My Biggest Bitcoin Regret Ever

The conversation argues that Bitcoin’s recent sell-off is more likely a bear-market bottom than a breakdown. The host says the noise around Bitcoin “going to zero” creates the dislocation that long-term investors want, while the underlying fundamentals still look strong: hash rate is near all-time highs, institutional demand from ETFs and preferred-share vehicles is absorbing supply, and the asset has recovered sharply after a violent drawdown. He thinks Bitcoin is now less risky than it used to be, but also likely to deliver lower annualized returns than in its earlier hyper-growth phase.

A major theme is that AI could make scarce assets more valuable, not less. The host argues that AI is an abundance technology that can create more dollars, intelligence, and information, which makes scarce things like Bitcoin, gold, land, and collectibles relatively more attractive. He says that Anthropic’s IPO will not crowd Bitcoin out, but he strongly criticizes Anthropic’s governance culture and its long-term benefit trust, especially the power given to Buddy Shah.

The discussion also turns into a broader warning about “psychosis” in investing and technology. The host says Bitcoin maximalism and AI mania both become dangerous when they turn into identity and blind faith, even though he remains bullish on both technologies and uses AI heavily himself.