<p>Sam Callahan is the Director of Strategy & Research at OranjeBTC.</p> <p>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. </p> <p>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.</p> <p><strong>THANKS TO OUR SPONSORS:</strong></p> <p><a href="https://www.iren.com/"><strong>IREN</strong></a></p> <p><a href="https://www.anchorwatch.com/"><strong>ANCHORWATCH</strong></a></p> <p><a href="https://mining.blockwaresolutions.com/wbd"><strong>BLOCKWARE</strong></a></p> <p><a href="https://ledn.io/?utm_source=podcast&utm_medium=partnership&utm_campaign=2025_whatbitcoindid&utm_content=ad_read"><strong>LEDN</strong></a></p> <p><a href="https://bitkey.world/"><strong>BITKEY</strong></a></p> <p><a href="https://www.swan.com/wbd"><strong>SWAN</strong></a></p> <p><strong>FOLLOW</strong>:</p> <p>Danny Knowles: <a href="https://x.com/%5C_DannyKnowles"><strong>https://x.com/\_DannyKnowles</strong></a> or <a href="https://primal.net/danny"><strong>https://primal.net/danny</strong></a></p> <p>Sam Callahan: <a href="https://x.com/samcallah"><strong>https://x.com/samcallah</strong></a></p>