BITCOIN SEASON 2: How Bitcoin Treasuries Will Cause The Next Bear Market
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 2 August 2025
⏱️ 35 minutes
🧾️ Download transcript
Summary
Charlie & Colin expose how Bitcoin treasury companies mirror 1929 investment trusts, creating overleveraged positions that could trigger the next bear market through forced selling and debt spirals.
Charlie and Colin dive deep into the dangerous parallels between today's Bitcoin treasury companies and the 1929 investment trust bubble. They analyze how companies like MicroStrategy use convertible debt to accumulate Bitcoin, why this creates systemic risk, and how forced selling could trigger a catastrophic unwind. From Ponzi-like dividend structures to the speculative attack strategy, they break down why this leverage-fueled boom might end badly.
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**NOTES:**
• 98 companies raised $86B in 8 weeks for crypto
• MicroStrategy needs $300-400M annually for dividends
• Q1 revenue only $111M vs dividend obligations
• Public entities hold ~900K Bitcoin total
• Investment trusts grew 11x from 1927-1929
• 1929 trusts were 1/3 of all capital issuance
Timestamps:
00:00 Start
02:30 Lessons from 1929
07:22 Trusts vs BTC treasury companies
12:50 Shorting MSTR
20:51 Hear me out.. companies that make profits
24:34 Don't say the P word!
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Transcript
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| 0:00.0 | Hey everyone, Charlie here. We're running a quick survey. We want to better understand who our listeners are. |
| 0:07.4 | Do me a huge favor and fill out that survey. It takes under a minute and the link is in the show description. |
| 0:13.2 | This helps us make better content for you. Thanks a ton for listening. Link in the show notes. |
| 0:18.8 | Today on Bitcoin Season 2, we are going to tell you how the Bitcoin treasury scheme will unravel |
| 0:25.7 | and create the next bear market. |
| 0:28.8 | Today, we are the architects of the next Bitcoin bear market. |
| 0:32.5 | Welcome back to Bitcoin Season 2. |
| 0:41.0 | $50. Season 2. 50 million in subprime loans. |
| 0:43.2 | How much money could be out there betting on it in your synthetic CEOs and swaps right now, |
| 0:49.6 | tonight? |
| 0:50.5 | 50 million, a billion dollars. |
| 0:55.0 | What? How much bigger is the market for insuring mortgage bonds than actual mortgages? |
| 1:00.0 | About 20 times. |
| 1:02.0 | If the mortgage bond were the match, and the CDOs were the kerosene-soaked rags, |
| 1:07.0 | then the synthetic CDO was the atomic bomb with the drunk president holding his finger |
| 1:11.6 | over the button. It was at that moment in that dumb restaurant with that stupid look on his face |
| 1:16.8 | that Mark Baum realized the whole world economy might collapse. And there you go. There's the |
| 1:22.0 | cold intro hook that's seen from the big short where Steve Carell's character puts the pieces together that |
| 1:31.2 | everybody's leveraged to the tits and it's all going to collapse. |
| 1:35.7 | So how does this relate to today, Colin? |
| 1:40.4 | Because we are talking about Bitcoin treasury companies, Charlie. |
| 1:43.5 | Now, I know listeners are probably |
... |
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