Jun 19, 2026 2:00 PM
Pierre Rochard, Bitcoin researcher and CEO of The Bitcoin Bond Company, joins Jackson to discuss the "security budget" argument and explains why it doesn't hold up to serious scrutiny. He also shared insights into how large Bitcoin miners are evaluating the halving and the end of network subsidies.
00:00 — Intro & the Bitcoin security budget argument explained
05:38 — Why falling block subsidies don't threaten transaction finality
08:19 — Mining centralization, 51% attacks, and the pivot to AI/HPC
14:21 — Why hard forks fail: removing the 21M cap or moving to proof of stake
18:20 — Bitcoin vs. Ethereum: monetary policy and network effects
23:49 — Inside Riot: how miners adapt to halvings & the AI boom
27:59 — Final thoughts: Bitcoin's fundamentals and the macro outlook
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