Why Hasn't The Dollar Fallen? | Lessons from Currency Historian Barry Eichengreen

Markets are hitting new highs, but crypto just took a major hit. Ryan and David break down the $300M KelpDAO exploit and why it exposed deeper flaws across DeFi and Layer 2s, including Arbitrum’s controversial decision to freeze funds. They also explore whether AI will drive deflation or inequality, unpack a new bullish ETH thesis, and debate why the biggest risks in crypto may be building beneath the surface. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix  🧭OKX | TRADE, EARN, PAY https://bankless.cc/OKX 💰NEXO | YIELD + CREDIT LINE https://bankless.cc/nexo 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- TIMESTAMPS & RESOURCES 0:00 Intro 1:57 Markets Still Bullish? https://x.com/EricBalchunas/status/2047282771664453641 https://thewolfden.substack.com/p/strategy-owns-more-btc-than-blackrock https://x.com/SecScottBessent/status/2046703137541837285 https://polymarket.com/event/us-x-iran-permanent-peace-deal-by/?via=bankless? https://x.com/danielisdizzy/status/2047037188500554010  https://x.com/MikeZaccardi/status/2045855067710914995 https://polymarket.com/event/kevin-warsh-confirmed-as-fed-chair-by-may-15/?via=bankless? https://polymarket.com/event/fed-rate-cut-by-629/?via=bankless? https://x.com/ylecun/status/2045610129119117574 https://x.com/pdmsero/status/2046943519101661561 https://x.com/KobeissiLetter/status/2045675498529808886 https://x.com/KobeissiLetter/status/2046071375446606125 27:32 KelpDAO $300M Exploit & DeFi Fallout https://www.galaxy.com/insights/research/kelpdao-layerzero-exploit-defi https://defillama.com/protocol/aave-v3 https://x.com/LayerZero_Core/status/2046081551574983137 https://x.com/0xdoug/status/2045988844718453186 https://x.com/arbitrum/status/2046435443680346189 http://l2beat.com/scaling/projects/arbitrum https://x.com/TheCryptoNexus/status/2046569510442787209 https://x.com/0xfluid/status/2046971208550486244 https://www.coingecko.com/en/coins/spark https://www.coingecko.com/en/coins/aave 50:26 Productive Money ETH Thesis https://thewolfden.substack.com/p/the-250k-eth-thesis-sounds-great 55:28 Prediction Markets & Perps Expansion & Tether $344M Freeze https://x.com/polymarket/status/2046653304810156283/?via=bankless? https://polymarket.com/perps/?via=bankless? https://x.com/aaronjmars/status/2047017251270734309 https://polymarket.com/event/highest-temperature-in-paris-on-april-23-2026/?via=bankless? https://tether.io/news/tether-supports-freeze-of-more-than-344-million-in-usdt-in-coordination-with-ofac-and-u-s-law-enforcement 1:00:11 MegaETH & New Chain Activity https://x.com/bread_/status/2047336293462589788 https://app.hyperliquid.xyz/trade https://www.coingecko.com/en/coins/monad 1:01:52 Device-Level KYC / Surveillance State https://x.com/RyanSAdams/status/2044491861125996617 https://x.com/RyanSAdams/status/2045232433197695392 1:06:58 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

A $280M DeFi exploit exposed the hidden fragility of crypto’s most trusted systems. Dan Elitzer and Odysseus break down how the attack happened, why bridge risk and protocol composability made the damage so severe, what Arbitrum’s intervention means for immutability, and why DeFi now needs an aerospace-grade security mindset to survive the AI era. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix  🧭OKX | TRADE, EARN, PAY https://bankless.cc/OKX 💰NEXO | YIELD + CREDIT LINE https://bankless.cc/nexo 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless ------ TIMESTAMPS 0:00 Intro 0:57 Worst DeFi Hack Ever? 7:01 What Happened? 10:11 How Sophisticated? 11:42 Explaining the Hack to TradFi 16:51 Who’s to Blame? 22:13 L2 Architecture Consequences 28:17 How Does it Get Resolved? 31:46 Circuit Breakers & Rate Limiters 34:05 AAVE V4 34:51 Arbitrum Intervention Implications 42:02 Code is Law vs Human Governance 51:59 Stage 1 vs Stage 2 Rollups 55:29 Post-Hack DeFi 1:03:05 Aerospace Level Security 1:09:49 Will DeFi Survive? 1:14:33 Closing & Disclaimers ------ RESOURCES Dan Elitezer  https://x.com/delitzer  Odysseus https://x.com/odysseas_eth  Odysseus Article https://x.com/odysseas_eth/status/2019833220431507504  Phylax Systems https://phylax.systems/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Ethereum may be one of the most underappreciated assets. In this conversation, Michael McGuiness and Vivek Raman lay out the case for ETH as “productive money”, a monetary asset with the store-of-value properties of gold and Bitcoin, plus the ability to compound through network activity. We unpack the $250K ETH thesis, why traditional DCF models miss the bigger picture, and why Ethereum’s role as the settlement layer for a tokenized economy could unlock massive monetary premium. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  💰NEXO | YIELD + CREDIT LINE https://bankless.cc/nexo 🧭OKX | TRADE, EARN, PAY https://bankless.cc/OKX 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix  ------ TIMESTAMPS 0:00 Intro 4:45 $250K ETH? 6:04 How to Price ETH 8:15 ETH’s Monetary Premium 10:25 What Differentiates ETH 13:54 The Path to $250K ETH 16:35 Menger’s Monetary Attributes 20:28 Scarcity 24:58 Fungibility 26:43 Divisibility 27:45 Portability 28:28 Durability 34:30 Verifiability 35:27 Censorship Resistance 37:00 ETH is Productive Money 41:39 How is ETH Productive? 46:40 Ethereum’s Tollbooth 51:28 Counterparty Risk 53:48 Productive Money vs Dead Capital 58:03 Pitching Productive Money to Wall Street 1:00:08 Why is ETH Underappreciated? 1:04:19 Wall Street ETH Investors 1:11:28 Other L1s 1:14:06 Why Not Just Buy the S&P? 1:15:00 Ethereum Technical Risks 1:17:20 How Does ETH Get to $250K? 1:23:18 Closing & Disclaimers ------ RESOURCES ETH is Productive Money https://www.productivemoney.org/  Michael McGuiness https://x.com/mikemcg0  Vivek Raman https://x.com/VivekVentures  Etherealize https://www.etherealize.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Austen Allred joins Bankless to unpack Kelly Claude, the AI agent he has given an LLC, bank accounts, a token, and even a human employee. They explore how Kelly finds software opportunities, ships apps to the App Store, learns through orchestration and factory-style workflows, and why crypto rails may be the missing layer for agent-to-agent commerce. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 💰NEXO | YIELD + CREDIT LINE https://bankless.cc/nexo 🧭OKX | TRADE, EARN, PAY https://bankless.cc/OKX 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix --- TIMESTAMPS 0:00 Intro 1:05 Meet Kelly 4:46 Why Kelly needed an LLC, bank account, and token 10:27 The real goal is a zero-human company 15:46 The apps Kelly is already shipping 18:33 Can taste be replicated? 21:53 Why AI defaults to consensus 30:04 What orchestration and factories actually mean 34:21 How autonomous is autonomous? 38:20 The marketing factory and why AI ads must look worse 46:47 Why Ryan and David’s agent Daniel keeps failing 54:43 Can there be a generic template for AI companies? 59:14 If everyone can build over a weekend, what are the moats? 1:06:08 Why crypto finally clicks for AI agents 1:12:32 The missing crypto product is distribution 1:14:57 Advice for builders experimenting with agents --- RESOURCES Austen Allred https://x.com/Austen Kelly Claude https://x.com/kellyclaudeai --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Markets are ripping back to all-time highs, but crypto still isn’t following suit. Ryan and David break down the V-shaped recovery driven by Iran de-escalation, why Bitcoin is still stuck in range, and the growing bull vs bear divide across macro and onchain data. They also unpack Saylor’s STRC “money printer,” the World Liberty DeFi controversy, and the SEC’s surprise ruling that just gave DeFi a major win. Plus: the Bitcoin community’s plan to freeze Satoshi’s coins and what it means for the future of the network. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- TIMESTAMPS & RESOURCES 0:00 Intro 2:04 Markets at ATHs / Iran De-Escalation https://x.com/KobeissiLetter/status/2044507788961894462  https://x.com/TheStalwart/status/2044045804596346931 https://x.com/KobeissiLetter/status/2041728989119529307 https://x.com/KobeissiLetter/status/2043285255931441306 https://x.com/KobeissiLetter/status/2043323635671179641 https://x.com/AndrewBeckUSA/status/2043136650478301245 https://x.com/zerohedge/status/2044426813544255859 https://x.com/KobeissiLetter/status/2044055049882476961 https://x.com/KobeissiLetter/status/2044435422944649651 https://polymarket.com/event/us-x-iran-permanent-peace-deal-by/?via=bankless? https://x.com/RaoulGMI/status/2043832901121331527  https://x.com/Matt_Hougan/status/2044095946334843168 https://x.com/JustDeauIt/status/2044127128296313079 https://x.com/benjamincowen/status/2044114246187851783 https://x.com/JoshKale/status/2044425507203166292 https://x.com/RyanSAdams/status/2044423401763127512 https://x.com/LizAnnSonders/status/2043664934559420916 https://fred.stlouisfed.org/series/UMCSENT https://x.com/perry8888_/status/2044168141148655773 https://x.com/WatcherGuru/status/2044375033909264873 https://polymarket.com/event/how-many-fed-rate-cuts-in-2026/?via=bankless? 30:41 Saylor STRC / Bitcoin Bid & ETH Treasury Race (Tom Lee / Bitmine) https://x.com/LynAldenContact/status/2043736183578972443 https://x.com/AdamBLiv/status/2043809798035255790 https://x.com/STRC_live/status/2044029951410635132 https://x.com/pythianism/status/2044425651890147507 https://x.com/nic_carter/status/2044461949895819559 https://x.com/AltcoinDaily/status/2044492873803116649  https://x.com/fundstrat/status/2043683094914335191 https://www.strategicethreserve.xyz/ https://cointelegraph.com/news/ether-machine-spac-ethm-cancelled-dynamix-merger https://x.com/CryptosR_Us/status/2044507049648697717 46:24 World Liberty Financial (FTX-style risk) https://x.com/DefiIgnas/status/2042520040562639186 55:22 SEC DeFi Ruling (Bull Case)  https://x.com/SECGov/status/2043739582273855635  https://x.com/RyanSAdams/status/2043754533545746884 https://x.com/intangiblecoins/status/2043709926556492190 58:39 Bitcoin Quantum Plan (BIP-361) https://x.com/BitcoinArchive/status/2044319025711255985 https://github.com/bitcoin/bips/blob/master/bip-0361.mediawiki https://www.bip361.org/ https://x.com/lopp/status/2044406134178795748 1:02:53 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Why has the dollar remained dominant despite rising debt, geopolitical strain, and growing challengers? Barry Eichengreen joins Bankless to trace the history of global reserve currencies. From Spanish silver and the Byzantine solidus to sterling and the modern dollar, Barry explains the conditions that make a currency rise, endure, and eventually fall. We explore fiscal discipline, rule of law, military power, gold, China, and crypto to understand what history suggests about the dollar’s future. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix ------ TIMESTAMPS 0:00 Intro 5:11 Spanish Pieces of ape 14:58 Solidus 18:56 International Currency Status 29:32 The Fall of International Currencies 33:27 The Fall of The US Dollar 41:38 What’s Special about the Dollar? 47:39 Theoretical Currencies 51:09 US Dollar Dominance Consequences 59:39 When will the Dollar Fall? 1:03:09 US Dollar Competitors 1:08:32 Gold 1:14:08 Bitcoin & Crypto 1:18:23 Closing & Disclaimers ------ RESOURCES Barry Eichengreen https://x.com/B_Eichengreen Money Beyond Borders: Global Currencies from Croesus to Crypto https://www.amazon.com/Money-Beyond-Borders-Currencies-Croesus/dp/0691280533  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Has crypto already bottomed, or is more pain still ahead? Mike and Ryan break down the bull and bear case in full, from Bitcoin fair value and market structure to global liquidity, AI demand, and the macro risks still hanging over markets. Mike explains why he thinks the setup still looks more like a bear market than a new uptrend, even if the odds are close. It’s a sharp episode on how to navigate a market that could break either way. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/bankless  --- 📣GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne    --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix --- TIMESTAMPS 0:00 Intro 1:18 Understanding the crypto cycle 3:23 The wealth destruction phase 5:30 Defining the current market conditions 8:14 Reflecting on past market battles 11:15 The four-year cycle explained 13:19 The impact of liquidity cycles 17:12 Analyzing the S&P and market health 20:34 The bullish case for crypto 24:07 Exploring on-chain metrics 27:16 The bear case outlined 32:14 The difficulty of market navigation 44:26 Summarizing the bearish perspective 48:12 Market uncertainty 59:54 Closing & disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Michael Saylor thinks Bitcoin is headed to $21 million, but the real story in this conversation is how he believes it gets there. In his first appearance on Bankless, Saylor breaks down Strategy’s evolving capital machine, why STRC may be the most ambitious instrument the company has built yet, how he thinks about quantum risk without panic, why his view on Ethereum has become more constructive, and what he means when he says the endgame is giving the world an 8% bank account forever. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS 0:00 Intro 1:00 Michael Saylor’s $21M Bitcoin thesis 4:33 What has to go right for Bitcoin to get there 11:00 Has Bitcoin adoption stalled out? 13:20 Why STRC became Strategy’s breakout product 18:05 The pitch behind a Bitcoin-backed money market 21:13 How STRC is engineered to stay stable 27:31 Where the 11.5% yield comes from 36:35 Is Strategy taking too much risk? 46:50 Does Strategy ever stop buying Bitcoin? 58:48 Quantum, panic, and the Bitcoin response 1:16:18 Michael Saylor on Ethereum today 1:25:46 “Fix the money, fix the world” 1:38:39 The crypto reactor and Strategy’s endgame --- RESOURCES Michael Saylor https://x.com/saylor --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Markets are rallying on a fragile Iran ceasefire, but the real risks may be getting closer. David and Haseeb break down Anthropic’s secretive new AI model and why it could expose vulnerabilities across crypto, from smart contracts to core blockchain infrastructure, plus the growing divide around “Q-Day” and how urgent the quantum threat really is. They also unpack Iran’s unexpected use of Bitcoin in global trade, the White House’s stance on stablecoin yields, and why the market feels stable on the surface while bigger risks continue to build. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth --- TIMESTAMPS & RESOURCES 0:00 Intro 1:56 Ceasefire in Iran https://images.wsj.net/im-97657631  https://x.com/KobeissiLetter/status/2041728989119529307 https://x.com/WatcherGuru/status/2041867478033195336 15:43 Two Polymarkets of Relevance https://polymarket.com/event/iran-x-israelus-conflict-ends-by/?via=bankless? 70% chance the conflict ends by April 30 https://polymarket.com/event/will-the-us-invade-iran-before-2027/?via=bankless? 30% chance! 17:50 Anthropic Releases Project Glasswing  https://x.com/AnthropicAI/status/2041578392852517128 https://red.anthropic.com/2026/mythos-preview/ https://x.com/DarioAmodei/status/2041580338426585171 https://x.com/hosseeb/status/2041579488224657581 https://x.com/kevinsxu/status/2042065892658258357 https://x.com/nic_carter/status/2041256570462326843 48:49 Satoshi is Adam Back? 57:44 The White House Weighs in on the Stablecoin Yield Debate https://www.whitehouse.gov/research/2026/04/effects-of-stablecoin-yield-prohibition-on-bank-lending/ 1:02:04 $MON trading above ICO price! https://www.coingecko.com/en/coins/monad 1:05:47 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Can Ethereum become one economic zone again? Martin Koppelmann and Friederike Ernst from Gnosis explain how real-time proving and the Ethereum Economic Zone could reconnect fragmented rollups, unify liquidity, and give specialized chains seamless access to Ethereum’s settlement and security. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN https://bankless.cc/megaeth ------ TIMESTAMPS 0:00 Intro 0:18 Fixing Fragmentation 7:49 Ethereum Economic Zone Explained 26:19 EEZ Thin Layer 30:30 Block Builders 33:06 The Bull Case 35:18 Ethereum Reorg 42:56 Layer2 EEZ Adoption 50:47 A New Age for Builders 55:54 How to Get Involved 57:42 EEZ Rollout 1:00:51 Closing & Disclaimers ------ RESOURCES Martin Koppelman https://x.com/koeppelmann  Friederike Ernst https://x.com/tw_tter  EEZ https://eez.io/  EEZ GitHub https://github.com/eez-association  Gnosis https://www.gnosis.io/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠