Is the four-year cycle dead, or is it about to be right on time again? Benjamin Cowen joins Brandon Green to argue that narrative follows price — not the other way around — and that everyone calling for "this time is different" said the same thing in 2017, 2021, and again in 2025. Cowen walks through the macro headwinds facing Bitcoin, what a new Fed chair like Kevin Warsh can and can't do, and why a midterm-year reset is the most likely path forward. Plus: his controversial take on Bitcoin treasury companies and why he believes they'll eventually underperform Bitcoin itself.
🔶 Host: Brandon Green - BTC Inc CEO
🔶 Benjamin Cowen - Founder & CEO of ITC
Chapters: 02:06 — From Nuclear Engineering PhD to Bitcoin YouTuber
10:32 — The 2025 Apathetic Top vs. The 2019 Apathetic Top Explained
15:17 — Bitcoin Cycles Inside the Macro Business Cycle
22:13 — Narrative Follows Price: Why the Four-Year Cycle Keeps Repeating
29:01 — Could the Midterms Mark a Surprise Bitcoin Bottom?
37:00 — The 40K Target: Realized Price, Balance Price, and the Path Lower
42:25 — The Fed Is Checkmated: Kevin Warsh, Energy Shock & Rate Cuts
47:51 — Why Treasury Companies Eventually Bleed to Bitcoin
52:14 — Bitcoin Beyond 2026: The Path to $1M and the 2040s Reset
59:30 —"The Bears Sound Smart, The Bulls Make Money"
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DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
