Bits + Bips
Bits + Bips is a podcast that explores the intersection of cryptocurrency and macroeconomics. Hosted by Ram Ahluwalia, Austin Campbell, and Chris Perkins, it airs a livestream every Monday at 4:30 pm ET. The show provides insights into the crypto markets and broader economic trends, breaking down complex topics into digestible discussions.
Episodes
Is Crypto Security at 'Max Vulnerability'? Chris Perkins Thinks So
An Ethereum Foundation researcher says AI-driven math could break crypto keys in months, worst case. Austin Campbell and Chris Perkins weigh the real risk.
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Is OpenAI's Agent Breach a Rogue AI Problem or a Basic Security Failure?
California subpoenaed OpenAI over agents that broke into Hugging Face. Ram Ahluwalia calls it a "media stunt." David Z. Morris sees an AI safety blind spot.
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Quick favor: We're deciding what Unchained
How the Bitget Hack Reopened Crypto's Fight Over Neutral Infrastructure
Bitget lost $388 million to spoofed transaction data, and THORChain kept routing the funds. The hosts ask what decentralization means if you can stop and don't.
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Bitcoin Reclaims Its Bear-Market Ceiling. Is the Rally Real?
Bitcoin closed above its 50-week average for the first time in 45 weeks. Ram calls it a short squeeze, Chris a regime change. Plus, Amazon locks out Meta's Muse agent.
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OpenAI Says It Cracked a Millennium Prize Problem. Why Is Anthropic Hitting the Brakes?
OpenAI says it solved a Millennium Prize problem as Anthropic calls for slowing AI down. Jordi Visser tells Austin, Ram, and Chris why it's a midterm story. Plus, oil at $108.
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Robinhood's Tokenized AMC Shares Spark a Fight Over What Stock Tokens Really Are
AMC's CEO says Robinhood's stock tokens are vile. Austin, Chris, and Ram break down what these tokens actually are, and whether the outrage holds up.
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Why the Kalshi-Nevada Ruling Could Land at the Supreme Court
Kalshi's Andy Ross joins the panel to argue that a Ninth Circuit ruling against the exchange might actually help its case at the Supreme Court.
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CME vs. Kalshi. Is Washington Picking a Winner in Prediction Markets?
CME's Terry Duffy and Kalshi traded public insults over prediction markets. Ram, Austin, Chris, and Bitwise's Gordon Grant break down who's winning.
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New US Rules Could Force Coinbase to Delist Tether
A new presidential memo lets private firms hack foreign cybercriminals — a plan Chris Perkins helped pitch. Plus a Trump-family bank charter and a rule that could push Tether offshore.
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A Technical Strategist Sees Opportunity in Bitcoin's Quiet Market
Bitcoin's barely budged in weeks, but Katie Stockton says the charts are flashing a long-term oversold signal that has preceded past turnarounds.
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Why an Ethereum Proposal to Zero Out Staking Yield Sparked a Revolt
An Ethereum proposal to zero out staking yield has the community in revolt. Seth Ginns of Franklin Crypto weighs in on whether it solves a real problem. Plus, the Clarity delay.
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Chinese AI Models Are Defending Bitcoin Wallets Because US Models Won't
Galaxy Digital's Alex Thorn joins Austin, Ram, and Chris on the Coldcard firmware bug that's drained over $100M from cold storage — plus why the researchers chasing the next hack are stuck on Chinese AI models.
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Why Wall Street's AI Earnings Verdict Split Meta From Microsoft
Meta fell 10% on its CapEx guidance. Microsoft didn't move. Franklin Templeton's Chris Galipeau looks past the divergence to say that the AI trade isn't over, and lays out why.
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Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they hap
Why RWAs Just Out-Traded Crypto on Hyperliquid for the First Time
Lorenzo Valente of ARK Invest joins Austin, Ram, and Chris on why real-world assets just out-traded crypto on Hyperliquid for the first time — plus what Jensen Huang's first-ever post on X started.
Jensen Huang had never posted on X. His first post ever was an open letter arguing that open AI models are a national asset — and by the end of the week, 50 companies had signed it. Anthropic and Amazo
Why Bitcoin's Vol Index Is Already Pricing In the Odds of the Clarity Act Passing
Cole Kennelly says Bitcoin's volatility index is already pricing in the Clarity Act, weeks before the Senate even votes on it.
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Stripe Bid $53B for PayPal: Who Actually Wins Stablecoin Payments?
Cyclops founder Alex Wilson on why PayPal 'chose to fail' at stablecoins, and what Stripe's $53 billion bid really means for the payment wars. Plus: the Clarity Act's last shot before recess.
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Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity dai
Bitcoin and ETH Are Up. But This Crypto Rally Still Lacks Conviction.
Crypto just had its best week in months. GSR's Andy Baehr explains why he is not calling it a real rally yet, and what would actually change his mind.
Sponsors
Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first si
How China May Be Interfering in Local US Politics to Block AI Data Center Progress
Sam Lyman says a Shanghai-based network is quietly blocking billions in AI data centers. Austin, Ram, and Chris also debate Clarity odds and stablecoins.
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Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happ
Why Any DeFi Protocol 'Lives and Dies by Its Oracle' and How to Strengthen Them
From inventing DeFi's first oracle at MakerDAO to auditing BlackRock's tokenized billions, Niklas Kunkel maps the hidden plumbing behind the RWA boom.
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Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first si
Strategy Sells $216M in Bitcoin. Is Saylor a Buyer or a Seller Now?: Bits + Bips
Strategy sold $216M more Bitcoin. Ram, Austin, and Chris ask if Saylor's now a recurring seller, and whether tokens can ever coexist with equity. Plus: the stablecoin wars get real.
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Anchorage’s David Lawant Explains Why Bitcoin's Options Market Isn't Panicking: Bits + Bips
Fear and greed says panic. The options market says something else. David Lawant of Anchorage Digital walks through the signals that matter right now.
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Why Bitcoin May Not Run Until Saylor "Gets Blown Up": Bits + Bips
Bitcoin logged its worst ETF month on record, and the hosts debate whether Strategy has become the marginal seller dragging the whole market down.
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Why a Perp Exchange Asked Carmen Li to Make a Market in Her Own Index
Carmen Li is bringing GPU futures to the CME while crypto perp venues court her index. She lays out which financial wrappers actually fit which assets.
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Why You No Longer Have to Choose Between TradFi and Crypto
Coinbase is tokenizing US stocks for the rest of the world — but what makes a token 'real,' and who owns it? Plus: the AI trade wobbles and the CME sues its own regulator.
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The Fed Is Turning Hawkish. What Does That Mean for Bitcoin and Strategy?
The Fed dropped its easing bias and half the FOMC penciled in rate hikes. Zach Pandl on what Kevin Warsh's first meeting means for Bitcoin, gold, and Strategy.
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Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: https://crypto.fidelitycareers.com.
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Why the Anthropic Export Ban Should Worry the Crypto Industry
A Friday-night directive banned Anthropic's Fable 5 with no public explanation — Sam Enzer on what it means for AI, crypto, and who controls the national security card next.
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Was the SpaceX IPO Really to Blame for Bitcoin's Worst Week Since FTX?
Strategy owes $3.4 billion over two years on its preferreds. Austin maps the three exits: issue more stock, sell Bitcoin, or suspend dividends. None are good.
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Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: crypto.fidelitycareers.com.
Strategy Sold Bitcoin. Polymarket Can't Agree on When
Strategy sold Bitcoin in May and disclosed the sale via SEC filing in June. The Polymarket market on that sale resolved to no sale in May, with tens of millions of dollars on one question: does the trade date control, or the disclosure date?
Sam Enzer and Steven Ehrlich map the dispute, the oracle governance concentration risk behind it, and the practical checklist for diligencing any prediction
Why Strategy's Capital Stack Is Starting to Show Cracks
Strategy sold Bitcoin for the first time since 2022 — a small sale, but a meaningful signal. Ram, Austin, and Chris work through the capital stack math: $15 billion in preferred stock needs Bitcoin to appreciate 11.5% annually just to cover dividends. What happens if it doesn't?
With:
Austin Campbell, Founder, Zero Knowledge Consulting; Adjunct Professor, NYU Stern - https://x.com/austincamp
Why Crypto Is Losing the Momentum Trade to AI Stocks Right Now
Bitcoin’s implied volatility just hit a nine-month low. ETF outflows have been running for weeks. And a memory chip ETF may have matched IBIT for the fastest ETF launch in history. So what’s happening to crypto?
Steve Sosnick, chief strategist at Interactive Brokers, and Steve Ehrlich break down the structural forces working against crypto right now: AI stocks doing the heavy lifting in portfolio
Why Arjun Sees a Link Between Pope Leo and Bitcoin
What does Pope Leo's first AI encyclical have to do with the Bitcoin white paper?
Arjun Sethi, co-CEO of Kraken, traces a philosophical thread from Augustine's City of God through Catholic social teaching's subsidiarity principle to Satoshi's monetary architecture.
Austin Campbell finds the same argument in the Federalist Papers. Ram Ahluwalia brings in Immanuel Kant and the Tower of Babel. And
Kevin Warsh Takes Over the Fed. Here's What He Actually Can Do
Kevin Warsh is confirmed as Fed chair today. He says he wants a smaller balance sheet, fewer dot plots, less forward guidance, and new ways to measure inflation. In this clip, Noelle Acheson tells Steve Ehrlich why the bond market will veto the balance sheet goal, why fewer FOMC press conferences may increase volatility rather than reduce noise, and why the most likely outcome for the next few Fed
Structural Stimulus Has Replaced the TACO Trade
The TACO trade — the assumption that Trump will always walk back market damage — is temporary. The BLISS trade is not. In this clip, Noelle Acheson explains Gita Gopinath's thesis from the Financial Times: no government, regardless of political party or political system, will be voted out for spending to protect citizens from hardship. The put under markets is now structural. Noelle and Steve Ehrl
Why Agents Will Ditch Stablecoins That Don't Pay Yield
If the risk is the same, why would any rational agent choose a stablecoin that pays nothing over a money market fund that does?
In this clip, Chris Perkins puts the question directly to Circle’s Gordon Liao, who walks through USYC — Circle's yield-bearing instrument — and the seamless toggle between it and USDC.
Austin Campbell frames the winners as "transformers": platforms that can move flui
Will On-Chain Repo Reach $1 Trillion? One Reason Yes, One Reason No
Matteo Pandolfi of Pareto puts a number on the table: on-chain repo reaches $1 trillion within five years. He makes the case using the current pipeline of traditional institutions entering the space and the hybrid infrastructure model that does not require full on-chain execution. Craig Burchell of FalconX gives you both sides. The bull case: the facilities are already being built, the demand is r
$5B On-Chain Credit: What's Actually Working and What's Still Missing
On-chain private credit has crossed $5 billion across more than 2,000 assets. The borrower side has matured significantly — institutional counterparties like FalconX are accessing credit on-chain with clear terms, legal structures that hold up to institutional scrutiny, and professional underwriters applying real credit discipline. But the liquidity side remains the visible gap. Tokenization impro
Is the AI Rally a Bubble? Ram, Chris, and Austin Disagree
Semiconductors now make up 18% of the S&P 500 — a record — as capital floods into AI infrastructure. Is this another dotcom bubble, or something structurally different?
Ram Ahluwalia says the spending is coming from the world’s most profitable companies and the returns are already showing up in cloud growth. Christopher Perkins says every mania eventually reaches an extreme. Austin Campbell argue
Paul Tudor Jones Says Bitcoin Is the Best Inflation Hedge. Is He Right?
Paul Tudor Jones called Bitcoin the best inflation hedge the same day it broke through 80 while equities sold off. The Bits + Bips crew debates whether he’s right — and what comes next for the store of value.
Ram Ahluwalia sees quantum-resistant successor coins on the horizon. Chris Perkins argues the next backed asset may rely on energy or compute — not gold or Treasuries.
Featuring Austin Camp
On Polymarket, You Can't Pose a Question. On Delphi, Anyone Can
Why does Delphi call itself an information market instead of a prediction market? Ben Fielding, CEO of Gensys, says the difference is the direction of the question. On Polymarket, users cannot create markets — only suggest them. On Delphi, anyone can pose a question and pay for the world to answer it. Ben walks through the full thesis: the orange farmer who can finally hedge drought risk without g
OpenAI Is Building an AOL. Here Is Why That Limits AI's Scale
How does a decentralized AI network compete with companies spending hundreds of billions on data centers? Ben Fielding, CEO of Gensys, says the question misunderstands what scale actually means. The big AI labs are building walled gardens, exactly the way AOL built one in the early internet era. They will attract users, extract value, and make great products, but they will not reach the scale of a
How the Kelp rsETH Hack Left Aave With $193M in Bad Debt
The Kelp hack exposed a flaw at the center of monolithic DeFi lending. What comes next for Aave, for looping traders caught underwater, and for users who never knew the risk.
A single compromised signature was enough.
When an attacker exploited Layer Zero's DVN network to mint 116,000 unbacked rsETH on Ethereum mainnet, Aave's unified pool design did the rest: within minutes, a $193M loan was
DeFi's Security Ceiling: Why Lending Can't Be Like Uniswap
After Bybit, the CDS hack, and Kelp DAO, Austin Campbell argues that DeFi's foundational assumption — that incoming transactions should be treated as legitimate — may no longer hold. Ram Ahluwalia pushes back: change that assumption and you risk giving up immutability and finality. Austin draws the distinction: an immutable chain and a skeptical transaction queue aren't mutually exclusive.
Mic
Who's Really to Blame for the $290M Kelp DAO Hack?
North Korea's Lazarus Group drained $290 million from Kelp DAO by compromising two RPC nodes feeding Layer Zero's single DVN, swapping the binary for a malicious one, and DDoSing clean nodes to force a failover. In 46 minutes, Kelp DAO managed to stop the bleed — but not before $290M was gone and DeFi TVL dropped $13 billion in 48 hours. Now Layer Zero and Kelp DAO are fighting publicly, with thir
Strategy's Preferred Stock Is Now a Stablecoin. And DeFi Has a Security Problem.
The $290 million Kelp DAO hack, attributed to North Korea's Lazarus Group, has DeFi TVL down $13 billion in 48 hours. Do DeFi's foundational assumptions need to change?
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The Miner Sell Wall and Why Saylor Is Absorbing It
FalconX global co-head of markets Josh Lim explains what's keeping Bitcoin range-bound near $75-76K: miner selling to fund high-performance compute transitions, breakeven retail holders looking for an exit, and an options market oversupplied with calls.
He also covers why the negative funding rates and low vol environment are less bearish than they appear when spot is cash-funded, not levered.
Bits + Bips: Why Josh Lim Is Optimistic on the Dynamics He's Seeing in Bitcoin
Bitcoin's spot-led rally looks healthy on the surface. But derivatives say conviction is thin. Josh Lim from FalconX on what the market structure is actually telling you right now.
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Is Anthropic’s Mythos a Real Threat? And Who Pays for AI?
Anthropic previewed Mythos, a model it says autonomously found 181 Firefox JavaScript exploits and vulnerabilities in OpenBSD that had been missed for decades. Cybersecurity stocks fell. Ram Ahluwalia says it’s masterclass marketing — a Keyser Soze play designed to win back DOD contracts and rattle OpenAI. Chris Perkins thinks the threat is real and the opportunity is bigger than the fear. Austin
The IRGC Is Damned Either Way — Here’s Why
Ram Ahluwalia argues that CENTCOM’s move to enforce the US Naval blockade of the Strait of Hormuz was exquisitely timed — placing the IRGC in a vice with no clean exit. He walks through why Iran can’t escalate without facing worse outcomes, and can’t stand down without ceding economic control. Austin Campbell adds the market dimension: we’ve shifted from kinetic escalation to long-term economic at
Why Apple Might Benefit More From AI Than AI Companies Will
The US Naval blockade is live, markets are holding, and Ram thinks the bottom is in. Austin and Chris are not so sure.
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Citrea
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Bitcoin's Geopolitical Upturn and the $100K Question
Why ETH outperformed Bitcoin this past week, what's really behind the prediction market activity during the Iran situation, and what comes next for institutional crypto adoption.
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How Iran Uses USDT to Fund Its War Machine
Iran's IRGC has reportedly set up a crypto toll system at the Strait of Hormuz, collecting $1 per barrel to $2 million per supertanker in yuan or USDT via Tron. The IRGC moved $3 billion through crypto in 2025 according to Chainalysis, and the Ministry of Defense has begun accepting crypto for arms exports. Is this a gift to US intelligence (freeze and seize) or proof that stablecoins are enabling
Why a Nation State Will Always Beat the Security of a DeFi Team
The biggest DeFi hack of 2026 wasn't a code exploit. It was a six-month North Korean social engineering campaign that ended with $285M drained from Drift protocol in 12 minutes. Circle had six hours to freeze $232M in USDC moving through its own bridge.
Should stablecoin issuers be liable? Is a 2-of-5 multisig really decentralized?
Austin Campbell (NYU Stern, Zero Knowledge Consulting), Ram Ah
Why the Drift Hack Is an ‘Embarrassment for the Industry’
A nation state hacked a startup and won. The hosts debate who's liable, what's fixable, and what isn't.
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Bitcoin’s application layer, Citrea, launched its mainnet, expanding Bitcoin’s utility to privacy, lending, BTC yields, and more.
Citrea enables:
cBTC: The first trust-minimized Bitcoin on a fully programmable platform.
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How Bitcoin Is Both a Risk Asset and a Hedge Against Debasement
Charles Schwab’s chief crypto strategist breaks down why traditional finance valuation frameworks, not narratives, are finally taking hold in digital assets.
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Multichain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for 80+ clients. Services include TGE support, go-to-market strategy, BD, partnerships, capital markets advisory, PR,
Why Ethereum Is Winning the Tokenization Race, Per Schwab
Jim Ferraioli, Director of Crypto Strategy and Research at Charles
Schwab, applies a GDP-equivalent framework to smart contract platforms:
sum the trailing one-year fees across a network, compare that to market
cap, and you get a Buffett-indicator-style read on whether it's cheap or
expensive.
By that measure, Ethereum has traded in a reliable range for years, and
it's currently at the low
Why This Correction Is Worse Than Liberation Day
The S&P just closed its worst month since March 2025 at 6,368,
marking a fifth straight weekly decline. Moody’s puts recession
probability at 50%. Goldman is at 30%. But this isn’t just another
pullback: with Brent crude at $116, inflationary supply shocks are
compounding the damage in ways that monetary policy tools can’t fix.
Ram names his specific buys (Berkshire Hathaway at 1.3x tangibl
Amid the Iran War, Here’s Why It’s Time to Be ‘Defensive’ With Your Portfolio
When do oil prices force a ceasefire? Why is crypto holding firm while equities crack? And does Canton or Ethereum win the institutional race?
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Nexo — the premier digital wealth platform. Receive interest on your digital assets, borrow against them without selling, and trade a wide range of cryptocurrencies all in one place. Now available in the US with 30 days of
Why Gas Prices, Not Oil, Determine What You Pay for Electricity
With European gas prices running 50-70% above normal, Steven Ehrlich sits down with Sean Murray, Head of Special Projects and Crypto Lead at Fuse Energy, to map the cascade: why gas, not oil, drives what consumers pay for electricity; how the Strait of Hormuz closure and the attack on Qatar's LNG processing facility are rippling through fertilizers, jet fuel, and copper markets; and why Sean argue
Where AI Value Actually Goes (Hint: Not Model Companies)
Jeff Bezos is raising $100 billion for Project Prometheus to acquire
manufacturing companies and transform them with AI. Mark Zuckerberg is
building a personal AI CEO agent to bypass management layers at Meta.
The question: where does AI value actually accrue?
Ram Ahluwalia argues the consumer wins. Venture capital is subsidizing
the real economy through tools like Claude that lose money but d
Why Elon’s $25B Chip Fab TeraFab Is 'Not Real' and AI Layoffs Are an Excuse
Elon Musk announced TeraFab, a $25 billion joint chip fabrication
venture between Tesla, SpaceX, and xAI targeting two-nanometer process
technology. Ram Ahluwalia calls the entire thing bullshit.
TSM has invested hundreds of billions to build chip fabs. Tesla
generates $3-6 billion in free cash flow. The math doesn’t work without
massive dilution. Jensen Huang himself has said data centers in
Who Wins the AI Payments War?
Coinbase x402 has processed $34M. Tempo just launched its mainnet. Steven and Laurens discuss how the agentic commerce war is shaping up, why stablecoins are the infrastructure layer underneath it, how to tell real adoption from inflated metrics, and what happens when AI agents start getting scammed.
Why Hedge Funds Are Deleveraging and Stocks Are Still Overvalued
Ram calls industrials a bubble that's already popped — Caterpillar at 35x PE, hedge funds still deleveraging, and no real capitulation yet. Austin and Chris push back.
The IRGC Is Weakened, but the Iranian People Still Won't Revolt, Says Major-General
General Spider Marks has a brother-in-law who's Iranian — and what he says about why 93 million Persians won't rise up should reframe how investors are reading this war.
A U.S. General Explains Why the Iran Strait of Hormuz Threat Is a Bluff
A retired U.S. Major General just explained why Iran's navy is at the bottom of the Gulf — and why the Strait of Hormuz was never actually at risk.
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