Timing Cycle Tops, AI Narrative Trade, and Bitcoin's Nation-State Adoption | Qiao Wang

In today's episode Qiao joins us to check in on the current stage of the crypto market cycle. Qiao shares why the lack of celebration signals a fundamental shift in market psychology as evidence by the rampant growth of AI and memes. The conversation then explores how BRICS nations may be secretly accumulating Bitcoin ahead of US policy changes, and why March 2024 could mark a local top. Qiao breaks down why AI agents in crypto are primarily a narrative trade for now, and explains how Hyperliquid's unique approach to token launches could reshape the industry. Thanks for tuning in! - - Start your day with crypto news, analysis and data from Katherine Ross and David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts Follow Qiao: https://x.com/QwQiao Follow Jason: https://twitter.com/JasonYanowitz Follow Santiago: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7ww Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Explore the SKALE Ecosystem at skale.space/ecosystem and stay up to date with the gas-free blockchain on X at @skalenetwork - - It's time for an on chain Binance to emerge. Magic Eden is getting into token trading and their vision is to become on chain Binance and then much more as the entire world ends up moving on chain - - Toku simplifies every part of global token compensation — everything from paying full time employees in stablecoins, issuing token grants to your team and investors, all in 100 countries on one platform. Talk to Toku today at: https://www.toku.com/ - - Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now at Ledger.com - - Timestamps: (00:00) Introduction (02:20) ETH's Flows & Return (12:47) Bitcoin Reserve Odds (17:33) Consensus Trade this Cycle (19:52) Everyone is Looking for Tops (26:42) AI Agents (33:52) Skale Ad (34:31) Magic Eden Ad (35:15) Toku Ad (36:05) Ledger Ad (36:48) Airdrop Success (41:15) Best Cities for Crypto Founders (44:08) Where Should Apps Build? (47:30) Flow of Information (52:45) Return of Normies - - Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.