<p>Eric Yakes joins the show to discuss what’s really driving Bitcoin right now and why price is determined by fundamentals, not cycles or models. We break down how marginal supply and marginal demand actually work in Bitcoin, why the four-year cycle may never have been real, and how years of behind-the-scenes work inside institutions and regulators lead to the sudden headlines that reprice the market.</p> <p>We also dig into sovereign wealth funds, nation-state reserve adoption, and why Bitcoin is still one announcement away from a major move. Eric explains why liquidity, not ideology, is the real constraint, why gold still dominates today, and what Bitcoin needs to reach true reserve-asset status. </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>Eric Yakes: <a href="https://x.com/ericyakes"><strong>https://x.com/ericyakes</strong></a></p>