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What’s the Story? AI Stocks, Crypto Downturn, Metals Selloff, SaaSpocalypse | Jim Bianco

Bankless

Bankless

Technology, Tech News, News

4.71.2K Ratings

🗓️ 12 February 2026

⏱️ 75 minutes

🧾️ Download transcript

Summary

Last week felt like four different crashes happening at the same time: AI software stocks melting down, crypto capitulating, gold and silver whipping around, and markets suddenly panicking about AI CapEx. Jim Bianco returns to Bankless to explain what actually changed: why AI is collapsing the cost of building software (and threatening SaaS pricing models), how “synthetic Bitcoin” in TradFi can amplify volatility even when nothing breaks onchain, and why the next crypto cycle can’t be powered by “permission” narratives, it has to be powered by replacement and building. --- 📣KRAKEN | DEFI EARN https://bankless.cc/Kraken --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 0:44 Super Bowl ads as a market metaphor 2:30 WTF was last week? Four selloffs collide 8:38 Why crypto traded like “software” in the selloff 13:52 AI CapEx fears: are we overbuilding the infrastructure? 17:00 The 1999 playbook: infra boom → crash → app-layer winners 28:53 Where the value accrues: users, not the hyperscalers 35:36 Gold & silver: why silver behaves like an “altcoin” 39:09 Why Jim is bearish on China 44:21 Trump, Europe, defense spending, and the “go to 11” problem 49:09 Synthetic Bitcoin: the offchain float problem 56:52 Crypto’s next narrative: replacement, not permission 1:01:57 Kevin Warsh, Fed independence, and a new Fed–Treasury accord 1:09:40 Portfolio wrap: puke signals, building signals, and 4–5–6 returns --- RESOURCES James Bianco https://x.com/biancoresearch --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Transcript

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0:00.0

Bankless Nation, the markets feel very chaotic lately. So we brought on Jim Bianco, who is a repeat

0:09.1

bankless guest, to tell us what the heck is going on. Before we get there, we're going to shout

0:14.2

out our friends and sponsors over at Crackin and their new DFI product. It's called Dify

0:19.4

Earn. It's all based right in the Crackin app, also called the Krak app. So you can deposit your stables into one of three different strategies that all go on chain. Depending on your risk appetite as an investor, you can get anywhere up to 8% on your stables inside of the crack app. Returns are variable, not guaranteed, of course. If you want to learn a little bit more, you can go into the show notes and find out more at bankless.com slash crack it. And now let's go and talk

0:41.8

to Jim Bianco to figure out what the hell is going on in the markets. All right, Jim, I saw your

0:45.3

Twitter, so I know you watched the Super Bowl. I think you call it the worst Super Bowl ever.

0:49.6

I tend to agree. But what did you think of the Coinbase commercial? That was also very controversial.

0:55.5

Did you see it? Yes, I did. I, uh, I, uh, I kind of liked it and kind of somewhat adjacent to

1:02.9

crypto is I kind of like the Claude commercials too. I thought that those were pretty funny as well.

1:08.1

But, uh, you know, I wouldn't quite go as far as to say it was the crypto or AI

1:13.2

able, you know, like we had a couple of years ago in 2022, 2023, but it was, it was, I liked it.

1:20.0

What about you? Okay, so I was watching it with my family and the reaction was basically like

1:25.3

everyone was singing along Backstreet Boys.

1:28.7

They had no idea what it was.

1:33.3

In the back of my mind, I was like, this looks really similar to the previous commercial Coinbase played.

1:34.7

So that was kind of out there.

1:35.7

And then as soon as the song kind of ended in Coinbase logo shows up and it says,

1:40.4

you know, crypto or whatever, my whole family looks at me and everyone groans.

1:48.3

So that was my experience with it.

1:50.9

Yeah, I will say this about the commercials in general.

1:53.6

I think that they're overproduced, you know, and basically what it is is every commercial to me seems to be the same.

2:01.7

Let's get a bunch of A-list celebrities, overpay them, overproduced 30 seconds of a big

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