
Hosted by Bankless · EN

Markets are ripping back to all-time highs, but crypto still isn’t following suit.Ryan and David break down the V-shaped recovery driven by Iran de-escalation, why Bitcoin is still stuck in range, and the growing bull vs bear divide across macro and onchain data. They also unpack Saylor’s STRC “money printer,” the World Liberty DeFi controversy, and the SEC’s surprise ruling that just gave DeFi a major win.Plus: the Bitcoin community’s plan to freeze Satoshi’s coins and what it means for the future of the network.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download 🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS & RESOURCES0:00 Intro2:04 Markets at ATHs / Iran De-Escalationhttps://x.com/KobeissiLetter/status/2044507788961894462 https://x.com/TheStalwart/status/2044045804596346931https://x.com/KobeissiLetter/status/2041728989119529307https://x.com/KobeissiLetter/status/2043285255931441306https://x.com/KobeissiLetter/status/2043323635671179641https://x.com/AndrewBeckUSA/status/2043136650478301245https://x.com/zerohedge/status/2044426813544255859https://x.com/KobeissiLetter/status/2044055049882476961https://x.com/KobeissiLetter/status/2044435422944649651https://polymarket.com/event/us-x-iran-permanent-peace-deal-by/?via=bankless?https://x.com/RaoulGMI/status/2043832901121331527 https://x.com/Matt_Hougan/status/2044095946334843168https://x.com/JustDeauIt/status/2044127128296313079https://x.com/benjamincowen/status/2044114246187851783https://x.com/JoshKale/status/2044425507203166292https://x.com/RyanSAdams/status/2044423401763127512https://x.com/LizAnnSonders/status/2043664934559420916https://fred.stlouisfed.org/series/UMCSENThttps://x.com/perry8888_/status/2044168141148655773https://x.com/WatcherGuru/status/2044375033909264873https://polymarket.com/event/how-many-fed-rate-cuts-in-2026/?via=bankless?30:41 Saylor STRC / Bitcoin Bid & ETH Treasury Race (Tom Lee / Bitmine)https://x.com/LynAldenContact/status/2043736183578972443https://x.com/AdamBLiv/status/2043809798035255790https://x.com/STRC_live/status/2044029951410635132https://x.com/pythianism/status/2044425651890147507https://x.com/nic_carter/status/2044461949895819559https://x.com/AltcoinDaily/status/2044492873803116649 https://x.com/fundstrat/status/2043683094914335191https://www.strategicethreserve.xyz/https://cointelegraph.com/news/ether-machine-spac-ethm-cancelled-dynamix-mergerhttps://x.com/CryptosR_Us/status/204450704964869771746:24 World Liberty Financial (FTX-style risk)https://x.com/DefiIgnas/status/204252004056263918655:22 SEC DeFi Ruling (Bull Case) https://x.com/SECGov/status/2043739582273855635 <a target="_blank" rel="noopener noreferrer nofollow" class="link" href="https://x.com/RyanSAdams/status/20437545335457468...

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: SPOTIFY24https://bankless.cc/spotify-premium------🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix------TIMESTAMPS0:00 Intro5:11 Spanish Pieces of ape14:58 Solidus18:56 International Currency Status29:32 The Fall of International Currencies33:27 The Fall of The US Dollar41:38 What’s Special about the Dollar?47:39 Theoretical Currencies51:09 US Dollar Dominance Consequences59:39 When will the Dollar Fall?1:03:09 US Dollar Competitors1:08:32 Gold1:14:08 Bitcoin & Crypto1:18:23 Closing & Disclaimers------RESOURCESBarry Eichengreenhttps://x.com/B_EichengreenMoney Beyond Borders: Global Currencies from Croesus to Cryptohttps://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/JustDeauIthttps://thedefireport.io/bankless ---📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix---TIMESTAMPS0:00 Intro1:18 Understanding the crypto cycle3:23 The wealth destruction phase5:30 Defining the current market conditions8:14 Reflecting on past market battles11:15 The four-year cycle explained13:19 The impact of liquidity cycles17:12 Analyzing the S&P and market health20:34 The bullish case for crypto24:07 Exploring on-chain metrics27:16 The bear case outlined32:14 The difficulty of market navigation44:26 Summarizing the bearish perspective48:12 Market uncertainty59:54 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: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🐇MEGAETH | 1ST REAL-TIME BLOCKCHAINhttps://bankless.cc/megaeth---TIMESTAMPS0:00 Intro1:00 Michael Saylor’s $21M Bitcoin thesis4:33 What has to go right for Bitcoin to get there11:00 Has Bitcoin adoption stalled out?13:20 Why STRC became Strategy’s breakout product18:05 The pitch behind a Bitcoin-backed money market21:13 How STRC is engineered to stay stable27:31 Where the 11.5% yield comes from36:35 Is Strategy taking too much risk?46:50 Does Strategy ever stop buying Bitcoin?58:48 Quantum, panic, and the Bitcoin response1:16:18 Michael Saylor on Ethereum today1:25:46 “Fix the money, fix the world”1:38:39 The crypto reactor and Strategy’s endgame---RESOURCESMichael Saylorhttps://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: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🐇MEGAETH | 1ST REAL-TIME BLOCKCHAINhttps://bankless.cc/megaeth---TIMESTAMPS & RESOURCES0:00 Intro1:56 Ceasefire in Iranhttps://images.wsj.net/im-97657631 https://x.com/KobeissiLetter/status/2041728989119529307https://x.com/WatcherGuru/status/204186747803319533615:43 Two Polymarkets of Relevancehttps://polymarket.com/event/iran-x-israelus-conflict-ends-by/?via=bankless?70% chance the conflict ends by April 30https://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/2041578392852517128https://red.anthropic.com/2026/mythos-preview/https://x.com/DarioAmodei/status/2041580338426585171https://x.com/hosseeb/status/2041579488224657581https://x.com/kevinsxu/status/2042065892658258357https://x.com/nic_carter/status/204125657046232684348:49 Satoshi is Adam Back?57:44 The White House Weighs in on the Stablecoin Yield Debatehttps://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/monad1:05:47 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: SPOTIFY24https://bankless.cc/spotify-premium------🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🐇MEGAETH | 1ST REAL-TIME BLOCKCHAINhttps://bankless.cc/megaeth------TIMESTAMPS0:00 Intro0:18 Fixing Fragmentation7:49 Ethereum Economic Zone Explained26:19 EEZ Thin Layer30:30 Block Builders33:06 The Bull Case35:18 Ethereum Reorg42:56 Layer2 EEZ Adoption50:47 A New Age for Builders55:54 How to Get Involved57:42 EEZ Rollout1:00:51 Closing & Disclaimers------RESOURCESMartin Koppelmanhttps://x.com/koeppelmann Friederike Ernsthttps://x.com/tw_tter EEZhttps://eez.io/ EEZ GitHubhttps://github.com/eez-association Gnosishttps://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. TThey 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: SPOTIFY24https://bankless.cc/spotify-premium------🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🐇MEGAETH | 1ST REAL-TIME BLOCKCHAINhttps://bankless.cc/megaeth------TIMESTAMPS0:00 Intro0:52 NYSE x Securitize Partnership4:57 Digital Transfer Agent8:39 Blockchain Infrastructure11:07 NYSE Alternative Trading System17:01 Every NYSE Asset?22:30 Portability & KYC33:38 RWA Decentralization Debate38:47 New NYSE Paradigm44:46 24/7 365 Markets48:03 Clarity Act52:21 Issuer Choice57:08 Tokenized Securities vs Perpetuals1:00:24 Securitize Going Public1:03:20 When Launch1:04:04 Closing & Disclaimers------RESOURCESCarlos Domingohttps://x.com/carlosdomingo Michael Blaugrundhttps://x.com/mblaugrund Securitizehttps://securitize.io/ RWA Decentralization Debatehttps://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 EPISODEhttps://www.bankless.com/podcast/debrief-bitcoin-has-3-years-to-survive-nic-carter ---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🐇MEGAETH | 1ST REAL-TIME BLOCKCHAINhttps://bankless.cc/megaeth---TIMESTAMPS0:00 Nic Carter’s Stark Warning3:55 Bitcoin’s Status Quo Problem9:36 The New Quantum Papers12:07 When Breakthroughs Go Dark16:28 “We will not get significant prior notice”21:24 The 9-Minute Attack31:33 Why 2029 suddenly matters34:24 Post-Quantum Tradeoffs46:03 Why Bitcoin Isn’t Reacting52:21 The Satoshi coin problem1:02:54 Nic’s salvage-law alternative1:10:13 Why Ethereum looks more prepared1:12:25 Does Bitcoin Survive?---RESOURCESNic Carterhttps://x.com/nic_carterNic’s takeaways from quantum papershttps://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: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🐇MEGAETH | 1ST REAL-TIME BLOCKCHAINhttps://bankless.cc/megaeth---TIMESTAMPS & RESOURCES0:00 Intro1:46 Worst BTC Q1 Since 2018https://www.theblock.co/post/395991/bitcoin-worst-q1-since-2018https://imgur.com/Y8V3LyR 3:15 Trump, Iran & Market Reactionhttps://x.com/WhiteHouse/status/2039508709374636457https://polymarket.com/event/us-forces-enter-iran-by/?via=banklesshttps://polymarket.com/event/us-x-iran-ceasefire-by/?via=banklesshttps://x.com/KobeissiLetter/status/2039525222311731260https://x.com/KobeissiLetter/status/2039516924762096021https://x.com/KobeissiLetter/status/2039715963730305106https://x.com/TrustlessState/status/2039718732361040022https://x.com/KobeissiLetter/status/2039691820419235841https://x.com/WatcherGuru/status/2038650848931193203 https://x.com/robinhanson/status/2038778655204122748https://x.com/natesilver538/status/2038711622043144529https://polymarket.com/event/which-party-will-win-the-house-in-2026/?via=banklesshttps://polymarket.com/event/which-party-will-win-the-senate-in-2026/?via=bankless18:35 Google’s Quantum Warning for Cryptohttps://quantumai.google/static/site-assets/downloads/cryptocurrency-whitepaper.pdfhttps://arxiv.org/abs/2603.28627https://x.com/drakefjustin/status/2038847732152996108https://x.com/nic_carter/status/2038804571791761821https://x.com/mreiffy/status/2038878566796988776https://x.com/nic_carter/status/2039065325627396309https://x.com/_jonasschnelli_/status/2039403067511341368https://x.com/_jonasschnelli_/status/203904953582214789041:39 $285M Drift Hack on Solanahttps://x.com/DriftProtocol/status/2039564437795836039https://defillama.com/perpshttps://x.com/dbcrypt0/status/2039677244734677186https://www.coingecko.com/en/coins/drift-protocolhttps://x.com/StaniKulechov/status/2039587524075491794https://x.com/haydenzadams/status/203956083086216432947:08 Ethereum Economic Zones & Aave V4https://x.com/RyanSAdams/status/2038625973260722336https://x.com/etheconomiczone/status/2038271122907578375https://x.com/jbaylina/status/203827715364137786556:09 ...

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: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🪐GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/galaxy-podcast🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🐇MEGAETH | 1ST REAL-TIME BLOCKCHAINhttps://bankless.cc/megaeth---TIMESTAMPS0:00 Intro3:07 Certain Truth #1: Global Demographic Headwinds8:26 What a Top-Heavy Population Means for Markets15:05 The Japan Counter-Argument26:01 Certain Truth #2: Wealth Concentration at Critical Levels32:48 Capital Flight, Unrealized Gains, and the Drag on Demand43:17 Real Estate as the Epicenter of Distortion48:05 Bitcoin as a Spending and Savings Asset52:08 Certain Truth #3: The Value of Labor Approaching Zero1:01:27 The AI Industrial Revolution Comparison1:04:38 The Convergence: Why All Three Truths Collide Now1:08:19 Lightning Round: Asset Class Outlook1:27:49 Closing Thoughts---RESOURCESJeff Parkhttps://x.com/dgt10011Jeff’s paperhttps://x.com/dgt10011/status/2031757205888762205---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures