Unchained Why Bitcoin Isn't Acting as Digital Gold & International Stocks Are Winning - Bits + Bips
18 snips
Jan 21, 2026 David Duong, Global Head of Research at Coinbase, shares insights on the fading 'digital gold' narrative of Bitcoin amid rising geopolitical tensions. He discusses how cryptocurrencies are being underpriced in the face of regulatory clarity and what recent legislation means for market structure. The conversation shifts to why international stocks are currently outperforming U.S. markets and explores the implications of on-chain trading and 24/7 markets. Duong emphasizes the transformative potential of internet capital markets for underserved businesses and emerging trends.
AI Snips
Chapters
Transcript
Episode notes
Market Structure Is A Multi-Front Puzzle
- Market structure negotiations involve many overlapping constituencies, making consensus fragile and unpredictable.
- Expect the process to act as a forcing function that separates projects that can operate within regulation from those that cannot.
Protect Consumers When Negotiating Clarity
- Do not compromise on protections for consumers and the industry when negotiating regulatory clarity, per Coinbase's stance.
- Push for frameworks that enable commercial integration while preserving core safeguards.
Clarity Won't Evenly Lift All Tokens
- Even if a market-structure bill passes, markets have not priced which crypto sectors will benefit.
- The bill may marginally help Bitcoin but will be a bigger catalyst for select DeFi and equity-related winners.