Sminston With joins me to explain why Bitcoin’s power law has remained remarkably consistent and how PMI, liquidity, and AI may help explain Bitcoin’s current cycle. We also discuss what could invalidate the power law, the possibility of a $200K-$300K Bitcoin supercycle, and why accumulating 1 BTC is becoming increasingly difficult.


Timestamps:

0:00 Sminston’s background and journey to Bitcoin

5:30 Why power laws matter for Bitcoin

12:01 Why the power law may be more robust than stock-to-flow

16:14 Why Bitcoin follows a power law

19:45 PMI, business cycles, and Bitcoin volatility

24:19 Why Bitcoin and PMI are diverging

28:01 The PMI level that could ignite Bitcoin

32:33 Liquidity, AI, and the muted bull market

36:57 Could Bitcoin enter a supercycle?

40:13 What would break the Bitcoin power law?

44:06 How much Bitcoin do you need to retire?

51:02 Sminston’s new Bitcoin data platform

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