In this episode of Bits + Bips, we examine how rising global trade tensions could impact macro conditions, the Fed’s next move, and market stability. We also explore how investors should position themselves with inflation cooling and an uncertain policy path at the Fed.

We then look at what’s happening on the crypto side: volume shifting to tokenized public equities, the growing number of corporate stablecoin plans, and whether the promise of tokenization is matched by meaningful traction.

Joining hosts Joe McCann, Ram Ahluwalia, and Steve Ehrlich is Rob Hadick of Dragonfly, who shares his perspective on product-market fit in crypto, shifting market structure, and where real adoption may emerge.

Sponsor:

Bitwise

Joe McCann, Founder, CEO, and CIO of Asymmetric
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Steve Ehrlich, Executive Editor at Unchained

Rob Hadick, General Partner at Dragonfly

LINKS:

WSJ:

Timestamps:
🎬 0:00 Intro
🎭 2:05 Why Ram sees the tariff drama as more theater than substance
🎌 7:09 Whether Trump is leveraging tariffs ahead of Japan’s elections
📉 8:17 How low inflation is pressuring Jerome Powell and the Fed’s next move
⚠️ 12:06 Why Rob says the market feels “fragile” right now
🪙 14:52 Whether bitcoin has truly matured into a macro asset
🛡️ 22:16 How to hedge in an uncertain landscape, and what to make of Elon’s political pivot
💵 30:05 Whether Elon Musk is preparing to launch a stablecoin on X
📊 32:26 Why digital asset treasury companies are so volatile, and how these deals really work
🧱 39:44 How the tokenization race is unfolding, and whether innovation is keeping up
🧠 47:47 How to think about investing in the tokenized assets and stablecoin narrative
🕳️ 1:01:47 Whether tokenized equities have any real killer use
⛏️ 1:03:54 What the CoreWeave-Core Scientific deal signals for bitcoin mining
📈 1:13:08 Whether we’re still in a bull market, and if now’s the time to take advantage of dip opportunities

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