Mike Novogratz: Bitcoin’s Escape Velocity, Bond Market Crisis, Crypto x AI, & the Genius Act
Mike Novogratz returns to Bankless to unpack Bitcoin’s surge to new all-time highs and what it means in a world grappling with fiscal uncertainty.
We dive into the unfolding bond market crisis, why the Genius Act marks a new chapter for stablecoins, the tokenization of traditional finance, and how Galaxy is uniquely positioned at the crossroads of crypto and AI. This is a front-row seat to the changing macro tides and crypto’s place in the new financial order.
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🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE
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TIMESTAMPS
0:00 Intro
0:18 Bitcoin Hitting All-Time High
1:57 Trump’s Tariffs' Effect on Bitcoin
5:56 Liz Truss Moment 2.0?
7:33 US Liz Truss’s Effect
8:49 Bitcoin, Gold, and the US Dollar
12:11 BTC as a New World Asset
15:29 Treasuries in Decline
18:05 Galaxy Going Public
21:26 The Genius Act
24:32 Anti-Crypto Army Gone?
27:03 US Consumer Crypto Market
31:22 Tokenizing Galaxy Assets on ETH
34:08 A Roadmap From SEC in the Future?
36:53 Year of Crypto IPOs?
38:30 TradFi Fades, Crypto Rises
39:46 The Terra Luna Case
44:05 Future of Galaxy and Crypto
50:48 Building and Scaling Data Centers
55:18 Closing & Disclaimers
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RESOURCES
Mike Novogratz
https://x.com/novogratz
Galaxy Digital
https://www.galaxy.com/
Tokenization & RWAs (Galaxy Report)
https://www.galaxy.com/research/insights/tokenization-and-the-future-of-finance/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
This week, Ryan and David break down the political storm brewing around crypto. From JD Vance’s fiery speech at Bitcoin 2025 to the Trump meme coin dinner that triggered bipartisan backlash. They dive into Ethereum’s biggest capital inflow yet, as a public company raises $425 million to buy and stake ETH, drawing comparisons to MicroStrategy. They also cover the court ruling that halted Trump-era tariffs, the Circle IPO finally moving forward, and early signs of a “Stablecoin Summer” as banks eye their own dollar-backed coins. Plus, the growing risks of copycat crypto acquisition vehicles, and why some say the next GBTC-style blowup could already be forming.
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🌐CELO | PROVE YOUR SELF
https://bankless.cc/Self
🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
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TIMESTAMPS & RESOURCES
0:00 Intro
0:37 JD Vance Bitcoin Conference 2025
https://x.com/cointelegraph/status/1927766577845305579
2:59 Crypto Prices
5:13 US court blocks most Trump tariffs, says president exceeded his authority
https://ca.finance.yahoo.com/news/us-court-blocks-trumps-liberation-231041016.html
https://truthsocial.com/@realDonaldTrump/posts/114588777076099501
12:29 The microstrategy of ETH!
https://cointelegraph.com/news/sharplink-ethereum-treasury-joseph-lubin-board-chair
https://x.com/econoar/status/1927380671334404511
https://x.com/RyanSAdams/status/1927344185595633687
https://x.com/hanni_abu/status/1927408350527922585
18:39 Gamestop & Trump Media Buying Bitcoin & SolSolStrategy
https://x.com/WatcherGuru/status/1927680683847119289
https://x.com/KobeissiLetter/status/1927352308859330651
https://x.com/SolanaFloor/status/1927408166922293535
https://x.com/mikeippolito_/status/1927450775870931015
25:26 Trump Dinner
https://x.com/BillSun_AI/status/1925728406974443607/video/1
https://x.com/Mollyploofkins/status/1926098775233241537
https://x.com/justinsuntron/status/192576411185 9597602
https://x.com/USHouseFSC/status/1925625286818689066
https://www.nbcnews.com/politics/congress/senate-republicans-raise-red-flags-trumps-private-dinner-meme-coin-hol-rcna204293
https://www.bloomberg.com/news/articles/2025-05-22/protesters-yell-shame-at-guests-of-trump-s-memecoin-dinner
https://www.youtube.com/watch?v=JNJD-vKtrPc
36:22 The Annual Bitcoin (Stablecoin) Conference Week
https://x.com/UnderCoercion/status/1927885141059260768
https://x.com/TheBitcoinConf/status/1927914310212407481
https://x.com/BitcoinMagazine/status/1926324131923976224
https://x.com/Cointelegraph/status/1927763954178150848
https://x.com/TPostMillennial/status/1927767083217039818
https://x.com/pete_rizzo_/status/1927509752931635256
https://x.com/BitcoinMagazine/status/1927479261780127747
https://x.com/DogCandles/status/1927879603055415557
44:08 Echo announced Sonar
https://x.com/echodotxyz/status/1927422067801997336
46:18 Circle filed for an IPO on the NYSE
https://x.com/CoinDesk/status/1927326167033356458
48:37 Some of the biggest US banks are about to launch joined stablecoin
https://www.wsj.com/finance/banking/crypto-stablecoin-big-banks-a841059e
https://x.com/CryptoHayes/status/1925739441634652654
https://x.com/SecScottBessent/status/1925967578540781743
51:55 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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LIMITLESS - The Intelligence Curse: AI Makes Us All Obsolete | Luke Drago & Rudolf
Welcome to Limitless. Today we’re joined by Luke Drago and Rudolf, authors of the powerful essay series "The Intelligence Curse."
Together, we explore a future where artificial general intelligence (AGI) threatens to upend the economic and social contracts that underpin modern civilization. Will AI empower us or make us obsolete?
We unpack how labor-replacing AI could dismantle the very incentives that once gave rise to liberal democracies, social mobility, and human-centered innovation—and what it might take to build a future worth living in.
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💫 LIMITLESS | SUBSCRIBE & FOLLOW
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https://x.com/LimitlessFT
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🌐SELF | PROVE YOUR SELF
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🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
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TIMESTAMPS
0:00 What is the Intelligence Curse
4:29 Resource Curse
8:20 Pyramid Replacement
18:19 Institutional Pushback
21:25 Capital, AGI & Human Ambition
32:00 Liberalism Falls Apart?
36:30 Powerful Actors
41:15 Rentier States
46:19 Human Labor in a AGI World
52:46 Nation States
57:37 Shaping the Social Contract
1:06:23 AI Snake Oil?
1:07:41 Balance of Power
1:08:51 Breaking the Intelligence Curse
1:16:45 Vitalik’s Defensive Accelerationism
1:18:16 Diffusion
1:19:58 Open-Source AI
1:22:06 Democratization
1:24:06 Who Wins?
1:26:43 Action Items
1:29:17 The Positive Scenario
1:30:21 Closing
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RESOURCES
Luke Drago
https://x.com/luke_drago_
Rudolf Laine
https://x.com/LRudL_
Time Op-ed
https://time.com/7289692/when-ai-replaces-workers/
Intelligence Curse
https://intelligence-curse.ai/
Contact Form
https://docs.google.com/forms/d/e/1FAIpQLSft2iBV9z1AYsM3TcDnh8z3juc2k4yD0TQTZ91oy37S-KlSSQ/viewform
AI Snake Oil - Arvind Narayanan
https://press.princeton.edu/books/hardcover/9780691249131/ai-snake-oil
Vitalik’s Defensive Accelerationism
https://vitalik.eth.limo/general/2023/11/27/techno_optimism.html
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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Are We Headed for an Altseason Melt-up? | Michael Nadeau’s Defi Report #1
Is altseason finally here or just getting started?
Michael Nadeau of the DeFi Report joins Ryan to break down the data behind a potential crypto rotation. We cover why ETH and select alts may be poised to outperform, how macro conditions are fueling risk-on sentiment, and why fundamentals—like protocol cash flows and MEV—matter more than ever. Michael also shares his current portfolio and reveals what he’s buying right now. If you’re positioning for what’s next, this is your rotation signal.
Michael Nadeau & The DeFi Report:
https://x.com/JustDeauIt
https://thedefireport.io/research/altseason-melt-up
https://docs.google.com/presentation/d/1g2H1VaAKHWB5trl1tRHRYc68lIqZ8tWnzcLnkasAVYk/edit?usp=sharing
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🛞MANTLE | MODULAR LAYER 2 NETWORK
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🌐SELF | PROVE YOUR SELF
https://bankless.cc/Self
🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
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TIMESTAMPS
0:00 Intro
0:23 Vince McMahon Meme
https://x.com/QuintenFrancois/status/1925543793371054122
1:10 DeFi Report #1 & Crypto Fundamentals
7:07 Mike’s Trading Time Horizon
9:13 Alt-Season Melt-up?
15:43 Macro Catalysts
25:57 2021-2022 Cycle vs. Today
29:03 Bitcoin & ETH Moving Average Chart
32:46 Different Types of Trading/TA Fundamentals
36:36 Long-Term Holder Supply Chart
43:09 MVRV Z-Score
48:39 ETH/BTC Ratio & Altcoin Season?
53:02 Mike’s Portfolio
1:00:40 When to Sell
1:02:33 How Durable is Solana’s MEV Infra
1:04:59 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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Introducing RSOV: A Better L1 Valuation Metric than REV | Jonah Weinstein
How should we value L1 tokens in crypto?
Today’s guest, Jonah Weinstein of Skycatcher, introduces RSOV—“Realized Store of Value”—a new metric designed to fundamentally rethink how we evaluate Layer 1 assets like ETH, SOL, and BTC. In this episode, we explore why traditional models like DCF and REV fall short for monetary assets, how RSOV works, and why it may be a better way to understand crypto’s total addressable market. Tune in for a fresh perspective that could change how you analyze L1s forever.
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🌐SELF | PROVE YOUR SELF
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🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
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TIMESTAMPS
0:00 Intro
0:23 How to Value L1 Tokens
7:18 REV
20:32 L1 Tokens are Money
27:11 Payments vs SoV Use Case
36:13 TAM for Digital Money
41:45 BTC: Special Snowflake?
45:31 RSOV
1:03:17 REV vs RSOV
1:12:07 RSOV Valuations
1:18:27 RSOV Drivers
1:34:10 Future of RSOV
1:36:43 Skycatcher
1:38:55 Opportunities to Watch
1:40:46 Closing & Disclaimers
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RESOURCES
Jonah Weinstein
https://x.com/_Jonahw
RSOV Deck
https://docsend.com/view/mb2v6k3yr38gpfwm
RSOV Dune Dashboard
https://dune.com/sc_research/rsov
RSOV Template Financial Model
https://docs.google.com/spreadsheets/d/1IH0IX0yal7raqhO8SWzcVGK-TAH-b7avRlZ3pxR0krc/edit?usp=sharing
Skycatcher
https://skycatcher.xyz/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
España