Below is a concise summary of the podcast transcript for Episode 1128 of "Bitcoin," hosted by David Bennett, aired on July 7, 2025, at 8:20 a.m. Pacific Daylight Time. The episode covers a range of Bitcoin-related news, market updates, and developments, with the host sharing his skeptical views on some topics.
MicroStrategy's Bitcoin Strategy: The company, the world's largest corporate Bitcoin holder, paused its weekly Bitcoin purchases for the first time since April, citing falling prices around $105,400. It reported $14 billion in unrealized gains for Q2 2025 and plans to raise $4.2 billion through a new stock offering to potentially fund more Bitcoin acquisitions. Their holdings remain at 597,325 BTC, valued at $64.36 billion.
Elon Musk and the America Party: Musk announced a new political party that he claims will embrace Bitcoin, responding to a user on X by criticizing fiat currency. However, the host expresses strong skepticism, viewing it as insincere based on Musk's past actions, such as Tesla's early Bitcoin purchases followed by sales and promotions of Dogecoin. This comes amid Musk's feud with Donald Trump and tensions over U.S. debt policies.
Hamak Gold's Bitcoin Treasury Move: The early-stage gold exploration company in Liberia announced it would allocate part of its raised funds (2.47 million pounds) to Bitcoin for its treasury. The host raises red flags, noting the company's lack of revenue, active mining operations, or proven gold production, comparing it to other risky Bitcoin treasury pivots by non-profitable firms like GameStop and an Australian biotech company.
Jack Dorsey's BitChat App: Dorsey launched a beta version of BitChat, a decentralized messaging system using Bluetooth mesh networks. It enables encrypted, internet-free communication over short ranges (up to 30 meters), ideal for scenarios like disasters or protests. The host praises its potential, especially in flood-affected Texas, where it could facilitate coordination without relying on unreliable infrastructure.
Texas Floods and Bitcoin Mining Impact: Severe flooding and prior heat waves in Texas disrupted Bitcoin mining, causing output drops (e.g., Riot Platforms down 7-25%) and a global hash rate decline from 917 to 832 exahashes per second. The host urges calm, attributing this to temporary grid issues, and sends prayers to affected communities, including victims of the floods that killed at least 27 people.
Other News and Market Updates:
A solo miner won a 3.173 BTC block reward ($350,000), beating slim odds.
Companies like Semler Scientific, Smarter Web, and MetaPlanet announced new Bitcoin purchases, increasing their holdings.
Market snapshot: Bitcoin held at $108,460 with a $2.16 trillion market cap; commodities like oil and gold showed mixed results; U.S. stock indices were down.
The episode included promotions (e.g., for products accepting Bitcoin) and listener shoutouts.
The host concludes with a shorter-than-usual episode, emphasizing the need for independence from fiat currency and wrapping up on a positive note for Bitcoin's resilience.
Key Highlights: