Unchained

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest David Hoffman break down the biggest stories in crypto. This week: MicroStrategy clones are popping up, with Bitcoin-backed SPACs trying to replay Saylor’s playbook. Meanwhile, Trump launches a memecoin for dinner invites, Zora kicks off a new era of “content coins,” and Ethereum faces an existential pivot. David Hoffman joins the crew to debate whether crypto’s future is real innovation—or just financial theater. Show highlights 🔹 Bitcoin vs Ethereum: Who Wins the Future? – Breaking down why Bitcoin could outgrow Ethereum… or why Ethereum might still be crypto’s last hope. 🔹 Can Content Coins Save Crypto? – Zora’s pivot and the rise of “content coins” spark a full-blown identity crisis for the industry. 🔹 Are We Just Rebranding Memecoins? – The crew debates whether “content coins” are innovation… or just the same casino with better UX. 🔹 The Culture Clash – Why crypto’s new apps feel like they’re built for millennials — and why Gen Z might just not care. 🔹 SoftBank, SPACs, and the Top Signal – 21Capital’s Bitcoin MicroStrategy clone is here. Are we seeing the beginning of the end… again? 🔹 Vitalik’s Existential Pivot – Ethereum is trying to save itself. But can it change fast enough to stay relevant? 🔹 Bitcoin’s Macro Moment – In a world of tariffs, inflation, and chaos, Bitcoin might accidentally become the next Federal Reserve. 🔹 Crypto’s Morality Crisis – Vitalik’s attack on “bad apps” raises a deeper question: what should crypto even be building anymore? ⭐️Haseeb Qureshi [https://twitter.com/hosseeb], Managing Partner at Dragonfly ⭐️Tarun Chitra [https://twitter.com/tarunchitra], Managing Partner at Robot Ventures⭐️Tom Schmidt [https://twitter.com/tomhschmidt], General Partner at Dragonfly  Guest ⭐️ David Hoffman [https://x.com/TrustlessState], Co-owner at Bankless   Hosts Disclosures [http://choppingblock.xyz] Timestamps 00:00 Intro 01:55 MicroStrategy Clones and Market Impact 13:40 Trump Coin and Its Controversies 20:35 Zora’s Content Coin vs. Jesse's Coining Controversy 26:56 Zora’s Market Position 32:29 Generational Divide in Crypto 39:32 Ethereum's Strategic Pivot Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

A new company called Twenty One is making waves—with a launch strategy that echoes Strategy (formerly MicroStrategy), a cap table that includes Tether, SoftBank, and Cantor Fitzgerald, and a plan to acquire more Bitcoin than anyone else. They’re starting with 42,000 BTC, worth nearly $4 billion, and they’ve hinted they’ll use convertible debt, equity raises, and other market mechanics to buy more. But is this just a smarter MicroStrategy? Or a recipe for financial reflexivity gone wrong? In this episode, Matthew Sigel, head of digital assets research at VanEck, digs into: * How the strategy works and why it could break * What happens if the stock trades below NAV * Why timing the market may be a feature, not a bug * And whether this signals a new phase in corporate Bitcoin exposure Sigel also shares a bold idea for “BIT Bonds” that could let the U.S. Treasury issue Bitcoin-linked government debt. Could it work? Plus, Unchained regulatory reporter Veronica Irwin talks about her scoop that we might see a crypto market structure bill as early as this week.  Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com THANK YOU TO OUR SPONSORS! * Bitkey [https://bitkey.world/]: Use code UNCHAINED for 20% off * FalconX [https://www.falconx.io/focal] * Mantle [https://www.mantle.xyz/] GUEST * Matthew Sigel [https://x.com/matthew_sigel], Head of Digital Assets Research at VanEck LINKS * Unchained:  * Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners [https://www.businesswire.com/news/home/20250423962305/en/Tether-SoftBank-Group-and-Jack-Mallers-Launch-Twenty-One-a-Bitcoin-native-Company-Through-a-Business-Combination-With-Cantor-Equity-Partners] * The Block: Strike founder Jack Mallers to lead Tether-backed multi-billion bitcoin buying venture, Twenty One Capital [https://www.theblock.co/post/351720/strike-founder-jack-mallers-to-lead-tether-backed-multi-billion-bitcoin-buying-venture-twenty-one-capital] * Ryan Watkins’ post [https://x.com/ryanwatkins_/status/1914828422628442387?s=46] on X * Jeff Park’s post [https://x.com/dgt10011/status/1915096068100067351] on X Timestamps: 👋 0:00 Introduction 🚀 4:59 How Twenty One plans to buy more bitcoin than anyone else ⚠️ 7:23 The key risks behind the reflexive BTC acquisition strategy 📈 12:38 Why more companies are copying the MicroStrategy playbook 👔 16:17 Jack Mallers’ role and why the CFO matters even more here 💥 17:55 Could one bad move blow these companies up? 💰 22:28 The types of investors this model attracts ⏳ 25:40 Did Twenty One launch at the worst possible time? 🤔 26:58 How to think about investing in BTC vs. these BTC-heavy stocks 🇺🇸  28:23 Unchained regulatory reporter Veronica Irwin on why a market structure bill might be on its way relatively soon 📰 35:31 Crypto News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Joe Weisenthal, co-host of Bloomberg’s Odd Lots podcast, for a wide-ranging, unfiltered conversation. They dive into whether Bitcoin is becoming digital gold, why Ethereum’s value might be leaking away, and how stablecoins are quietly reshaping global finance. Joe challenges the panel on NFTs, DePIN, and whether any of crypto’s big promises have actually delivered. Plus, they debate the rise of MicroStrategy copycats, the failure of crypto social apps, and why Worldcoin’s orb-pilled vision might actually make sense. Show highlights 🔹 Bitcoin = Safe Haven? – Why BTC is acting like gold in a crisis while ETH and altcoins are tanking 🔹 Ethereum’s Value Leak – Joe questions why ETH hasn’t captured any upside from stablecoins or NFTs 🔹 The MicroStrategy Clone Wars – Solana copycats are trying the Saylor playbook… but will it work? 🔹 Worldcoin’s Creepy Appeal – Joe is orb-pilled: privacy is dead, but proof-of-personhood might just work 🔹 The Freeport Theory of Bitcoin – Could BTC be the decentralized answer to offshore gold storage? 🔹 Are Stablecoins the Eurodollars of Crypto? – Haseeb lays out how stables quietly rewrote the financial system 🔹 Ethereum’s L2 Gamble – The panel debates if Ethereum’s scaling strategy caused value to bleed out 🔹 The DePIN Dilemma – Is decentralized infrastructure a dead-end or just early? Joe wants receipts 🔹 Crypto Social Media? – Joe’s skeptical: why decentralized comms hasn’t clicked yet 🔹 Utopia or Bust? – If crypto’s gonna be this expensive, Joe says it better deliver a better world HOSTS ⭐️Haseeb Qureshi [https://twitter.com/hosseeb], Managing Partner at Dragonfly ⭐️Robert Leshner [https://twitter.com/Rleshner], CEO & Co-founder of Superstate ⭐️Tarun Chitra [https://twitter.com/tarunchitra], Managing Partner at Robot Ventures ⭐️Tom Schmidt [https://twitter.com/tomhschmidt], General Partner at Dragonfly  Guest ⭐️ Joe Weisenthal [https://x.com/thestalwart], Editor at Bloomberg DISCLOSURES [http://choppingblock.xyz] Timestamps 00:00 Intro 01:57 Bitcoin's Market Behavior 06:53 Bitcoin as a Safe Haven 15:56 Economic Value in Crypto 19:51 Stablecoins, NFTs, and Worldcoin 36:00 Blockchain's Value in Social Networks 41:20 Reality of Crypto Utopias 49:19 The Future of Stablecoins and Regulation 54:54 MicroStrategy and Bitcoin Investments Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

An independent Federal Reserve has long been the cornerstone of U.S. economic stability, but what happens when that foundation is shaken? In this week’s episode of Bits + Bips, the panel digs into one of the most dramatic threats yet to financial markets: Donald Trump’s suggestion that he could fire Fed Chair Jerome Powell. It’s not just political theater, it’s a potential major blow to the credibility of the U.S. dollar and the independence of the world’s most important central bank. Joining the panel is Zach Pandl, Head of Research at Grayscale, who explores why a rotation away from U.S. dollar assets might already be happening and what that means for bitcoin. Plus: * Why the Fed’s independence is so crucial * The telltale signs of a structural capital rotation out of the U.S. * Whether bitcoin has officially decoupled from equities * How young crypto HODLers will react to their first bear market * And why this moment may look more like Argentina than America SHOW HIGHLIGHTS: Sponsors: * Bitwise [https://bitwiseinvestments.com/ciomemo] HOSTS: * Alex Kruger [http://x.com/krugermacro], Founder of Asgard * Ram Ahluwalia [https://x.com/ramahluwalia], CFA, CEO and Founder of Lumida * Steven Ehrlich [https://x.com/Steven_Ehrlich], Executive Editor at Unchained Guest: * Zach Pandl [https://x.com/LowBeta_], Head of Research at Grayscale LINKS Trump Threatening Powell * New York Times: Risk of Financial Panic Tempers Trump on Firing Powell [https://www.nytimes.com/2025/04/18/business/trump-powell-fed-markets.html] * Barrons: Trump Calls Powell a ‘Major Loser.’ 3 Ways He Could Sideline the Fed Chair [https://www.barrons.com/articles/trump-fed-chair-powell-0bfeac3d] Inconsistencies in Hard v. Soft Data * Wall Street Journal: Trump Is Everywhere Except in the Economic Data [https://www.wsj.com/economy/trump-is-everywhere-except-in-the-economic-data-ae9dbea8] * Federal Reserve Bank of Philadelphia: Carefully Balancing Both Hard and Soft Data in Policy Discussions [https://www.philadelphiafed.org/the-economy/monetary-policy/carefully-balancing-both-hard-and-soft-data-in-policy-discussions] Dropping Dollar * CNBC: U.S. Dollar Falls to Three-Year Low as Trump’s Powell Threats Further Dent Investor Confidence [https://www.cnbc.com/2025/04/21/us-dollar-falls-to-three-year-low-as-trumps-powell-threats-further-dent-investor-confidence.html] * New York Times: The Dollar Keeps Falling as Its ‘Safe Haven’ Status Is Questioned [https://www.nytimes.com/2025/04/14/business/us-dollar-trump-tariffs.html] Bitcoin Decoupling * CNBC: Bitcoin Retakes $90,000 as Investors See It as Alternative to Diving Dollar and Turbulent Stocks [https://www.cnbc.com/2025/04/22/crypto-market-today.html] * Decrypt: Bitcoin Decoupling? BTC Rises as Equity Markets Swoon [https://decrypt.co/315676/bitcoin-decoupling-btc-rises-equity-markets-swoon] Timestamps: 👋 0:00 Intro 👀 3:44 Could Trump really fire Powell? And what would that mean for the Fed’s credibility 👷13:01 Why the Fed is seeing conflicting signals from the economy 📈📉 20:07 If Trump keeps Powell for now, how will the market react? 🚪 24:49 Why capital is rotating out of the U.S. and how it is such a big moment for bitcoin.  🤕 31:37 How much further the dollar could fall in this cycle? 🔗 42:43 Has bitcoin finally decoupled, and could it become a global reserve currency? 🧑‍💻 50:11 How the young age of crypto holders could reshape market dynamics 🧠 1:04:26 What specific things Ram, Alex, and Zach are watching now across macro and crypto Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

The U.S. is rattled by tariffs, economic uncertainty, and political U-turns on crypto. But across Asia, the response has been … different. In this episode of Unchained, we check in with two of the sharpest observers of Asia’s crypto landscape: Emily Parker, China and Japan advisor of the Global Blockchain Business Council, and Yat Siu, chairman of Animoca Brands. They unpack how Asia views the Trump crypto pivot, what’s actually happening inside China, why Hong Kong may be the most important jurisdiction in crypto right now, and how Japan and Korea are quietly shaping the future of regulation, stablecoins, and DeFi. Plus: * Is crypto really banned in China? * Why Korea is lifting its “shadow ban” * Why crypto gaming is thriving in Asia * And what the West can learn from it all Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com THANK YOU TO OUR SPONSORS! * Bitwise [https://experts.bitwiseinvestments.com/cio-memos] GUESTS: * Emily Parker [https://x.com/emilydparker/], China and Japan Advisor at the Global Blockchain Business Council * Yat Siu [https://x.com/ysiu], Chairman of Animoca Brands LINKS * WSJ: Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway. [https://www.wsj.com/finance/currencies/crypto-is-illegal-in-china-binance-does-90-billion-of-business-there-anyway-2a0af975] Timestamps:  🌏 0:00 Introduction 😌 5:43 Why Chinese sentiment around tariffs is calmer than in the U.S. 🗣️ 8:24 What crypto conversations are really about in China right now 🔁 11:28 How Asia reacted to the U.S. crypto U-turn under Trump 🏦 20:13 Are Asian nations quietly building up bitcoin reserves? 📜 23:19 How Asia has more regulatory clarity than the U.S. 📈 25:13 Why crypto adoption in Asia is outpacing that of other regions  🇰🇷 30:22 Why DeFi hasn’t taken off yet in South Korea – Don’t miss this! 🌐 38:05 The potential rise of non-USD stablecoins in Asia 👀 43:52 Is crypto actually banned in China?  💴 55:51 Whether the digital yuan is being adopted 🔓 1:00:28 Korea potentially lifting its “shadow ban” on institutional crypto investment? 📊 1:05:15 Why some Asian companies choose to IPO in the U.S. and whether more are coming 🎮 1:10:21 What’s really happening with Web3 gaming in Asia right now Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]