Bankless

Michael Nadeau went risk-off in October and has been targeting Bitcoin's fair value near $65K. In this episode, he joins Ryan to unpack what changed after BTC broke below $80K, why he does not think this is the macro low yet, and what a real bottom typically looks like (capitulation, then apathy).

They also dig into the new wild card: incoming Fed chair Kevin Warsh, and why “rates down” could still mean tighter liquidity if the balance sheet shrinks. Mike walks through the key cycle signals he is watching (MVRV/realized price, 200-week moving average, long-term holder behavior, miners), how Bitcoin tends to lead the Nasdaq Composite, and the price zones on his watch list for ETH and SOL as he prepares to scale back into risk.

Michael Nadeau & The DeFi Report:

https://x.com/JustDeauIt

https://thedefireport.io/

---

📣KRAKEN | DEFI EARN

https://bankless.cc/Kraken

---

BANKLESS SPONSOR TOOLS:

🔮POLYMARKET | #1 PREDICTION MARKET

https://bankless.cc/polymarket-podcast

⚡EUPHORIA | REAL-TIME ONE-TAP TRADING

https://bankless.cc/euphoria

🏅BITGET TRADFI | TRADE GOLD WITH USDT

https://bankless.cc/bitget

👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES

https://bankless.cc/spotify-premium

🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://bankless.cc/TDR-pro

💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES

https://bankless.cc/ico-watch

---

TIMESTAMPS

0:00 Intro

3:03 New Fed Chair Announcement

8:54 Macro Analysis of Kevin Warsh

14:56 Labor Market Concerns

23:09 Wealth Destruction Phase

26:31 Long-Term Market Projections

31:21 Bitcoin vs. Stocks

39:51 Market Sentiment & Cycles

42:10 Tactical Investment Strategies

55:29 Long-Term Optimism for Crypto

58:06 Closing & Disclaimers

---

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

Capitalism may be heading toward an “event horizon,” where a handful of firms become so entrenched they’re effectively the last companies standing.

We break down the four “Infinity Gauntlet” pillars: intelligence, energy, capital, and labor. And why collapsing costs in AI and robotics could make abundance, and monopolies, the default outcome.

From Google’s data + compute flywheel to the Tesla/SpaceX/xAI convergence and even space-based energy/data centers, we map the new battlefield and what it means for building a future-proof portfolio (not investment advice).

Josh Kale
https://x.com/JoshKale 

------

💫 LIMITLESS | SUBSCRIBE & FOLLOW

https://pod.link/1813210890

https://www.youtube.com/@Limitless-FT 

https://x.com/LimitlessFT 

------

🔮POLYMARKET | #1 PREDICTION MARKET

https://bankless.cc/polymarket-podcast

⚡ EUPHORIA | REAL-TIME ONE-TAP TRADING

https://bankless.cc/euphoria

🏅BITGET TRADFI | TRADE GOLD WITH USDT

https://bankless.cc/bitget

👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES

https://bankless.cc/spotify-premium

🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://bankless.cc/TDR-pro

💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES

https://bankless.cc/ico-watch 

------

TIMESTAMPS

0:00 The Infinity Gauntlet of Capitalism

6:50 Intelligence

18:15 Capital

25:04 Energy

30:05 Labor

42:45 Google

47:20 Nvidia

49:16 Tesla

56:55 SpaceX

1:13:54 Amazon

1:15:12 Microsoft

1:16:35 Meta

1:19:34 Apple

1:22:22 Who Wins?

1:25:45 Elon Musk

1:26:46 Endgame Portfolio

1:29:17 Closing & Disclaimers

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠

Markets wobble as gold and silver hit all time highs, raising the big question of what comes next for crypto. Ryan and David unpack the macro shock driving the move, from Fed independence and shutdown risk to a weaker dollar narrative, and why Tether is quietly becoming one of the world’s largest gold holders. They make the case for Ethereum’s comeback, from surging usage to serious quantum resistance efforts, break down Fidelity’s new onchain dollar, and dig into MegaETH’s eye popping stress test. Plus: prediction markets go mainstream, a bizarre $40 million government crypto theft, and a new Vitalik meme to close it out.

---

📣KRAKEN | DEFI EARN
https://bankless.cc/Kraken

---

BANKLESS SPONSOR TOOLS:

🔮POLYMARKET | #1 PREDICTION MARKET

https://bankless.cc/polymarket-podcast

⚡EUPHORIA | REAL-TIME ONE-TAP TRADING

https://bankless.cc/euphoria

🏅BITGET TRADFI | TRADE GOLD WITH USDT

https://bankless.cc/bitget

👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES

https://bankless.cc/spotify-premium

🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://bankless.cc/TDR-pro

💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES

https://bankless.cc/ico-watch

---

TIMESTAMPS & RESOURCES

0:00 Intro

3:22 Markets

https://x.com/Vivek4real_/status/2014721850937380963

https://imgur.com/vumkykb

https://x.com/longstcc/status/2016429742904508789

https://www.cnbc.com/2026/01/28/fed-meeting-today-live-updates.html

https://polymarket.com/event/lisa-cook-out-as-fed-governor-by-september-30/?via=bankless

https://polymarket.com/event/how-many-fed-rate-cuts-in-2026/?via=bankless.

https://polymarket.com/event/will-there-be-another-us-government-shutdown-by-january-31/?via=bankless

16:25 Gold & Silver All-Time Highs

https://www.tradingview.com/chart/1RYLG2gC/?symbol=TVC:GOLD

https://companiesmarketcap.com/assets-by-market-cap

https://x.com/KobeissiLetter/status/2016890828925313192

https://x.com/philippilk/status/2016089604588290348

https://x.com/historydefined/status/2016360674058760269

https://x.com/fintechfrank/status/2015596117195444375

https://x.com/DegenerateNews/status/2016870767426707457

https://thedefireport.io/research/why-is-bitcoin-underperforming-gold

28:11 Dollar Reserve Currency Discussion & Tether Gold Reserves

https://x.com/FluentInFinance/status/2015424544333328808

https://x.com/KobeissiLetter/status/2016259771616444454

https://x.com/barkmeta/status/2016351131727770107

https://x.com/WatcherGuru/status/2016307227158601780

https://cryptonews.com/news/tether-quietly-becomes-one-of-the-biggest-global-gold-market-players-holds-140-tons-of-gold

33:15 Ethereum Usage Scaling & Ethereum Quantum Resistance & ETH Bull Case

https://x.com/JasonYanowitz/status/2016128371755811109

https://x.com/riley_gmi/status/2016193883764371469

https://sergeenkov.com/record-high-activity-ethereum-2026

https://x.com/drakefjustin/status/2014791629408784816

https://x.com/VivekVentures/status/2015510724244611168

https://x.com/LorenzoARK/status/2015594553579868566

43:47 Fidelity Digital Dollar

https://x.com/DegenerateNews/status/2016505433322635443

https://x.com/sytaylor/status/2016569801678704807

45:40 Tether Onshore Stablecoin (USA₮)

https://x.com/paoloardoino/status/2016151121522204953

46:46 MegaETH Mainnet & Stress Test

https://x.com/megaeth/status/2016511667644064164

https://x.com/megaeth/status/2014376592378888503

https://www.growthepie.com

https://app.hyperliquid.xyz/trade

https://x.com/NamikMuduroglu/status/2016909695609364917

53:27 Uniswap Auctions

https://x.com/Uniswap/status/2016513436771922218

https://x.com/Benjamin918_/status/2016515467960016958

54:34 Robinhood & Talos

https://www.coindesk.com/business/2026/01/29/robinhood-is-investing-in-crypto-trading-platform-talos-at-usd1-5-billion-valuation

57:15 Prediction Markets Expansion

https://x.com/brian_armstrong/status/2016593041532870677

https://x.com/shayne_coplan/status/1989005876611461429

57:42 OpenAI & Human Verification

https://x.com/forbes/status/2016622235902234794

1:00:24 Government Contractor Theft Story

https://x.com/zachxbt/status/2015430549846777964

https://x.com/zachxbt/status/2014685299025060154

1:03:11 Meme of the Week

https://x.com/0xcyp/status/2016556046697779495

1:04:01 Closing & Disclaimers

---

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

Celo is quietly powering real-world payments at global scale. In this episode, David and Ryan sit down with Marek Olszewski, CEO of cLabs, to unpack how Celo became a fast, low-cost payments layer used for remittances, savings, onchain FX, and identity across emerging markets.
They explore why Celo stayed focused on peer-to-peer payments while others chased trends, how Opera’s MiniPay onboarded hundreds of thousands of daily users, and why stablecoins are reshaping global finance from the ground up. The conversation spans onchain FX, proof of personhood with Self.xyz, Ethereum’s L2 future, and why fast, cheap payments, not hype, may be crypto’s real unlock.

---
📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium

---
🔮POLYMARKET | #1 PREDICTION MARKET
https://bankless.cc/polymarket-podcast

⚡ EUPHORIA | REAL-TIME ONE-TAP TRADING
https://bankless.cc/euphoria

🏅BITGET TRADFI | TRADE GOLD WITH USDT
https://bankless.cc/bitget

👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES
https://bankless.cc/spotify-premium

🎯THE DEFI REPORT | ONCHAIN INSIGHTS
https://bankless.cc/TDR-pro

💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES
https://bankless.cc/ico-watch

---
TIMESTAMPS

0:00 Celo’s Origin Story and Design Philosophy
5:18 The Long Bet on P2P Payments
17:19 700,000 Daily Users: The Data Behind the Narrative
22:11 MiniPay: Global Venmo Built on Celo
30:28 Solving the Last-Mile Banking Problem
37:36 Celo x Opera partnership
40:37 Stablecoins, FX, and the Rise of Onchain Forex
46:53 Perpetuals for FX: UpDown.xyz
49:37 Open Finance vs. Governments and the Battle for the Payments Stack
59:13 Why Celo Chose Ethereum L2 Over an L1 Path
1:06:02 Self.xyz and Proof of Personhood
1:14:06 Putting It All Together: Celo’s Endgame

---
RESOURCES

Marek Olszewski
https://x.com/marek_

Celo
https://celo.org/

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Iran is a real-world stress test of freedom: the Islamic Republic is built to outlast dissent. In this special Iran Unchained episode, David talks with Sana Ebrahimi and Amin Soleimani about the regime’s control stack, including unelected theocracy, street-level coercion, corruption as governance, and propaganda that reaches far beyond Iran’s borders.
They unpack gender apartheid, internet blackouts during uprisings, why protests keep returning, and what the West gets wrong about “intervention” and regional stability.

---

📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium

---
🔮POLYMARKET | #1 PREDICTION MARKET
https://bankless.cc/polymarket-podcast

🏅BITGET TRADFI | TRADE GOLD WITH USDT
https://bankless.cc/bitget-futures

👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES
https://bankless.cc/spotify-premium

🎯THE DEFI REPORT | ONCHAIN INSIGHTS
https://bankless.cc/TDR-pro

💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES
https://bankless.cc/ico-watch

---
TIMESTAMPS

0:00 Intro
1:21 “How does it feel to be Iranian right now?”
3:39 Sana’s background: Tehran → U.S., and a life shaped by protests
4:38 What is the Iranian regime and what does it want?
9:51 What an Ayatollah is and how that status concentrates power
16:46 Promises vs reality: revolutionary slogans, economic collapse, and control loops
24:15 1979’s alliance, the Marxists, and the purge that followed
34:53 Repression as a system: arrests, torture, and fear as governance
39:15 “Let this land burn”: why the regime doesn’t step down
41:23 Gender apartheid, Mahsa Amini and the spark that keeps reigniting protests
51:58 Protest math: why people still return to the streets
55:18 The internet blackout playbook
1:02:52 “Regime apologists” abroad: media, think tanks, and narrative capture
1:07:17 Why the West gets confused: Palestine politics and cognitive dissonance
1:17:56 Western intervention: “Not Iraq, not Afghanistan”
1:28:57 The diaspora, brain drain, and what a free Iran could unlock
1:31:40 What they’re hoping for next and how to help

---
RESOURCES

Ameen Soleimani
https://x.com/ameensol

Sana Ebrahimi
https://x.com/__Injaneb96

Iran Unchained fundraiser
https://www.iranunchained.com/

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures