Bits + Bips: Why a US Strategic Crypto Reserve Doesn’t Even Make Sense - Ep. 794

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 5 March 2025

⏱️ 87 minutes

🔗️ Recording | iTunes | RSS

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Summary

A strategic crypto reserve for the U.S. economy? That’s Trump’s latest proposal (or directive?)—and the reaction from the industry has been… let’s just say, mixed. Would it even work? And does it create more problems than it solves? Meanwhile, the White House is hosting a crypto roundtable—but not everyone is convinced it’s going to be productive. Who will be in the room, what will actually be discussed, and will it help or hurt the industry? On this episode of Bits + Bips, hosts James Seyffart and Noelle Acheson together with guests Steve Hou and Steven Ehrlich break it all down. Will tariffs and macro factors keep weighing on crypto? What’s driving the explosion in new ETFs? And what happens if banks start issuing their own stablecoins? Plus: What could be the real next catalyst for the crypto market. Show highlights: 6:13 - Whether a strategic crypto reserve makes sense for the U.S. 14:50 - How this reserve could actually give people outside of crypto second thoughts 24:37 - What the Crypto Roundtable will be about and whether it’s what the industry wanted 27:32 - Whether David Sacks is directing the reserve allocations so as to personally benefit 32:07 - Why Noelle was surprised after the SEC stated memecoins are not securities 42:22 - James’ insights into the avalanche of altcoin ETFs 47:10 - The significance of BlackRock adding IBIT to its model portfolio 54:02 - How macro news drove risk assets to such a selloff on Monday 58:12 - Why the 10YT is such a significant chart to watch 1:10:21 - Whether the war in Ukraine is coming to an end 1:16:20 - What the next catalyst for crypto is 1:19:07 - Whether stablecoins are a good business for banks Thank you to our sponsors! RockWallet Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Guests: Steve Hou, Quantitative Researcher at Bloomberg LP Steven Ehrlich, Executive Editor at Unchained Links Crypto reserve: Unchained: Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve Bloomberg: Bitcoin Reserve Is Likely to Come First From States, Senator Lummis Says Crypto roundtable: CoinDesk: Trump to Host First Crypto Roundtable at White House Next Week Crypto Czar David Sacks says he sold crypto holdings before administration began Memecoins: SEC: Staff Statement on Meme Coins ETFs: SOL: CME Group to launch Solana futures on March 17 as ETF momentum builds BlackRock Adds Its Bitcoin ETF to Model Portfolio for First Time Macro: Trump’s tariff post on Truth Social Atlanta’s negative 2.8% GDP projection CNBC: 10-year Treasury yield falls to lowest since December on latest signs of slowing economy Reuters: Inflation, growth may be in conflict but Fed seen restarting cuts in June US weekly jobless claims post largest gain in five months; weather blamed Stablecoins: CoinDesk: Bank of America CEO Says Bank Will Likely Launch Its Own Stablecoin Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I think we've, you know, come to an agreement here that it doesn't really make much sense
0:04.3	for the U.S. to do it. And it certainly doesn't make sense for the U.S. to just have handsily add,
0:08.7	you know, these other coins in there. I don't know. Do you think, I mean, they're probably
0:13.4	going to add even more coins, you know, now that you've opened a pocket.
0:17.9	Hi, everyone. Welcome to Bits and Bips, exploring how crypto and macro collide one basis point at a time.
0:23.4	This week, Trump's announcement of a strategic crypto reserves and market surging, only to retrace almost all the gains Monday.
0:29.3	Still not everyone's convinced Bitcoin Maxis and even mainstream crypto voices have pushed back,
0:34.7	arguing that only BTC Bitcoin belongs in a reserve.
0:38.3	We'll dig into why Trump made this move and what the real allocation could look like.
0:43.2	The White House is set to hold a major crypto roundtable this Friday.
0:46.1	We'll discuss what to expect and how it could shape the administration's approach going forward.
0:50.1	On the macro side, tariffs are back on the table.
0:53.0	Equities, tanked, plus the 10-year yield is dropped below its lowest level since December, signaling economic slowdown.
1:00.0	We'll break down what all this means for markets.
1:02.0	Also on the geopolitical front, you're living under rock.
1:05.0	There was a huge shakeup in the Oval Office this week between Trump and Zelensky.
1:09.0	Zelensky has basically rejected calls for an immediate ceasefire after a rough White House visit,
1:13.8	basically saying he doesn't want to do this without some sort of safety measures,
1:18.9	security guarantees.
1:20.6	How does this impact global stability in the broader risk trade?
1:23.2	But before we dive into all that, some quick intros.
1:25.2	I'm your host, James Safer, Tradfai Archmaister,
	...

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