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2025 was a year of mixed outcomes for crypto. The industry got landmark stablecoin regulations in the U.S. but with a major limitation. Bitcoin soared to new all-time highs but failed to surge to heights many expected and is set to end the year flat.

In this final installment of Unchained's year in review show, Ambient Finance founder Doug Colkitt and Gwart take a look back at the passing of the GENIUS Act, Bitcoin's all-time high run and the “10/10” crash.

Plus, did “threadguy's” tax woes trigger Zcash's run? And is Nic Carter overreacting about the quantum computing threat to Bitcoin?

Guests:

• Doug Colkitt, Co-founder of Fogo and Ambient Finance

• Gwart, Host of The Gwart Show

Links:

• Unchained:

• Who Are the Winners and Losers of the New Stablecoin Law in the U.S.?

• Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes

• Stripe and Paradigm Announce New Layer 1 Blockchain ’Tempo’

• Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH

• Coinbase Buys Cobie’s ‘Up Only’ NFT and Echo in $375 Million Deal

• Bitcoin Hits All-Time High Ahead of $125,500

• Crypto Markets Recover After Record $19 Billion Liquidation

• Why the Black Friday Whale’s $192 Million Crypto Trade Was Legal

• Why the Privacy Coins Mania Is Much More Than Price Action

• How the x402 Standard Is Enabling AI Agents to Pay Each Other

• MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience?

• Can ‘Choose Rich’ Nick Create the Barstool Sports of Crypto?

• Do Kwon Sentenced to 15 Years in Prison

• Cracking Bitcoin Encryption Is Getting Much Easier, Google Says

Timestamps:

🚀 00:00 Introduction 

🫠 00:53 Why GENIUS Act blocking interest payments is problematic 

🤔 4:31 Did PUMP launch buybacks too soon?

👀 10:56 Is Stripe fully committed to Tempo?

⁉️ 14:28 Was Hyperliquid's USDH partner “pre-ordained?”

😅 19:38 Is Cobie Coinbase’s best hire yet?

😵‍💫 27:16 Bitcoin's peak in downtober

❕️ 29:55 What “10/10” says about the crypto industry 

🤣 41:13 Did “threadguy's” tax woes trigger Zcash's run?

👀 47:27 Is the AI agent meta a “charade?”

🤺 50:27 What is fueling the bitter rivalry between Kalshi and Polymarket

🤔 56:50 Did “ICOBeast” deserve to lose his MegaETH allocation?

💥 1:00:40 Is “Choose Rich” Nick now mainstream?

🫣 1:02:55 Was Do Kwon's 15 year sentence excessive?

🧐 1:08:54 Is Nic Carter overreacting about the quantum computing threat to Bitcoin?

🔮 1:13:42 Doug and Gwart lock in their 2026 predictions

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