Bankless

What happens when rebel money becomes institutional money? In this episode, David sits down with Bitcoin OG Dan Held to ask whether Bitcoin is actually going according to plan. They unpack Bitcoin’s cypherpunk origins, the rise of ETFs and corporate treasuries, Michael Saylor’s influence, Bitcoin’s missed scaling opportunities, privacy tradeoffs, quantum risk, the Satoshi mystery, and why Dan thinks Bitcoin can still flip gold.

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TIMESTAMPS

0:00 Is Bitcoin Going According to Plan?
2:39 Bitcoin’s Culture Changed, But Did the Code?
9:06 From Magic Internet Money to Digital Gold
15:08 Michael Saylor, Strategy and Concentration Risk
20:08 Is Bitcoin Becoming Too US-Coded?
24:12 Did Bitcoin Miss Its Scaling Moment?
29:42 Privacy, Cash and Bitcoin’s Tradeoffs
32:15 Satoshi’s Design Choices
37:50 BIPs, Quantum Risk and Bitcoin Upgrades
41:35 How Urgent Is Quantum?
44:14 The Satoshi Mystery
47:38 Bitcoin’s Next Phase of Adoption
49:23 Will Bitcoin Flip Gold?
53:11 Being Early Looks Crazy

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RESOURCES

Dan Held
https://x.com/danheld

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

War with Iran is back, but markets barely blinked. Ryan and David unpack Saylor’s $216 million Bitcoin sale, whether it marked the bottom, Robinhood Chain’s memecoin breakout, and Vitalik’s “Ethereum 3.0” roadmap.

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TIMESTAMPS

0:00 Intro

3:12 Iran War Returns, Markets Shrug & Saylor Sells 3,588 BTC — Was That the Bottom?

https://x.com/DrEliDavid/status/2074781504757027087 

https://x.com/saylor/status/2074101854875656316

https://www.bankless.com/read/how-strategy-can-sell-billions-in-bitcoin

https://x.com/rob_e89rtosmit/status/2074484772622172307

20:17  Robinhood Chain’s First Hit: Memecoins

https://x.com/vladtenev/status/2074695821896065360

https://x.com/haydenzadams/status/2075062776473546979

https://www.coindesk.com/tech/2026/07/09/cashcat-trader-turns-usd800-into-over-usd1-million-on-robinhood-s-brand-new-blockchain

https://dune.com/entropy_advisors/robinhood-chain-network-overview

28:17 Ethereum 3.0? Vitalik’s New Strawmap

https://x.com/VitalikButerin/status/2073459000398463446

https://strawmap.org

https://x.com/r2Jamong/status/2074053557284982925

https://x.com/barnabemonnot/status/2073708226701328474

https://x.com/dankrad/status/2073532475431887354

https://x.com/DefiIgnas/status/2073480431887056958

45:46 JPMorgan’s $700M Ethereum Fund & Paradigm Fundraise

https://cryptobriefing.com/jpmorgan-jltxx-tokenized-money-market-fund-surges-250-percent/

https://x.com/TradingProtocol/status/2074383012939141407

https://x.com/matthuang/status/2074873573983035801

53:13 The Fight for 24/7 Markets & David’s Portfolio Check-In

https://x.com/jchervinsky/status/2075230297134645744

https://x.com/econoar/status/2075056773724062031

https://x.com/rambo_xbt/status/2075192964259672434

https://x.com/TrustlessState/status/2062122936790581520

1:04:00 Closing & Disclaimers

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

https://www.bankless.com/disclosures

Multicoin provides investment advice to certain private fund clients that own HYPE tokens discussed herein and stands to gain in the event that the price of the token increases.
Multicoin's HYPE valuation report discussed in this podcast can be found as a link in the show notes. 
Any trading discussion is for informational purposes only and is not a recommendation to engage in derivatives, leverage, or any specific trading strategy.

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Hyperliquid is already one of crypto’s biggest perp stories, but Multicoin’s Tushar Jain thinks the market may still be looking at it too narrowly. In this episode, David sits down with Tushar to unpack the deeper thesis: portfolio margining as the hidden unlock, HIP3 and builder codes as the path to platformization, real traction versus farmed volume, and why HYPE’s value-capture model is unusually direct for crypto.

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS
https://thedefireport.io/bankless

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TIMESTAMPS

0:00 Intro
1:50 Perps Get TradFi’s Attention
3:17 More Than a Perp DEX
6:29 Why Portfolio Margining Matters
11:13 HIP3 and Permissionless Market Creation
13:47 Hyperliquid Becomes a Platform
19:54 The On-Ramp Question
21:36 Perps Are Not the Whole Thesis
28:04 Cash Flow as the Credibility Signal
33:05 Valuation Multiples and Lighter
34:36 Multicoin’s HYPE Framework
42:05 Token Value Capture
43:34 Unlocks, Wealth, and Team Motivation
48:30 The US Perps Question
52:27 Does Hyperliquid Need to Come Onshore?
54:32 The Final Bull Case

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RESOURCES

Tushar Jain
https://x.com/tushar_jain

Multicoin's Hype Analysis and Valuation report can be found here:
https://multicoin.capital/2026/06/25/hyperliquid-hype-analysis-and-valuation/
The report includes important disclosures concerning the data and assumptions by Multicoin discussed today.
Multicoin may have interests in companies mentioned during the episode.

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

Robinhood Chain is live, and it may be one of the clearest signs yet that traditional finance is moving onto Ethereum rails. Johann Kerbrat, VP of Crypto at Robinhood, joins David to unpack the launch of tokenized stocks, USDG yield through Morpho, regulated and crypto-native perps, the Lighter integration, and why Robinhood Wallet is being built for the billions of people who have never used crypto before.

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BANKLESS SPONSOR TOOLS:

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📊BITGET | TOKENIZED STOCKS 2.0
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🎯THE DEFI REPORT | ONCHAIN INSIGHTS
https://thedefireport.io/bankless

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TIMESTAMPS

0:00 Intro
1:45 Robinhood Chain Goes Live
2:45 Robinhood’s 15-Product Crypto Push
5:47 Tokenized Stocks on Robinhood Chain
11:32 USDG Yield and Robinhood Earn
16:19 Perps Across Robinhood, Bitstamp, and Lighter
19:44 The Lighter Partnership
23:12 Will Robinhood and DeFi Converge?
27:15 Why Robinhood Chose Arbitrum
28:40 Building Crypto for Non-Crypto Users
31:36 How to Get Started on Robinhood Chain

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RESOURCES

Johann Kerbrat
https://x.com/JohannKerbrat

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

Crypto looks bullish again, but the receipts are complicated. David and Ryan unpack OpenUSD’s USDC threat, Robinhood Chain’s tokenized stocks, Saylor’s hedge-fund pivot, Venice’s token dilemma, Cloudflare’s stablecoin payments, and Trump’s $1.4B crypto haul.

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BANKLESS SPONSOR TOOLS:

🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE

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📊BITGET | TOKENIZED STOCKS 2.0

https://bankless.cc/bitget-stocks

🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://thedefireport.io/bankless

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TIMESTAMPS & RESOURCES 

0:00 Intro

2:37 Market Bounce + Fed Watch

https://x.com/KillaXBT/status/2072288076928266434

https://www.cnbc.com/2026/07/01/kevin-warsh-ecb-forum-live-updates.html

https://polymarket.com/event/fed-decision-in-july-181

https://thedefireport.io/research/52-of-the-btc-supply-is-now-in-the-red

https://x.com/Geiger_Capital/status/2072660106035028395

8:37 Strategy’s Digital Credit Capital Framework

https://x.com/saylor/status/2071565162377568377

https://x.com/Strategy/status/2071565225699004761

16:37 The Rise of Robinhood Chain

https://x.com/RobinhoodApp/status/2072390893181481419

https://x.com/charliekerr/status/2072477658802217187

https://x.com/EntropyAdvisors/thread/2072395320752050212

https://x.com/trent_vanepps/status/2072405895313588351

https://x.com/Lighter_xyz/status/2072394977729040722

https://x.com/Lighter_xyz/status/2072401925094441109

26:10 Venice AI Becomes a Unicorn

https://techcrunch.com/2026/07/01/venice-ai-becomes-a-unicorn-with-65m-series-a-as-its-privacy-first-ai-platform-takes-off/

https://x.com/ErikVoorhees/status/2072326370206581037

https://x.com/ErikVoorhees/status/2072336126912630921

https://x.com/MikeIppolito_/status/2072353260795572281

https://x.com/ChainLinkGod/status/2072378849921577306

https://x.com/CosimoCapital/status/2072450958270050394

35:07 OpenUSD vs USDC

https://joinopenstandard.com/blog/introducing-open-usd/

https://x.com/stripe/status/2071948464762618051

https://x.com/jerallaire/status/2072252803163255179

https://x.com/lorenzoark/status/2071997238713127404

https://x.com/HadickM/thread/2072286093744234864

https://x.com/koeppelmann/status/2071961529671418065

https://x.com/paoloardoino/status/2071982330915225771

46:10 Ethereum Institutional Launches

https://x.com/ethereuminsti/status/2072304960142729373

https://www.ethereuminstitutional.org/

https://x.com/fundstrat/status/2072318453248094708

https://x.com/Sharplink/status/2072307000298397834

https://x.com/ethlabs_org/status/2072326438594748921

49:03 Trump’s $1.4B Crypto Disclosure

https://x.com/aggrnews/status/2072059335081967812

https://x.com/AC360/status/2072128334666879070 

https://x.com/business/status/2072069350060617837

54:28 Solana Memecoin Revival

https://x.com/TrustlessState/status/2072653822283874481

https://www.coingecko.com/en/coins/the-black-bull

https://x.com/Adam_Tehc/status/2072183263893065930

https://polymarket.com/event/what-price-will-ansem-hit-in-2026

59:20 Cloudflare x402 Stablecoin Payments

https://blog.cloudflare.com/monetization-gateway/

https://youtu.be/TKVY4hVAd9g

1:02:08 Meme of the Week

https://x.com/pubity/status/2072436231284072635

https://x.com/FoxNews/status/2072357302942752993

https://x.com/RidazLp2/status/2072563280602927377/photo/4

1:03:35 Closing & Disclosures

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

https://www.bankless.com/disclosures