Nick Szabo: Learning Curve and Trust Minimization

• Gold and silver reverse hard after a massive 2025 run, with gold down ~9–10% and silver down as much as ~30% intraday
• Framing: gold can shed “multiple Bitcoins” of market cap in hours, underscoring scale and volatility even for “safe” assets
• Bill Miller point: BTC–gold long-run correlation is near zero, so divergence doesn’t falsify the “digital gold” thesis
• Perspective check: gold stagnated for long stretches while Bitcoin outperformed, so recency bias cuts both ways
• Idea explored: gold strength can precede major Bitcoin moves, not as a law, but as a recurring historical rhythm
• Fed section: Kevin Warsh is nominated/expected as the next Fed chair; he’s publicly non-hostile to Bitcoin and calls much of “crypto” effectively securities
• Powell clips criticized: “central banking has served the people well” and “credibility is right where it needs to be,” despite gold signaling skepticism about fiat management
• Healthy hopium: David Marcus argues Bitcoin’s monetary properties and “gold parity” math implying ~$1.1M–$1.5M per BTC over time, with timing uncertain
• Policy/market structure: debate over stablecoins paying yield and competitive pressure on banks, plus a broader “digital assets industry” convergence thesis
• Quick hits: Binance converting a $1B reserve fund to BTC, BlackRock filing a Bitcoin premium-income (covered call) ETF concept, and a custody-related theft story

► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, Swan Private is your guide

    ✔ https://www.swanbitcoin.com/private?utm_campaign=private&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Secure your bright orange future with the Swan IRA today! Real Bitcoin, no taxes

    ✔ https://www.swanbitcoin.com/ira?utm_campaign=ira&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Secure your Bitcoin with Swan Vault

    ✔ https://www.swanbitcoin.com/vault?utm_campaign=vault&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Download the all-new Swan Bitcoin App

    ✔ https://www.swanbitcoin.com/app?utm_campaign=app&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Want to learn more about Bitcoin? Check out Welcome To Bitcoin a FREE Introductory course. Learn about Bitcoin in under 1 hour!

    ✔ https://www.swanbitcoin.com/welcome?utm_campaign=welcome_to_bitcoin&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Connect with Swan Bitcoin:

    ✔ Twitter: https://twitter.com/Swan

    ✔ Instagram: https://instagram.com/SwanBitcoin

    ✔ LinkedIn: https://linkedin.com/company/swanbitcoin

    ✔ Threads: https://www.threads.com/@swanbitcoin

    ✔ Facebook: https://www.facebook.com/SwanBitcoin/

    ✔ TikTok: https://www.tiktok.com/@realswanbitcoin