Bits + Bips: Could the LIBRA Scandal End the Memecoin Craze? - Ep. 786

The race for Bitcoin supremacy just got more complicated. Twenty One Capital, backed by Tether, SoftBank, and Cantor Fitzgerald, plans to stack as much BTC as it possibly can.  But is this new venture really about Bitcoin … or about creating a hyper-volatile stock to play market cycles? This week on Unchained, Jeff Park of Bitwise and Mark Palmer of Benchmark join to discuss: Why SoftBank and Tether are a “perfect match”—and why they turned to Bitcoin How volatility, not bitcoin itself, might be the real asset investors are buying What Cantor’s involvement says about Wall Street’s readiness for crypto Why the launch timing matters Whether Twenty One could repeat MicroStrategy’s mistakes Whether these new Bitcoin vehicles are better bets than spot bitcoin or ETFs Plus, is SoftBank getting into crypto a top signal? 👀 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Jeff Park, Head of Alpha Strategies at Bitwise Mark Palmer, Senior Analyst at Benchmark Recent coverage of Unchained on Twenty One: Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners Jeff Park’s post on X Timestamps: 📰 0:00 Introduction 🚀 2:07 Why Jeff sees the Twenty One Capital launch as a huge development 🧠 6:09 How Twenty One might learn from MicroStrategy’s playbook 🏦 11:59 Risks of turning into the next Celsius, Voyager or Genesis 💸 18:52 Why Bitcoin needs income-generating activities to evolve 📊 21:17 How metrics like bitcoin per share bridge crypto and TradFi  🤝 30:16 Whether Tether’s participation makes sense 💍 34:18 Why Jeff thinks SoftBank and Tether are “a perfect match” 🚩 42:29 Is SoftBank entering crypto a top signal? 🏛️ 46:32 Why Cantor’s involvement shows Wall Street is serious 📈 50:24 Why bitcoin vehicle stocks trade at a premium 🗓️ 55:48 Why timing matters compared to MicroStrategy’s 2020 debut 🧮 1:00:06 How to decide between investing in vehicles, spot bitcoin, or ETFs 🌊 1:08:52 Whether SOL investment vehicles will have the same success as bitcoin ones Learn more about your ad choices. Visit megaphone.fm/adchoices

29 Apr 1h 15min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest David Hoffman break down the biggest stories in crypto. This week: MicroStrategy clones are popping up, with Bitcoin-backed SPACs trying to replay Saylor’s playbook. Meanwhile, Trump launches a memecoin for dinner invites, Zora kicks off a new era of “content coins,” and Ethereum faces an existential pivot. David Hoffman joins the crew to debate whether crypto’s future is real innovation—or just financial theater. Show highlights 🔹 Bitcoin vs Ethereum: Who Wins the Future? – Breaking down why Bitcoin could outgrow Ethereum… or why Ethereum might still be crypto’s last hope. 🔹 Can Content Coins Save Crypto? – Zora’s pivot and the rise of “content coins” spark a full-blown identity crisis for the industry. 🔹 Are We Just Rebranding Memecoins? – The crew debates whether “content coins” are innovation… or just the same casino with better UX. 🔹 The Culture Clash – Why crypto’s new apps feel like they’re built for millennials — and why Gen Z might just not care. 🔹 SoftBank, SPACs, and the Top Signal – 21Capital’s Bitcoin MicroStrategy clone is here. Are we seeing the beginning of the end… again? 🔹 Vitalik’s Existential Pivot – Ethereum is trying to save itself. But can it change fast enough to stay relevant? 🔹 Bitcoin’s Macro Moment – In a world of tariffs, inflation, and chaos, Bitcoin might accidentally become the next Federal Reserve. 🔹 Crypto’s Morality Crisis – Vitalik’s attack on “bad apps” raises a deeper question: what should crypto even be building anymore? ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ David Hoffman, Co-owner at Bankless   HostsDisclosures Timestamps 00:00 Intro 01:55 MicroStrategy Clones and Market Impact 13:40 Trump Coin and Its Controversies 20:35 Zora’s Content Coin vs. Jesse's Coining Controversy 26:56 Zora’s Market Position 32:29 Generational Divide in Crypto 39:32 Ethereum's Strategic Pivot Learn more about your ad choices. Visit megaphone.fm/adchoices

27 Apr 48min

A new company called Twenty One is making waves—with a launch strategy that echoes Strategy (formerly MicroStrategy), a cap table that includes Tether, SoftBank, and Cantor Fitzgerald, and a plan to acquire more Bitcoin than anyone else. They’re starting with 42,000 BTC, worth nearly $4 billion, and they’ve hinted they’ll use convertible debt, equity raises, and other market mechanics to buy more. But is this just a smarter MicroStrategy? Or a recipe for financial reflexivity gone wrong? In this episode, Matthew Sigel, head of digital assets research at VanEck, digs into: How the strategy works and why it could break What happens if the stock trades below NAV Why timing the market may be a feature, not a bug And whether this signals a new phase in corporate Bitcoin exposure Sigel also shares a bold idea for “BIT Bonds” that could let the U.S. Treasury issue Bitcoin-linked government debt. Could it work? Plus, Unchained regulatory reporter Veronica Irwin talks about her scoop that we might see a crypto market structure bill as early as this week.  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 Matthew Sigel, Head of Digital Assets Research at VanEck Links Unchained:  Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners The Block: Strike founder Jack Mallers to lead Tether-backed multi-billion bitcoin buying venture, Twenty One Capital Ryan Watkins’ post on X Jeff Park’s post on X Timestamps: 👋 0:00 Introduction 🚀 4:59 How Twenty One plans to buy more bitcoin than anyone else ⚠️ 7:23 The key risks behind the reflexive BTC acquisition strategy 📈 12:38 Why more companies are copying the MicroStrategy playbook 👔 16:17 Jack Mallers’ role and why the CFO matters even more here 💥 17:55 Could one bad move blow these companies up? 💰 22:28 The types of investors this model attracts ⏳ 25:40 Did Twenty One launch at the worst possible time? 🤔 26:58 How to think about investing in BTC vs. these BTC-heavy stocks 🇺🇸  28:23 Unchained regulatory reporter Veronica Irwin on why a market structure bill might be on its way relatively soon 📰 35:31 Crypto News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

25 Apr 49min

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 special guest Joe Weisenthal, co-host of Bloomberg’s Odd Lots podcast, for a wide-ranging, unfiltered conversation. They dive into whether Bitcoin is becoming digital gold, why Ethereum’s value might be leaking away, and how stablecoins are quietly reshaping global finance. Joe challenges the panel on NFTs, DePIN, and whether any of crypto’s big promises have actually delivered. Plus, they debate the rise of MicroStrategy copycats, the failure of crypto social apps, and why Worldcoin’s orb-pilled vision might actually make sense. Show highlights 🔹 Bitcoin = Safe Haven? – Why BTC is acting like gold in a crisis while ETH and altcoins are tanking 🔹 Ethereum’s Value Leak – Joe questions why ETH hasn’t captured any upside from stablecoins or NFTs 🔹 The MicroStrategy Clone Wars – Solana copycats are trying the Saylor playbook… but will it work? 🔹 Worldcoin’s Creepy Appeal – Joe is orb-pilled: privacy is dead, but proof-of-personhood might just work 🔹 The Freeport Theory of Bitcoin – Could BTC be the decentralized answer to offshore gold storage? 🔹 Are Stablecoins the Eurodollars of Crypto? – Haseeb lays out how stables quietly rewrote the financial system 🔹 Ethereum’s L2 Gamble – The panel debates if Ethereum’s scaling strategy caused value to bleed out 🔹 The DePIN Dilemma – Is decentralized infrastructure a dead-end or just early? Joe wants receipts 🔹 Crypto Social Media? – Joe’s skeptical: why decentralized comms hasn’t clicked yet 🔹 Utopia or Bust? – If crypto’s gonna be this expensive, Joe says it better deliver a better world 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  Guest ⭐️ Joe Weisenthal, Editor at Bloomberg Disclosures Timestamps 00:00 Intro 01:57 Bitcoin's Market Behavior 06:53 Bitcoin as a Safe Haven 15:56 Economic Value in Crypto 19:51 Stablecoins, NFTs, and Worldcoin 36:00 Blockchain's Value in Social Networks 41:20 Reality of Crypto Utopias 49:19 The Future of Stablecoins and Regulation 54:54 MicroStrategy and Bitcoin Investments Learn more about your ad choices. Visit megaphone.fm/adchoices

24 Apr 1h 7min

An independent Federal Reserve has long been the cornerstone of U.S. economic stability, but what happens when that foundation is shaken? In this week’s episode of Bits + Bips, the panel digs into one of the most dramatic threats yet to financial markets: Donald Trump’s suggestion that he could fire Fed Chair Jerome Powell. It’s not just political theater, it’s a potential major blow to the credibility of the U.S. dollar and the independence of the world’s most important central bank. Joining the panel is Zach Pandl, Head of Research at Grayscale, who explores why a rotation away from U.S. dollar assets might already be happening and what that means for bitcoin. Plus: Why the Fed’s independence is so crucial The telltale signs of a structural capital rotation out of the U.S. Whether bitcoin has officially decoupled from equities How young crypto HODLers will react to their first bear market And why this moment may look more like Argentina than America Show highlights: Sponsors: Bitwise Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Zach Pandl, Head of Research at Grayscale Links Trump Threatening Powell New York Times: Risk of Financial Panic Tempers Trump on Firing Powell Barrons: Trump Calls Powell a ‘Major Loser.’ 3 Ways He Could Sideline the Fed Chair Inconsistencies in Hard v. Soft Data Wall Street Journal: Trump Is Everywhere Except in the Economic Data Federal Reserve Bank of Philadelphia: Carefully Balancing Both Hard and Soft Data in Policy Discussions Dropping Dollar CNBC: U.S. Dollar Falls to Three-Year Low as Trump’s Powell Threats Further Dent Investor Confidence New York Times: The Dollar Keeps Falling as Its ‘Safe Haven’ Status Is Questioned Bitcoin Decoupling CNBC: Bitcoin Retakes $90,000 as Investors See It as Alternative to Diving Dollar and Turbulent Stocks Decrypt: Bitcoin Decoupling? BTC Rises as Equity Markets Swoon Timestamps: 👋 0:00 Intro 👀 3:44 Could Trump really fire Powell? And what would that mean for the Fed’s credibility 👷13:01 Why the Fed is seeing conflicting signals from the economy 📈📉 20:07 If Trump keeps Powell for now, how will the market react? 🚪 24:49 Why capital is rotating out of the U.S. and how it is such a big moment for bitcoin.  🤕 31:37 How much further the dollar could fall in this cycle? 🔗 42:43 Has bitcoin finally decoupled, and could it become a global reserve currency? 🧑‍💻 50:11 How the young age of crypto holders could reshape market dynamics 🧠 1:04:26 What specific things Ram, Alex, and Zach are watching now across macro and crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

23 Apr 1h 10min

The U.S. is rattled by tariffs, economic uncertainty, and political U-turns on crypto. But across Asia, the response has been … different. In this episode of Unchained, we check in with two of the sharpest observers of Asia’s crypto landscape: Emily Parker, China and Japan advisor of the Global Blockchain Business Council, and Yat Siu, chairman of Animoca Brands. They unpack how Asia views the Trump crypto pivot, what’s actually happening inside China, why Hong Kong may be the most important jurisdiction in crypto right now, and how Japan and Korea are quietly shaping the future of regulation, stablecoins, and DeFi. Plus: Is crypto really banned in China? Why Korea is lifting its “shadow ban” Why crypto gaming is thriving in Asia And what the West can learn from it all 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: Emily Parker, China and Japan Advisor at the Global Blockchain Business Council Yat Siu, Chairman of Animoca Brands Links WSJ: Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway. Timestamps:  🌏 0:00 Introduction 😌 5:43 Why Chinese sentiment around tariffs is calmer than in the U.S. 🗣️ 8:24 What crypto conversations are really about in China right now 🔁 11:28 How Asia reacted to the U.S. crypto U-turn under Trump 🏦 20:13 Are Asian nations quietly building up bitcoin reserves? 📜 23:19 How Asia has more regulatory clarity than the U.S. 📈 25:13 Why crypto adoption in Asia is outpacing that of other regions  🇰🇷 30:22 Why DeFi hasn’t taken off yet in South Korea – Don’t miss this! 🌐 38:05 The potential rise of non-USD stablecoins in Asia 👀 43:52 Is crypto actually banned in China?  💴 55:51 Whether the digital yuan is being adopted 🔓 1:00:28 Korea potentially lifting its “shadow ban” on institutional crypto investment? 📊 1:05:15 Why some Asian companies choose to IPO in the U.S. and whether more are coming 🎮 1:10:21 What’s really happening with Web3 gaming in Asia right now Learn more about your ad choices. Visit megaphone.fm/adchoices

22 Apr 1h 21min

This week on Unchained: two big stories, one episode. First, Jesse Pollak, head of Coinbase’s L2 Base, joins to unpack the chaos behind the viral “Coined It” memecoin moment, a tweet-turned-token that hit $17M in an hour, crashed, then rebounded, igniting a firestorm on Crypto Twitter. Was it a media experiment or a botched launch? Was there insider trading? And why does Jesse think coins are the future of creator monetization? Then, we dive into Converge, the recently announced chain backed by Ethena and Securitize, aiming to bridge TradFi and DeFi. Carlos Domingo and Guy Young explain what makes Converge technically novel, why they’re building on Arbitrum and Celestia, and how it could reshape the onchain landscape for institutions. Also in this episode: Whether Jesse regrets greenlighting the Base post The future of creator coins and tokenized assets How Converge plans to prevent hacks and improve UX And why Converge isn’t just about migrating existing assets, but “expanding the pie” Thank you to our sponsors! Bitkey: Use code UNCHAINED for 20% off FalconX Mantle Part 1 Jesse Pollak, Head of Base and Coinbase Wallet On Wednesday, Coinbase’s layer 2 network Base posted a tweet that read: “Base is for everyone,” followed by a tweet: “Coined it.” That second tweet linked to a page where the post had already been turned into a coin. Within an hour, the coin hit a $17 million market cap, then dropped to under $2 million, then went back up to over $13 million. Crypto Twitter exploded. Some called it a rug. Others accused insiders of sniping the launch. Coinbase later issued a statement saying that Zora auto-tokenizes content, but Jesse Pollak, head of Base, tweeted that he personally greenlit the post. So what really happened? In this episode, Jesse sits down with Laura to discuss: Whether this was a memecoin launch or a media experiment Why he thinks the crypto community overreacted Whether insider trading occurred And why he believes coins, not NFTs, are the future of creator monetization Plus, he explains why he’s okay being the “punching bag.” Part 2 A month ago, Converge was announced as the new chain backed by Ethena and Securitize, aiming to become a home for tokenized assets and institutional capital. On Thursday, the teams behind it released the full technical specs. From validator-triggered circuit breakers to 100ms block times and support for yield-generating private credit, Converge is pitching itself as the chain for both TradFi and DeFi. In this episode, Securitize’s Carlos Domingo and Ethena’s Guy Young join Unchained to explain what’s actually novel in this architecture, why they chose Arbitrum and Celestia, and what it will take for institutions to get comfortable onchain. Plus:  What Converge means for Ethereum and other L2s Whether gas tokens like USDe and USDtb solve real UX problems How they plan to prevent bridge-based hacks And why this isn’t just about migrating existing assets, but “expanding the pie” Guest Carlos Domingo, co-founder and CEO of Securitize Guy Young, founder of Ethena Labs Links Previous coverage of Unchained on Ethena: After an Incredible 2024 for USDe, Ethena Plans to Supercharge Growth Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe? How Ethena’s USDe Challenges Traditional Stablecoin Models Unchained:  Tokenized T-Bills Grow Despite Trump Tariffs Causing U.S. Treasuries Sell-off Tokenized Treasuries Grow 20X Faster Than Stablecoins as Crypto Market Languishes Learn more about your ad choices. Visit megaphone.fm/adchoices

18 Apr 1h 16min

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 dives into the drama surrounding the OM token crash, the murky world of fake market caps, and Binance’s role in fueling questionable projects. They unpack Trump’s tariff chaos and whether Bitcoin could emerge as the real winner in a broken economic order. Plus, Vitalik stirs the pot by calling out “bad apps” like Pump.fun—igniting a moral war over what crypto should be building. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 OM Token Implodes – How a top-25 token collapsed 90% in 90 minutes and why it exposed deeper issues with fake float 🔹 Market Cap Manipulation – Haseeb breaks down how teams game CoinGecko, and why circulating supply might be mostly fiction 🔹 Binance Listings = Domain Squatting? – The crew explores how projects “reverse-merge” into dead tokens to skip the line 🔹 Coffeezilla Strikes Again – The panel reacts to OM founder’s bizarre interview and what it reveals about crypto’s accountability gap 🔹 Should Exchanges Demand Disclosures? – A fiery debate on whether market making agreements should be public 🔹 Tarun Goes Full Macro – Why Trump’s tariffs could actually boost Bitcoin—and what capital flight means for crypto 🔹 Vitalik’s App Morality Test – Did he go too far calling Pump.fun a “bad” app? The panel isn’t so sure 🔹 Ethereum’s Vibe Crisis – Solana and Base push back as Vitalik gets philosophical about the soul of crypto 🔹 Is Railgun the Real Hero? – Tarun questions Vitalik’s taste in apps and whether ideological projects matter if no one uses them 🔹 Regulation Without Regulators – Can the industry police itself, or is it time for a new kind of crypto SRO? 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 Links Use Code CHOPINNOVATE, for tickets to the U.S. Innovation in Crypto conference at Cornell Tech on Roosevelt Island (NYC): cbc25.eventbrite.com Timestamps  00:00 Intro 02:47 Trump's Tariff Turmoil 15:48 Mantra's OM Token Controversy 29:42 Crypto Disclosures & Market Making Agreements 31:49 Debate on Exchange Incentives & Market Maker Costs 33:57 The Role of Self-Regulation in Crypto Exchanges 44:15 Vitalik's Views on Blockchain Ethics 56:33 Upcoming Live Event Announcement Learn more about your ad choices. Visit megaphone.fm/adchoices

17 Apr 57min