Bankless

Why has the dollar remained dominant despite rising debt, geopolitical strain, and growing challengers? Barry Eichengreen joins Bankless to trace the history of global reserve currencies. From Spanish silver and the Byzantine solidus to sterling and the modern dollar, Barry explains the conditions that make a currency rise, endure, and eventually fall. We explore fiscal discipline, rule of law, military power, gold, China, and crypto to understand what history suggests about the dollar’s future. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix ------ TIMESTAMPS 0:00 Intro 5:11 Spanish Pieces of ape 14:58 Solidus 18:56 International Currency Status 29:32 The Fall of International Currencies 33:27 The Fall of The US Dollar 41:38 What’s Special about the Dollar? 47:39 Theoretical Currencies 51:09 US Dollar Dominance Consequences 59:39 When will the Dollar Fall? 1:03:09 US Dollar Competitors 1:08:32 Gold 1:14:08 Bitcoin & Crypto 1:18:23 Closing & Disclaimers ------ RESOURCES Barry Eichengreen https://x.com/B_Eichengreen Money Beyond Borders: Global Currencies from Croesus to Crypto https://www.amazon.com/Money-Beyond-Borders-Currencies-Croesus/dp/0691280533  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Has crypto already bottomed, or is more pain still ahead? Mike and Ryan break down the bull and bear case in full, from Bitcoin fair value and market structure to global liquidity, AI demand, and the macro risks still hanging over markets. Mike explains why he thinks the setup still looks more like a bear market than a new uptrend, even if the odds are close. It’s a sharp episode on how to navigate a market that could break either way. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/bankless  --- 📣GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne    --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix --- TIMESTAMPS 0:00 Intro 1:18 Understanding the crypto cycle 3:23 The wealth destruction phase 5:30 Defining the current market conditions 8:14 Reflecting on past market battles 11:15 The four-year cycle explained 13:19 The impact of liquidity cycles 17:12 Analyzing the S&P and market health 20:34 The bullish case for crypto 24:07 Exploring on-chain metrics 27:16 The bear case outlined 32:14 The difficulty of market navigation 44:26 Summarizing the bearish perspective 48:12 Market uncertainty 59:54 Closing & disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Michael Saylor thinks Bitcoin is headed to $21 million, but the real story in this conversation is how he believes it gets there. In his first appearance on Bankless, Saylor breaks down Strategy’s evolving capital machine, why STRC may be the most ambitious instrument the company has built yet, how he thinks about quantum risk without panic, why his view on Ethereum has become more constructive, and what he means when he says the endgame is giving the world an 8% bank account forever. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS 0:00 Intro 1:00 Michael Saylor’s $21M Bitcoin thesis 4:33 What has to go right for Bitcoin to get there 11:00 Has Bitcoin adoption stalled out? 13:20 Why STRC became Strategy’s breakout product 18:05 The pitch behind a Bitcoin-backed money market 21:13 How STRC is engineered to stay stable 27:31 Where the 11.5% yield comes from 36:35 Is Strategy taking too much risk? 46:50 Does Strategy ever stop buying Bitcoin? 58:48 Quantum, panic, and the Bitcoin response 1:16:18 Michael Saylor on Ethereum today 1:25:46 “Fix the money, fix the world” 1:38:39 The crypto reactor and Strategy’s endgame --- RESOURCES Michael Saylor https://x.com/saylor --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Markets are rallying on a fragile Iran ceasefire, but the real risks may be getting closer. David and Haseeb break down Anthropic’s secretive new AI model and why it could expose vulnerabilities across crypto, from smart contracts to core blockchain infrastructure, plus the growing divide around “Q-Day” and how urgent the quantum threat really is. They also unpack Iran’s unexpected use of Bitcoin in global trade, the White House’s stance on stablecoin yields, and why the market feels stable on the surface while bigger risks continue to build. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS & RESOURCES 0:00 Intro 1:56 Ceasefire in Iran https://images.wsj.net/im-97657631  https://x.com/KobeissiLetter/status/2041728989119529307 https://x.com/WatcherGuru/status/2041867478033195336 15:43 Two Polymarkets of Relevance https://polymarket.com/event/iran-x-israelus-conflict-ends-by/?via=bankless? 70% chance the conflict ends by April 30 https://polymarket.com/event/will-the-us-invade-iran-before-2027/?via=bankless? 30% chance! 17:50 Anthropic Releases Project Glasswing  https://x.com/AnthropicAI/status/2041578392852517128 https://red.anthropic.com/2026/mythos-preview/ https://x.com/DarioAmodei/status/2041580338426585171 https://x.com/hosseeb/status/2041579488224657581 https://x.com/kevinsxu/status/2042065892658258357 https://x.com/nic_carter/status/2041256570462326843 48:49 Satoshi is Adam Back? 57:44 The White House Weighs in on the Stablecoin Yield Debate https://www.whitehouse.gov/research/2026/04/effects-of-stablecoin-yield-prohibition-on-bank-lending/ 1:02:04 $MON trading above ICO price! https://www.coingecko.com/en/coins/monad 1:05:47 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Can Ethereum become one economic zone again? Martin Koppelmann and Friederike Ernst from Gnosis explain how real-time proving and the Ethereum Economic Zone could reconnect fragmented rollups, unify liquidity, and give specialized chains seamless access to Ethereum’s settlement and security. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth ------ TIMESTAMPS 0:00 Intro 0:18 Fixing Fragmentation 7:49 Ethereum Economic Zone Explained 26:19 EEZ Thin Layer 30:30 Block Builders 33:06 The Bull Case 35:18 Ethereum Reorg 42:56 Layer2 EEZ Adoption 50:47 A New Age for Builders 55:54 How to Get Involved 57:42 EEZ Rollout 1:00:51 Closing & Disclaimers ------ RESOURCES Martin Koppelman https://x.com/koeppelmann  Friederike Ernst https://x.com/tw_tter  EEZ https://eez.io/  EEZ GitHub https://github.com/eez-association  Gnosis https://www.gnosis.io/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

NYSE and Securitize are laying the rails to bring real, issuer-backed securities onchain.  Michael Blaugrund of NYSE and Carlos Domingo of Securitize break down how blockchain-native equities could work in practice: transfer agents, tokenized issuance, interoperable trading infrastructure, 24/7 markets, and what it will take for public stocks to move from legacy rails to crypto rails. T They also explore how onchain equities could unlock faster settlement, better shareholder utility, and new DeFi use cases without sacrificing regulatory compliance. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth ------ TIMESTAMPS 0:00 Intro 0:52 NYSE x Securitize Partnership 4:57 Digital Transfer Agent 8:39 Blockchain Infrastructure 11:07 NYSE Alternative Trading System 17:01 Every NYSE Asset? 22:30 Portability & KYC 33:38 RWA Decentralization Debate 38:47 New NYSE Paradigm 44:46 24/7 365 Markets 48:03 Clarity Act 52:21 Issuer Choice 57:08 Tokenized Securities vs Perpetuals 1:00:24 Securitize Going Public 1:03:20 When Launch 1:04:04 Closing & Disclaimers ------ RESOURCES Carlos Domingo https://x.com/carlosdomingo  Michael Blaugrund https://x.com/mblaugrund  Securitize https://securitize.io/  RWA Decentralization Debate https://www.youtube.com/watch?v=m-h-PeUOvDw ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

What if Bitcoin’s biggest strength becomes its fatal weakness? Nic Carter joins Bankless to unpack why the latest quantum papers changed the threat model, why a 2029 migration window could leave Bitcoin dangerously behind, what a real post-quantum transition would require, and why the fight over Satoshi’s dormant coins may become the most explosive governance battle in Bitcoin history. --- 🎬 DEBRIEF | RYAN & DAVID UNPACKING THE EPISODE https://www.bankless.com/podcast/debrief-bitcoin-has-3-years-to-survive-nic-carter --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS 0:00 Nic Carter’s Stark Warning 3:55 Bitcoin’s Status Quo Problem 9:36 The New Quantum Papers 12:07 When Breakthroughs Go Dark 16:28 “We will not get significant prior notice” 21:24 The 9-Minute Attack 31:33 Why 2029 suddenly matters 34:24 Post-Quantum Tradeoffs 46:03 Why Bitcoin Isn’t Reacting 52:21 The Satoshi coin problem 1:02:54 Nic’s salvage-law alternative 1:10:13 Why Ethereum looks more prepared 1:12:25 Does Bitcoin Survive? --- RESOURCES Nic Carter https://x.com/nic_carter Nic’s takeaways from quantum papers https://murmurationstwo.substack.com/p/my-takeaways-from-googles-and-oratomics --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Google just dropped a major quantum warning for crypto, claiming a breakthrough that could accelerate the timeline to breaking Bitcoin and Ethereum’s core security. Ryan and David unpack what changed, how real the threat is, and why the industry may need to act sooner than expected. Plus: Trump signals three more weeks in the Iran conflict and markets shrug it off, a $285M Solana DeFi hack exposes critical flaws, Ethereum’s new plan to unify L2s, and why crypto wallets are rapidly turning into full financial super apps. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS & RESOURCES 0:00 Intro 1:46 Worst BTC Q1 Since 2018 https://www.theblock.co/post/395991/bitcoin-worst-q1-since-2018 https://imgur.com/Y8V3LyR  3:15 Trump, Iran & Market Reaction https://x.com/WhiteHouse/status/2039508709374636457 https://polymarket.com/event/us-forces-enter-iran-by/?via=bankless https://polymarket.com/event/us-x-iran-ceasefire-by/?via=bankless https://x.com/KobeissiLetter/status/2039525222311731260 https://x.com/KobeissiLetter/status/2039516924762096021 https://x.com/KobeissiLetter/status/2039715963730305106 https://x.com/TrustlessState/status/2039718732361040022 https://x.com/KobeissiLetter/status/2039691820419235841 https://x.com/WatcherGuru/status/2038650848931193203  https://x.com/robinhanson/status/2038778655204122748 https://x.com/natesilver538/status/2038711622043144529 https://polymarket.com/event/which-party-will-win-the-house-in-2026/?via=bankless https://polymarket.com/event/which-party-will-win-the-senate-in-2026/?via=bankless 18:35 Google’s Quantum Warning for Crypto https://quantumai.google/static/site-assets/downloads/cryptocurrency-whitepaper.pdf https://arxiv.org/abs/2603.28627 https://x.com/drakefjustin/status/2038847732152996108 https://x.com/nic_carter/status/2038804571791761821 https://x.com/mreiffy/status/2038878566796988776 https://x.com/nic_carter/status/2039065325627396309 https://x.com/_jonasschnelli_/status/2039403067511341368 https://x.com/_jonasschnelli_/status/2039049535822147890 41:39 $285M Drift Hack on Solana https://x.com/DriftProtocol/status/2039564437795836039 https://defillama.com/perps https://x.com/dbcrypt0/status/2039677244734677186 https://www.coingecko.com/en/coins/drift-protocol https://x.com/StaniKulechov/status/2039587524075491794 https://x.com/haydenzadams/status/2039560830862164329 47:08 Ethereum Economic Zones & Aave V4 https://x.com/RyanSAdams/status/2038625973260722336 https://x.com/etheconomiczone/status/2038271122907578375 https://x.com/jbaylina/status/2038277153641377865 56:09 X Crypto Wallet + Phantom Super App https://x.com/benjitaylor/status/2036882102420201832 https://x.com/Marczeller/status/2038300072367017988 https://x.com/phantom/status/2039027553940480448 57:43 Apyx, OpenAI, SpaceX & April Fools https://x.com/RyanSAdams/status/2037607121676603530 https://x.com/hyperbridge/status/2039318963486625880 1:03:37 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Three macro forces are converging that almost no one is pricing in correctly. Jeff Park returns to Bankless to lay out what he calls the "certain truths" shaping markets for the next two decades: collapsing demographics across every major economy, wealth concentration that now exceeds even the Gilded Age, and a labor market being structurally hollowed out by AI before robots even arrive. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS 0:00 Intro 3:07 Certain Truth #1: Global Demographic Headwinds 8:26 What a Top-Heavy Population Means for Markets 15:05 The Japan Counter-Argument 26:01 Certain Truth #2: Wealth Concentration at Critical Levels 32:48 Capital Flight, Unrealized Gains, and the Drag on Demand 43:17 Real Estate as the Epicenter of Distortion 48:05 Bitcoin as a Spending and Savings Asset 52:08 Certain Truth #3: The Value of Labor Approaching Zero 1:01:27 The AI Industrial Revolution Comparison 1:04:38 The Convergence: Why All Three Truths Collide Now 1:08:19 Lightning Round: Asset Class Outlook 1:27:49 Closing Thoughts --- RESOURCES Jeff Park https://x.com/dgt10011 Jeff’s paper https://x.com/dgt10011/status/2031757205888762205 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

We examine the proposed Clarity Act and its impact on stablecoin yields and crypto finance. Ryan and David discuss geopolitical tensions in Iran and their effects on global markets.  Highlights include Tom Lee's ETH staking venture, the NYSE's stock tokenization, and emerging quantum computing developments. We also touch on Coinbase’s stock dip, Tether’s auditing, and Fannie Mae's acceptance of crypto as collateral. --- 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS & RESOURCES 0:00 Intro 3:29 Macro & Markets (Oil, War, Fed) https://x.com/WhiteHouse/status/2035516932498030879 https://x.com/WhiteHouse/status/2036053106081902692 https://x.com/KobeissiLetter/status/2036811133915455745 https://x.com/KobeissiLetter/status/2037023604697710673 https://x.com/KobeissiLetter/status/2035862840284688507 https://x.com/Stocktwits/status/2036859288572862887 https://www.theblock.co/post/394878/bernstein-says-bitcoin-looks-bottomed-sees-226-upside-for-strategy https://fred.stlouisfed.org/series/UMCSENT https://thedefireport.io/research/markets-are-complacent#views-on-macro-oil-geopolitics 23:12 The Clarity Act and Stablecoin Yields https://x.com/EleanorTerrett/status/2036279124382077137 https://x.com/nic_carter/status/2036469040684646844 https://x.com/Matt_Hougan/status/2036931850292387929 https://x.com/pete_rizzo_/status/2036420229543206962 https://x.com/StockSavvyShay/status/2036449942060015818 37:15 Tether Developments and Market Reactions https://x.com/paoloardoino/status/2036428992195039699 https://x.com/nicrypto/status/2036387424620904893 https://x.com/BrendanPedersen/status/2036857950367567951 https://x.com/Shaughnessy119/status/2036876676852752674 https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless 40:55 Tokenizing Stocks: NYSE's New Partner https://x.com/WSJ/status/2036411699633250532 https://x.com/BSCNews/status/2035019819238506993 45:54 Crypto-Backed Mortgages https://x.com/zoomerfied/status/2037130261469462914 https://x.com/0xNairolf/status/2037149525022806030 https://x.com/DollarDecay/status/2037183407273161104 47:30 Ethereum's Staking Infrastructure Launch https://www.prnewswire.com/news-releases/bitmine-immersion-technologies-bmnr-announces-launch-of-mavan-made-in-america-validator-network-the-companys-proprietary-staking-solution-302724419.html 55:37 Stablecoins and Their Limitations in Freedom https://x.com/aave/status/2036828379043787194 https://pq.ethereum.org/ https://x.com/charliesmirkley/status/2035364269873881322 https://www.theunseenandtheunsaid.com/p/the-great-american-tax-migration 58:30 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

MIT economist Christian Catalini joins Ryan and David to unpack his new paper, "Some Simple Economics of AGI," which argues that the scarce resource in the AI economy is no longer intelligence but verification: the human capacity to check, judge, and certify that AI output is correct. Christian walks through the two cost curves reshaping every industry (cost to automate vs. cost to verify), explains why entry-level jobs are collapsing first through what he calls the "missing junior loop," why even top experts are unknowingly training their replacements (the "codifier's curse"), and maps out the three roles that survive the transition: Directors, Meaning Makers, and Liability Underwriters. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS 0:00 Intro 3:42 The Low-Grade Panic 6:43 Who Gets Hit First, and Hardest? 13:06 Coding as Canary, or Exception? 16:21 Human Cognition Was the Binding Constraint 19:59 What Is Verification, Exactly? 29:10 The Codifier's Curse 31:21 The Expanding Iceberg: Non-Measurable Work 38:32 The Two Racing Cost Curves 41:59 Trojan Horse Externality 48:46 The Four Quadrants: Where Do You Want to Be? 54:12 Liability Underwriters and the Venture Capital Parallel 55:41 Directors: Navigating Unknown Unknowns 59:49 60-80% of Your Job Can Be Displaced 1:06:24 Button Pushers vs. Founders: The Great Resorting 1:12:08 The Luddite Risk: Political Backlash Against AI 1:17:30 What Companies and Investors Should Do 1:22:56 The Crypto Connection 1:25:11 Don't Panic: A Closing Playbook --- RESOURCES Christian Catalini https://x.com/ccatalini Some Simple Economics of AGI https://arxiv.org/html/2602.20946v2 Christian’s thread on his paper https://x.com/ccatalini/status/2026311784421036223 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

NEAR founder and Transformer co-author Illia Polosukhin joins us to break down why today’s AI agents still fall short, what’s missing to make them actually useful, and how IronClaw could unlock secure, private, autonomous AI. We also explore Illia’s bigger thesis: AI becomes the interface, blockchains become the backend, and both reshape how humans, agents, and digital markets interact. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth ------ TIMESTAMPS 0:00 Intro 0:43 Illia’s AI Journey 8:19 AI x Blockchain Operating Systems 14:40 Will Humans & AIs Use the Same Systems? 18:20 Why Are AI Agents Still Useless? 28:54 AI Agent Privacy Concerns 35:30 IronClaw Privacy 39:21 AI Agent Limitations 47:00 Context Constraints 53:42 Will Small Teams Win? 57:16 Autonomous Agents & Businesses 1:01:00 Digital Life Forms? 1:02:42 e/acc Vs d/acc 1:09:44 Why isn’t AI Crypto-Pilled 1:14:31 Advice for Builders 1:18:30 Closing & Disclaimers ------ RESOURCES Illia https://x.com/ilblackdragon  IronClaw https://agent.near.ai/ NEAR https://www.near.org/ Attention is All You Need https://arxiv.org/html/1706.03762v7  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Quantum used to be crypto’s distant sci-fi problem. Justin Drake says it now has a clock. In this episode, we unpack what “Q-Day” actually means, why Justin thinks 2032 is the date the entire industry should be planning around, and why Ethereum is targeting 2029 to get post-quantum ready. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS 0:00 When is Q-Day? 5:35 The moment quantum becomes crypto-relevant 10:11 How many qubits does it take to break crypto? 16:22 What a real Bitcoin quantum attack would look like 20:19 How much Bitcoin is actually vulnerable? 26:26 Burn, freeze, or salvage? Bitcoin’s impossible choice 35:06 Proof of seed phrase and Bitcoin’s post-quantum bottleneck 41:02 Ethereum’s exposure: smaller, but not zero 45:43 Ethereum’s tougher roadmap: three layers, three upgrades 50:29 The execution-layer plan: replace ECDSA without killing throughput 57:56 Post-quantum, post-AI cryptography 1:03:36 BLS, KZG, LeanVM, and the rest of the stack 1:06:42 Is this bigger than the Merge? 1:17:21 If Bitcoin stumbles, does all crypto stumble too? 1:19:35 “Quantum is not a challenge—it’s an opportunity” 1:21:27 AI, quantum, crypto and the 2032 convergence 1:28:04 Harvest now, decrypt later 1:30:09 Defensive accelerationism and Ethereum’s role 1:39:10 Stoicism, P-doom, and why he keeps building --- RESOURCES Justin Drake https://x.com/drakefjustin/ Bitcoin Quantum Risk List https://www.projecteleven.com/bitcoin-risq-list Nic Carter Blog Posts https://murmurationstwo.substack.com/p/bitcoin-developers-are-sleepwalking https://murmurationstwo.substack.com/p/trillion-dollar-salvage https://murmurationstwo.substack.com/p/bitcoin-developers-are-mostly-not The Strawmap https://strawmap.org/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ryan and David break down a historic week for crypto as the SEC and CFTC finally deliver long-awaited clarity, classifying major tokens and reshaping the market. At the same time, Bitcoin is outperforming stocks and gold amid global tensions, raising the key question: is this a real regime shift or just a relief rally? They also cover the rise of prediction markets, the emerging battle for agentic payments (Tempo vs. Stripe/Coinbase), and crypto’s cultural moment with Vanity Fair and the upcoming SBF Netflix series. --- 📣FIGURE | CRYPTO-BACKED LOANS & ~9% RWA YIELD https://bankless.cc/Figure --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS & RESOURCES 0:00 Intro 3:47 Macro & Markets (Oil, War, Fed) https://apnews.com/article/iran-gas-field-south-pars-attack-5ad45090d3b66444467cc255ee966a37 https://energynow.com/2025/06/what-is-the-strait-of-hormuz-and-why-is-it-so-important-for-oil https://truthsocial.com/@realDonaldTrump/posts/116253388303392718 https://polymarket.com/event/how-many-fed-rate-cuts-in-2026/?via=bankless? https://x.com/QuintenFrancois/status/2033469474511429805 https://x.com/zerohedge/status/2033322952238723486 https://x.com/zerohedge/status/2032571409273167950 https://x.com/timevalueofbtc/status/2034612806386086296 https://x.com/fintechfrank/status/2033520517009846618 https://farside.co.uk/btc/ https://x.com/KobeissiLetter/status/2034403519609057593 https://x.com/intocryptoverse/status/2033954843048485174 https://thedefireport.io/research/saylor-is-back-in-the-market 22:35 SEC + CFTC Regulatory Clarity https://x.com/SECGov/status/2033996940363317379 https://x.com/SECPaulSAtkins/status/2034012012460556526  https://www.sec.gov/files/rules/interp/2026/33-11412.pdf https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-regulation-crypto-assets-031726 https://x.com/Dogetoshi/status/2034011111008178657 https://x.com/BChillman/status/2033913119756714298 https://x.com/jchervinsky/status/2034003107391172946 https://x.com/EleanorTerrett/status/2034450575773884694 https://x.com/tradexyz/status/2034260987197444255 https://x.com/jchervinsky/status/2034269594282500329 44:44 Prediction Markets Expansion + Risks https://dune.com/hildobby/polymarket https://x.com/Polymarket/status/2034272538465841410 https://x.com/manniefabian/status/2033505062031344004 https://x.com/clashreport/status/2033513701735551202 https://polymarket.com/event/iran-military-action-against-israel-on/?via=bankless? https://x.com/Polymarket/status/2033635318662860916 https://x.com/ChairmanSelig/status/2034625252831998397 52:16 Agentic Payments & Tempo (Standards War) https://x.com/Quicknode/status/2034261280354394610 https://x.com/tempo/status/2034253707303338264 https://x.com/clairekart/status/2034279348480737719 https://visacli.sh/ https://x.com/worldnetwork/status/2033923684768092436 https://x.com/CoinDesk/status/2033883474755551595 58:39 Onchain Banking & Ethereum Upgrades https://x.com/zksync/status/2033864749016809582 https://fastconfirm.it/ https://x.com/RyanSAdams/status/2033661196792967254 https://x.com/_julianma/status/2033851796574154808 https://x.com/adietrichs/status/2033863884067475634 1:02:38 Crypto Culture (Vanity Fair + SBF Netflix) https://www.vanityfair.com/news/story/cryptos-true-believers https://x.com/CamiRusso/status/2033946061685850353 https://x.com/DennisonBertram/status/2034013980771877353 https://x.com/netflix/status/2033981949740568829 1:08:31 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Tempo Mainnet is live, but this episode isn’t really about just another chain launch. It’s about a bigger claim: that AI agents are about to need native money, and that the internet may need a new payment layer to support them. Georgios Konstantopoulos and Brendan Ryan join Bankless to unpack why Tempo launched with agentic payments front and center, what MPP actually is, how it compares to x402, and why they think machine-to-machine commerce could reshape everything from paid APIs to the business model of the web itself. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS 0:00 Tempo Mainnet goes live 1:18 Why the launch is focused on agents 3:58 What MPP actually is 6:30 MPP vs x402 15:28 Why agentic commerce matters 20:08 The “original sin” of the internet 26:04 MCP, NLWeb, and the emerging agent stack 34:07 The onboarding flow: wallets for agents 37:11 How Tempo’s wallet security works 40:11 Tempo chain design and specs 51:13 Why build an L1 instead of an Ethereum L2? 56:10 The Ethereum tension 1:05:01 Agent identity, reputation, and ERC-8004 1:06:53 TIP20, stablecoins, and what can be built on Tempo 1:12:36 Builder opportunity in the agentic web --- RESOURCES Georgios Konstantopoulos https://x.com/gakonst Brendan Ryan https://brendanjryan.com --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

A deep dive into Trump’s emerging grand strategy and the geopolitical logic behind the Iran conflict.  Kamran Bokhari joins Bankless to unpack how the U.S. is trying to reshape the Middle East, manage tensions with China and Russia, and transition from direct intervention toward a new model of burden-sharing, regional power balancing, and global restraint. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth ------ TIMESTAMPS 0:00 Intro 0:56 Iran War Unstated Motives 10:03 Trump’s Goals 18:43 China’s Role 26:43 Venezuela & Cuba 28:22 US China Relationship 34:27 Optimizing Global Relationships 39:56 Iran War Best Approach 47:12 Does Iran Want to Negotiate? 51:30 Iran Regime Change 56:51 Israel Interests 1:00:36 Marco Rubio 1:05:24 Signal in the Noise 1:07:25 Closing & Disclaimers ------ RESOURCES Kamran Bokhari on X https://x.com/KamranBokhari  LinkedIn https://www.linkedin.com/in/kamranbokhari/  New Lines Institute https://newlinesinstitute.org/people/kamran-bokhari/  Forbes https://www.forbes.com/sites/kamranbokhari/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

The Ethereum Foundation’s new mandate has reignited one of Ethereum’s oldest debates: Should it stay laser-focused on cypherpunk values, or lean harder into adoption, product, and market share? Ryan and David debate CROPS, self-sovereignty, ETH as money, and whether the EF is protecting Ethereum’s soul or holding it back. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth ------ TIMESTAMPS & RESOURCES 0:00 Intro 2:39 The EF Manifesto https://x.com/ethereumfndn/status/2032460726728573298  https://blog.ethereum.org/2026/03/13/ef-mandate  https://ethereum.foundation/ef-mandate.pdf  10:18 Bullish Takes https://x.com/lay2000lbs/status/2033326038122438677  https://x.com/EvgenyGaevoy/status/2033160316079534510  https://x.com/malekanoms/status/2032599584640315706  https://x.com/lex_node/status/2033189653587677343  https://x.com/StaniKulechov/status/2032462574571204924  15:15 Bearish Takes https://x.com/dankrad/status/2032532067527856216  https://x.com/tayvano_/status/2032549549550743925  https://x.com/masonnystrom/status/2032558469786775993  https://x.com/yugacohler/status/2033225486847885758  https://x.com/hosseeb/status/2033603057347616869  https://x.com/divine_economy/status/2033547178803708371  27:43 Bullish Response to Bears https://x.com/divine_economy/status/2033547178803708371  https://x.com/dimabuterin/status/2033548385974735174  35:44 David’s Takes https://x.com/TrustlessState/status/2032832671206748551  47:29 Ryan’s Takes https://x.com/RyanSAdams/status/2032512531856503181  56:32 We Can do Both https://x.com/vibhu/status/2032574444724449605  https://x.com/TrustlessState/status/2033545623345967572  59:51 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

The next great battle in finance may not be over stocks, crypto, or even payments. It may be over where the $90 trillion great wealth transfer actually lands. In this episode, Robinhood founder and CEO Vlad Tenev returns to Bankless for a fast-moving conversation on how Robinhood wants to position itself for that generational handoff, why he believes 24/7 markets and tokenization are inevitable, and why the popular narrative around Gen Z as financially reckless misses what he’s seeing on-platform. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS 0:00 The $70–90T Wealth Transfer and Robinhood's Strategy 4:01 Finance in 2040: 24/7 Markets Everywhere 6:06 Tokenized Stocks, Robinhood Chain, and the U.S. Rollout Question 11:22 Robinhood's Full-Stack DeFi Vision 14:31 Prediction Markets as “Truth Machines” 17:06 Robinhood Social, Sherwood Media, and the Content Layer 21:44 Why “Entertainment Finance” Might Be Overstated 25:03 Gen Z Is More Retirement-Savvy Than You Think 30:54 Trump Accounts and Investing From Birth 36:21 The Financial Super App Race 39:30 Why Robinhood Is Not Prioritizing Peer-to-Peer Payments 42:22 Stablecoins, Bank Charters, and Consumer Reality 49:30 The Clarity Act, Stablecoin Yield, and Tokenized Assets 55:16 Perps Could Come Onshore Fast 57:12 Retail Access to Private Markets 1:00:52 Robinhood's Third Act: Social, AI, and Agentic Finance --- RESOURCES Vlad Tenev https://x.com/vladtenev --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ryan and David break down a week where war hit markets, and the safe-haven playbook broke down. Oil spiked, gold failed, bonds sold off, the dollar caught the flight to safety, and crypto somehow bounced right through it. Then they unpack Trump’s public pressure campaign against banks over stablecoin yield, Kraken’s historic Fedwire breakthrough, and why crypto is starting to look less like an outsider and more like part of the financial core. Plus: Anthropic vs. the Pentagon, Erik Voorhees’ private AI push with Venice, fresh Aave governance drama, ZachXBT helping catch the $46M government crypto thief, and the New York Times calling crypto dead right on schedule. --- 📣FIGURE | CRYPTO-BACKED LOANS & ~9% RWA YIELD https://bankless.cc/Figure --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS & RESOURCES 0:00 Intro 3:22 Chaotic Era: 3 Signals Driving Markets https://imgur.com/UirRpZD https://pbs.twimg.com/media/HDEnyQQWwAAbwf1.jpg https://x.com/TheSalonDon/status/2031478190741328334 https://polymarket.com/event/will-crude-oil-cl-hit-by-end-of-march/?via=bankless https://fred.stlouisfed.org/series/GASREGW https://imgur.com/a/I13P5gv https://www.tradingview.com/chart/1CDu50yK/ https://www.tradingview.com/chart/1CDu50yK/ https://x.com/byheatherlong/status/2029914129654501425 https://x.com/TKL_Adam/status/2029655785282887772 https://x.com/KobeissiLetter/status/2031714633581469751 https://polymarket.com/event/us-recession-by-end-of-2026/?via=bankless https://financialpost.com/fp-finance/jpmorgan-limits-private-credit-lending https://x.com/adamscochran/status/2031718465044701376 https://www.reuters.com/business/blackrock-limits-withdrawals-private-credit-fund-redemptions-mount-2026-03-06 20:44 Kraken + Nasdaq: Tokenized Stocks https://x.com/fintechfrank/status/2030979714001621138 https://x.com/krakenfx/status/2030964578117398617 https://x.com/xStocksFi/status/2030963704024740126 https://x.com/markchadwickx/status/2031068859101565118 https://x.com/EricBalchunas/status/2030988246864286036 25:33 DOJ Retries Tornado Cash Developer Roman Storm & Treasury Report on Crypto Privacy & Mixers https://x.com/amandatums/status/2031176790484374012 https://x.com/rstormsf/status/2031204201418883256 https://www.bankless.com/read/jay-claytons-crypto-war https://x.com/BitcoinMagazine/status/2030995739795472464 https://x.com/L0laL33tz/status/2031025281532645838 https://home.treasury.gov/system/files/246/GENIUS-Act-Illicit-Finance-Innovation-Congressional-Report-March-2026.pdf https://x.com/theragetech/status/2031349077342859477 36:39 SEC + CFTC Coordination https://x.com/SECGov/status/2031830716628029565 https://x.com/SECPaulSAtkins/status/2031834357082832949 39:05 BlackRock Launches Staked ETH ETF ($ETHB) https://x.com/Bankless/status/2032108386938929322 https://www.ishares.com/us/products/348532/ishares-staked-ethereum-trust-etf 42:10 Across Protocol DAO → C-Corp Proposal https://www.coingecko.com/en/coins/across-protocol https://x.com/hal2001/status/2031737518505537907 https://x.com/RyanSAdams/status/2031831233722999111 https://x.com/defiignas/status/2031761413006626934 46:58 Polymarket + Palantir Partnership https://x.com/shayne_coplan/status/2032108237932159113 49:31 AI Backlash & Data Center Moratorium https://x.com/SenSanders/status/2031868041940660673  https://x.com/nick_field90/status/2030700617295860074 https://fortune.com/2026/03/09/ai-opinion-poll-democrats-iran-war-president-donald-trump https://x.com/brianstelter/status/2030635638823801333 https://x.com/kevinroose/status/2031397522590282212 55:52 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ethereum underperformed this cycle, and investors are asking the big question: did ETH just skip a cycle, or is something deeper going on? Michael Nadeau joins Ryan to break down where Ethereum sits in the market cycle today, why several of his key indicators suggest ETH is entering a fair value zone, and whether the true macro bottom could still lie ahead. They also unpack why ETH struggled despite improving fundamentals. Mike explains how Ethereum’s L2 roadmap may have improved the network while weakening short-term value capture for the asset itself, and what signals he’s watching (MVRV, supply in profit, the 200-week moving average) as he looks for the next expansion phase. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/ --- 📣GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/Galaxy --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🌍 WORLD | FULLY ONCHAIN EXCHANGE https://bankless.cc/world --- TIMESTAMPS 0:00 Intro 3:50 The History of ETH Cycles 5:41 Analyzing Performance Trends 8:32 The Impact of L2 Roadmap 10:24 Roadmap Decisions & Market Perception 15:50 Valuation Metrics Explained 20:08 Disparities in Valuation Methods 23:22 Navigating Market Conditions 26:14 Nation-State Metaphor & Valuation 27:45 Revenue and Economic Impact 33:42 DEX Volumes & Their Implications 37:25 Stablecoin Supply on Ethereum 38:09 Cycle Metrics & Analysis 44:22 Fair Market Value Insights 50:40 Evaluating ETH for the Portfolio --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures