The Rational Root joins me to break down the Coldcard vulnerability, BIP-110, and the potential Bitcoin chain split. We also analyze on-chain momentum, Digital Credit, institutional demand, and whether Bitcoin’s 2026 bear-market bottom may already be in.
Timestamps:
0:00 Introduction
0:24 Coldcard vulnerability overview
4:46 Coin Days Destroyed and the Coldcard incident
8:41 Coldcard’s development failures
11:50 How AI could strengthen Bitcoin security
13:52 Why Coldcard barely moved Bitcoin’s price
17:16 The safest approach to self-custody
20:15 The risks of single-signature hardware wallets
23:12 BIP-110 and the potential Bitcoin chain split
23:33 Transaction fees after the Coldcard incident
25:08 Bitcoin Core, Knots, and OP_RETURN
28:41 The three ways data enters Bitcoin
33:00 Could BIP-110 make the UTXO problem worse?
35:29 Why Bitcoin’s spam problem may be overstated
37:21 Where Bitcoin is in the four-year cycle
38:35 Short-term holder momentum and capitulation
41:44 How short-term holder momentum works
43:06 Is the Bitcoin bottom already in?
45:45 Could Bitcoin fall to realized price?
47:44 Digital Credit and institutional demand
50:28 Strategy’s cash reserve and preferred stocks
51:09 Why this bear market may be less severe
54:20 Bitcoin’s disconnect from stocks
56:00 AI, macro, and the business cycle
59:15 The final day of the bear market
1:01:16 Bitcoin’s antifragility
1:01:56 Where to follow The Rational Root
