Good Game Q4 State of the Crypto Market | EP 76
66 snips
Sep 26, 2025 Imran and Qiao dive into the current crypto market cycle, debating whether a cycle top has been reached. They explore the implications of an AI bubble and the competition between Binance and Solana. Discussion of decentralized exchanges highlights the threats facing centralized platforms. The hosts also examine the rise of prediction markets and the convergence of speculative trading. Finally, they offer insights on stablecoin innovation and the role of social features as business moats in the ever-evolving crypto landscape.
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Cycle Top Likely Not Yet
- The hosts think last month's move couldn't be the true cycle top and expect a final blow-off top later.
- They caution that calling the top is hard and they're scaling back risk gradually.
AI Stocks Feel Frothy
- Qiao says AI in the stock market is entering frothy, bubble territory though timing is uncertain.
- Bubbles can last years before their true peak, so risk management matters.
US vs China: Different AI Bottlenecks
- Eric Schmidt argues the US lags China in energy capacity needed for AI, while China lacks cutting-edge chips.
- The result: different bottlenecks — energy for the US, chips for China.
