Uploaded January 2026 | Updated September 2026, 7 hours ago
In this episode, John Carvalho returns to challenge prevailing assumptions about Bitcoin governance, scaling, and maximalism, arguing that many current debates are distractions from Bitcoin’s core constraints. We explore his framework for understanding blockspace, protocol subjectivity, and why he believes future changes to Bitcoin may be far harder than most expect. Enjoy!
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Follow John: https://x.com/BitcoinErrorLog
Follow Rizzo: https://x.com/pete_rizzo_
Follow Supply Shock: twitter.com/SupplyShockBW
Follow Blockworks: twitter.com/Blockworks_
Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx
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Timestamps:
00:00 Introduction
01:46 2025 Wins & Misses
07:48 What Drives Rates In 2026
13:00 Grayscale Ad
13:37 Inflation Deep Dive
18:47 Labor Market & Housing
22:59 The K-Shaped Fed Cycle
29:50 Grayscale Ad
30:37 Fed Balance Sheet
35:06 Active Treasury Issuance
37:46 Equities In 2026
45:20 Commodities Heating Up
48:13 Final Thoughts
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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
#Bitcoin #Crypto #SupplyShock
In this episode, John Carvalho returns to challenge prevailing assumptions about Bitcoin governance, scaling, and maximalism, arguing that many current debates are distractions from Bitcoin’s core constraints. We explore his framework for understanding blockspace, protocol subjectivity, and why he believes future changes to Bitcoin may be far harder than most expect. Enjoy!
—
Follow John: https://x.com/BitcoinErrorLog
Follow Rizzo: https://x.com/pete_rizzo_
Follow Supply Shock: twitter.com/SupplyShockBW
Follow Blockworks: twitter.com/Blockworks_
Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx
—
Timestamps:
00:00 Introduction
01:46 2025 Wins & Misses
07:48 What Drives Rates In 2026
13:00 Grayscale Ad
13:37 Inflation Deep Dive
18:47 Labor Market & Housing
22:59 The K-Shaped Fed Cycle
29:50 Grayscale Ad
30:37 Fed Balance Sheet
35:06 Active Treasury Issuance
37:46 Equities In 2026
45:20 Commodities Heating Up
48:13 Final Thoughts
—
Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
#Bitcoin #Crypto #SupplyShock
