Show notes
Bitcoin is hitting new all-time highs—but is this real euphoria, or just a prelude to it? In this double-header episode, we bring you a Bits + Bips roundtable and an in-depth interview on the five companies best positioned to bring crypto onchain.
First, the Bits + Bips crew, Lumida’s Ram Ahluwalia, FalconX’s Joshua Lim, and NYU professor Austin Campbell, break down what’s really driving this crypto rally. Is it dollar debasement, asset revaluation, or just pure animal spirits?
They debate how close we are to a true blow-off top, how to spot a real market peak, and what shocks could shelve bitcoin in an instant. Plus, their takes on Zcash, Japan, Coinbase’s banking ambitions, and more.
Then, Unchained’s Steven Ehrlich sits down with Ryan Yi, author of the Onchain 5 series, to discuss the five companies that are leading crypto’s push into real-world adoption.
From Coinbase’s Base app and token plans, to Robinhood’s play for tokenized assets, Stripe’s all-in crypto tech stack, Telegram’s TON-powered mini-app ecosystem, and Binance’s BNB-based loyalty empire, this is the playbook for what going onchain really looks like.
Thank you to our sponsor, Aptos!
Hosts:
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Steve Ehrlich, Executive Editor at Unchained
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Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guests:
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Joshua Lim, Co-Head of Markets at FalconX
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Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Ryan Yi, Ex Coinbase, Coinbase Ventures, and CoinFund
For links to all the amazing articles, visit https://unchainedcrypto.com/bits-bips/bits-bips-whats-really-driving-bitcoin-and-whos-driving-crypto-onchain/
Timestamps:
0:00 Intro
4:38 What Josh learned at Token2049 about what’s really moving the market
10:12 How the options market is quietly driving bitcoin’s price
13:25 Why Ram says this isn’t a “debasement trade,” despite what everyone thinks
20:29 Whether we’ve hit peak euphoria—or not even close
23:54 Why Zcash suddenly exploded in price
26:45 How political changes in Japan are shaping markets
30:30 How to spot the real market top—and why Austin challenges Ram’s call on stocks beating gold
35:41 How CME’s 24/7 futures could change crypto trading
39:20 The signs Ram thinks would signal when the top is in
43:43 How bitcoin, altcoins, and tech stocks trade together and how they don’t
47:59 What kind of shock could finally take bitcoin down
51:34 What to make of Coinbase applying for a banking license
53:34 Whether Galaxy is trying to become the next crypto super app
57:59 Why this cycle might play out completely differently
1:02:04 Why Ram believes banks are about to crush earnings
1:03:03 The biggest risks investors still aren’t paying attention to
1:07:56 Meet 5 The Firms Poised to Drive the Next Wave of Crypto Adoption
1:08:53 Why distribution is the key battleground for the next wave of crypto adoption
1:12:24 How Coinbase is rearchitecting its platform around Base
1:15:42 What the upcoming Base token and Base app could unlock for users
1:19:13 How Robinhood is competing in crypto—and why it might have an edge
1:25:56 What the tokenization trend means for Robinhood’s future
1:27:52 Why Stripe is building a crypto tech stack of its own
1:35:02 Why Telegram’s TON token is central to its survival and growth
1:41:40 What’s behind TON’s lagging price performance
1:45:13 How Binance uses the BNB token as a cornerstone of its entire ecosystem
1:52:43 Why going fully onchain could be the defining strategy for the next generation of companies
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