Founder: Bitcoin Cycle Is ‘Broken’; When Will It Hit $200k? | Matthew Schultz

Watch on YouTube ↗  |  July 28, 2025 at 23:00  |  34:39  |  The David Lin Report
Speakers
Matthew Schultz — Co-Founder and Executive Chairman, CleanSpark

Summary

Matthew Schultz, Co-Founder and Executive Chairman of CleanSpark, discusses Bitcoin mining economics, CleanSpark's strategy, and his outlook for Bitcoin. He argues the four-year cycle is broken and predicts Bitcoin will exceed $200,000 this year due to fixed supply and rising demand from ETFs, treasury companies, and sovereign accumulation. He also explains why miners do not control BTC price, criticizes dilution-heavy miner models, and questions the premium on MicroStrategy's Bitcoin holdings.

  • Schultz predicts Bitcoin above $200,000 this year on supply-demand dynamics.
  • He says the halving cycle is broken and Bitcoin is in price discovery.
  • He explains miners cannot control BTC price; only 450 BTC are mined daily.
  • CleanSpark sells part of production for opex, uses BTC-backed credit for capex, and writes short-term derivatives.
  • Schultz argues CleanSpark is an efficient pure-play miner benefiting from institutional adoption as peers pivot to AI/HPC.
  • He questions MicroStrategy's roughly 3x Bitcoin premium and discusses short interest in miners.
  • The interview covers China's mining ban, rural utility partnerships, mining costs, and the hypothetical if miners went offline.
Ideas
Matthew Schultz Co-Founder and Executive Chairman, CleanSpark 0:04
Bitcoin breaks cycle, exceeds $200k.
Schultz expects Bitcoin to exceed $200,000 this year because supply is fixed at 450 new BTC per day while demand is rising from ETFs, new Bitcoin treasury companies, sovereign/strategic reserve accumulation, and potential short liquidations. He argues the old four-year halving cycle has been broken and the market is now in price discovery.
BTC HIGH
Matthew Schultz Co-Founder and Executive Chairman, CleanSpark 3:15
CleanSpark's efficient self-funded model beats peers.
CleanSpark is pitched as an efficient, self-funding pure-play Bitcoin miner: it mines BTC at a fraction of spot (about $42,000 in the latest quarter), sells enough production to cover opex, uses BTC-secured credit for capex instead of persistent equity dilution, writes short-dated derivative contracts for extra yield, and is gaining institutional ownership as peers pivot to AI/HPC. Schultz argues this gives CleanSpark leverage to Bitcoin without the dilution or premium of buying BTC or Bitcoin treasury companies, and it can wait out heavy short interest.
CLSK HIGH
Matthew Schultz Co-Founder and Executive Chairman, CleanSpark 10:19
MicroStrategy's Bitcoin premium looks excessive.
Schultz questions why Bitcoin held on Michael Saylor's balance sheet should be worth roughly three times spot BTC, calling it a leverage play whose premium may not be justified versus buying Bitcoin directly or owning an efficient miner that produces BTC below spot.
MSTR MED
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This The David Lin Report video, published July 28, 2025, features Matthew Schultz discussing BTC, CLSK, MSTR. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Matthew Schultz  · Tickers: BTC, CLSK, MSTR