Bankless

AI stocks are ripping, crypto is following, and the question is whether this is the next leg higher or the final frothy phase before a reset. Ryan and Michael Nadeau break down why Bitcoin is so tied to the NASDAQ right now, how today’s AI boom compares to 1999, and what investors should watch if the bubble keeps inflating or finally starts to burst.

Michael Nadeau & The DeFi Report:

https://x.com/JustDeauIt

https://bankless.cc/BTDR-RSS

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TIMESTAMPS & RESOURCES

0:00 Intro

1:48 The Bubble Debate

3:16 Defining the Bubble

4:33 Historical Perspectives on Bubbles

7:20 AI's Growth and Market Narratives

8:46 Technology Hype Cycles

11:21 Current Market Analysis

12:08 Understanding the Shiller PE Ratio

15:09 Revenue Growth Forecasts

18:19 Theories Behind Current Market Conditions

20:44 Analyzing Profit Margins

23:53 Price vs. Fundamentals

27:26 The Role of Market Sentiment

31:30 Historical Market Patterns

32:32 Lessons from the Dot-Com Era

35:17 Market Concentration and AI

39:38 The Future of AI Investments

41:45 Capital Flows in Tech

49:31 Geopolitical Implications and Market Behavior

53:25 Investor Positioning Strategies

1:04:30 Closing & Disclaimers

---

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

https://www.bankless.com/disclosures

North Korea isn’t just hacking crypto anymore, it’s studying it, infiltrating it, and turning DeFi’s weakest links into a state-run revenue machine. This time around, Ryan and David sit down with Ari Redbord of TRM Labs to unpack the Drift hack, the $6B DPRK crypto crime machine, how stolen funds move through THORChain, Bitcoin, OTC desks, and Chinese laundering networks, and why the fightback may require everything from better DeFi security to real-time Beacon alerts and offensive cyber.

---
🎬 DEBRIEF | RYAN & DAVID BREAKDOWN THE EPISODE
https://www.bankless.com/podcast/debrief-why-north-korea-is-winning-crypto-crime-and-how-to-fight-back-ari-redbord-trm-labs

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---
TIMESTAMPS

0:00 Intro
2:16 The Drift Hack
5:15 Human Weak Points
11:16 The DPRK Hacker Network
14:56 The $6B Machine
20:32 Fighting Back
28:11 Seizures and Victims
38:58 Inside TRM Labs
47:01 Laundering Rails
52:51 The Beacon Network
58:06 Privacy vs Security
1:10:20 Code and Crime
1:14:49 Iran on Tron
1:22:55 Bitcoin and Power
1:28:49 Hardening DeFi

---
RESOURCES

Ari Redbord
https://x.com/ARedbord

TRM Labs
https://www.trmlabs.com/

TRM’s DPRK Report
https://www.trmlabs.com/resources/blog/north-korea-stole-76-of-all-crypto-hack-value-in-2026-with-just-two-attacks

Ari’s Homeland Security Testimony
https://www.congress.gov/119/meeting/house/119126/witnesses/HHRG-119-HM11-Wstate-RedbordA-20260421.pdf

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

Stocks and AI are ripping to new highs, and crypto is getting pulled along for the ride. Ryan and David break down whether this rally is real or too frothy, what the CLARITY Act still needs to survive, why Coinbase layoffs are colliding with billion-dollar crypto raises, and what Saylor selling Bitcoin would actually mean.

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---

TIMESTAMPS & RESOURCES

0:00 Intro

1:29 Markets 

https://www.coingecko.com/ 

https://imgur.com/a/xfVRCtd

https://thedefireport.io/research/btc-is-nearing-an-inflection-point#btc-vs-nasdaq-correlation

https://www.google.com/finance/beta/quote/.INX:INDEXSP

https://www.reuters.com/business/stunning-us-profit-strength-ignites-stocks-charge-record-peaks-2026-05-06/

https://x.com/claudeai/status/2052060691893227611

https://x.com/Cointelegraph/status/2052247071491604672

https://x.com/KobeissiLetter/status/2052042082185809991

https://app.hyperliquid.xyz/trade/vntl:ANTHROPIC

https://x.com/jasongoepfert/status/2052110616622485834

https://x.com/RyanSAdams/status/2049971216413343991

https://x.com/KobeissiLetter/status/2050566239961956630

https://x.com/WhitePine009/status/2050578574348845271

https://x.com/Sam_Badawi/status/2050710130766074085/video/2 

https://polymarket.com/event/us-x-iran-permanent-peace-deal-by/?via=bankless?

https://x.com/RealStockCats/status/2052042448944124110

23:06 CLARITY Act Clears a Hurdle

https://x.com/SenThomTillis/status/2051464145384489270

https://x.com/faryarshirzad/status/2050325150747484421

https://www.coindesk.com/policy/2026/05/01/clarity-act-text-lets-crypto-firms-offer-stablecoin-rewards-while-shielding-bank-yield

https://x.com/intangiblecoins/status/2050331808240156721

https://x.com/kalshi_crypto/status/2052106907511320920

https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless?

31:20 Coinbase Layoffs vs Crypto Fundraises

https://x.com/brian_armstrong

https://x.com/0x_Lucas

https://x.com/katie_haun/status/2051318562497716655

https://x.com/cdixon/status/2051633104549502989

https://x.com/emilios_eth/status/2051704246798549176

34:55 Is Saylor Selling Bitcoin?

https://x.com/WatcherGuru/status/2051802384943194431 

https://x.com/WatcherGuru/status/2051797790494261301

40:44 Arbitrum DAO Meets U.S. Courts

https://unchainedcrypto.com/u-s-court-freezes-71-million-in-kelp-dao-eth-after-north-korea-terrorism-creditors-file-claim/

https://x.com/aave/status/2051329772190347560

https://x.com/tayvano_/status/2050407082084663430

https://x.com/ImperiumPaper

47:09 Ethereum L1 Is Scaling Again

https://x.com/RyanSAdams/status/2051773131807690847

https://blog.ethereum.org/2026/05/02/soldogn-interop-recap

https://forkcast.org/upgrade/glamsterdam

51:16 Strategic Bitcoin Reserve Update

https://www.coindesk.com/policy/2026/05/06/u-s-bitcoin-reserve-update-coming-in-next-few-weeks-white-house-s-adviser-says

https://www.dlnews.com/articles/people-culture/bo-hines-exits-white-house-crypto-post-amid-bitcoin-mystery/

https://polymarket.com/event/us-national-bitcoin-reserve-before-2027/?via=bankless?

59:31 Closing & Disclaimers

---

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

https://www.bankless.com/disclosures

Spoiler alert: This episode contains spoilers for the documentary Finding Satoshi.

Bill Cohan and Tyler Maroney unpack their new documentary Finding Satoshi, a four-year investigation into the identity of Satoshi Nakamoto.

They explore why Satoshi’s identity still matters, the cypherpunk roots of Bitcoin, the public interest behind the mystery, and what the search reveals about privacy, money, power, and the mythology at the heart of crypto.

------

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https://www.findingsatoshi.com/bankless

🎬 DEBRIEF | RYAN & DAVID BREAKDOWN THE EPSIODE

https://www.bankless.com/podcast/debrief-finding-satoshi-how-a-private-investigator-solved-the-mystery-of-bitcoins-creator 

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------

TIMESTAMPS

0:00 Intro

1:17 Did We Find Him?

6:32 Why Find Satoshi?

11:54 Why OGs Didn’t Care

14:57 How Hard was the Investigation?

18:20 Talking to the Early Cypherpunks

19:58 Public Interest

26:08 Cypherpunk’s Ideology

39:07 Spoiler Alert: The Aha Moment

51:30 Satoshi’s Death

1:00:59 Bitcoin as a Public Good

1:05:23 Will Satoshi Come Back?

1:10:39 Was it All Planned?

1:11:52 Quantum Treasure Hunt

1:14:00 What would Satoshi think of Bitcoin Today?

1:17:09 Closing & Disclaimers

------
RESOURCES

William D. Cohan

https://x.com/WilliamCohan 

Tyler Maroney

https://x.com/tydamar 

------

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

https://www.bankless.com/disclosures⁠

Markets are ripping despite $120 oil and an escalating war. Ryan and David break down why the AI boom is drowning out macro risks, whether a wave of trillion-dollar IPOs could mark the top, and how DeFi just bailed itself out after its biggest hack ever.

---

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🧭OKX | TRADE, EARN, PAY

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---

TIMESTAMPS & RESOURCES

0:00 Intro

2:28 Oil War & $120 Oil Crisis

https://x.com/pete_rizzo_/status/2049589290326212768

https://x.com/KobeissiLetter/status/2049713857728524691

https://x.com/KobeissiLetter/status/2049534394302394603

https://x.com/Rory_Johnston/status/2049834460233756744

https://x.com/KobeissiLetter/status/2048593172423495858

https://x.com/charliebilello/status/2049613424749838445

https://x.com/KobeissiLetter/status/2048461842540834913

https://x.com/biancoresearch/status/2049598646648181221

https://tether.io/news/tether-supports-freeze-of-more-than-344-million-in-usdt-in-coordination-with-ofac-and-u-s-law-enforcement/

https://x.com/AggrNews/status/2047711619304587602

https://x.com/SecScottBessent/status/2049281442451001711

16:46 Markets Rally vs Reality (AI Boom) or AI Bubble & IPO Top Signal

https://x.com/KobeissiLetter/status/2049165243100827821

https://x.com/KobeissiLetter/status/2049149137292001672

https://x.com/NoLimitGains/status/2049213286311436597

https://x.com/shiri_shh/status/2049040515107270751

https://x.com/Shaughnessy119/status/2049228075766788402

https://x.com/IvayloPashov/status/2049475041113378909

https://x.com/realarmaansidhu/status/2047080574737592798

27:22 Fed, Powell, Rising Inflation, Bitcoin Narrative & National Security

https://x.com/EdwardLawrence/status/2049583458393980995

https://x.com/firsttohearit/status/2049574617665c114570 

https://x.com/KobeissiLetter/status/2049551229349511663

https://www.cnbc.com/2026/04/29/jerome-powell-says-he-will-continue-to-serve-as-a-fed-governor-even-after-chairmanship-ends-.html

https://x.com/KobeissiLetter/status/2049609008399503750

https://x.com/pete_rizzo_/status/2049589290326212768

https://x.com/TFTC21/status/2049135996654981459 

36:59 MegaETH Launch

https://x.com/megaeth/status/2047352341473505435

https://cryptobriefing.com/megaeth-token-generation-event-set-for-april-30-2026/

https://x.com/bread_/status/2049870525779128345

https://dexscreener.com/megaeth/0x5fb29184c49546c13a14a3958f21e5759f0821f2

https://x.com/bubblemaps/status/2049874252153618436

https://www.youtube.com/watch?v=g4YI5u-hZJo

40:33 DeFi Bailout (KelpDAO → DeFi United)

https://defiunited.world/

https://x.com/StaniKulechov/status/2047413237113868576

https://x.com/aave/status/2048189931856535887

https://x.com/CoinDesk/status/2049290843677151501

https://x.com/aave/status/2048958367658332413

https://x.com/jussy_world/status/2049534154488840259

48:30 Polymarket Insider Trading Case

https://www.justice.gov/opa/pr/us-soldier-charged-using-classified-information-profit-prediction-market-bets

https://www.bbc.com/news/articles/clyxd5wrr0wo

https://www.wsls.com/news/national/2026/04/28/us-soldier-charged-with-using-intel-to-win-400k-on-maduro-raid-to-appear-in-court-in-nyc/

https://x.com/shayne_coplan/status/2047712706342326496

51:27 “Code Is Not a Crime” vs Reality

https://cointelegraph.com/news/acting-ag-blanche-signals-doj-pivot-code-is-not-a-crime

https://x.com/Cointelegraph/status/2048834708088267256 

https://www.therage.co/blanche-vegas/

https://x.com/valkenburgh/status/2048846522347884669

https://x.com/rstormsf/status/2049157683916464278

55:45 Stablecoins Go Mainstream (Visa + Meta)

https://investor.visa.com/news/news-details/2026/Visa-Accelerates-Stablecoin-Momentum-Adding-Five-Blockchains-for-Settlement/default.aspx

https://www.coindesk.com/business/2026/04/29/tech-giant-meta-starts-paying-some-creators-in-stablecoin-with-stripe-s-support

https://x.com/dwr/status/2049551855991308387

58:50 Closing & Disclaimers

---

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

https://www.bankless.com/disclosures

$MEGA token is live, but the bigger story is what the launch says about the future of L2s. Co-Founders Shuyao and Lei join Bankless to unpack why MegaETH tied its TGE to app milestones, why USDM and proximity markets could become core revenue streams, and how the team is thinking about appchains, AI agents, security, and Stage 2 decentralization.

---

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💰NEXO | YIELD + CREDIT LINE
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---
TIMESTAMPS

0:00 MegaETH Reaches TGE: KPIs and Milestones
3:10 The 10 Apps That Unlocked Launch
8:12 Composability for New Crypto Apps
11:22 World Markets as MegaETH’s Liquidity Hub
14:13 USDM and the First Revenue Stream
15:59 Co-Location, Low Latency, and Proximity Markets
19:40 Proximity Markets vs. MEV
22:13 Revenue and Token Value Accrual
25:15 Ethereum Decentralization as a KPI
27:40 Token Unlocks and Launch Supply
30:31 Terminal, Incentives, and Flux
32:28 MegaETH vs. Appchains
38:31 Could MegaETH Support Polymarket Scale?
41:12 AI Agents on a Fast, Cheap Chain
47:23 KelpDAO, Arbitrum, and L2 Decentralization
55:38 Life After TGE

---
RESOURCES

Shuyao Kong
https://x.com/hotpot_dao

Lai Yang
https://x.com/yangl1996

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

Rory Johnston, the “oil quant,” joins us to explain why the Hormuz crisis could become the biggest oil shock in history.

Oil markets are already screaming. Supply is trapped, inventories are being drained, and the market may still be underpricing the scale of the disruption. 

If the Strait stays closed, Rory says the path to $200 oil is no longer crazy. It may be the next stop.

This is oil, geopolitics, inflation, and markets all colliding at once.

------

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https://go.metamask.io/BL-Pod-Download 

🌐BRIX | EMERGING MARKET YIELD

https://bankless.cc/brix

💰NEXO | YIELD + CREDIT LINE

https://bankless.cc/nexo

🧭OKX | TRADE, EARN, PAY

https://app.okx.com/join/USBANKLESS

------

TIMESTAMPS

0:00 Intro

1:17 What is a Barrel of Oil?

7:04 How is Oil Transported?

8:24 Is Oil Fungible?

13:25 Oil Then Vs Now

17:10 Peak Oil?

24:59 Hydrocarbon World Distribution

29:32 What is Spare Capacity?

32:14 Inventories in the Buffer System

35:04 Oil Futures

38:59 Oil Curve

44:51 Economic Implications of Oil Markets

48:48 Straight of Hormuz

55:30 Future Oil Price Action

1:03:53 Steelmanning the Market Reaction

1:13:23 When will the Straight Open?

1:21:57 Is the USA Winning?

1:27:49 Pressuring Iran

1:31:48 Signals to Watch

1:33:36 Fast Forward to 2050

1:38:38 Closing & Disclaimers

------
RESOURCES

Rory Johnston

https://x.com/Rory_Johnston 

Commodity Context

https://www.commoditycontext.com/ 

------

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

https://www.bankless.com/disclosures⁠ 

Has Bitcoin already bottomed, or are investors still looking at the wrong signals? Jordi Visser joins Bankless to argue that AI is destroying software moats, reshaping inflation, and pushing capital toward scarce assets, with Bitcoin at the center of that shift. We get into his “AI is the new QE” thesis, the scarcity-versus-abundance portfolio, why the S&P may struggle in an AI regime, what a more muted Bitcoin cycle looks like, and where he still sees upside across the rest of crypto.

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💰NEXO | YIELD + CREDIT LINE
https://bankless.cc/nexo

🧭OKX | TRADE, EARN, PAY
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---
TIMESTAMPS

0:00 Intro
2:07 Jordi’s bold Bitcoin call
4:18 The AI endgame lands at Bitcoin
9:26 Bitcoin as the purest AI trade
12:49 SaaSpocalypse, quantum fear, and the private credit risk
20:49 AI is the new QE
26:55 Inflation, deflation, and the scarcity squeeze
34:28 What happens to stocks from here
44:24 Is AI a bubble?
48:17 The Bitcoin IPO and muted cycles
1:01:01 Has Bitcoin already bottomed?
1:09:03 The broken social pact
1:13:21 The rest of crypto, from ETH to stablecoins
1:17:29 Inside the scarcity portfolio
1:20:42 Jensen vs. Dwarkesh, China, and the chip war
1:27:42 Jordi’s AI stack and where to follow his work

---
RESOURCES

Jordi Visser
https://x.com/jvisserlabs

Jordi’s Substack
https://substack.com/@visserlabs

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

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.

---
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💰NEXO | YIELD + CREDIT LINE

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🎯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.

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🔮POLYMARKET | #1 PREDICTION MARKET

https://bankless.cc/polymarket-podcast 

🦊 METAMASK | DOWNLOAD NOW

https://go.metamask.io/BL-Pod-Download 

🌐BRIX | EMERGING MARKET YIELD

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🧭OKX | TRADE, EARN, PAY

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💰NEXO | YIELD + CREDIT LINE

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://thedefireport.io/bankless

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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

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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/ 

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

https://www.bankless.com/disclosures⁠