Bits + Bips: Who Wins If the GENIUS Act Passes, and Is Bitcoin’s Rally Over? - Ep. 869

36 snips

Jul 16, 2025

Austin Campbell, founder and managing partner of Zero Knowledge Consulting, joins the discussion on Bitcoin's recent surge and new all-time highs. They explore the impact of the GENIUS Act on stablecoins and delve into the intersection of crypto legislation and market dynamics. The conversation also touches on the volatile nature of meme coins and the implications of emerging technologies on traditional banking systems. With the crypto landscape evolving rapidly, the team debates whether now is the right time to dive deeper into the market or pull back.

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INSIGHT

Bitcoin Is Both Safe Haven and Risk Asset

Bitcoin acts as both a risk asset and a safe haven simultaneously.
It is one of the very few globally liquid assets meeting these criteria.

INSIGHT

Bitcoin as Safe Haven Amid Complacency

Market complacency cannot last forever, especially with stretched valuations.
Bitcoin currently serves as a safe haven amid macroeconomic uncertainty rather than being driven by fundamentals.

INSIGHT

Bitcoin Gains Reflect Macro Trends

Many short-term market signals are less reliable due to current unusual conditions.
Bitcoin's rise aligns with longer-term trends like gold's increase, indicating constructive global macro factors.

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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?

Thank you to our sponsor!

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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