Bitcoin broke its all-time high. Meanwhile, stablecoin legislation is about to pass. And the macro picture is a powder keg.

In this episode of Bits + Bips, Steve Ehrlich, Ram Ahluwalia, and Noelle Acheson are joined by Austin Campbell to break down what’s really driving markets, and what could break them. From the GENIUS Act reshaping stablecoins to tariffs putting pressure on the Fed, to the Pump.fun ICO and memecoin mania, nothing is off limits.

And with crypto ripping, is it time to ride the rally, or take some risk off the table?

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Bitwise

Steve Ehrlich, Executive Editor at Unchained
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter

Guest:

Austin Campbell, founder and managing partner of Zero Knowledge Consulting

Unchained:

Timestamps:

🎬 0:00 Intro

🚀 2:22 Why bitcoin is hitting new highs and what’s really driving it

🧘‍♀️ 5:29 Why Noelle says market complacency can’t last forever

🌍 9:06 The surprising way bitcoin looks when you stop measuring it in USD

⚖️ 11:49 Whether this is the moment to de-risk your crypto exposure

⛏️ 16:50 How bitcoin mining stocks are made to be traded, not held, according to Ram

📜 18:57 Austin’s thoughts on the odds of crypto legislation passing this summer

🏆 20:48 Who the winners and losers will be if the GENIUS Act becomes law

💳 24:51 Whether payment giants like Visa are under threat from stablecoins

🚧 29:15 What kinds of firms could actually disrupt the U.S. financial system

💰 34:00 The pros and cons of deposit tokens compared to stablecoins

🌐 37:06 How stablecoin legislation could reshape global macro and finance

🧪 44:32Whether Pump.fun’s ICO was extractive or necessary

🏛️ 56:55 Why Grayscale wants to go public and what that move could unlock

🏦 1:04:15 Whether traditional banks have the talent to win the stablecoin race

🌠 1:08:15 Why Stellar might be the blockchain dark horse in this cycle

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