Avsnitt
-
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 -
Saknas det avsnitt?
-
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 -
Welcome to The Chopping Block โ 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 SEC Commissioner Hester Peirceโaka โCryptoMomโโfor a rare, candid conversation. They unpack the SECโs vibe shift, why airdrops might be doomed, and whether memecoins are just collectibles or cleverly disguised securities. Plus, Hester dishes on Paul Atkinsโ potential leadership, the SECโs new crypto task force, and what real regulatory clarity might finally look like.Show highlights๐น Hester Peirce Unfiltered โ The SECโs โCryptoMomโ on vibes vs. law, the Gensler era, and why the U.S. needs a freedom-first approach๐น โCome In and Talk to Usโ โ Why the SEC wants founders to re-engageโbut can trust be rebuilt after years of legal whiplash?๐น Memecoins โ Securities? โ How the new SEC is redefining meme coin oversight and why โcollectiblesโ might be the new loophole๐น Airdrops Are Kinda Pointless โ Haseeb argues most airdrops fail to deliver value or decentralization; the panel debates๐น Self-Regulation in Crypto โ Hesterโs surprising praise for proof-of-reserves and why industry norms might beat new rules๐น The Howey Test Is Broken โ How forcing orange grove law onto crypto led an entire industry to play armchair lawyer๐น Will the New SEC Last? โ If the White House flips, could the next Chair bring back the enforcement hammer?๐น Tarunโs TradFi Feedback Loop โ Why TradFi may start borrowing more from crypto playbooks than the other way around๐น Regulation by Meme โ The SEC embraces facts and circumstancesโbut is โGhibli meme policyโ scalable?๐น What Should Founders Do Now? โ The panel pushes Hester on timelines, clarity, and whether the U.S. is safe to build in againHostsโญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly โญ๏ธRobert Leshner, CEO & Co-founder of Superstateโญ๏ธTarun Chitra, Managing Partner at Robot Venturesโญ๏ธTom Schmidt, General Partner at Dragonfly Guestโญ๏ธ Hester Peirce, SEC CommissionerDisclosuresLinksMiles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit by Hester Peirce: https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-dc-blockchain-summit-032625 Timestamps00:00 Intro05:35 The Role of Regulation in Innovation09:54 Crypto Task Force & Future Plans18:47 Global Perspectives on Crypto Regulation23:26 Self-Regulation in the Crypto Industry27:27 SEC's Role & Potential Adjustments35:04 Evaluating Memecoins & Their Regulatory Status36:48 The Howey Test & Its Application to Crypto43:55 Future of Crypto Regulation & SEC's Approach47:10 Insights on SEC Leadership & Regulatory Philosophy51:35 Advice for Aspiring Securities LawyersLearn more about your ad choices. Visit megaphone.fm/adchoices
-
As DeFi continues to evolve, the challenge of finding a balance between decentralization and protection from all manner of exploits persists.
The founder of Infinex, Kain Warwick, joined the show to talk about:
How crypto market makers have at times veered into “all-out crime”
What market making looks like today
Playing chart games with token allocations
What Kain looks at when evaluating tokens
Why Binance kicked a MOVE market maker off its platform
The $JELLY attack on Hyperliquid and the problem of centralization in DeFi
What problems in crypto Kain is attempting to solve with Infinex
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
Guest:
Kain Warwick, founder of Infinex App and Synthetix
Previous appearances on Unchained:
2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
Links:
Crypto Market Making
Kain Warwick: Discussion about market makers
Binance: What happened with MOVE on Binance
Coindesk: Binance Offboards Market Maker That It Said Made $38M Profit on MOVE Listing
Bloomberg: Citadel Securities Plots Jump Into Crypto Trading After Trump’s Embrace
Hyperliquid
Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism
Infinex
The Block: Synthetix founder Kain Warwick launches Infinex
The Block: Peter Thiel's Founders Fund invests in Infinex's Patron NFT sale as total amount raised hits $67.7 million
Timestamps:
๐ 0:00 Intro
๐ญ 03:30 Thoughts on crypto market makers
๐ 05:54 ICO-era market makers engaging in ‘all-out crime’
๐ฆน 09:33 Extracting value in an inefficient market
๐ธ 11:28 How crypto market making has evolved in recent years
๐จ 16:53 The low float meta problem
๐ 19:49 Why Kain evaluates tokens on FDV rather than market cap
โ๏ธ 25:06 What happened with MOVE on Binance
๐ฑ 31:14 Citadel as a market maker?
๐ฅท 35:48 The $JELLY attack on Hyperliquid and the problem of centralization
๐ง 44:59 The problems Kain is trying to solve with Infinex
๐ 54:13 Building a web vs. mobile app
๐ 56:17 Echo group integration with Infinex
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Welcome to The Chopping Block โ 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 Hyperliquid controversy and what it reveals about decentralization theater in DeFi. Then, things get weirder: the Say Foundation wants to buy 23andMe and put your genetic data onchain. We break down the backlash and privacy concerns. Finally, we look at the new Stable Act making its way through Congress and whether stablecoin regulation is headed toward bank-only control.Show highlights๐น Hyperliquidโs JELLYJELLY Debacle โ How a DeFi darling nuked its credibility by bailing out its own vault at a fake oracle price๐น The Exchange Wars Heat Up โ Why Binance and OKX listing JELLYJELLY perps looked like an assassination attempt on Hyperliquid๐น Are DEXes Just CEXes in Disguise? โ What the Hyperliquid saga reveals about decentralization theater and validator capture๐น 23andMe on the Blockchain โ Say Foundation wants to token-gate your DNA; is this privacy-preserving or dystopian?๐น The Great DeSci Grift โ Tarun revisits his war on DeSci and why putting genetics onchain is worse than memecoins๐น Stablecoin Regulation Showdown โ The Stable Act vs. The Genius Act and whoโs really winning in D.C.๐น Stablecoins as Narrow Banks โ How crypto may finally force the Fed to accept a 20-year-old idea theyโve long resisted๐น Red Bull & Ratio Bets โ The hosts make a real-money wager on whether HLP deposits will rise or fall after the meltdown๐น Memecoins and the Return of Olympus โ Are the robbers now just quietly collecting rent from their broken treasuries?๐น Tarunโs Aesthetic Death Rankings โ Why JELLYJELLY is a worse way to die than MobileCoin, but at least itโs on brandHostsโญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly โญ๏ธRobert Leshner, CEO & Co-founder of Superstateโญ๏ธTarun Chitra, Managing Partner at Robot Venturesโญ๏ธTom Schmidt, General Partner at Dragonfly DisclosuresLinksKevin Zhou (Galois Capital) Tweet: https://x.com/Galois_Capital/status/1904942458666094932 Steil and Hill Introduce STABLE Act Press Release: https://steil.house.gov/media/press-releases/steil-and-hill-introduce-stable-act Timestamps00:00 Intro01:29 Hyperliquid Drama Unfolds10:49 Debating the Bailout Decision18:28 OKX & Binance Join 23:05 An FTX Moment?31:45 Future of 23andMe & SEI44:20 Stablecoin Legislation: Genius Act vs. Stable Act51:45 Are Stablecoins the Trojan Horse?Learn more about your ad choices. Visit megaphone.fm/adchoices
-
Perpetual swap DEX Hyperliquid suffered a whale attack and was on the brink of losing $15 million. It promptly responded in a way that generated a fair amount of controversy.
The founder and CEO of Ambient Finance Doug Colkitt joined the show to explain:
How perp swaps work
How a whale used the low-liquidity memecoin $JELLY to attack Hyperliquid’s vault
How Hyperliquid’s response broke DeFi taboos around decentralization, oracles, etc.
Criticisms of and justifications for the team’s decisions
What can be done to prevent similar attacks in the future
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
Doug Colkitt, Founder and CEO of Ambient Finance
Links
Accounts of the $JELLY whale attack on Hyperliquid and its response
X: The story
X: Nuking the vault
X: How Hyperliquid responded
Arguments for and against Hyperliquid’s solution:
ZachXBT: ZachXBT calls out alleged hypocrisy
Jordi Alexander: Shorting on a perp is not robust
Jose Maria Macedo: How do they override the oracle price?
Doug: Closing positions at an arbitrary price
Gracy Chen: Casting doubts on integrity
Steven.hl: In defense of HL
Kam: Of course quorum was reached easily
What precedent Hyperliquid’s actions set
Kevin Zhou: Binance and OKX set a precedent
Timestamps:
๐ 0:00 Intro
๐ค 02:59 What is Hyperliquid?
๐ณ 05:16 How a whale used $JELLY to attack
โ 09:19 How Hyperliquid responded
๐ 11:59 Why did Binance and OKX suddenly list the memecoin?
๐ค 16:32 How did Hyperliquid ‘change the rules’ to protect themselves?
โ๏ธ 19:25 ‘Losses for thee, but not for me’: Hyperliquid’s hypocrisy?
๐ก 24:39 Doug’s ‘cleaner’ solution
๐ 28:35 Will this have positive or negative knock-on effects?
๐งน 31:20 Tidying up illiquid markets
๐ฐ 32:46 Crypto News Recap
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Investors are still licking their wounds from this month’s corrections. But just as Trump’s tariffs are about to move into full-force, our experts are seeing silver linings and causes for optimism.
With conflicting signals coming from all corners of the map, hosts Noelle Acheson, Ram Ahluwalia, Alex Kruger, and Felix Jauvin break down:
What to expect from Trump on April 2nd
Takeaways from last week’s FOMC meeting
If the White House and Powell are actually on the same page
Why tech stocks are taking off again
Why BlackRock is bullish on bitcoin during bear markets
If ether is about to get its groove back
Sponsors:
Bitwise
Hosts:
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Felix Jauvin, Director and Host - Forward Guidance
Links
Incoming Trump Tariffs
Bloomberg: Trump Plans His Tariff ‘Liberation Day’ With More Targeted Push
WSJ: White House Narrows April 2 Tariffs
FOMC Meeting
Unchained: Bitcoin Drops as Fed Leaves Rates Unchanged, as Expected
NYTimes: Citing Tariffs and Uncertainty, Fed Sees Higher Inflation and Lower Growth
Animal Spirits Return
Barron’s: Don’t Count Out the Mag 7. They Could Lead a U.S. Stock Comeback.
CNBC: ‘Magnificent 7’ has a notable up day after struggling for 3 months
BlackRock
Decrypt: BlackRock Digital Assets Head Criticizes Narrative of Bitcoin as a Risk-On Asset
Bloomberg: BlackRock to List Bitcoin Exchange-Traded Product in Europe
Fidelity Tokenization
CoinDesk: Fidelity Files for Onchain U.S. Treasury Fund, Joining the Asset Tokenization Race
Timestamps:
๐ 0:00 Intro
๐ 2:16 Why investors are nervous about April 2nd
๐ 4:40 Two ways to think about tariffs
โฏ๏ธ 6:56 The difference between retail and professional traders
๐ฆ 8:44 Why the Fed is predicting a worst-case scenario
๐ 12:08 Why the correction is largely done
๐ฐ 19:20 How the Mag7 got its groove back
๐๏ธ 20:42 Are Bessent and Powell more aligned than thought?
๐ 22:54 BlackRock says a recession is good for bitcoin?
๐ฅ 24:54 Altcoin ETF race about to start?
๐ 28:41 Why Japan is irrelevant right now
๐ 30:42 Why animal spirits are back
โ๏ธ 35:03 The great financial unshackling
๐ 38:02 Is ether ready for a comeback?
โ 42:09 Why Fidelity is tokenizing on Ethereum
๐๐ 44:32 Are pump and dumps over?
๐ช๐บ 49:32 Dumb money coming to Europe?
๐ 52:35 Why Kraken made a smart buy this week
Learn more about your ad choices. Visit megaphone.fm/adchoices -
As Ethereum deploys Pectra, it faces stiff competition and community criticism. Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot map out the chain’s direction.
Ethereum is well on its way to some major upgrades, with Pectra and Fusaka introducing a number of performance improvements in the near future. But will it be enough to stay ahead of the competition?
Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot join the show to discuss:
How Pectra and Fusaka will improve Ethereum’s performance
What it means that its launch on two testnets failed
Ethereum’s “north star” — decentralization
Whether Ethereum can retain its top spot in the smart contract space
As Ethereum adopts native rollups and data availability, does it create competition with existing L2s and DA providers?
The new direction for the Ethereum Foundation leaders and whether Etherealize can bring Wall Street
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
Guest:
Alex Stokes, Co-Lead, Ethereum Foundation Research
Barnabe Monnot, Co-Lead, Ethereum Foundation Research
Previous appearances on Unchained:
5 Things to Know About Coinbase’s 2021
Links
Previous coverage on Unchained of:
Etherealize advocates for Ethereum
Why Ethereum’s New Marketing Arm Is Convinced Wall Street Will Adopt ETH
Ethereum Foundation contemplates comeback
Ethereum Is Lagging. Here’s How It Could Finally Shake Off Rival Solana
2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
What Ethena means for Ethereum
Ethena’s L1 Shows Fat Apps Are on the Rise. Can They Beat Fat Protocols?
The Chopping Block w/ Guy Young: Lessons from USD0, Ethena’s Bold Vision, and DeFi’s Future
The Pectra Upgrade
Ethereum.org: Pectra Testnet Announcement | Ethereum Foundation Blog
tim.mirror.xyz: AllCoreDevs Update 17
Ethereum.org: EIP-7691: Blob throughput increase
Ethereum.org: Holesky and Hoodi Testnet Updates | Ethereum Foundation Blog
Coindesk: Hello, Hoodi: Ethereum Welcomes a New Testnet
Fusaka on the horizon
Github: EIP-7805 proposed for Fusaka
Native rollups versus non-native rollups
Youtube: The Future of Ethereum Scaling: Native Rollups Explained
Reddit: Native rollup debates
L1 and L2 debates
Vitalik.eth.limo: Reasons to have higher L1 gas limits even in an L2-heavy Ethereum
Vitalik.eth.limo: Scaling Ethereum L1 and L2s in 2025 and beyond
Ethereum Foundation Leadership changes
X: Barnabe Monnot and Alex Stokes announcement
X: New EF titles
X: Fixing the Core Dev process
Ethena’s Converge news
John Wang’s tweet
Camila Russo’s comment
Timestamps:
๐ 0:00 Intro
๐ช 2:05 How Barnabe and Alex got hooked on Ethereum development
โ๏ธ 6:37 How Pectra will change Ethereum
๐ชด 10:35 How does increasing blobs boost Ethereum?
๐ชฒ 13:22 Pectra fork bugs on Holeski testnet
๐ฎ 18:38 What’s in the upcoming Fusaka upgrade?
๐คฏ 22:42 How decisions get made in Ethereum and which groups are involved
๐ 30:34 Can Ethereum keep up with the competition?
๐ 39:16 Can Ethereum compete by scaling the L1?
๐ค 44:02 What are native roll-ups and how do they help Ethereum compete?
๐คบ 49:26 Native rollups and expanded data availability on Ethereum vs. non-native options
โฐ๏ธ 52:22 Is Ethena building its own blockchain the “nail in the coffin” for Ethereum?
๐ฌ 1:00:05 Shaking up the EF’s leadership
๐ค 1:06:14 Will Etherealize fix Ethereum’s problems?
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Blockchains were supposed to capture the majority of the value in crypto. But what if that’s wrong?
For years, the Fat Protocols Thesis argued that blockchains would be the biggest winners. But new data suggests that apps like Uniswap, Ethena, and others are now out-earning many networks.
Are we watching the rise of “Fat Apps” instead?
On this episode, Ryan Watkins, Co-founder at Syncracy Capital, talks about:
Why the biggest apps are generating more revenue than many layer 1s
Why Ethena is launching its own blockchain
What this means for Ethereum, Solana & other L1s
How blockchains can compete on value capture
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
Ryan Watkins, Co-founder at Syncracy Capital
Links
Unchained: Ethena Labs and Securitize to Launch New EVM Blockchain for DeFi
Syncracy Capital: Applications Capture Fees, Blockchains Store Value
Hansolar’s tweet
Pump.fun launches its own DEX
Timestamps:
๐0:00 Intro
๐ฐ 2:12 Why apps are out-earning the blockchains they run on
๐ 5:44 Ethena’s move: why it’s launching its own chain
๐ 8:33 The rise of “Fat Apps” and what it means for crypto
๐ 12:50 How today’s crypto founders think differently from past builders
๐ 15:51 The blockchain architectures that will dominate
โ๏ธ 22:32 Whether L1s can compete in this new environment
๐ 241:27 How blockchains accrue value and why MEV isn’t the best metric
๐ฐ 31:00 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 unpacks Ethereum’s existential crisis and whether the rollup-centric roadmap is backfiring. Plus, AI is rapidly changing how crypto is built, traded, and secured—so what happens when blockchain and AI collide? We also dig into Solana’s controversial ad, Ethereum Foundation’s leadership shake-up, and why macro forces are still running the show.
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 AI’s Invasion of Software Engineering – Why AI is replacing developers & what it means for crypto startups
๐น Ethereum’s Rollup Reckoning – The “rollup-centric roadmap” was supposed to save Ethereum, but is it actually weakening it?
๐น The Solana Ad Disaster – How Solana’s political ad backfired & alienated both sides of the aisle
๐น Is Ethereum Becoming IBM? – Why Ethereum risks getting stuck as the slow-moving corporate giant of crypto
๐น The Great AI Pivot – Why top engineers are abandoning language models for robotics & what it means for the future
๐น AI Trading Bots & Crypto Security Risks – How prompt injections could turn AI-powered wallets into honeypots
๐น Ethereum’s New Leadership – Does the Ethereum Foundation finally have a plan to fix its credibility problem?
๐น The XRP Bartender Index – The unexpected bar tab metric that tracks XRP market sentiment
๐น Will AI Replace VCs? – The case for AI-led investment strategies & automated due diligence
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
Solana Ad repost by @basedkarbon: https://x.com/basedkarbon/status/1901809992514052319
Timestamps -
00:00 Intro
01:48 Solana's Controversial Ad Campaign
08:14 Memorable Crypto Ads
11:27 AI's Impact on Research & Crypto
18:33 Future of AI in Crypto and Beyond
29:29 Security Concerns with AI
36:49 EF's Leadership Changes
40:20 The Future of Ethereum and Rollups
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The financial market is getting wrecked, inflation is still a problem, and bitcoin isn’t acting like the hedge that it’s supposed to be. Is this a real economic shift, or just noise?
With tariffs, stagflation fears, and fiscal dominance taking center stage, hosts James Seyffart, Joe McCann, Ram Ahluwalia and Noelle Acheson break down:
Why markets are struggling—and whether a recession or stagflation is coming
Whether the Fed has become irrelevant
How the stablecoin bill could rescue sales of treasuries
Why bitcoin isn’t following gold’s rally
The factors that could kickstart the next crypto boom
The latest on all the dozens of crypto ETFs in the works
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
The stagflation trade
Bloomberg: Stagflation Trade Emerges as Rare Winner in US Stock Market Rout
Reuters: Fed's Powell gets chance to address trade war, stagflation fears
Tweet by Noah Smith
Budget bill
Wharton: The FY2025 House Budget reconciliation and Trump Administration Tax Proposals: Budgetary, Economic, and Distributional Effects
Stablecoin bill:
Unchained: Stablecoin Bills Could Squeeze Out $140 Billion Tether
CoinDesk: U.S. Senate Takes First Big Step to Advance Stablecoin Bill
Solana futures
Cointelegraph: Solana futures finish first trading day on CME
Solana ad
Unchained: Solana Deletes ‘Cringe’ Ad After Crypto Community Backlash
Timestamps:
๐ 0:00 Intro
๐ 1:39 Stagflation fears and which tariffs actually matter for the economy
๐ 6:11 Why the outlook for commodities is so uncertain
๐ 10:49 Is the Trump administration sabotaging itself?
๐ถ 16:57 Why DOGE’s role in the market is bigger than you think
๐ 23:51 Why the 10-year yield isn’t dropping as expected
๐ฐ 28:04 Will shrinking liquidity grind the market to a halt?
๐๏ธ 32:37 Why the Fed has become irrelevant
๐ 36:53 Is quantitative tightening (QT) ending? Plus, one key thing crypto investors don’t get
โ ๏ธ 41:13 Why a recession is not a foregone conclusion
๐ฅ 48:25 Gold is hitting all-time highs—so why isn’t bitcoin following?
๐ฆ 51:24 How the stablecoin bill could save US government finances
๐ 1:01:47 How bitcoin gets its next rally
๐ 1:07:16 The hidden benefit of CME SOL futures
โ 1:12:15 The latest on pending crypto ETF approvals
๐ฃ 1:17:26 Reactions to the controversial Solana ad
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The memecoin trade might be over. And Joe McCann says that’s just the beginning.
The founder of Asymmetric has been at the intersection of crypto, macro, and tech for years. He called the $BONK trade early, made moves before most saw the opportunity, and now? He’s shifting his focus.
Meanwhile, the crypto markets are a bloodbath, with bitcoin, ether, and solana down 10%, 41%, and 35%, respectively, year-to-date.
In this episode, Joe joins Unchained to discuss:
Why memecoins won’t work the way they used to
How institutions are approaching crypto in this cycle
Why prices are down so much
Why Bitcoin might be so hard to outperform
Whether Solana is still the fastest horse
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
FalconX
Bitwise
Guest:
Joe McCann, founder of Asymmetric
Links
Unchained:
Solana Rejected Inflation Reduction—Here’s Why
Are Memecoins Collapsing? These 8 Charts May Be Signaling Yes
Bitcoin Has Declined 20%. How Soon Could the BTC Price Revive?
Timestamps:
๐ 0:00 Intro
๐ 2:19 How Joe’s background shaped his crypto investing approach
๐ถ 10:25 Spotting the $BONK opportunity before the crowd
๐ 17:38 Why the memecoin trade might be over
๐ฐ 21:51 Why Joe believes Pump.fun is NOT extractive
๐ 33:11 Why crypto prices have struggled despite a pro-crypto shift in Washington
๐ฏ 42:34 The moment Joe “finally” gives credit to Arthur Hayes
โณ 45:15 Could having no catalyst actually BE the catalyst?
๐ฅ 49:22 Why Joe wasn’t convinced by the SOL inflation proposal
โก 56:45 Wait—no altcoin season?
โ๏ธ 1:01:34 What still excites Joe about Solana
๐ฆ 1:04:57 Why Asymmetric is betting on Bitcoin DeFi
๐ค 1:07:29 How AI is helping Joe’s team optimize its strategy
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The Solana ecosystem just completed a critical governance vote. SIMD-228, a proposal to tie Solana’s inflation rate to its staking participation rate, was put forward by Multicoin Capital and Anza, but despite a majority voting in favor, it failed to meet the required supermajority to pass.
Tushar Jain, co-founder and managing partner at Multicoin Capital, who co-authored the proposal, joins the show to discuss:
Why he believes the proposal was necessary
Whether inflation is too high for Solana’s long-term health
If some validators voted against their own interests
The silver lining of the governance process
Why a smaller proposal focused on fee sharing did pass
Whether Multicoin Capital will resubmit a revised proposal
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
Mantle
Guest
Tushar Jain, Co-founder and Managing Partner at Multicoin Capital
Links
Unchained: Proposal to Cut SOL Inflation by 80% Fails After ‘Close Call’
SIMD Vote Status
Kayuza’s tweet
Timestamps:
๐ค 0:00 Intro
๐ณ๏ธ 3:09 Why Solana’s inflation rate was initially an afterthought
๐ฐ5:20 Why inflation became untenable
โ๏ธ 6:23 What does it take to right-size inflation for Solana
โ๏ธ 7:18 How SIMD-228 would have worked
๐คฏ 11:00 Why Tushar “does not want to bet on people being dumb”
๐ฐ 15:48 How this could have strengthened DeFi on Solana
๐ 17:49 Why Tushar was disappointed with the outcome but sees a silver lining
๐ 19:49 Could the vote have been fairer?
โ๏ธ 22:06 Whether smaller validators would be unfairly hurt by SIMD-228
๐ 27:37 Does Solana pay too much for security?
๐ 27:55 Would this have boosted the price of SOL?
โ๏ธ28:19 Whether validators should ask stakers how to vote
โ 30:13 What the passing of SIMD-123 means for the network
๐ 32:40 Will Multicoin resubmit the proposal?
๐ฐ 34:50 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 break down the biggest stories in crypto. This week, we’re joined by special guest Quinn Thompson, Master of Macro at Lekker Capital, to dissect Trump’s Bitcoin Reserve. The US government is now officially hodling Bitcoin —Trump’s executive order creates a BTC reserve using seized funds. But markets didn’t buy the hype. Bitcoin tanked, and traders are still questioning what this means for crypto’s future. Meanwhile, the global macro picture is a disaster—stocks are down, trade wars are escalating, and recession fears are mounting.Is this controlled demolition of the economy, or just a side effect of Trump’s economic agenda? And most importantly, what does this mean for crypto? Let’s dive in.
Show highlights
๐น Trump’s Bitcoin Reserve Announcement – The US government officially holds BTC, but it’s not buying more. No new demand—just a change in optics.
๐น Digital Asset Stockpile – XRP, ADA, SOL? Treasury isn’t sure what it owns, and no guarantee these altcoins stay on the balance sheet.
๐น Market Reactions – Bitcoin pumped, then crashed. No net buying pressure, just an end to government auctions of seized BTC.
๐น Trade War Fallout – Tariffs hit Mexico, Canada, EU, and China—S&P 500 posts worst day since 2022, losing $1.4T in market cap.
๐น Trump’s Endgame? – Is this a controlled demolition of asset prices, or just chaos in motion?
๐น Crypto’s Liquidity Crunch – The Fed isn’t stepping in (yet), but the macro backdrop is grim. Rate cuts may be the only way out.
Hosts
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly
โญ๏ธTarun Chitra, Managing Partner at Robot Ventures
โญ๏ธTom Schmidt, General Partner at Dragonfly
โญ๏ธRobert Leshner, CEO & Co-founder of Superstate
Guest
โญ๏ธQuinn Thompson, Founder & CIO at Lekker Capital
Disclosures
Timestamps
00:00 Intro
02:36 Trump’s Bitcoin Reserve
05:17 Bitcoin Tanks
14:30 How This Affects Crypto & Traditional Finance
19:36 Trade Wars Escalate
31:30 Corn Twitter Is Mad
35:16 Why Stocks & Crypto Are Dumping in Sync
41:39 Trump's Historical Stance on Tariffs
54:57 Government Spending and Crypto Market
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The markets are a bloodbath.
If you’re feeling lost in the markets right now, you’re not alone. Stocks are getting crushed, bonds are sliding, and crypto isn’t escaping the carnage. The question is: why is everything selling off—and where does it go from here?
One thing is clear: the next market move is extremely hard to predict. Between Trump’s economic policies, inflation worries, and DOGE’s cuts, there’s a storm of conflicting signals.
So, is this pain temporary? Or are we looking at a long trend downward?
Sponsors:
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guest:
Travis Kling, CIO of Ikigai Asset Management
Links
Recession?
Bloomberg: Trump Says US Economy Faces ‘Transition,’ Avoids Recession Call
Inflation
Bloomberg: Inflation-Linked Bonds Rebound on Trump Tariffs: Credit Weekly
DXY
FX Empire: US Dollar Forecast: DXY Sinks as Weak Jobs Data Fuels Rate Cut Bets, EUR/USD Surges
Powell’s comments:
CNN: Fed Chair Powell says he’s not worried about the economy amid Trump’s tariff chaos
FT: Federal Reserve chief Jay Powell plays down growth worries after jobs report disappoints
Bonds:
Bloomberg: The Bond Market’s Trump Trade Is Looking Like a Recession Trade
CNBC: 10-year Treasury yield rises after weaker-than-expected jobs growth
Bond yields in Europe and elsewhere are rising
Tariffs:
Bloomberg: Lutnick Says Trump Sticking to US Aluminum-Steel Tariff Timeline
Japan and the carry trade:
Japan's 20-Year Government Bond Yield rises to its highest level since 2008.
Jeff Park tweeted “Bitcoin is Japan’s game now whether you like it or not” - thoughts?
FT: Japan seeks tariff reprieve after Donald Trump questions long-standing defence pact
China’s deflation:
Bloomberg: China’s Inflation Declines Below Zero for First Time in Year
Ukraine War talks:
FT: Ukraine seeks to persuade US to resume aid in high-stakes talks
Timestamps:
๐ 0:00 Intro
๐ 3:05 What’s behind this brutal market selloff
๐ค 7:26 Why making a market prediction right now is nearly impossible
๐บ๐ธ 13:41 How Trump’s economic moves drive uncertainty
โ ๏ธ 19:37 Is the Trump administration intentionally triggering a recession?
๐ฐ 20:30 The real impact of “austerity” on the economy
๐ 22:59 What must happen before the market bottoms out
๐ฅ 26:52 Where inflation might head next
๐ 36:21 What the VIX is saying about the market
๐ 39:00 How markets will react to today’s CPI numbers
๐ 43:40 When might Trump push for tax cuts?
๐ฆ 49:19 Will ETF buyers create a bitcoin floor?
๐ด 55:12 What a declining Japanese yen reveals about demand for risky assets
โฟ 1:00:35 Why BTC is the furthest that it has ever been from altcoins
๐๏ธ 1:11:00 What new groups might step in and buy bitcoin?๐
๐คฆโ๏ธ 1:20:25 Whether the Trump administration “fucked up” the economy
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The election of Donald Trump marked a sea change for U.S. crypto policy.
The symbolism of that transformation was on full display at the White House’s first-ever Crypto Summit, at which President Trump met with several crypto business leaders. But what was actually said behind closed doors? And does this mark the beginning of a truly pro-crypto shift—or just another short-lived political move?
In this episode, BitGo CEO Mike Belshe and former CFTC Chairman Chris Giancarlo break down what really happened at the summit, whether the proposed Bitcoin reserve is a smart idea or a political gimmick, and why some believe the U.S. dollar could one day be backed by BTC.
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:
Mike Belshe, CEO at BitGo
Chris Giancarlo, Senior counsel at Willkie Farr & Gallagher and former CFTC chairman
Links
Recent coverage of Unchained on the Bitcoin Reserve and the White House Crypto Summit :
Trump Says He Is Ending Operation Choke Point 2.0
Trump Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Trump's Surprise Crypto Reserve Announcement Iced Out D.C. Insiders
How Did Ripple Sell Trump on XRP in a Crypto Reserve? By Pushing for Solana
Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve
Which Crypto Assets Belong in a Reserve? This VC Says Not XRP and ADA
Chris’s article: Crypto neo-privateers could be the solution to hacks
Nic Carter’s tweet on Trump’s crypto endeavours
Omid Malekan’s analogy of the SBR with buying a shirt
Learn more about your ad choices. Visit megaphone.fm/adchoices - Visa fler
