Could BTC Outperform Gold? Plus, Ethereum's Big Advantage: Bits + Bips - Ep. 928

Unchained

Laura Shin

News, Business News, Tech News

4.6 • 1.3K Ratings

🗓️ 21 October 2025

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins tackle a packed agenda: from the fairness of Binance’s listing fees to the ways in which DeFi didn’t perform well during the “Black Friday” crash, why Tempo’s $500 million raise might have been a political ploy, and the growing war over stablecoin dominance. The trio debates whether Bitcoin is undervalued compared to gold, why Ethereum’s 10-year track record gives it an edge, and whether today’s Digital Asset Treasuries (DATs) are just froth, or the permanent backbone of institutional crypto. Plus: Austin makes a bold prediction about the stablecoin that will dominate by 2040. Sponsors: Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Links: Binance Listing Fee Drama Unchained: Binance Listing Fee Fight: What’s a Fair Price to List on the Top Crypto Exchange? Binance Claims It Does Not Profit From Token Listings Jesse Pollak (Base) chimes in Tempo & Dankrad Fortune: Exclusive: Stripe-backed blockchain startup Tempo raises $500 million round led by Joshua Kushner’s Thrive Capital and Greenoaks Ethereum core dev Dankrad Feist joins Tempo Reactions: Ryan Adams (Bankless): Tempo will optimize for itself, not ETH. Nick Almond: Not a death sentence for ETH Breadguy: Big loss. Dankrad was a major L1 scaling advocate. Black Friday Dan Wilson: 3 big lessons post-crash Gold vs. BTC GOLD/BTC up ‎23.5% in past month Bitcoin Is Undervalued vs. Gold DATs Bloomberg: Huobi Founder Li Lin Set To Launch $1 Billion Ether Accumulator - Bloomberg CoinDesk: Ripple Set to Enter Corporate Treasury Business With $1B Acquisition of GTreasury Timestamps: 🎬 0:00 Intro 💸 3:39 Binance listing fees — fair price for distribution or pay-to-play? 🏛️ 10:19 What is the best way to go public? ⚔️ 11:57 How exchanges really compete behind the scenes 💥 15:00 “Black Friday”: why Chris calls it catastrophic — but with a silver lining 🧱 24:52 What the industry must fix to prevent another meltdown 💵 30:15 How Tempo’s $500M raise represents peak frothiness 🚨 39:12 Is Dankrad’s exit from the Ethereum Foundation a red alarm for ETH? 🔮 43:07 Austin’s bold prediction: which stablecoin wins by 2040 🥇 46:17 Is Bitcoin undervalued compared to gold? 🏗️ 52:21 Why DATs are here to stay despite the market carnage Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey all, you might have noticed in recent months that our original crew of co-hosts has not been appearing regularly.
0:07.0	All around the same time, different co-hosts suddenly could no longer do the show for different reasons.
0:12.0	We've kept it going with great guests and having our executive editor, Steve Erlick, fill in as moderator while we searched for a new set of co-hosts.
0:20.0	Today, we're happy to announce that Rahm Alamalia, one of the original crew, will now be joined
0:25.0	by Chris Perkins, the Golden Hand of Coin Fund, and Austin Campbell, High Scholar of Zero Knowledge
0:30.8	Consulting. Austin will also replace James Seyford as moderator. We're so excited to have both
0:37.0	Austin and Chris. All three of the co-hosts
0:39.5	have solid tradfi and crypto chops, and they all manage or have managed money. Plus,
0:45.1	and this is the real reason we pick them, they all have sharp, spicy takes on all things crypto and
0:50.0	macro. We hope that you enjoy the outfit that they drop in the show as they continue to explore
0:54.5	how crypto and macro collide one basis point at a time. We're super grateful to James Seyfert,
1:00.3	Alex Krueger, Noel Atchison, and Joe McCann, who are the original co-hosts, and you may see
1:05.2	them pop up every once in a while as guests. One last note. We will now also be streaming other interviews that fall under the
1:12.5	crypto and macro umbrella and under the Bits and Bips brand. These will be conducted by Steve,
1:18.1	who you all have come to know now since he filled in his moderator so frequently. That series
1:22.9	will kick off tomorrow when he interviews Preck and CEO, Arjun Seing. And with that, I'll hand it over to Austin.
1:29.5	Is Bitcoin undervalued versus gold right now? Yes. It depends. Look, everything depends on
1:36.0	time rise and all the rest, but I think tactically to the day where we stand, yes. I'm pretty sure
1:42.1	the stable coin that we'll have the largest AUM and transaction volume
1:45.5	in 2014 probably hasn't been creating it yet.
1:48.0	The theorem has some things going for that others don't and putting my old TradFi hat on
1:53.0	is 10 years, right?
	...

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