The difference between him and many of the traditional CEOs that you'll see is that he's founder-led, right?

He founded that company.

And founder-led companies are wired differently.

And if you're a founder and you've been a disruptor your entire career, you're also a lot more paranoid than other people because you know what a disruptor can do.

Jeff is sitting on top of a $90 billion company.

Oh, and by the way, he bought Nizzi. Who would have thought this startup coming out of nowhere on derivatives bought buys Nizzi, one of the most storied. Why? It's the tale as oldest time. Derivatives are more important than spot. Sorry, guys. That's the reason why I spot a Nizzi. Now, so he's 90 billion dollar market cut founder,

and he's like, there's 11 guys over there, they're killing it. Hey, everyone, welcome to bits and

bibs, where we explore how crypto and macro collide one basis point at a time. We're here today to

discuss the latest stories in the worlds of crypto and macro, but before we begin, a quick commercial break.

If you've been loving bits and bibs, don't forget that the show is transitioning to its own feeds on X, YouTube, and your favorite podcast player.

If you're not already subscribed to bits and bips on its own channels, go there now and hit that subscribe button so you can keep up with our twice weekly live streams and macro meets crypto breakdowns.

Bits and Bists will only be on the Unchained feed for a few more weeks.

So subscribe today to be ready for launch.

You can get all the links at Unchained Crypto.com slash bits and bits.

All right, welcome back. And as always, I'm your host, Austin Campbell, high scholar of zero knowledge group, here with my co-hosts, Rahm Alawalia, Maester of Wealth, the leader of Lumina, and Chris Perkins, the golden hand of coin fund. Before we begin today, a quick note for everybody, we're going to be

transitioning to new dedicated bits and bips channels. We've begun releasing shorter segments

from the episodes there, but next week, we're officially moving the full Bits and Bips interviews

to their new home on the dedicated channels. So if you're not subscribed on X, on YouTube, on Spotify,

on Apple Podcasts, or wherever you get your podcasts, please go there and sign up for now so

you can keep up with us. Now, let's talk about something that's relatively big news here,

which is Anthropic has filed for an IPO. So I would say this is the first real test of AI valuations hitting public markets.

The news is that Anthropic has confidentially submitted a draft S1 registration statement to the SEC.

...