Udi Critiques Michael Saylor w/ Udi Wertheimer

Udi Wertheimer, Founder of Taproot Wizards joins us to talk about the shifting narratives of Bitcoin, the structural flaws of layer-2 scaling solutions, and how stablecoins enable Hyperliquid and Polymarket. He critiques Michael Saylor’s aggressive financial engineering tactics, explaining why MicroStrategy stopping its Bitcoin buying spree is a far greater systemic risk to the market than Saylor actually selling his bags. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Udi missed his $400k 2025 BTC forecast. * Saylor's treasury is worth $55 billion. * Saylor not buying for one quarter poses major risk. * Treasury value could drop to $20 billion. * MSTR holds a $2 billion cash reserve limit. Timestamps: 00:00 Start 00:10 "I was wrong" - Udi 03:02 Layer 2 04:08 Recent Bitcoin history 07:56 On-chain activity will be fringe behavior 13:10 True believers & this cycle 17:37 narrative changes 21:02 Stablecoins 26:00 Agentic payments 27:26 Stablecoins & prediction markets 36:32 STRC selling BTC 43:22 Saylor thought experiment 47:05 Saylor BTC supply overhang 50:05 Saylor "folding" 57:48 10% of Gold supply 1:00:14 Is ANYTHING bullish now? 1:04:14 AI vibe coding The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs.xyz/careers Learn more about your ad choices. Visit megaphone.fm/adchoices