On this episode of Hell Money, we break down Michael Saylor’s heated What Bitcoin Did interview and the growing split between Bitcoin’s old guard and the next generation. From boomer wealth concentration and Bitcoin treasury companies to the rise of techno-feudalism, we unpack why retail feels gone, why Saylor sounds increasingly defensive, and where Bitcoin culture is actually headed.

We cover:

- Michael Saylor’s 2025 review on What Bitcoin Did

- American HODL and Matt Odell's therapy session on What Bitcoin Did

- Generational wealth transfer and boomer dominance

- Why no retail

- Techno-feudalism and concentration of power

- The fading golden era of Bitcoin podcasting

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TIMESTAMPS

0:00 Intro

8:42 Michael Saylor's 2025 review

31:16 American HODL and Matt Odell on What Bitcoin Did, tradfi is boomer

42:07 Where is retail?

44:51 Prediction markets and memecoins

53:40 Technofeudalism

1:03:40 Outro