Bankless

Brent Johnson returns to Bankless to update the Dollar Milkshake Theory and explain why the de-dollarization narrative misses the bigger trend. He argues markets may want out of the dollar, but the Eurodollar system keeps pulling demand back in, and “dollar down” headlines do not break the framework. Brent also covers how debt stress can spill into political instability, why stablecoins and the GENIUS Act could accelerate re-dollarization, and what this means for monetary sovereignty. We close with China’s counter-strategy and how Brent thinks about positioning from here. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 1:20 De-Dollarizing vs Re-Dollarizing: Milkshake Recap 4:18 What a Sovereign Debt Crisis Actually Means 5:45 Central Banks as “Professional Can-Kickers” 8:56 Can They Slowly Let the Air Out? 11:03 Can AI Productivity Save the System? 13:06 2025 Setup: The Narrative for Dedollarization 18:06 BRICS: Conference Talk vs Structural Reality 23:37 Store of Value vs Medium of Exchange 34:24 “Crisis = Dollar Up” (and the April Exception) 39:06 Stablecoin Redollarization and the GENIUS Act 47:20 Monetary Sovereignty, Faster Bank Runs, Faster Dollarization 52:34 China’s Response: Two Currency Stacks 54:21 Positioning as an Investor --- RESOURCES Brent Johnson https://x.com/SantiagoAuFund The Dollar Milkshake Theory https://research.santiagocapital.com/p/the-dollar-milkshake --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Crypto is maturing while attention moves elsewhere. In this Weekly Rollup, David Hoffman and Anthony Sassano break down silver, gold, and the S&P hitting new highs, the Aave civil war over control and fees, Uniswap’s unification win, a new pro crypto CFTC chair, and why quantum computing may be Bitcoin’s biggest long term risk. --- BANKLESS SPONSOR TOOLS: 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 1:25 2025 & 2026  6:47 Markets  https://finance.yahoo.com/news/silver-10x-d-p-500-145100823.html https://x.com/KobeissiLetter/status/2003514479649390697 https://x.com/WatcherGuru/status/2003611075116433413 https://x.com/WatcherGuru/status/2003573927407440012 https://x.com/PeterSchiff/status/2004364997401760040 https://x.com/matthew_sigel/status/2006002866507690243 https://x.com/Cointelegraph/status/2006078375924793591 https://x.com/Mrcryptoxwhale/status/2005388225482031317 16:50 Is Aave in a civil war? https://x.com/obsrvgmi/status/2003089533995471074 https://x.com/aave/status/1996591393817473247 https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530 https://governance.aave.com/t/arfc-aave-token-alignment-phase-1-ownership/23616 https://x.com/StaniKulechov/status/2002933974969315561 https://snapshot.org/#/s:aavedao.eth/proposal/0xbc606159ddeae0184c2086055637d3f357351ec0adc4c9f4150751bc41918eba https://x.com/Marczeller/status/2004494332359741859 https://x.com/StaniKulechov/status/2004503414705643866 https://www.coingecko.com/en/coins/aave 29:55 Uniswap UNIfication  https://x.com/haydenzadams/status/2005306028506923234 https://vote.uniswapfoundation.org/proposals/93 41:36 Michael Selig is the new CFTC Chairman https://x.com/cointelegraph/status/2001834127696249077 https://x.com/MichaelSelig/status/2003090594508214534 https://youtube.com/live/fPdqwebmJzE https://youtube.com/live/yIKRSDhAf4A 48:39 Nic Carter says, Quantum is the biggest risk to Bitcoin https://murmurationstwo.substack.com/p/bitcoin-and-the-quantum-problem-part https://x.com/adam3us/status/2002049157662753197 https://x.com/Pledditor/status/2001896737775194208 https://x.com/Fiskantes/status/2002005763343184156 https://x.com/caprioleio/status/2001990974940274921 https://larryswedroe.substack.com/p/the-quantum-computing-threat-to-financial 1:02:11 Anthony’s 2026 Excitement 1:03:31 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

David Hoffman sits down with Mike Ippolito to unpack why 2025 felt brutal despite new all-time highs and why that tension matters for 2026. They argue crypto is entering its “2002 internet” phase, where speculation fades, fundamentals matter, and consolidation accelerates. The conversation covers why Ethereum may see a renaissance, why Bitcoin sentiment could struggle, how prediction markets and equity perps actually play out, and what builders and investors should focus on as crypto matures from hype into real value creation. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium Mike Ippolito https://x.com/MikeIppolito_ https://x.com/MikeIppolito_/status/1870938934337020106 https://blockworks.co/podcast/bellcurve  ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:41 Evaluating 2025: The Best Worst Year 7:19 Looking Ahead to 2026 15:40 Investor Relations in Crypto 24:29 Evolving Revenue Discussions 27:44 The Future of DATS 30:06 VC Investment Trends 35:13 Prediction Markets: Incumbents Win 39:52 The Ethereum Renaissance 45:42 The Quantum Threat to Bitcoin 55:06 Consolidation in Blockchain Infrastructure 1:05:07 Corporate Chains: Hot Starts, Cold Ends 1:10:43 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ben Lakoff and Arnav Pagidyala from Bankless Ventures lay out how they’re thinking about crypto investing heading into 2026. The conversation spans four persistent pillars of every cycle: DeFi, tokenization, capital formation, and speculation and how each is evolving as crypto matures. Topics include the next wave of on-chain lending, equity perps, DeFi neobanks, verticalized tokenization platforms, compliant ICOs, prediction and opinion markets, and where AI agents may reshape crypto-native finance. A candid look at what’s investable now, what’s changing, and how Bankless Ventures is underwriting the next cycle. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep  ------ TIMESTAMPS 0:00 Intro 11:59 DeFi 36:20 Tokenization 50:25 Capital Formation 1:00:44 Speculation Markets 1:09:58 AI 1:13:26 Founders & Teams 1:15:31 Closing & Disclaimers ------ RESOURCES Ben Lakoff https://x.com/benlakoff  Arnav https://x.com/0xArnav  Bankless Ventures https://x.com/banklessvc  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Ryan and David skip a quiet holiday weekly rollup and instead break down the biggest 2026 crypto forecasts from Bitwise, Coinbase, Galaxy, Grayscale, CoinShares, Fidelity, a16z, and Pantera. They lay out the clearest consensus, stablecoins as real payment rails, tokenization scaling beyond pilots, and ETFs expanding institutional access, then hit the big debates around regulation, prediction markets, token value capture, and the growing quantum question for Bitcoin. ------ 📣M0 | THE UNIVERSAL STABLECOIN PLATFORM https://bankless.cc/m0 ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 2:14 Predictions for Stablecoins 6:42 Tokenization Trends 11:27 ETF Explosion 11:45 Market Structure Legislation 14:06 Prediction Markets Rise 15:20 Quantum Concerns 20:29 Broad Themes Emerge 24:11 Hybrid Finance Concept 28:02 Privacy in Crypto 33:27 DEX Transition Predictions 35:09 Tokenomics Evolution 39:43 Controversies in Predictions 42:58 Market Cycles & Macro Trends 48:12 Year-End Reflections on Ethereum 1:01:08 Bitcoin's Performance Overview 1:10:03 Future Visions for Crypto 1:10:40 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Is the crypto cycle already over? Ben Cowen returns to break down what a post-euphoria cycle looks like, why Bitcoin may have already topped, and how 2026 could play out across crypto, stocks, and macro. We explore the case for a prolonged bear market, why a true alt season may not arrive, and the narrow scenarios where Ethereum could still make a fleeting run at new highs. From Fed policy and labor markets to AI stealing investor attention, this episode maps the competing paths ahead and what patient investors should be watching next. ------ 📣INTO THE CRYPTOVERSE | GET 10% OFF https://intothecryptoverse.com/ref/bankless/ ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:49 Bitcoin's Cycle & its Implications 2:18 Ethereum's Performance & Expectations 8:58 Future Predictions for Ethereum 10:39 Comparing Ethereum to Tesla 12:32 The State of the Altcoin Market 18:26 Disappointment & Hope for ETH Holders 20:23 Macro Factors Affecting Crypto 24:37 Why No Euphoria This Cycle? 32:56 The Shift of Investor Attention 37:56 The Future of Crypto Cycles 44:16 The Need for Utility in Crypto 56:14 Gold vs. Bitcoin: A Comparison 59:45 Bitcoin's Unique Position in the Market 1:02:31 Patience and Strategy for Crypto Investors 1:06:01 Closing & Disclaimers ------ RESOURCES Ben Cowen https://x.com/intocryptoverse Ben’s Channel https://www.youtube.com/@intothecryptoverse ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Joey Krug (Founders Fund partner, former Pantera co-CIO, and Augur co-founder) returns to unpack whether the “crypto-native era” is fading as institutions and mainstream apps adopt crypto rails without adopting crypto culture.  We dig into prediction markets’ breakout (and why Polymarket finally found product-market fit), the coming regulatory fights around market structure and “insider” edges, and what’s next for founders building in a post-cypherpunk, distribution-first phase of crypto. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep  ------ TIMESTAMPS 0:00 Intro 5:45 Is Crypto-Native Dead? 16:37 Lessons From Augur 20:29 Prediction Market’s Success 25:24 Just Gambling? 27:50 Prediction Market Regulation 41:03 Founders Fund Polymarket Bet 44:37 FBI Raid 46:47 Founders Fund Crypto Investment Thesis 53:46 DATs 57:02 Layer1 Valuation 1:00:40 ETH Valuation 1:04:32 What Would Joey Build Today? 1:06:13 Crypto x AI 1:10:09 Frontier Tech x Crypto 1:14:26 4-Year Cycles 1:16:16 Less Upside in Crypto Now? 1:19:37 Crypto Privacy 1:20:41 Last & Next Decade 1:23:05 Closing & Disclaimers ------ RESOURCES Joey Krug https://x.com/joeykrug  Augur https://augur.net/  Founders Fund https://foundersfund.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Crypto prices are down, but the most important players are still building. In this week’s Weekly Rollup, Ryan and David break down Coinbase’s push to become a financial super app, JPMorgan’s first tokenized money market fund on Ethereum, and why regulators are quietly opening the door for onchain settlement through DTCC pilots. They also unpack Solana’s Firedancer finally going live, the growing fight over tokenholder rights at Aave and what Uniswap’s unification proposal gets right, and why tokenization and prediction markets are advancing faster than prices suggest. --- 📣M0 | THE UNIVERSAL STABLECOIN PLATFORM https://bankless.cc/m0  --- BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS & RESOURCES 0:00 Intro 2:14 Markets https://www.google.com/finance/beta/quote/BTC-USD?hl=en&window=1Y&comparison=SOL-USD%2CETH-USD&type=line https://www.coindesk.com/markets/2025/12/12/barclays-sees-down-year-for-crypto-in-2026-without-big-catalysts https://www.nbcnews.com/business/economy/cpi-november-inflation-rate-rcna249847 https://x.com/0xNonceSense/status/2000561186497233247  https://x.com/leshka_eth/status/2000738467953967362 12:38 Bankless Announcements https://x.com/Bankless/status/2001694903084937469 https://www.bankless.com/ico-watch/ https://x.com/JustDeauIt/status/2001380424329892009 20:12 Coinbase System Update https://x.com/i/broadcasts/1BRJjgWpwwpxw  https://www.coinbase.com/ccm https://dune.com/entropy_advisors/robinhood-stock-tokens https://www.coinbase.com/prediction-markets https://app.morpho.org/base/borrow https://swap.cow.fi/#/1/swap/0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48/GOOGLON 37:50 Aave Drama, v4 & the 2026 Master Plan https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530 https://x.com/aave/status/1996591393817473247 https://x.com/DefiIgnas/status/1999728596626342177 https://www.circle.com/blog/circle-signs-agreement-to-acquire-interop-labs-team-intellectual-property https://x.com/howdymerry/status/1991932582938943798 https://x.com/haydenzadams/status/2001566377656602705 https://x.com/StaniKulechov/status/2001036446098919461 https://x.com/RyanSAdams/status/2001303903447466476 47:20 Solana BreakPoint https://x.com/solana/status/1999399841957576741 https://x.com/phantom/status/1999442547039756491 https://x.com/jerallaire/status/2000926577727562023 https://x.com/theoneandomsy/status/1999654845607710749 52:48 SEC says DTCC can tokenize stocks https://x.com/Snapcrackle/status/1999389068321300814 https://www.youtube.com/watch?v=CS5cDEyEf38 https://www.dtcc.com/news/2025/december/17/dtcc-and-digital-asset-partner-to-tokenize-dtc-custodied-us-treasury-securities https://www.coingecko.com/en/coins/canton 57:06 JPMorgan launched their first ever tokenized money market fund - Ethereum https://x.com/ethereum/status/2000665928598524014 57:56 Do Kwon was sentenced to 15 years in prison  https://x.com/zoomerfied/status/1999237162361888869 59:43 New York Times put out another anti-crypto piece  https://x.com/intangiblecoins/status/2000334663479447557 https://x.com/EricBalchunas/status/2000573428093341865 1:01:23 Netflix announced new Bitcoin comedy  https://x.com/BitcoinArchive/status/1999491003451867515 1:03:02 Closing & Disclaimers  --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Trading is no longer just a financial activity; it has become a spectator sport. In this episode, Threadguy explains how Gen Z’s internet-native fluency, built through sneaker markets, NFTs, and meme cycles, translates into a new kind of market intuition: attention, momentum, and mimetics. We delve into “Entertainment Finance,” where perps, prediction markets, and live trading are starting to resemble streaming and esports more closely than Wall Street. Along the way, we explore why “internet capital markets” may pull everything on-chain over time, what happens when every asset becomes content, and why creators and traders will keep pushing into the open frontier. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS 0:00 Threadguy: “Gen Z crypto face” 2:58 Sneaker Twitter: trade-first upbringing 8:03 Onboarding via social proof 13:08 Two Gen Z money paths 16:53 Crypto as opportunity engine 20:38 Why he won’t leave crypto 23:35 Media growth and infinite TAM 29:31 Entertainment finance: markets as content 37:28 Risk takers become “athletes” 42:27 PVP arcs and downfall appetite 44:25 Trading mimetics: valuation doesn’t matter 49:53 One internet note, spills to equities 55:15 Counterparty: home for internet markets 58:40 Token launch replaces IPO 1:02:38 Where to follow + content grind --- RESOURCES Threadguy https://x.com/notthreadguy Threadguy’s Twitch https://www.twitch.tv/threadguy --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

The Fed cut rates and announced $40B/month in T bill purchases. Is that the signal to buy back into crypto? Mike says no. In this episode, we explain why “QE light” is not real easing, the key indicators Mike needs before flipping risk on, and what Bitcoin’s onchain market structure suggests about where this cycle could go next. ---- 📣THE DEFI REPORT | FOLLOW & SUBSCRIBE https://thedefireport.transistor.fm/ https://thedefireport.io/ https://x.com/the_defi_report https://x.com/JustDeauIt ---- TIMESTAMPS 0:00 Introduction to the DeFi Report 2:28 Current Market Positioning 9:25 Federal Reserve's Actions Explained 13:13 Economic Conditions & Predictions 18:35 Big Picture of Economic Strategy 23:17 Analyzing Bitcoin's Market Structure 29:57 Closing & Future Outlook ---- Not financial or tax advice. For educational purposes only.