The Mustard Seed Bitcoin Podcast The Price of Uncertainty is Rising | Sam Callahan
Feb 18, 2026
Sam Callahan, a Bitcoin strategist focused on macro divergences and monetary policy, outlines rising global uncertainty and its market implications. He links safe-haven flows into gold, elevated long yields, and fiscal strain to shifting reserve dynamics. He also contrasts Bitcoin’s tech-led role with gold, discusses exchange solvency risks, and why institutional adoption of Bitcoin is still early.
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Paths To Falling Long Yields Carry Trade-Offs
- Long yields could fall via deflation or yield-curve control, but each path has deep trade-offs.
- Sam warns cuts or monetization may lower yields short-term while increasing currency debasement risk.
AI Strengthens Bitcoin's Use Case
- AI likely increases demand for digitally native, permissionless money that settles with finality.
- Sam suggests Bitcoin is a direct way to play the AI trend while hedging expected monetary and fiscal responses.
Gold Rally Reflects Reserve Diversification
- Gold's rally is driven by rising uncertainty and reserve diversification, not by low real yields.
- Central banks buy gold to avoid liabilities and sanction risks, signaling geopolitical-driven demand.
