitcoin's small attack surface wins

TIMESTAMPS:

00:00:00 - Red October that wasn't

00:00:35 - Anthropic S-1 gradually then suddenly

00:02:39 - Enterprise customers and revenue retention

00:05:50 - Amended S-1 and the $895 billion in commitments

00:07:45 - What is all that training compute for

00:12:17 - Labs competing with their own customers

00:16:36 - Anthropic's likely junk credit rating

00:18:23 - Where's the ROI

00:19:39 - Microsoft cuts roughly 60,000 jobs

00:20:58 - Intel's crash and record hedge fund selling

00:23:30 - Hyperscalers go free cash flow negative

00:26:56 - Public debt tops 100% of GDP

00:27:43 - Meta ads vs. Google search

00:29:27 - Lula wins in Brazil

00:32:11 - Binance hack and Bitcoin below $77K

00:35:54 - Bitcoin is worse is better

00:38:12 - AI models find only two minor Bitcoin Core bugs

SUBSCRIBE

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TFTC #MartyBent #Anthropic #Binance #Bitcoin #Markets

Baron Koch, the CFO at Braiins and a former endowment and pension portfolio manager, joins Marty Bent to explain how institutions actually decide to allocate to Bitcoin. They cover career risk and the investment committee switch, the Binance hack and centralized custody, Stephen Miran's plan for restructuring the financial system, JP Morgan's capital market assumptions, and why Bitcoin should be treated like a commodity with managed futures risk strategies.

Baron on X: https://x.com/BaronKoch21

Braiins: https://braiins.com/

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

- Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.

- Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.

- Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

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Nostr

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Newsletter

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Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Mike Werry and Mira Metter, the filmmakers behind Broken Country, join Marty to break down how Canada went from the strongest middle class in the world to a cautionary tale for America. They cover healthcare wait-list deaths and MAID, mass immigration and record youth unemployment, a housing crisis fueled by bureaucracy, Mark Carney and the Century Initiative, government waste like ArriveCAN, and why the documentary was funded primarily with Bitcoin. A warning for Americans heading to the ballot box about where these policies lead.

Broken Country Documentary: https://www.brokencountry.com/

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

http://tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

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Nostr

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Newsletter

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Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Bitcoin is sitting near the 8th percentile of its 17-year power trend while sentiment feels like the summer of 2015. Matty Mežinskis of Porkopolis Economics walks Marty through Bitcoin priced in gold, the top five base monies, Fed balance sheet expansion echoing the 2019 repo crisis, and why stablecoins are a rounding error next to global broad money. They also cover falling costs for Bitcoin-backed lending, drone warfare, Russia's war on Ukraine, and when Bitcoin could rival central bank money.

Matthew on X: https://x.com/1basemoney

Porkopolis: https://www.porkopolis.io/topmoney/

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

- Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.

- Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.

- Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Marty and John Arnold dig into Anthropic's S-1 numbers, Meta's first negative free cash flow quarter in over a decade, and why Treasury Secretary Bessent is invoking Lincoln's National Currency Act of 1863 to sell stablecoins.

🔗 https://bitcoinproducts.com

In this episode:

• Anthropic's S-1, revenue per dollar of compute, and Fortune 500 penetration
• Meta's CapEx surge, negative free cash flow, and $95B equity raise plan
• Why GPU rental prices keep rising while bears call the bubble
• Gulf oil and LNG flows back above pre-war levels
• The Qatar LNG deal, Henry Hub, and a possible Russia Ukraine peace deal
• Reshoring, China export controls, and a bifurcating world
• The 1863 National Currency Act, the GENIUS Act, and T-bill backed digital dollars
• Gold convertibility in 1879 and what it means for gold and the Bitcoin reserve

TIMESTAMPS:

00:00:00 - First take on Anthropic's S-1

00:01:54 - Revenue per dollar of compute

00:02:36 - Net dollar retention and Fortune 500 penetration

00:04:05 - The new slides

00:05:02 - Meta financials and CapEx

00:06:43 - Meta's equity raise and new share class

00:07:24 - Muse launch and the stock selloff

00:08:38 - Operating cash flow versus CapEx

00:10:17 - Muse user growth versus ChatGPT

00:12:04 - GPU rental prices keep rising

00:16:35 - Gulf oil volumes above pre-war levels

00:18:48 - US LNG deal with Qatar

00:19:30 - Russia Ukraine peace talks and Nord Stream

00:21:40 - Bifurcation and the reshoring push

00:24:20 - Terafab, drug supply chains, and China export controls

00:26:22 - The 1863 parallel

00:27:51 - OCC finalizes GENIUS Act rules

00:29:58 - National bank notes versus stablecoins

00:32:12 - Sizing the digital dollar opportunity

00:34:37 - Inflation and the Fed's role

00:38:20 - The Resumption Act and gold convertibility

00:40:49 - Gold reserves and the Strategic Bitcoin Reserve

00:44:28 - MAGA slop or real strategy

SUBSCRIBE

› Newsletter (free): https://tftc.io/bitcoin-brief/› YouTube: https://youtube.com/@TFTC?sub_confirmation=1

FOLLOW US

› X: https://x.com/tftc21› Nostr: https://primal.net/tftc

FOLLOW MARTY

› X: https://x.com/MartyBent

› Timestamp: https://www.ten31timestamp.com/› John Arnold: https://x.com/JohnArnoldTen31› Ten31: https://ten31.xyz

TFTC #MartyBent #JohnArnold #Stablecoins #AI #Energy #Bitcoin

Black Monday never showed up. Marty and John Arnold break down why markets shrugged off the weekend scare, and what the data under the surface is saying about AI spending, interest rates, and energy.

🔗 https://bitcoinproducts.com

In this episode:

• Why Black Monday didn't happen and what markets did instead
• Anthropic's slowing revenue growth and the distillation fight
• Neo clouds, credit stress, and the cost of capital for the AI build out
• Hot inflation prints, the Fed, and bond market volatility
• Whether Treasury cuts 20 year issuance to deal with higher yields
• Diesel shortages, Gulf attacks, and Iran's economy
• China's export surge and what Europe might do about it

TIMESTAMPS:

00:00:00 - Black Monday that wasn't

00:01:20 - Anthropic revenue growth slows ahead of IPO

00:01:38 - Distillation attacks and the irony of AI IP

00:05:12 - Neo clouds and credit default swaps under pressure

00:06:55 - Cost of capital for the AI build out

00:07:02 - Hot inflation and the Fed

00:07:57 - Ten year yields near 5% and forward guidance

00:10:13 - Convexity Maven on bond volatility and the MOVE index

00:12:57 - Treasury and the 20 year issuance rumor

00:15:39 - War driving up diesel prices

00:18:36 - Carney on maximizing diesel shipments to the US

00:19:27 - Iran GDP collapse and the blockade

00:21:29 - China's 36% export surge in September

00:22:14 - Robin Brooks and Michael Pettis on overproduction

00:24:35 - Jim Himes and bipartisan support for Europe and NATO

SUBSCRIBE

› Newsletter (free): https://tftc.io/bitcoin-brief/› YouTube: https://youtube.com/@TFTC?sub_confirmation=1

FOLLOW US

› X: https://x.com/tftc21› Nostr: https://primal.net/tftc

FOLLOW MARTY

› X: https://x.com/MartyBent

› Timestamp: https://www.ten31timestamp.com/› John Arnold: https://x.com/JohnArnoldTen31› Ten31: https://ten31.xyz

TFTC #MartyBent #JohnArnold #Markets #Inflation #AI

Parker Lewis of Zaprite, author of Gradually Then Suddenly, joins Marty Bent to explain why Bitcoin sentiment is at its worst while the macro setup looks stronger than ever. They cover the missing adoption wave, why Bitcoin treasury companies cannibalize demand, the 30-year Treasury at 5.5 percent, credit market stress, Silvergate and Operation Choke Point 2.0, the Coldcard and Ledger incidents, and a live demo of Zaprite Pay.

Parker on X: https://x.com/parkeralewis

Zaprite p2p: https://zapritep2p.com/

Gradually, Then Suddenly: https://nakamotoinstitute.org/library/gradually-then-suddenly/

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

- Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.

- Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.

- Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Mel Mattison joins Marty to unpack October's market selloff and why it may be the best buying opportunity since the Iran war drawdown. They cover rising Treasury yields, fiscal dominance, and why Kevin Warsh and the Fed can't hike without bankrupting the government. Mel explains why the AI trade isn't AI, why compute and semiconductors win regardless of which model leads, and how tokenization, stablecoins, and agentic payments threaten the banking float model. Plus Social Security, Medicare, the midterms, and ending the Iran war.

Mel on X: https://x.com/MelMattison1

Mel’s Book: https://www.melmattison.com/quoz

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

- Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.

- Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.

- Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Bryan Jacoutot, commercial litigator at Clark Hill, joins Marty Bent to explain how Bitcoin timestamping through OpenTimestamps and SimpleProof can authenticate digital evidence in the age of generative AI deepfakes. They cover his proposed federal rules of evidence change, a rebuttable presumption of authenticity for hashed files, and how Screven County, Georgia hashes election results and drop box surveillance video into the Bitcoin blockchain. They also discuss FinCEN's retracted rule, the Blockchain Regulatory Certainty Act, the Bank Secrecy Act, and truth decay.

Bryan on X: https://x.com/BryanJacoutot

Clark Hill: https://www.clarkhill.com/people/bryan-f-jacoutot/

Simple Proof: https://www.simpleproof.com/The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

http://tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

France's debt problem, Europe moving against Chinese exports, Iran under pressure, and the AI and quantum FUD hitting Bitcoin. Marty and John Arnold go through the week.

🔗 https://bitcoinproducts.com

In this episode:

• France's fiscal situation and why short-term debt issuance is spreading
• Europe pushes back on Chinese exports while the US pulls it closer
• Iran's economy under sanctions and escalation risk after the Houthi strike
• The Donroe Doctrine: Greenland, Iceland and Brazil's election
• Treasury issuance, buybacks and the narrative around US economic data
• OpenAI revenue numbers, AI math proofs and the quantum FUD aimed at Bitcoin

TIMESTAMPS:

00:00:00 - Touching grass after a weekend of hardware wallet and AI news

00:01:00 - France's debt cycle and the Macron problem

00:02:30 - Short-term issuance and yields across Europe

00:04:58 - Europe moves to block Chinese exports

00:08:17 - Taiwan Strait naval exercises and the US-China meeting

00:09:48 - Iran's economy and the oil minister's exit

00:11:34 - Houthi strike on Saudi airport and escalation risk

00:13:41 - The Donroe Doctrine and the National Security Strategy

00:14:13 - Iceland, Greenland and Brazil's Bolsonaro surge

00:17:07 - US economic data and Treasury issuance

00:20:12 - Bessent's buybacks and the long end of the curve

00:21:26 - OpenAI's revenue run rate and the Anthropic comparison

00:23:39 - AI math proofs and the pace of model progress

00:26:36 - Quantum FUD, Justin Drake and Yehuda Lindell on elliptic curves

00:30:00 - Why Bitcoin researchers are working on new signature schemes

00:33:41 - Wrap-up and next week

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TFTC #MartyBent #JohnArnold #Bitcoin #QuantumComputing #AI

Tom Luongo returns to break down why the Iran conflict was never really about Iran. Tom argues the war is a lever to dismantle the Eurodollar system and the old colonial powers of Europe, from Lloyd's of London pulling shipping insurance to the yen carry trade unwinding. We cover Scott Bessent's Treasury buybacks, the bear flattener, France's bond market stress, Mark Carney and Canada, Judy Shelton at Treasury, the midterms, the dollar index breakout, and a provocative reframe of the claim that DARPA created Bitcoin.

Tom on X: https://x.com/TFL1728

Tom's Website: https://tomluongo.me/

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

- Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.

- Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.

- Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

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Simple Mining

https://www.simplemining.io/tftc

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https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

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Website

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Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Susan Kokinda of Promethean Action returns to check in on the Trump economic agenda ten months after her last visit. She breaks down manufacturing job growth, tariffs, and reindustrialization heading into the midterms, plus the Iran blockade and Treasury's economic pressure campaign, the US-China relationship, and growing desperation in Europe and Canada. She also covers Judy Shelton's Treasury appointment, sound money and gold standard debates, stablecoin rulemaking, and what national banking looks like in the 21st century.

Susan on X: https://x.com/sjkokinda

Susan’s Substack: https://substack.com/@susankokinda1

Promethean Action: https://www.prometheanaction.com/

Promethean Updates: https://www.youtube.com/@PrometheanAction

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

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Website

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Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Oil flows through the Middle East are back near pre-war levels, but 10 year yields and the MOVE index are telling a different story.

🔗 https://bitcoinproducts.com

In this episode:

• Why Middle East crude flows are back to pre-war levels while diesel and refined products still lag
• What the US and China statement on Iran and Hormuz tolls signals
• How the push for a China-free rare earth supply chain is going
• Why the MOVE index and French bond spreads are blowing out
• How stablecoins and Treasury bills could change what a dollar is
• Why Trump's comments on inflation and the debt point toward Bitcoin

TIMESTAMPS:

00:00:00 - Back from the Ten31 portfolio retreat

00:00:47 - Middle East crude flows return to pre-war levels

00:03:19 - Diesel and refined products still lagging

00:04:25 - Tanker costs and Hormuz workarounds

00:07:06 - US and China statement on Iran and Hormuz tolls

00:10:41 - Rare earths and the China-free supply chain

00:12:31 - Jamie Dimon calls for industrial policy

00:13:32 - 10 year yield and the MOVE index breakout

00:17:23 - Weak Treasury auctions and Judy Shelton

00:18:08 - France and Germany bond spread blowing out

00:22:08 - White House and the frontier AI labs

00:24:10 - Bessent, Shelton, and the Fed chair picks

00:26:27 - Trump says inflation could pay down the debt

00:27:20 - Stablecoins and demand for short term Treasuries

00:29:44 - How stablecoins could redefine the dollar

00:33:00 - Euro weakness and the Bitcoin to gold ratio

SUBSCRIBE

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TFTC #MartyBent #Bitcoin #Treasuries #Stablecoins

Jeremy Ryan Slate, host of the Athenian Book Club, traces how Roman emperors debased the denarius from 95% silver to nearly nothing to fund legions and donatives. Marty Bent and Jeremy cover the Third Century Crisis, Diocletian's price controls, Constantine's gold solidus, and why sound money kept the Byzantine Empire stable for centuries. They draw parallels to Federal Reserve money printing, quantitative easing, the Cantillon effect, inflation, and why Bitcoin may offer a modern fix for broken money.

Jeremy on X: https://x.com/JeremyRyanSlate

Jeremy’s website: https://jeremyryanslate.com/

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

http://tftc.io/bitcoin-brief/

Twitter

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Instagram

https://www.instagram.com/tftc.io/

Nostr

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Follow Marty Bent:

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Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Erin Redwing joins Marty Bent to look back on two brutal months for Bitcoin after the ColdCard entropy vulnerability, AI-driven exploits, and the Hugging Face breach. They discuss why Bitcoin is the canary in the coal mine for AI security, the release of Kimi K3, AI safety fearmongering, effective altruism, Peter Thiel's Antichrist warning, the BIP 110 fork, and where Bitcoin goes from here. Erin also shares her astrological outlook for the rest of 2026.

Erin’s Website: https://www.erinredwing.com/

Erin on X: https://x.com/realizingerin

Erin on YouTube: https://www.youtube.com/realizingerin

Erin on TikTok: https://www.tiktok.com/@realizingerin

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

http://tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

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Nostr

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Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Tommy Eastman of Nous Research joins Marty to break down Hermes Agent and why owning your intelligence stack matters. They cover the leap from chatbots to autonomous agentic AI, self-improving memory, and model-agnostic harnesses that kill vendor lock-in. Tommy explains how open source models now handle most enterprise work at a fraction of frontier lab costs, why feeding company IP to OpenAI and Anthropic is a fiduciary risk, the GPU compute squeeze, trusted execution environments, and why Big AI lobbying against open source is disingenuous.

Tommy on X: https://x.com/yeahfortommy

Nous Research: https://x.com/NousResearch

Hermes Agent: https://hermes-agent.nousresearch.com/

Code TFTC for $21 off for first 100 users!

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

http://tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

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Nostr

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Newsletter

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Podcast

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Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Jordi Visser joins Marty Bent to break down why AI agents are about to collide with Bitcoin, stablecoins, and tokenization. Visser explains why crypto's guardrails are mispriced at zero, why tokenization could unlock $900 trillion in trapped assets, and why humans, not compute, are the real bottleneck to AI adoption. The conversation covers Fed policy, corporate debt panic, circular financing, energy constraints, and why Bitcoin remains the ultimate long-term store of value in an agentic economy.

Jordi on X: https://x.com/jvisserlabs

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

- Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.

- Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.

- Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Simple Mining

https://www.simplemining.io/tftc

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

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Nostr

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Newsletter

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Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Trump tells the AI labs to quit "pacing the frontier" and go full speed ahead against China, while Bitcoin claws back above its 50 week moving average despite a mountain of bearish headlines.

🔗 https://bitcoinproducts.com

In this episode:

- Why the sudden AI "slowdown" panic looks like a coordinated op

- Trump's blunt response to Sam Altman, Elon Musk, and the frontier labs

- What Latham & Watkins ditching OpenAI and Anthropic signals for enterprise

- The energy proxy war with China driving diesel to record highs

- The Fed hikes rates again as the ten year flirts with 5%

- Why Bitcoin ripping above its 50 week moving average matters

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TIMESTAMPS:

00:00:00 - Bitcoin nearing a green year for 2026

00:01:31 - Sam Altman, Elon Musk, and Anthropic call for an AI pause

00:06:56 - OpenAI's secondary market sale signals trouble

00:07:17 - Latham & Watkins drops OpenAI and Anthropic over IP fears

00:09:55 - Anthropic's automated bio lab raises Skynet questions

00:12:05 - Trump tells the labs to stop being scared nerds

00:16:29 - Strait of Hormuz oil flows and the US-China proxy war

00:19:36 - Diesel prices hit all-time highs

00:22:10 - Atlanta Fed's 5.1% Q3 GDP estimate

00:22:53 - Kevin Warsh's Fed hikes rates again

00:25:20 - Ten year yield flirts with 5%

00:29:08 - Lindsey Graham's Russia sanctions bill

00:29:52 - The US-Denmark-Greenland security deal

00:31:49 - China's rare earth stranglehold on samarium

00:33:24 - The Clarity Act fails in the Senate

00:33:54 - The ARMOR bill clears a House committee

00:35:30 - Bitcoin breaks above its 50 week moving average

00:36:49 - Sam Lyman on crypto regulation's momentum

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Gary Brode joins Marty Bent to break down his month in El Salvador and the new white paper making the case that Bitcoin is officially a currency. They dig into Nayib Bukele's controversial rule, why the Federal Reserve no longer controls long-term interest rates, and why government overspending — not central bank policy — is driving persistent inflation. Brode also explains his shift from OpenAI to Anthropic, his bet on Intel and AMD as AI moves from training to inference, and why uranium and energy assets round out his portfolio alongside Bitcoin, gold, and silver.

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Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Sam Lyman of the Bitcoin Policy Institute joins Marty Bent to break down the collapse of the CLARITY Act, the stablecoin fight dividing community banks and Wall Street, and new bank charters reshaping crypto regulation. Lyman details his investigation into Chinese-funded propaganda campaigns — linked to financier Neville Singham — driving opposition to AI data centers, and unveils "data center dividends," a plan modeled on the Alaska Permanent Fund to pay rural households thousands per year. The conversation also tackles effective altruism, AI doomerism, the Anthropic-OpenAI duopoly, open source AI, and the Strategic Bitcoin Reserve bill ARMA.

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The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

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Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

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Simple Mining

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Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner