When Shift Happens Podcast

Eric Larchevêque, co-founder of Ledger, shares why everything you've been told about owning money is wrong - and how losing his savings to a corrupt bank, having his gold seized, and watching his co-founder get kidnapped for €10 million in Bitcoin proved it.

THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter
___________
PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 
Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com
___________
Follow Eric Larchevêque
• Twitter: https://x.com/ericlarch

FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/

DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.
0:00 Introduction
2:00 Eric’s First Podcast In English
2:32 Where Does Eric’s Optimism Come From
3:31 The First Thing Eric Thinks Of Every Morning
4:03 What Eric’s AI Agents Do
4:57 How Eric Uses These AI Agents
5:47 What Does Eric Do & Why
8:01 Why People Need To Hit A wall
12:39 Who Is Eric Larcheveque
13:21 Eric’s First Major Leap For His Company
18:21 Going From Building Websites To Bitcoin
27:31 Partnerships: @Trezor @BitwiseInvest
28:17 Why Eric Went All In On Bitcoin
34:37 Did Eric Question The Volatility Of Bitcoin
40:24 100% Of Eric’s Liquid Networth Is In Bitcoin
49:59 You Should Build A Bitcoin Strategy
53:07 Where Does Bitcoin Go In 10 Years
54:47 What Does A Bitcoin Dominant World Look Like
59:24 Partnership: @KASTxyz 
1:00:12 Why Bitcoin Will Never Hit 0
1:10:47 What Eric Learned While Building Ledger
1:16:03 Co-Founder Kidnapping Discussion & Advice
1:25:56 Why Eric Stays In France
1:27:23 Partnerships: @JupiterExchange @Ethena
1:28:07 What Is The Bitcoin Society
1:32:25 Who’s Backing Bitcoin Society
1:32:51 What Does A NBA Player Do With Bitcoin
1:33:46 Eric’s View On Learning To Learn
1:34:38 Why Eric Creates Videos When He Could Chill
1:37:19 Is Eric Building A Personal Brand
1:39:00 Does Eric Feel Happier Now With Money
1:40:04 Being An Entrepreneur Requires Sacrifice
1:41:22 Experiences > Buying Extra Bitcoin
1:44:06 Do Everything To Achieve This One Thing
1:45:11 Closing Thoughts

Dan Tapiero is the Founder of 50T Funds, a growth-stage equity fund exclusively focused on the digital asset ecosystem, and one of the few Wall Street veterans who has been publicly bullish on crypto since 2019.

In this episode, Dan reveals why crypto is the greatest macro investment of all time, why most investors will lose money despite being right, and why his $50 trillion thesis may actually be conservative.

THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 
Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com
___________
FOLLOW DAN TAPIERO
• Twitter: https://x.com/DTAPCAP
• LinkedIn: https://www.linkedin.com/in/dan-tapiero-22b41b191/
FOLLOW 10T HOLDINGS
• Twitter: https://x.com/10Tfund
• Website: https://10tfund.com/
FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Instagram:  https://www.instagram.com/kevinfollonier_ 
TikTok: https://www.tiktok.com/@kevinfollonier_
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/
DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.
0:00 Introduction
2:00 Kast Card Discussion
2:40 Dan’s Framework For Investing In Businesses
5:29 Why Equity Over Tokenization
12:19 Partnerships: @Trezor @BitwiseInvest
13:05 Dan’s Bullish Tweet Style Explained
19:55 The Shift That Makes Someone Confident
28:00 Partnership: @KASTxyz 
28:48 Why Markets Tend To Do The Unexpected
32:23 Conviction In Bitcoin Is Becoming Much Harder
41:03 How Dan Raises Money During A Bear Market
46:24 Partnerships: @JupiterExchange @Ethena
47:07 Why Dan Is Confident Crypto Will Go To $50 Trillion
52:02 How Agentic AI Will Help Crypto Reach $50 Trillion
54:33 The Numbers Behind ETH & SOL Post $50 Trillion
58:30 Closing Thoughts

Tarek Mansour is the co-founder and CEO of Kalshi, the largest federally regulated prediction market exchange in the US - valued at $2 billion and backed by some of the world's top investors.

THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter
___________
PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 
Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com
___________
CONNECT WITH TAREK MANSOUR👇
Twitter: https://x.com/mansourtarek_Twitter: https://x.com/Kalshi
Website: https://kalshi.com/

FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Instagram:  https://www.instagram.com/kevinfollonier_ 
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/
DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction
3:11 Where The Anime Passion Comes From
4:01 How Tarek Is Doing
4:53 Who Is Tarek
7:02 Which Version Of Uncertainty Is Tarek A Fan Of
9:10 Where Tarek’s Fire In The Belly Comes From
13:33 Partnerships: @Trezor @BitwiseInvest
14:20 What Tarek’s Brother Does
15:19 Why Tarek’s Resilience Is Crazy
16:31 Why Is Entrepreneurship Like Therapy
22:16 Is Tarek Mad, Crazy, Or In Denial
24:45 Would Tarek Have Ever Given Up Earlier?
29:54 Partnerships: @KASTxyz @sumsub
31:19 How To Focus On Inputs, Not Results
33:16 When Did Kalshi Come Into Existence
36:00 What’s The True Innovation Of Prediction Markets
38:28 How Prediction Markets Revolutionize The Media
43:47 How Are Prediction Markets A Better Insurance
44:55 Why Is There No Leverage In Prediction Markets
47:16 Partnerships: @JupiterExchange @Ethena
48:00 Tarek’s Opinion On Insider Trading
51:19 Who Enforces The Insider Trading Rules
55:26 How Kalshi Surveys Suspicious Behavior
56:59 Tarek’s Honest View On Crypto
59:41 Why Kalshi Is Launching Regulated Perps In The U.S
1:00:30 What Does Regulated Perps Mean?
1:02:22 Was Kalshi Inspired By HyperLiquid 
1:03:41 How Much Time Does Tarek Look At Competition
1:05:58 What’s The Endgame For Kalshi
1:07:06 What Does Tarek Do With A Billion Dollars
1:08:31 Is Tarek Happy
1:13:08 One Thing Tarek Should Let Go Of
1:14:18 Closing Thoughts

Raoul Pal, co-founder of Real Vision, returns to break down why the AI race is the biggest capital event in human history and why crypto holders are positioned to win. 

THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter
___________
PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 
Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

CONNECT WITH RAOUL👇
Twitter: https://x.com/RaoulGMI
Linkedin: https://www.linkedin.com/in/raoul-pal-real-vision/
Instagram: https://www.instagram.com/raoulgmi
YouTube:  @RaoulPalTJM  
GET RAOUL PAL’S FREE REPORT AND PREPARE FOR THE NEXT DECADE: https://rvtv.io/3YOZZUe

FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Instagram:  https://www.instagram.com/kevinfollonier_ 
TikTok: https://www.tiktok.com/@kevinfollonier_
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/
DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction
2:00 Traveling Non-Stop & Kast Card Discussion
5:00 What Raoul’s Been Up To The Past 4 Months
7:24 Why The Stock Market Never Ceases To Grow
10:33 What Is The Economic Singularity?
15:03 Partnerships: @Trezor @BitwiseInvest
15:49 Is It Still Early To Invest In AI?
17:44 Is Crypto Superior To AI Investment Wise
19:38 Crypto’s Reasons For Going Up Forever
22:54 Bitcoin Going From $126k - $60k Is A Nasty Correction
28:35 Why Raoul Started Buying Zcash
30:12 What Are The Left & Right Curve Trades?
30:47 Partnerships: @KASTxyz @sumsub
32:12 How Raoul Thinks About Allocation With Zcash
32:59 Raoul’s Thoughts On Hyperliquid & Hype Token
41:13 How To Measure Intelligence For Layer Ones
45:56 Why DeFi Isn’t Dead According To Raoul
51:09 How Do You Structure An NFT Portfolio?
56:04 Partnerships: @JupiterExchange @Ethena
56:47 Should People Only Focus On The Top Grail NFTs
59:35 Raoul’s Plan To Lend Against NFTs
1:00:44 Is Bitcoin A Proxy Trade For AI
1:02:05 Why You Should Never Sell Unless You Have To
1:04:33 The Numbers Behind Buying & Holding vs Trading
1:10:47 Raoul’s Advice On Developing Patience
1:14:55 Why People Should Stay In Crypto
1:17:06 Why There’s Hope For Crypto In 2026 & 2027
1:22:35 Closing Thoughts

Raoul Pal, co-founder of Real Vision, returns to break down why the AI race is the biggest capital event in human history and why crypto holders are positioned to win. 

THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 
Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

CONNECT WITH RAOUL👇
Twitter: https://x.com/RaoulGMI
Linkedin: https://www.linkedin.com/in/raoul-pal-real-vision/
Instagram: https://www.instagram.com/raoulgmi
 
GET RAOUL PAL’S FREE REPORT AND PREPARE FOR THE NEXT DECADE: https://rvtv.io/3YOZZUe

FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Instagram:  https://www.instagram.com/kevinfollonier_ 
TikTok: https://www.tiktok.com/@kevinfollonier_
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/
DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction
2:00 Traveling Non-Stop & Kast Card Discussion
5:00 What Raoul’s Been Up To The Past 4 Months
7:24 Why The Stock Market Never Ceases To Grow
10:33 What Is The Economic Singularity?
15:03 Partnerships: @Trezor @BitwiseInvest
15:49 Is It Still Early To Invest In AI?
17:44 Is Crypto Superior To AI Investment Wise
19:38 Crypto’s Reasons For Going Up Forever
22:54 Bitcoin Going From $126k - $60k Is A Nasty Correction
28:35 Why Raoul Started Buying Zcash
30:12 What Are The Left & Right Curve Trades?
30:47 Partnerships: @KASTxyz @sumsub
32:12 How Raoul Thinks About Allocation With Zcash
32:59 Raoul’s Thoughts On Hyperliquid & Hype Token
41:13 How To Measure Intelligence For Layer Ones
45:56 Why DeFi Isn’t Dead According To Raoul
51:09 How Do You Structure An NFT Portfolio?
56:04 Partnerships: @JupiterExchange @Ethena
56:47 Should People Only Focus On The Top Grail NFTs
59:35 Raoul’s Plan To Lend Against NFTs
1:00:44 Is Bitcoin A Proxy Trade For AI
1:02:05 Why You Should Never Sell Unless You Have To
1:04:33 The Numbers Behind Buying & Holding vs Trading
1:10:47 Raoul’s Advice On Developing Patience
1:14:55 Why People Should Stay In Crypto
1:17:06 Why There’s Hope For Crypto In 2026 & 2027
1:22:35 Closing Thoughts