Why Bitcoin Isn't Acting as Digital Gold & International Stocks Are Winning - Bits + Bips

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 21 January 2026

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is brought to you by Uniswap! Are you a builder who needs to add on-chain trading to your product? The Uniswap Trading API from Uniswap Labs offers plug-and-play access to some of the deepest liquidity in crypto It’s on-chain execution at an enterprise level. More liquidity. Less complexity. Visit hub.uniswap.org to learn more. Is Bitcoin losing its “digital gold” narrative just as geopolitics heat up? The Bits + Bips crew debates what markets still aren’t pricing in. In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by David Duong, Global Head of Research at Coinbase, to unpack a volatile mix of crypto regulation, geopolitics, and shifting market structure. The group digs into why the latest market structure bill is starting to crack, why investors may be underpricing regulatory clarity, and what it means that Bitcoin is failing to behave like digital gold just as global risk rises. They also explore whether the U.S. and Europe are still true allies, why Wall Street’s move toward 24/7 onchain markets matters more than most realize, and how internet capital markets could reshape who gets access to capital in the next decade. 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 Guests: David Duong, Global Head of Research at Coinbase Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Most tokens, I would guess, are going to go to zero and things are going to die.
0:04.3	But the winners will be very big.
0:06.5	Even if we do see a market structure bill realize in 2026, let's say, I think that market hasn't priced it in yet.
0:14.6	The difference also between now and most of the last seven months or so is that investors are all in the market,
0:22.7	man.
0:23.7	There's no one off the sidelines now.
0:25.2	I've talked often about this massive risk gap between 24-7 markets and non-24-7 markets.
0:31.2	They just can't rebalance and it's going to lead to a massive crisis.
0:33.8	So hat tip to our friends over at Nizzi.
0:47.3	Welcome to Bits and Bips where we explore how crypto and macro combine one basis point at a time. I'm going to be your host today. I'm Chris Perkins, president of coin funds.
0:51.3	Today I'm with as usual, Ram Al-Alawalia, Master of Wealth, Leader of Alumina.
0:59.8	It's gone.
1:00.3	And today, I am blessed to have my dear friend, David Dong, Global Head of Research at Coinbase.
1:08.6	Gentlemen, we're here to discuss the latest stories in the worlds of crypto and macro.
1:13.6	And remember, nothing we say here is investment advice and check out unchainedcrypto.com
1:18.4	backslash bips and bits for more disclosures.
1:21.5	All right, let's go to the break.
1:23.9	Are you a builder who needs to add on-chain trading to your product?
1:27.8	The Uniswap Trading API from Uniswap Labs offers plug-in-play access to some of...
1:32.6	To be or not to be.
1:35.4	Right now, we're offering a range of incentives across Audi models.
1:39.0	That is the...
	...

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