Unchained Bits + Bips: Where Is the Most Wealth to Be Made in Crypto: DeFi or CeFi? - Ep. 913
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Oct 1, 2025 Bill Barhydt, Founder and CEO of Abra, and Robert Leshner, Co-founder of Compound and CEO of Superstate, join the discussion on the shifting landscape of crypto markets. They debate whether the current bull run has momentum, the implications of SWIFT’s move to build on Ethereum’s Linea, and the emergence of decentralized perpetual swaps. The duo examines concerns over transparency in DAC fundraising, market valuation of Binance and Tether, and predicts DeFi billionaires could eventually surpass their CeFi counterparts.
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Bull Run Still Has Room To Run
- Bill Barhydt argues the crypto bull run is far from over based on macro indicators and market internals.
- He expects Q4 to be constructive and sees volatility compressed compared with prior cycles.
SWIFT On Ethereum Signals Tokenization
- Ram highlights SWIFT building on an Ethereum L2 as a signal that tokenization and stablecoins are mainstreaming.
- He views that as evidence CBDC versus stablecoin battle is effectively decided in favor of tokenization.
SWIFT Is A Router, Not A Settler
- Bill explains SWIFT is a message router, not a money mover, so crypto provides real-time finality banks lack.
- He doubts SWIFT's long-term prospects and sees incumbents surrendering to crypto primitives.