The Chopping Block: Google’s Willow Chip, ICO Resurgence, and Crypto Dev Trends - Ep. 750

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 🔹 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. 🔹 Digital Asset Stockpile – XRP, ADA, SOL? Treasury isn’t sure what it owns, and no guarantee these altcoins stay on the balance sheet. 🔹 Market Reactions – Bitcoin pumped, then crashed. No net buying pressure, just an end to government auctions of seized BTC. 🔹 Trade War Fallout – Tariffs hit Mexico, Canada, EU, and China—S&P 500 posts worst day since 2022, losing $1.4T in market cap. 🔹 Trump’s Endgame? – Is this a controlled demolition of asset prices, or just chaos in motion? 🔹 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 ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Robert Leshner, CEO & Co-founder of Superstate Guest ⭐️Quinn 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

13 Mars 58min

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: 👋 0:00 Intro 📉 3:05 What’s behind this brutal market selloff 🤔 7:26 Why making a market prediction right now is nearly impossible 🇺🇸 13:41 How Trump’s economic moves drive uncertainty ⚠️ 19:37 Is the Trump administration intentionally triggering a recession? 💰 20:30 The real impact of “austerity” on the economy 📉 22:59 What must happen before the market bottoms out 🔥 26:52 Where inflation might head next 📊 36:21 What the VIX is saying about the market 📉 39:00 How markets will react to today’s CPI numbers 🚀 43:40 When might Trump push for tax cuts? 🏦 49:19 Will ETF buyers create a bitcoin floor? 💴 55:12 What a declining Japanese yen reveals about demand for risky assets ₿ 1:00:35 Why BTC is the furthest that it has ever been from altcoins 🛍️ 1:11:00 What new groups might step in and buy bitcoin?📉 🤦‍♂️ 1:20:25 Whether the Trump administration “fucked up” the economy Learn more about your ad choices. Visit megaphone.fm/adchoices

12 Mars 1h 31min

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

11 Mars 1h 13min

Trump’s latest crypto moves have sent the market on a rollercoaster. First, he posted on Truth Social that a U.S. crypto reserve would include XRP, Solana, and Cardano. A couple hours later, he had to clarify that Bitcoin and Ethereum would also be included. The market jumped 12%—only to crash the next day. Meanwhile, the White House crypto summit is happening Friday, and not everyone is happy with the guest list. Some say it’s a step toward real regulation, while others argue that without DeFi voices, it’s just a meeting of centralized players. So what does it all mean? David Nage, VC at Arca, joins Unchained to talk about: 4:55 Why David is unfazed by crypto’s swings around Trump’s reserve posts 9:03 David’s take on Cardano and XRP being named for the crypto reserve list 18:11 Why he thinks Bitcoin is a strong candidate for a national reserve asset 22:52 Why David isn’t impressed with the guest list at the White House Crypto Summit 26:26 Why the markets have been struggling—and what could finally turn things around 28:52 News Recap Will real crypto policy changes emerge from this? Or is this just another distraction in a year full of big promises? 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 David Nage, VC Portfolio Manager at Arca Links Unchained:  Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve Cardano Founder Charles Hoskinson Is Not Invited to White House Crypto Summit How Did Ripple Sell Trump on XRP in a Crypto Reserve? By Pushing for Solana Trump Is Having Second Thoughts About His Crypto Council David’s tweet on Cardano and Ripple Eleanor Terrett’s tweet with the Crypto Summit guest list  David Sacks’ tweet saying that the government lost almost $17 billion Learn more about your ad choices. Visit megaphone.fm/adchoices

7 Mars 43min

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 Laura Shin to dissect Trump’s Strategic Crypto Reserve fiasco. Why did he name-drop XRP and Cardano first? Was this real policy or just a market pump? Meanwhile, Crypto Twitter is melting down over Trump’s crypto summit guest list—who made the cut, and who got snubbed? Plus, another SEC lawsuit bites the dust, and memecoins look deader than ever. Let’s get into it. Show highlights 🔹 Trump’s Crypto Reserve Announcement – Trump proposes a U.S. Crypto Strategic Reserve, initially boosting XRP, ADA, SOL, BTC, and ETH—only for markets to fully reverse in 48 hours. 🔹 Who Picked These Coins? – XRP & ADA make the list despite having lower adoption than SOL or ETH. Was this a serious policy move or just pay-to-play politics? 🔹 Trump’s 5D Chess or Just a Meme? – Did the Trump team just pick random coins off CoinMarketCap? Or was this an orchestrated move to pay back donors? 🔹 The Crypto Council Drama – Trump’s Crypto Council implodes before launch due to infighting over seats. First summit features Ripple’s Garlinghouse, Michael Saylor, Chainlink’s Nazarov, Brian Armstrong, and Jesse Powell—but no actual protocol founders. 🔹 Is Crypto Being Used for Politics? – Nic Carter calls the plan a grift, saying the U.S. government should not buy altcoins with taxpayer money. Even Bitcoin maxis are skeptical. 🔹 Trump’s Obsession With Bitcoin Prices – Reports claim Trump personally tracks Bitcoin price movements and wants BTC to hit $150K during his presidency—is he manipulating markets? 🔹 The SEC Softens on Crypto? – Enforcement pivots as the SEC drops cases against Cumberland and Kraken. Will the Coinbase lawsuit be next? 🔹 Market Exhaustion Sets In – Despite the noise, traders are tired. The market isn’t buying into Trump’s crypto plans—was this just another empty promise? Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained Disclosures Timestamps 00:00 Intro 01:05 Market Reactions to Trump's Announcement 03:25 Skepticism of the Crypto Reserve 07:02 Strategic Value of Crypto Reserve 11:11 Political and Market Implications 18:52 Security Concerns & Future Speculations 31:30 Government Control of Crypto 39:50 Potential Forks & Government Influence 45:37 Crypto Summit & Council  Learn more about your ad choices. Visit megaphone.fm/adchoices

6 Mars 58min

A strategic crypto reserve for the U.S. economy? That’s Trump’s latest proposal (or directive?)—and the reaction from the industry has been… let’s just say, mixed. Would it even work? And does it create more problems than it solves? Meanwhile, the White House is hosting a crypto roundtable—but not everyone is convinced it’s going to be productive. Who will be in the room, what will actually be discussed, and will it help or hurt the industry? On this episode of Bits + Bips, hosts James Seyffart and Noelle Acheson together with guests Steve Hou and Steven Ehrlich break it all down. Will tariffs and macro factors keep weighing on crypto? What’s driving the explosion in new ETFs? And what happens if banks start issuing their own stablecoins? Plus: What could be the real next catalyst for the crypto market. Show highlights: 6:13 - Whether a strategic crypto reserve makes sense for the U.S. 14:50 - How this reserve could actually give people outside of crypto second thoughts 24:37 - What the Crypto Roundtable will be about and whether it’s what the industry wanted 27:32 - Whether David Sacks is directing the reserve allocations so as to personally benefit 32:07 - Why Noelle was surprised after the SEC stated memecoins are not securities 42:22 - James’ insights into the avalanche of altcoin ETFs 47:10 - The significance of BlackRock adding IBIT to its model portfolio 54:02 - How macro news drove risk assets to such a selloff on Monday 58:12 - Why the 10YT is such a significant chart to watch 1:10:21 - Whether the war in Ukraine is coming to an end 1:16:20 - What the next catalyst for crypto is 1:19:07 - Whether stablecoins are a good business for banks Thank you to our sponsors! RockWallet Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Guests: Steve Hou, Quantitative Researcher at Bloomberg LP  Steven Ehrlich, Executive Editor at Unchained Links Crypto reserve: Unchained: Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve Bloomberg: Bitcoin Reserve Is Likely to Come First From States, Senator Lummis Says Crypto roundtable:  CoinDesk: Trump to Host First Crypto Roundtable at White House Next Week Crypto Czar David Sacks says he sold crypto holdings before administration began Memecoins: SEC: Staff Statement on Meme Coins ETFs:  SOL: CME Group to launch Solana futures on March 17 as ETF momentum builds BlackRock Adds Its Bitcoin ETF to Model Portfolio for First Time  Macro: Trump’s tariff post on Truth Social ​​Atlanta’s negative 2.8% GDP projection CNBC: 10-year Treasury yield falls to lowest since December on latest signs of slowing economy Reuters:  Inflation, growth may be in conflict but Fed seen restarting cuts in June US weekly jobless claims post largest gain in five months; weather blamed Stablecoins: CoinDesk: Bank of America CEO Says Bank Will Likely Launch Its Own Stablecoin Learn more about your ad choices. Visit megaphone.fm/adchoices

5 Mars 1h 27min

A new consensus model. A bear-themed brand. And one of the most debated token launches in recent memory. Berachain is trying something radically different. Instead of just rewarding validators, it pays liquidity providers—turning the traditional blockchain incentive model on its head. But not everyone is convinced. Some critics say too much of the token supply went to VCs. Others question whether “proof of liquidity” can actually work at scale. In this episode, Smokey, Chief Smokey Officer at Berachain, joins Unchained to break it all down. Why did Berachain choose to make itself EVM-identical? What really happened with the token launch? And what’s next? Show highlights: 1:47 How Smokey got into crypto and how that led to the founding of Berachain 7:24 What proof of liquidity is and what problems it solves 12:06 Whether there’s an incentive problem in how BGT and BERA are designed 16:03 Why Smokey believes the EVM has the “largest capital base” 21:12 How Berachain leveraged culture to accrue network effects 26:23 How Berachain achieved so much TVL growth 30:01 What Smokey thinks about the big allocation of BERA to VCs 35:38 How the bear-themed NFTs were born 39:26 How the project was able to buy back a portion of the tokens sold to VCs 40:58 Whether Smokey should have done things differently when launching the token 43:21 Smokey’s response to the criticism of private participants staking BERA 46:57 Why Smokey believes that the inflation will be useful for ecosystem growth 52:23 What’s next in Berachain’s roadmap 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: Smokey the Bera, Chief Smokey Officer at Berachain Learn more about your ad choices. Visit megaphone.fm/adchoices

4 Mars 1h

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: Recapping how Bybit lost $1.5B to North Korea’s Lazarus Group—how did it happen, and why did they use THORChain to launder the money? Meanwhile, Ethereum is facing an identity crisis at ETH Denver, with the Foundation’s bizarre “Silviculture Society” raising eyebrows across the ecosystem. And if that wasn’t enough, memecoins are in freefall, with Hayden Adams admitting the game was rigged all along. It’s a wild week—let’s break it all down. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Bybit’s $1.5B Hack – Largest crypto heist ever, pulled off by North Korea’s Lazarus Group. Attack exploited Gnosis Safe’s front end, not Bybit itself. 🔹 THORChain: The New Laundromat? – Lazarus Group uses THORChain to launder stolen funds, sparking backlash. Some THORChain members celebrated the volume spike. 🔹 Memecoins Declared ‘Collectibles’ – SEC says memecoins aren’t securities—right as the bubble bursts. New token launches are down 60%, and pump.fun is drying up. 🔹 InfoWars Bought With a Memecoin?! – Alex Jones supporters use Wars token to outbid The Onion for InfoWars.com in a bankruptcy auction. 🔹 Ethereum’s Cultural Crisis – EF’s ‘Silviculture Society’ announcement triggers community backlash. Hayden Adams calls it “peak Ethereum dysfunction.” 🔹 SEC’s Crypto Pivot – Enforcement shift: Uniswap, OpenSea, and Consensys investigations dropped. Is the SEC losing its war on crypto? 🔹 Richard Heart’s Case Dismissed – The SEC’s lawsuit against the HEX founder gets tossed on procedural grounds, but the agency has a chance to refile. 🔹 The Hyperliquid Question – Is Hyperliquid the next frontier for crypto liquidity, or a regulatory time bomb waiting to go off? Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Disclosures Timestamps  00:00 Intro 00:48 ETH Denver 06:16 Bybit Hack & Its Aftermath 14:52 Lazarus Group Has Skills 16:52 THORChain and Ethics of Decentralization 24:49 Role of KYT Services in Crypto Security 28:40 SEC's Stance on Memecoins 37:19 EF Silviculture Society 46:43 Ethereum Scaling Bet Learn more about your ad choices. Visit megaphone.fm/adchoices

2 Mars 51min