Afleveringen
-
Crypto doesn’t reward fundamentals. It rewards attention. So what does that say about how investors, like Warren Buffett, would fare today?
In this week’s Bits + Bips, the crew dissects what’s really behind this rally, why Ethereum’s sentiment problem may run deeper than roadmap delays, and how the stablecoin bill turned into a political tug of war.
Plus:
Apple and NFTs: why this matters more than people think
Whether tariffs are about politics or actual policy
Why Bessent is “the best” in the Trump administration
And why Buffett’s era may be ending, with Portnoy rising in his place ๐ฌ
Sponsor:
Bitwise
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Katalin Tischhauser, Head of Research at Sygnum Bank
Macro
Bloomberg: Trump Suggests Some Trade Deals May Come as Soon as This Week -
Asymmetric Market Update™๏ธ #29
May 2025 Newsletter: A Trade Breakdown - Lyn Alden
Stagflation bears are wrong?
Reuters: Dollar slips as Taiwan dollar surge sparks revaluation talk
WSJ:
Tariffs Threaten Semiconductor Supply Chains, Chip-Equipment Maker Warns
Bessent’s oped: Trump’s Three Steps to Economic Growth
Buffett on Tariffs
Buffet: The Natural Course of Government is to make Currency worth less overtime
ETH pivot
Unchained:
Ethereum Gave Away Too Much for Too Long. Will Its Pivot Be Enough?
Ethereum Ecosystem Shifts Toward User Focus
Ethereum Developers Vote EOF Out of Fusaka Hard Fork
Vitalik Buterin Proposes Replacing Ethereum Virtual Machine
The Block:
Vitalik and new Ethereum Foundation co-executive directors outline updated board structure, mission
Vitalik Buterin- and StarkWare-backed Kakarot reveals alternative Ethereum ZK stack, targeting real-time STARK proofs on Layer 1 by end of 2025
CoinDesk: Ethereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New Proposal
Simplifying the L1 by Vitalik Buterin
Stablecoin bill:
POLITICO: Why the Senate crypto bill is in turmoil
Latest on the Senate's "GENIUS Act" by Alex Thorn, head of research at Galaxy
Timestamps:
๐ช 0:00 Intro
๐ 1:01 Katalin’s background
๐ฆ 3:40 The real motive behind tariffs, according to Katalin
๐ฌ 11:43 What the market is forgetting to price in
๐ช๐บ 18:57 How Europe views Trump’s trade moves
๐ค 21:33 Trump thinking that U.S. companies are cutting bad deals with China
๐ง 26:04 Why Bessent’s op-ed made waves, and why Alex calls him the smartest in Trump’s crew
๐ 29:13 The collapse in U.S. manufacturing employment, despite a surge in production
๐ง 33:12 Buffett’s exit and his old-school take on tariffs in a new-school market
๐ 39:46 Will Ethereum’s pivot actually improve the price?
โ๏ธ 51:28 The impact of the political mess around the stablecoin bill
๐ธ 53:53 Ripple’s attempted Circle acquisition and why Ram wouldn’t touch XRP
๐ 1:00:43 Importance of Apple quietly opening the door to NFTs and crypto sales
๐ฑ 1:03:34 What’s up with the Taiwanese dollar
๐ป 1:06:05 Why adding tariffs to chips could backfire big time
Learn more about your ad choices. Visit megaphone.fm/adchoices -
After years of underperformance, Ethereum is trying to change course, from scaling the layer 1 to potentially dumping the EVM. In this episode, Tarun Chitra and Max Resnick break down each of these new changes, analyzing the good, the bad, and the ugly.
Is this a reset that can save Ethereum’s market position and price? Or has the protocol given away too much for too long?
They dive into:
Whether the gas limit increase changes everything
What went wrong with Ethereum’s economics and solo staking politics
Max’s view on “the single most important” change Ethereum needs to make
How ETH could claw back value from layer 2s
What Max would do if he ran Ethereum
Whether this pivot is too little, too late
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise https://bitwiseinvestments.com/ciomemo
Tarun Chitra, CEO and Co-Founder of Gauntlet
Max Resnick, Lead economist at Anza
Unchained:
Ethereum Ecosystem Shifts Toward User Focus
Ethereum Developers Vote EOF Out of Fusaka Hard Fork
Vitalik Buterin Proposes Replacing Ethereum Virtual Machine
The Block:
Vitalik and new Ethereum Foundation co-executive directors outline updated board structure, mission
Vitalik Buterin- and StarkWare-backed Kakarot reveals alternative Ethereum ZK stack, targeting real-time STARK proofs on Layer 1 by end of 2025
CoinDesk: Ethereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New Proposal
Simplifying the L1 by Vitalik Buterin
Timestamps:
๐ 0:00 Introduction
๐ ๏ธ 2:05 Why Ethereum had to pivot and what triggered the urgency
๐ 7:16 Why raising the gas limit could actually be a big deal
๐ป 9:12 Whether Ethereum devs are too idealistic
โก 19:02 How Solana managed to outperform Ethereum at the base layer
๐จ๐ซ 24:09 Why Max feels Vitalik’s proposals focus on outdated technology
๐ง 27:57 The growing gap between Ethereum research and its execution clients
๐ 35:02 The ONE thing Max thinks Ethereum is doing well
โ๏ธ 40:38 Did “credible neutrality” push Ethereum down the wrong path?
๐ 48:23 Will the new Ethereum R1 rollup succeed?
๐ 52:53 What the new updates mean for layer 2s and their value proposition
๐ 1:02:58 Whether ETH is finally due for a price reversal
๐ฏ 1:09:12 Why Ethereum should take a page from Trump’s strategy playbook
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The MOVE token collapse sparked one of the most damning investigations in the industry this year.
In this episode of Unchained, investigative journalist Sam Kessler joins Laura Shin to walk through the contracts, questionable market-making deals, and finger pointing inside Movement Labs. From Binance’s ban to a Trump-affiliated crypto deal, this story unearths how the MOVE token collapse was the product of what looks like a pump-and-dump plan written out in legal contracts.
Plus:
How insiders structured deals to profit from artificial price spikes
How this could have happened with a project backed by some of crypto’s most reputable VCs
What this saga says about token launches, regulation, and market integrity
And whether Movement Labs can (or should) be trusted to investigate itself
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
FalconX
Bitkey: Use code UNCHAINED for 20% off
Mantle
Sam Kessler, Deputy Managing Editor for Tech and Protocols at CoinDesk
CoinDesk: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen
Trading for MOVE will be suspended on Coinbase
Timestamps:
๐ 0:00 Introduction
๐ต๏ธโ๏ธ 1:52 Initial details of the scandal
โ๏ธ 6:20 Conflicts of interest at Movement Labs and who knew what
๐ฅ 8:42 Why 5% of tokens = 50% of supply and why that’s wild
๐งพ 13:14 How a lawyer called the deal “the worst agreement I’ve ever seen”
๐ซ 18:41 Why Binance banned Web3Port after suspicious trading
๐งฉ 20:38 The web of key players: founders, shadow advisors, and middlemen
๐ง 25:51 A theory on treasury selling and token price manipulation
๐ 27:49 Can Movement Labs investigate itself, and will anyone trust the outcome?
๐ 29:39 Why Coinbase is suspending MOVE and what that signals
๐บ๐ธ 30:47 How Trump’s crypto arm is tangled up in the MOVE ecosystem
๐ฐ34:15 News Recap
Learn more about your ad choices. Visit megaphone.fm/adchoices -
While it’s been a calmer week in the markets (thank God!), there’s a lot to talk about!
This week on Bits + Bips, hosts James Seyffart, Ram Ahluwalia, and Steven Ehrlich, along with guest Charles Edwards of Capriole Investments, dive into:
Whether it’s time to be bullish on all crypto assets
Whether a Trump put actually exists
The risks behind bitcoin treasury companies like the new Twenty One Capital
Why Solana ETFs might not be the smash success people expect
The controversial invite to the White House for $TRUMP holders
Why there’s a big disconnect in the markets
Bitwise
James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Steven Ehrlich, Executive Editor at Unchained
Guest:
Charles Edwards, Founder of Capriole Investments
Twenty One:
Recent coverage of Unchained on Twenty One:
Why Twenty One Capital Is More About Volatility Than Bitcoin
Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed?
Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners
Does The Market Still Control Trump?
Donald Trump’s chaos has left investors with frayed nerves
4 of the Mag7 Reporting This Week
Big Tech’s Earnings Problem Is Estimates May Be Way Too High
$TRUMP
Trump's Meme Coin Dinner Contest Earns Insiders $900,000 in Two Days
Other:
โโApollo slides
Timestamps:
๐ 0:00 Introductions
๐ง 3:22 Is the market controlling Trump or is Trump controlling the market?
๐ 8:51 Can investors trust it if there’s a positive earnings season?
๐ 14:13 How tariffs are hitting supply chains and consumer goods
๐๏ธ 19:25 Is Twenty One Capital a threat to MicroStrategy?
โ๏ธ 31:19 What is the future of bitcoin miners?
โก 34:42 Will the Bitcoin corporate flywheel eventually break?
๐ฅ 43:31 Can Solana holding companies follow MSTR?
๐จ๐ฆ 48:19 Wen Solana ETFs? \Poor early trading trends in Canada
๐ค 53:50 Is there a silver lining to $TRUMP?
๐ 1:06:30 Bitcoin strength: time to be bullish?
๐ 1:14:24 Macro wrap-up with tariffs, rate cuts, and global market risks
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The race for Bitcoin supremacy just got more complicated.
Twenty One Capital, backed by Tether, SoftBank, and Cantor Fitzgerald, plans to stack as much BTC as it possibly can.
But is this new venture really about Bitcoin … or about creating a hyper-volatile stock to play market cycles?
This week on Unchained, Jeff Park of Bitwise and Mark Palmer of Benchmark join to discuss:
Why SoftBank and Tether are a “perfect match”—and why they turned to Bitcoin
How volatility, not bitcoin itself, might be the real asset investors are buying
What Cantor’s involvement says about Wall Street’s readiness for crypto
Why the launch timing matters
Whether Twenty One could repeat MicroStrategy’s mistakes
Whether these new Bitcoin vehicles are better bets than spot bitcoin or ETFs
Plus, is SoftBank getting into crypto a top signal? ๐
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise
Jeff Park, Head of Alpha Strategies at Bitwise
Mark Palmer, Senior Analyst at Benchmark
Recent coverage of Unchained on Twenty One: Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed?
Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners
Jeff Park’s post on X
Timestamps:
๐ฐ 0:00 Introduction
๐ 2:07 Why Jeff sees the Twenty One Capital launch as a huge development
๐ง 6:09 How Twenty One might learn from MicroStrategy’s playbook
๐ฆ 11:59 Risks of turning into the next Celsius, Voyager or Genesis
๐ธ 18:52 Why Bitcoin needs income-generating activities to evolve
๐ 21:17 How metrics like bitcoin per share bridge crypto and TradFi
๐ค 30:16 Whether Tether’s participation makes sense
๐ 34:18 Why Jeff thinks SoftBank and Tether are “a perfect match”
๐ฉ 42:29 Is SoftBank entering crypto a top signal?
๐๏ธ 46:32 Why Cantor’s involvement shows Wall Street is serious
๐ 50:24 Why bitcoin vehicle stocks trade at a premium
๐๏ธ 55:48 Why timing matters compared to MicroStrategy’s 2020 debut
๐งฎ 1:00:06 How to decide between investing in vehicles, spot bitcoin, or ETFs
๐ 1:08:52 Whether SOL investment vehicles will have the same success as bitcoin ones
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest David Hoffman break down the biggest stories in crypto. This week: MicroStrategy clones are popping up, with Bitcoin-backed SPACs trying to replay Saylor’s playbook. Meanwhile, Trump launches a memecoin for dinner invites, Zora kicks off a new era of “content coins,” and Ethereum faces an existential pivot. David Hoffman joins the crew to debate whether crypto’s future is real innovation—or just financial theater.
Show highlights
๐น Bitcoin vs Ethereum: Who Wins the Future? – Breaking down why Bitcoin could outgrow Ethereum… or why Ethereum might still be crypto’s last hope.
๐น Can Content Coins Save Crypto? – Zora’s pivot and the rise of “content coins” spark a full-blown identity crisis for the industry.
๐น Are We Just Rebranding Memecoins? – The crew debates whether “content coins” are innovation… or just the same casino with better UX.
๐น The Culture Clash – Why crypto’s new apps feel like they’re built for millennials — and why Gen Z might just not care.
๐น SoftBank, SPACs, and the Top Signal – 21Capital’s Bitcoin MicroStrategy clone is here. Are we seeing the beginning of the end… again?
๐น Vitalik’s Existential Pivot – Ethereum is trying to save itself. But can it change fast enough to stay relevant?
๐น Bitcoin’s Macro Moment – In a world of tariffs, inflation, and chaos, Bitcoin might accidentally become the next Federal Reserve.
๐น Crypto’s Morality Crisis – Vitalik’s attack on “bad apps” raises a deeper question: what should crypto even be building anymore?
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly โญ๏ธTarun Chitra, Managing Partner at Robot Venturesโญ๏ธTom Schmidt, General Partner at Dragonfly
Guest
โญ๏ธ David Hoffman, Co-owner at Bankless
HostsDisclosures
Timestamps
00:00 Intro
01:55 MicroStrategy Clones and Market Impact
13:40 Trump Coin and Its Controversies
20:35 Zora’s Content Coin vs. Jesse's Coining Controversy
26:56 Zora’s Market Position
32:29 Generational Divide in Crypto
39:32 Ethereum's Strategic Pivot
Learn more about your ad choices. Visit megaphone.fm/adchoices -
A new company called Twenty One is making waves—with a launch strategy that echoes Strategy (formerly MicroStrategy), a cap table that includes Tether, SoftBank, and Cantor Fitzgerald, and a plan to acquire more Bitcoin than anyone else.
They’re starting with 42,000 BTC, worth nearly $4 billion, and they’ve hinted they’ll use convertible debt, equity raises, and other market mechanics to buy more.
But is this just a smarter MicroStrategy? Or a recipe for financial reflexivity gone wrong?
In this episode, Matthew Sigel, head of digital assets research at VanEck, digs into:
How the strategy works and why it could break
What happens if the stock trades below NAV
Why timing the market may be a feature, not a bug
And whether this signals a new phase in corporate Bitcoin exposure
Sigel also shares a bold idea for “BIT Bonds” that could let the U.S. Treasury issue Bitcoin-linked government debt. Could it work?
Plus, Unchained regulatory reporter Veronica Irwin talks about her scoop that we might see a crypto market structure bill as early as this week.
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Bitkey: Use code UNCHAINED for 20% off
FalconX
Mantle
Guest
Matthew Sigel, Head of Digital Assets Research at VanEck
Links
Unchained:
Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners
The Block: Strike founder Jack Mallers to lead Tether-backed multi-billion bitcoin buying venture, Twenty One Capital
Ryan Watkins’ post on X
Jeff Park’s post on X
Timestamps:
๐ 0:00 Introduction
๐ 4:59 How Twenty One plans to buy more bitcoin than anyone else
โ ๏ธ 7:23 The key risks behind the reflexive BTC acquisition strategy
๐ 12:38 Why more companies are copying the MicroStrategy playbook
๐ 16:17 Jack Mallers’ role and why the CFO matters even more here
๐ฅ 17:55 Could one bad move blow these companies up?
๐ฐ 22:28 The types of investors this model attracts
โณ 25:40 Did Twenty One launch at the worst possible time?
๐ค 26:58 How to think about investing in BTC vs. these BTC-heavy stocks
๐บ๐ธ 28:23 Unchained regulatory reporter Veronica Irwin on why a market structure bill might be on its way relatively soon
๐ฐ 35:31 Crypto News Recap
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Joe Weisenthal, co-host of Bloomberg’s Odd Lots podcast, for a wide-ranging, unfiltered conversation. They dive into whether Bitcoin is becoming digital gold, why Ethereum’s value might be leaking away, and how stablecoins are quietly reshaping global finance. Joe challenges the panel on NFTs, DePIN, and whether any of crypto’s big promises have actually delivered. Plus, they debate the rise of MicroStrategy copycats, the failure of crypto social apps, and why Worldcoin’s orb-pilled vision might actually make sense.
Show highlights
๐น Bitcoin = Safe Haven? – Why BTC is acting like gold in a crisis while ETH and altcoins are tanking
๐น Ethereum’s Value Leak – Joe questions why ETH hasn’t captured any upside from stablecoins or NFTs
๐น The MicroStrategy Clone Wars – Solana copycats are trying the Saylor playbook… but will it work?
๐น Worldcoin’s Creepy Appeal – Joe is orb-pilled: privacy is dead, but proof-of-personhood might just work
๐น The Freeport Theory of Bitcoin – Could BTC be the decentralized answer to offshore gold storage?
๐น Are Stablecoins the Eurodollars of Crypto? – Haseeb lays out how stables quietly rewrote the financial system
๐น Ethereum’s L2 Gamble – The panel debates if Ethereum’s scaling strategy caused value to bleed out
๐น The DePIN Dilemma – Is decentralized infrastructure a dead-end or just early? Joe wants receipts
๐น Crypto Social Media? – Joe’s skeptical: why decentralized comms hasn’t clicked yet
๐น Utopia or Bust? – If crypto’s gonna be this expensive, Joe says it better deliver a better world
Hosts
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly
โญ๏ธRobert Leshner, CEO & Co-founder of Superstate
โญ๏ธTarun Chitra, Managing Partner at Robot Ventures
โญ๏ธTom Schmidt, General Partner at Dragonfly
Guest
โญ๏ธ Joe Weisenthal, Editor at Bloomberg
Disclosures
Timestamps
00:00 Intro
01:57 Bitcoin's Market Behavior
06:53 Bitcoin as a Safe Haven
15:56 Economic Value in Crypto
19:51 Stablecoins, NFTs, and Worldcoin
36:00 Blockchain's Value in Social Networks
41:20 Reality of Crypto Utopias
49:19 The Future of Stablecoins and Regulation
54:54 MicroStrategy and Bitcoin Investments
Learn more about your ad choices. Visit megaphone.fm/adchoices -
An independent Federal Reserve has long been the cornerstone of U.S. economic stability, but what happens when that foundation is shaken?
In this week’s episode of Bits + Bips, the panel digs into one of the most dramatic threats yet to financial markets: Donald Trump’s suggestion that he could fire Fed Chair Jerome Powell. It’s not just political theater, it’s a potential major blow to the credibility of the U.S. dollar and the independence of the world’s most important central bank.
Joining the panel is Zach Pandl, Head of Research at Grayscale, who explores why a rotation away from U.S. dollar assets might already be happening and what that means for bitcoin.
Plus:
Why the Fed’s independence is so crucial
The telltale signs of a structural capital rotation out of the U.S.
Whether bitcoin has officially decoupled from equities
How young crypto HODLers will react to their first bear market
And why this moment may look more like Argentina than America
Show highlights:
Sponsors:
Bitwise
Hosts:
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Steven Ehrlich, Executive Editor at Unchained
Guest:
Zach Pandl, Head of Research at Grayscale
Links
Trump Threatening Powell
New York Times: Risk of Financial Panic Tempers Trump on Firing Powell
Barrons: Trump Calls Powell a ‘Major Loser.’ 3 Ways He Could Sideline the Fed Chair
Inconsistencies in Hard v. Soft Data
Wall Street Journal: Trump Is Everywhere Except in the Economic Data
Federal Reserve Bank of Philadelphia: Carefully Balancing Both Hard and Soft Data in Policy Discussions
Dropping Dollar
CNBC: U.S. Dollar Falls to Three-Year Low as Trump’s Powell Threats Further Dent Investor Confidence
New York Times: The Dollar Keeps Falling as Its ‘Safe Haven’ Status Is Questioned
Bitcoin Decoupling
CNBC: Bitcoin Retakes $90,000 as Investors See It as Alternative to Diving Dollar and Turbulent Stocks
Decrypt: Bitcoin Decoupling? BTC Rises as Equity Markets Swoon
Timestamps:
๐ 0:00 Intro
๐ 3:44 Could Trump really fire Powell? And what would that mean for the Fed’s credibility
๐ท13:01 Why the Fed is seeing conflicting signals from the economy
๐๐ 20:07 If Trump keeps Powell for now, how will the market react?
๐ช 24:49 Why capital is rotating out of the U.S. and how it is such a big moment for bitcoin.
๐ค 31:37 How much further the dollar could fall in this cycle?
๐ 42:43 Has bitcoin finally decoupled, and could it become a global reserve currency?
๐ง๐ป 50:11 How the young age of crypto holders could reshape market dynamics
๐ง 1:04:26 What specific things Ram, Alex, and Zach are watching now across macro and crypto
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The U.S. is rattled by tariffs, economic uncertainty, and political U-turns on crypto. But across Asia, the response has been … different.
In this episode of Unchained, we check in with two of the sharpest observers of Asia’s crypto landscape: Emily Parker, China and Japan advisor of the Global Blockchain Business Council, and Yat Siu, chairman of Animoca Brands. They unpack how Asia views the Trump crypto pivot, what’s actually happening inside China, why Hong Kong may be the most important jurisdiction in crypto right now, and how Japan and Korea are quietly shaping the future of regulation, stablecoins, and DeFi.
Plus:
Is crypto really banned in China?
Why Korea is lifting its “shadow ban”
Why crypto gaming is thriving in Asia
And what the West can learn from it all
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Bitwise
Guests:
Emily Parker, China and Japan Advisor at the Global Blockchain Business Council
Yat Siu, Chairman of Animoca Brands
Links
WSJ: Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway.
Timestamps:
๐ 0:00 Introduction
๐ 5:43 Why Chinese sentiment around tariffs is calmer than in the U.S.
๐ฃ๏ธ 8:24 What crypto conversations are really about in China right now
๐ 11:28 How Asia reacted to the U.S. crypto U-turn under Trump
๐ฆ 20:13 Are Asian nations quietly building up bitcoin reserves?
๐ 23:19 How Asia has more regulatory clarity than the U.S.
๐ 25:13 Why crypto adoption in Asia is outpacing that of other regions
๐ฐ๐ท 30:22 Why DeFi hasn’t taken off yet in South Korea – Don’t miss this!
๐ 38:05 The potential rise of non-USD stablecoins in Asia
๐ 43:52 Is crypto actually banned in China?
๐ด 55:51 Whether the digital yuan is being adopted
๐ 1:00:28 Korea potentially lifting its “shadow ban” on institutional crypto investment?
๐ 1:05:15 Why some Asian companies choose to IPO in the U.S. and whether more are coming
๐ฎ 1:10:21 What’s really happening with Web3 gaming in Asia right now
Learn more about your ad choices. Visit megaphone.fm/adchoices -
This week on Unchained: two big stories, one episode.
First, Jesse Pollak, head of Coinbase’s L2 Base, joins to unpack the chaos behind the viral “Coined It” memecoin moment, a tweet-turned-token that hit $17M in an hour, crashed, then rebounded, igniting a firestorm on Crypto Twitter. Was it a media experiment or a botched launch? Was there insider trading? And why does Jesse think coins are the future of creator monetization?
Then, we dive into Converge, the recently announced chain backed by Ethena and Securitize, aiming to bridge TradFi and DeFi. Carlos Domingo and Guy Young explain what makes Converge technically novel, why they’re building on Arbitrum and Celestia, and how it could reshape the onchain landscape for institutions.
Also in this episode:
Whether Jesse regrets greenlighting the Base post
The future of creator coins and tokenized assets
How Converge plans to prevent hacks and improve UX
And why Converge isn’t just about migrating existing assets, but “expanding the pie”
Thank you to our sponsors!
Bitkey: Use code UNCHAINED for 20% off
FalconX
Mantle
Part 1
Jesse Pollak, Head of Base and Coinbase Wallet
On Wednesday, Coinbase’s layer 2 network Base posted a tweet that
read: “Base is for everyone,” followed by a tweet: “Coined it.” That
second tweet linked to a page where the post had already been turned
into a coin.
Within an hour, the coin hit a $17 million market cap, then dropped
to under $2 million, then went back up to over $13 million. Crypto
Twitter exploded. Some called it a rug. Others accused insiders of
sniping the launch. Coinbase later issued a statement saying that Zora
auto-tokenizes content, but Jesse Pollak, head of Base, tweeted that he
personally greenlit the post.
So what really happened?
In this episode, Jesse sits down with Laura to discuss:
Whether this was a memecoin launch or a media experiment
Why he thinks the crypto community overreacted
Whether insider trading occurred
And why he believes coins, not NFTs, are the future of creator monetization
Plus, he explains why he’s okay being the “punching bag.”
Part 2
A month ago, Converge was announced as the new chain backed by Ethena and Securitize, aiming to become a home for tokenized assets and institutional capital.
On Thursday, the teams behind it released the full technical specs. From validator-triggered circuit breakers to 100ms block times and support for yield-generating private credit, Converge is pitching itself as the chain for both TradFi and DeFi.
In this episode, Securitize’s Carlos Domingo and Ethena’s Guy Young join Unchained to explain what’s actually novel in this architecture, why they chose Arbitrum and Celestia, and what it will take for institutions to get comfortable onchain.
Plus:
What Converge means for Ethereum and other L2s
Whether gas tokens like USDe and USDtb solve real UX problems
How they plan to prevent bridge-based hacks
And why this isn’t just about migrating existing assets, but “expanding the pie”
Guest
Carlos Domingo, co-founder and CEO of Securitize
Guy Young, founder of Ethena Labs
Links
Previous coverage of Unchained on Ethena:
After an Incredible 2024 for USDe, Ethena Plans to Supercharge Growth
Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
How Ethena’s USDe Challenges Traditional Stablecoin Models
Unchained:
Tokenized T-Bills Grow Despite Trump Tariffs Causing U.S. Treasuries Sell-off
Tokenized Treasuries Grow 20X Faster Than Stablecoins as Crypto Market Languishes
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew dives into the drama surrounding the OM token crash, the murky world of fake market caps, and Binance’s role in fueling questionable projects. They unpack Trump’s tariff chaos and whether Bitcoin could emerge as the real winner in a broken economic order. Plus, Vitalik stirs the pot by calling out “bad apps” like Pump.fun—igniting a moral war over what crypto should be building.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Show highlights
๐น OM Token Implodes – How a top-25 token collapsed 90% in 90 minutes and why it exposed deeper issues with fake float
๐น Market Cap Manipulation – Haseeb breaks down how teams game CoinGecko, and why circulating supply might be mostly fiction
๐น Binance Listings = Domain Squatting? – The crew explores how projects “reverse-merge” into dead tokens to skip the line
๐น Coffeezilla Strikes Again – The panel reacts to OM founder’s bizarre interview and what it reveals about crypto’s accountability gap
๐น Should Exchanges Demand Disclosures? – A fiery debate on whether market making agreements should be public
๐น Tarun Goes Full Macro – Why Trump’s tariffs could actually boost Bitcoin—and what capital flight means for crypto
๐น Vitalik’s App Morality Test – Did he go too far calling Pump.fun a “bad” app? The panel isn’t so sure
๐น Ethereum’s Vibe Crisis – Solana and Base push back as Vitalik gets philosophical about the soul of crypto
๐น Is Railgun the Real Hero? – Tarun questions Vitalik’s taste in apps and whether ideological projects matter if no one uses them
๐น Regulation Without Regulators – Can the industry police itself, or is it time for a new kind of crypto SRO?
Hosts
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly
โญ๏ธRobert Leshner, CEO & Co-founder of Superstate
โญ๏ธTarun Chitra, Managing Partner at Robot Ventures
โญ๏ธTom Schmidt, General Partner at Dragonfly
Disclosures
Links
Use Code CHOPINNOVATE, for tickets to the U.S. Innovation in Crypto conference at Cornell Tech on Roosevelt Island (NYC): cbc25.eventbrite.com
Timestamps
00:00 Intro
02:47 Trump's Tariff Turmoil
15:48 Mantra's OM Token Controversy
29:42 Crypto Disclosures & Market Making Agreements
31:49 Debate on Exchange Incentives & Market Maker Costs
33:57 The Role of Self-Regulation in Crypto Exchanges
44:15 Vitalik's Views on Blockchain Ethics
56:33 Upcoming Live Event Announcement
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Markets are nervous, liquidity is drying up, and political messaging is inconsistent at best.
In this week’s Bits + Bips, the crew unpacks the shifting mood across capital markets and what it will take to bring back the risk-on energy. From Trump’s high-stakes tariff strategy to whispers of deregulation, tax cuts, and even capital flooding, the stakes are rising.
Plus:
What would trigger a “Trump put”
Will crypto finally benefit from the global chaos?
Whether the devaluation of the yuan could be a big moment
And how animal spirits might return… if they’re properly incentivized
Show highlights:
Sponsors:
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Joe McCann, Founder, CEO, and CIO of Asymmetric
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Links
Newsweek: Steve Bannon's 'Flood the Zone' Strategy Explained Amid Trump Policy Blitz
Cointelegraph: Senator Tim Scott is confident market structure bill passed by August
CoinDesk: Donald Trump's Memecoin Faces Massive $320M Token Unlock Amid Record Low Price
Decrypt: Canada to Launch 'World First' Spot Solana ETFs With Staking This Week: Balchunas
YouTube: The Great Tariff Debate with David Sacks, Larry Summers, and Ezra Klein
Bloomberg: Investors Fear Another Big Blowup of Basis Trade as Treasuries Lose Haven Status
Wall Street Journal: China’s March Lending Jumped on Government Stimulus Push
CoinTelegraph: Bitcoin Shows Growing Strength During Market Downturn — Wintermute
Timestamps:
๐0:00 Intro
๐ฅ 1:54 Who won the All-In Sacks vs. Summers debate?
๐ 8:01 Why Trump’s 130-country strategy might reshape global trade
๐ง 18:32 Does the market have a creeping liquidity crisis?
๐ 26:15 What might actually make Trump pivot before the midterms
๐ 32:18 How hedge funds are quietly bracing for more chaos
๐ฅ 36:52 Why gold and crypto are standing out in this macro mess
๐ญ 40:15 How Trump’s love of media attention impacts his strategy
๐ 48:02 What might finally reignite serious crypto interest
๐ง 53:01 Can investor confidence return without real economic momentum?
๐ฃ 1:08:27 Why the yuan’s devaluation could be a major crypto inflection point
๐ 1:14:02 Ram’s strategy to disrupt China’s power plays
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The crypto markets are at a crossroads. While macro chaos — tariff whiplash, rising yields, and inflation fears — continues to dominate headlines, bitcoin has barely budged. And some say that’s exactly the signal.
In this episode, Matt Hougan of Bitwise and Matthew Sheffield of FalconX join Laura to unpack the tension between short-term volatility and long-term conviction. They explore why this cycle may look very different from previous ones, how institutional capital is navigating crypto, and whether we’re entering a new era defined by fundamentals, not just narratives.
Plus: Why bitcoin might hit $200K, what Ethereum needs to reclaim momentum, and the real potential of DeFi under this new administration.
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Bitwise
Human Rights Foundation
Guest:
Matt Hougan, CIO of Bitwise
Previous appearances on Unchained:
How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Matthew Sheffield, Senior Trader at FalconX
Links
Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe
Recent coverage of Unchained on the economy and tariffs:
Why CoinFund Believes There’s Still a Strong Bull Case for Bitcoin and Crypto
Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto
Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In
Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing?
Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets
Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring
Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence
Recession incoming?
Ray Dalio’s remarks on Meet the Press
Timestamps:
๐ 0:00 Introduction
๐ง 3:48 “An extraordinary moment to live in,” says Matt
โ๏ธ 5:21 The growing disconnect between long-term belief and short-term pain
๐ 7:40 Why fundamentals are finally taking center stage in investor analysis
๐ป 12:34 Solana’s memecoin reputation… can it shake the stigma?
๐๏ธ 14:29 How ETFs permanently changed crypto market dynamics
๐ 15:27 What the 10-year treasury is telling us about bitcoin’s next move
๐ 20:28 What crypto options are revealing about investor sentiment
๐ 22:33 Whether Ray Dalio is right about where the U.S. economy is headed
๐ต 28:16 What a weaker dollar means for bitcoin’s value
๐ 31:17 Is $200K bitcoin coming? And who will drive it there?
๐ 38:55 What has to happen for alt season to actually return
๐ 44:40 What light ETF outflows since “Liberation Day” mean
๐ 51:10 Why crypto IPO demand is heating up
โ๏ธ 54:37 DeFi’s big regulatory moment and why the market might be missing it
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Tariffs were back on the table, and then they weren’t. Last week, the Trump administration stunned markets with an announcement of sweeping new tariffs, including a 10% blanket rate and a 125% tariff on Chinese imports. But within days, most of those tariffs were put on a 90-day pause.
The result? A rollercoaster in equities, credit, and crypto… and plenty of questions about what’s really next.
Seth Ginns, managing partner at CoinFund, is watching all of this closely. He says the data is flashing stress, but underneath, something else is building.
In this episode, Seth breaks down:
Why tariffs hit crypto harder than most investors expected
The metrics that could signal the next macro moves and their impact on digital assets
Why he’s still cautiously bullish, even amid volatility
Whether an altcoin season is coming
Why Bitcoin’s safe haven narrative might finally be tested
Why the Trump administration’s policies, despite the turbulence, boost crypto
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
BitKey: Use code UNCHAINED for 20% off
FalconX
Mantle
Guest
Seth Ginns, Managing Partner at CoinFund
Links
Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe
Recent coverage of Unchained on the economy and tariffs:
Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto
Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In
Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing?
Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets
Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring
Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence
Timestamps:
๐ 0:00 Intro
๐ 3:23 Why Trump reversed course on the sweeping tariff announcement
๐ 6:33 How tariffs ripple through crypto harder than most expect
๐ 8:38 What CoinFund is watching in macro — and where the silver linings might be
โ๏ธ 13:48 Why Seth urges short-term caution but sees long-term tailwinds
๐ 16:14 Could altcoins actually run? Here’s how Seth defines a real “alt season”
๐ฆ 19:13 Is this the moment Bitcoin becomes a true safe haven asset?
๐ฐ 21:56 Will new stimulus hinge on tariffs — or something else entirely?
โ 25:11 Why Seth is surprisingly optimistic about Trump’s crypto policy so far
๐ฐ 28:27 News Recap
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by Jeff Park, Alpha Liaison at Bitwise, for a deep dive into the chaos gripping global markets and what it all means for crypto. With tariffs ripping through equities and whispers of stagflation on the rise, Jeff breaks down why Bitcoin might still be headed for $200K – and why MicroStrategy might be the new altcoin. They also unpack Circle’s delayed IPO, Ripple’s $1.25B acquisition, and whether capital markets are finally warming up to crypto.
Show highlights
๐น Bitcoin’s $200K Endgame? – Bitwise’s Jeff Park explains why BTC could thrive even in stagflation or full-on macro chaos
๐น Tariffs, Stagflation & the Dollar – Why Trump’s “Liberation Day” tariffs might mark the end of U.S. stock market dominance
๐น Bitcoin vs. Gold – Jeff breaks down how BTC is winning over the next-gen investor as the ultimate store of value
๐น Altcoins Are Just Leverage – Why institutions may abandon alts for Bitcoin ETF options and MicroStrategy exposure
๐น Circle’s IPO Delay – What Circle’s numbers really show, and why Coinbase is eating half their yield
๐น Ripple Buys Hidden Road – The biggest crypto M&A ever? What it means for prime brokerage and TradFi on-chain
๐น The Return of the Bitcoin Wolves – Jeff’s theory on “positive vs. negative rho” Bitcoin and how both narratives can win
๐น The Impossible Trinity – Jeff connects the dots between FX regimes, U.S. dollar hegemony, and Bitcoin’s global role
๐น Crypto’s Macro Decoupling – The panel debates whether Bitcoin is finally unhooking from traditional risk assets
๐น The “Altcoin of TradFi” – MicroStrategy’s secret sauce, and why it’s become Wall Street’s favorite crypto casino
Hosts
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly
โญ๏ธRobert Leshner, CEO & Co-founder of Superstate
โญ๏ธTom Schmidt, General Partner at Dragonfly
Guest
โญ๏ธ Jeff Park, Head of Alpha Strategies & PM at Bitwise Asset Management
Disclosures
Links
Circle S-1 Filing https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521ds1.htm
Ripple Acquires Prime Broker Hidden Road for $1.25B in One of the Largest Deals in the Digital Assets Space
https://ripple.com/ripple-press/ripple-acquires-prime-broker-hidden-road/
Timestamps -
0:00 Intro
02:49 Impact of Tariffs on Crypto
03:27 Bitcoin's Role in Investment Portfolios
06:14 Retail vs. Institutional Investors
07:29 Bitcoin's Sensitivity to Interest Rates
12:31 Altcoins & Institutional Interest
15:02 MicroStrategy: The Altcoin of TradFi
23:25 Geopolitical Implications of Tariffs
36:55 Global Currency Models & Bitcoin's Role
38:20 Bitcoin's Performance in Different Economic Scenarios
45:12 Circle's IPO & Business Viability
57:31 Ripple Labs' Acquisition of Hidden Road
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The markets are rattled. Tariffs are rising. Investors are pulling back.
In this week’s Bits + Bips, the panel digs into what’s really driving the selloff, why the Fed may be stuck, and how Trump’s tariff logic could trigger deeper economic shocks than anyone expects.
Plus:
Whether Bitcoin becomes a safe haven
What makes this downturn different from 2022 and 2020
Why a potential recession still isn’t priced in
Whether Congress can take the tariff button away from Trump
And yes, Ram coins a new term: FAFO tariffs ๐
Sponsors:
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Links
Tariffs:
Recent coverage of Unchained on the economy and tariffs:
Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto
Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing?
Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets
10-year yield and the Fed
CNBC: 10-year Treasury yield rises back above 4% despite tariff threat to growth
Reuters: No Fed 'put' when it's unclear which way the economy may pivot
2008 Market Crash
Federal Reserve: The Great Recession and Its Aftermath
CNN: Bailout Plan Rejected - Supporters Scramble
Can Congress Step In?
Economist: How Donald Trump’s Tariffs Will Probably Fare in Court
Politico: Trump Threatens Veto of Bill to Curb Tariff Power
Timestamps:
๐ 0:00 Intro
๐ 3:30 Why this selloff feels nothing like 2022 or 2020
๐ช 8:41 Why buying signals could be a mirage
๐ค 11:28 Is the bear market already priced in? What investors are missing.
๐๏ธ 14:35 Could this turn into a fall “2008 scenario”? And what real buyers are doing now
๐งฎ 25:57 Why Trump’s tariff math is wrong, and how it will create problems for the administration
๐ 36:15 Why Trump wants the 10-year yield down, and why he’s failing
๐ 39:59 What counts as a safe haven right now, and is bitcoin one of them?
๐ฆ 52:42 Can the Fed stand up to Trump’s pressure to cut rates?
๐ซ 57:56 Trump thinks that the trade deficit is a profit/loss statement. Why that’s a problem.
โ๏ธ 1:01:19 Can Congress pull Trump’s tariff authority?
๐ต 1:06:32 Can stablecoins save dollar demand?
Learn more about your ad choices. Visit megaphone.fm/adchoices -
TradFi and DeFi markets are in motion, responding to Trump’s tariffs, but a giant injection of liquidity could be on the way.
Maelstrom CIO Arthur Hayes provides his expertise on economic policy, macro movements, and political implications, delving into a variety of topics, including:
Trump’s rationale for tariffs
The possibility of a “fiat liquidity bonanza” and what it means for crypto
What the Hyperliquid brouhaha reveals about decentralization dreams
How Ethena might be an attack on Ethereum
The value prop of Circle’s IPO
Future price expectations for BTC, ETH, and SOL
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Bitwise
HRF
Guest:
Arthur Hayes, CIO of Maelstrom
Previous appearances on Unchained:
How Arthur Hayes Has Prepared His Portfolio for the Elections
Links
Previous coverage on Unchained:
Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
Tariffs, Hyperliquid, and $1 million Bitcoin
Arthur Hayes on X: Tariffs = money printer goes brrrr
Arthur Hayes on X: Is Trump trying to trigger a mini financial crisis?
Arthur Hayes on X: CZ and Star ‘gang up’ on HyperLiquid
Kevin Zhou on X: Binance and OKX listing $JELLY sets a precedent
DL News: Arthur Hayes on the one reason that tariffs can’t stop Bitcoin’s surge
Trump pardon:
CFTC.gov: Federal Court Orders BitMEX’s Three Co-Founders to Pay a Total of $30 Million for Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations | CFTC (May 2022)
Justice.gov: Southern District of New York | Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act | United States Department of Justice (Jan 2025)
CNBC: Politics Trump pardons three BitMEX crypto exchange co-founders, and ex-employee
Timestamps:
๐0:00 Intro
๐ฐ 4:07 Does Trump’s tariff rationale make sense?
๐ฒ 10:49 The upcoming “fiat liquidity bonanza” and what it means for crypto
๐ซค 20:18 What’s wrong with a Bitcoin Strategic Reserve?
๐ฅ 24:20 The Hyperliquid brouhaha and the decentralization pipe dream
๐ช 32:04 Why Binance and OKX “fatal blow” on Hyperliquid didn’t work
โ๏ธ 37:57 Trump’s pardon of Hayes and his visit to Mar-a-Lago
๐ 46:27 How Ethena’s Converge chain affects Ethereum
๐คผโ๏ธ 52:58 SOL vs ETH: Which is a better buy right now?
๐ฌ 57:12 Hayes’ opinion of USDC’s Circle filing for an IPO
๐ค 1:00:18 How does Hayes suss out potential investments?
๐ 1:03:11 Price predictions on BTC, ETH and SOL
Learn more about your ad choices. Visit megaphone.fm/adchoices -
USDC stablecoin issuer Circle has filed for an initial public offering with the SEC, as Trump’s tariffs cause turmoil in the markets and stablecoin bills make their way through Congress, promising to upend competition.
The information in its prospectus shows a company that has few aces up its sleeve, a lot of business deals to make and a perhaps lofty valuation.
Omar Kanji, Partner at Dragonfly, joined the show to explain:
How Circle can get USDC into the hands of users
Circle’s staggering regulatory compliance costs vs. the likes of Tether
Circle’s S-1 valuation of $5 billion
Forthcoming regulatory clarity and how it changes the stablecoin game
The potential impact of tariffs on Circle’s success
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
BitKey: Use code UNCHAINED for 20% off
FalconX
Mantle
Guest
Omar Kanji, Partner at Dragonfly
Links
Previous coverage on Unchained:
Congress Bickers Over Whether to Bail Out Stablecoins
How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin
Coinbase Aims to Jointly Pass Market Structure and Stablecoin Legislation in Congress
Stablecoin Bills Could Squeeze Out $140 Billion Tether
Circle files an initial public offering
SEC: Circle’s S-1 Filing
Coindesk: Circle is going public
Fortune: 5 key takeaways
X @dom_kwok: Circle’s IPO is historic
Bloomberg: Bitcoin Succumbs to Risk Asset Slump as Trump Sets Tariffs
Timestamps:
๐ค 0:00 Introduction
๐ซฐ 4:04 Circle’s shockingly high distribution costs for USDC
๐ฒ 7:11 How much does Circle’s revenue depend on interest rates?
๐คฏ 10:46 Circle’s staggering regulatory compliance costs vs. the likes of Tether
๐ 16:02 How imminent regulatory clarity for stablecoins helps and hurts Circle
๐ซค 23:11 Is Circle’s $5 billion valuation realistic?
โ๏ธ 25:21 How stablecoin competition might look after stablecoin bills become law
๐ฐ 28:14 How will Trump’s tariffs affect Circle’s IPO?
Learn more about your ad choices. Visit megaphone.fm/adchoices -
After President Donald Trump’s proud announcement of ‘Liberation Day’ tariffs, markets worldwide took a tumble.
Shortly after Trump’s Rose Garden announcement concluded, James Seyffart, Steven Ehrlich, Ram Ahluwalia, and guest Quinn Thompson discussed:
How markets reacted
Whether tariffs can bring middle-class jobs back to America
Who will end up paying the most
Future possibilities of war, recession and stagflation
How it all affects crypto
Sponsors:
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guests:
Steven Ehrlich, High Scribe of the Unchained Kingdom
Quinn Thompson, Master of Macro at Lekker Capital
Links
Trump Tariffs Shake Markets
New York Times: A Stunned World Reckons With Economic Fallout From Trump’s Tariffs
Wall Street Journal: U.S. Stock Futures, Dollar Tumble on Trump Tariff Plans
New York Times: A Timeline of Trump’s On-Again, Off-Again Tariffs
US Tariff History
CATO Institute: The Problem of the Tariff in American Economic History, 1787–1934
Brookings: Did Trump’s tariffs benefit American workers and national security?
Impact on Bitcoin and Crypto
Unchained: Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
Unchained: How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin
The Concerned Consumer and CEO
CBS: Consumer confidence slumps to 12-year low as Americans fret over their financial prospects
NPR: Why CEOs are calm about tariffs in public — but 'very discouraged' in private
๐ค 00:00 Introductions + Quinn’s background
๐ 4:09 Trump’s take on U.S. tariff history
๐ 6:11 The market’s tumultuous reaction
๐ญ 11:13 Will tariffs bring manufacturing back to America?
โถ๏ธโ๏ธ 12:47 The contradictions in Trump’s policies and the threat of stagflation
โณ 18:53 Why Trump doesn’t have as much time as he thinks
๐ฅต 24:12 Will American consumers bear the burden?
๐ฅ 26:05 Taking a wrecking ball to market psychology
โ 28:02 Whether Trump inherited a healthy or faltering economy
๐ซธ 32:00 Why CEOs are hesitating and how to persuade them to invest in manufacturing
โ 35:11 “This is not the way you go do it.”
๐น๐ผ 40:44 Another contradiction: Trump willing to defend Taiwan while being isolationist?
๐ช 47:55 Why the current geopolitical climate is especially dangerous
๐ฑ 55:51 Is America heading for a recession?
๐ค 01:02:00 How will this affect Bitcoin?
Learn more about your ad choices. Visit megaphone.fm/adchoices - Laat meer zien
