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.

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Mike Ippolito

https://x.com/MikeIppolito_

https://x.com/MikeIppolito_/status/1870938934337020106

https://blockworks.co/podcast/bellcurve 

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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

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