Bits + Bips: Every Fortune 500 Company Will Be a DAT - Ep. 944
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The government’s about to reopen, but the economic cracks aren’t healing.
From runaway debt to DATs trading below NAV, markets are feeling the strain of unsolved macro problems.
In this week’s Bits + Bips, hosts Austin Campbell and Chris Perkins are joined by Matt Zhang of Hivemind Capital and Felix Jauvin, head of content at Blockworks and host of Forward Guidance, to unpack what happens when policy meets reality.
They discuss why a $2,000 “tariff dividend” could ignite inflation, how America’s ballooning debt is constructive for crypto, and why DATs could still have plenty of potential, despite already showing cracks.
Plus: the Bank of England’s £20K stablecoin proposal, whether $3 trillion is too low a target for the sector, and a final provocation: is XRP worth more than Ripple equity?
Hosts:
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Christopher Perkins, Managing Partner and President of CoinFund
Guests:
Felix Jauvin, Head of Content at Blockworks and Host of the Forward Guidance Podcast
Matt Zhang, Founder & Managing Partner at Hivemind Capital
Links:
CNN: Trump’s shutdown win just landed Republicans with a huge political headache
Forbes: A $2,000 Tariff Dividend? Trump’s New Pitch Raises Tax Concerns
BeInCrypto: Digital Asset Treasuries Are Collapsing: Lost Confidence Triggers Market Sell-Off
FT: Bank of England dilutes planned rules for UK stablecoins
CoinDesk: U.S. Fed's Miran Says Policy Needs to Adjust to Stablecoin Boom That Could Reach $3T
Timestamps:
🎬 0:00 Intro
🏛️ 2:33 The U.S. government will reopen—but the economic damage lingers
💸 11:02 Could Trump’s proposed $2,000 “tariff dividend” spark inflation?
🧩 16:18 Why no one is fixing America’s long-term fiscal problems
🪙 18:59 How runaway debt should be bullish for crypto
📈 20:52 Finding the “true” risk-free rate
💥 23:00 Why DATs are trading below NAV, and if staking ETFs are the better bet
✅ 31:09 The five ingredients of a successful DAT
📉 38:39 Are DATs fairly priced?
💷 42:45 Why the Bank of England wants to cap stablecoin holdings at £20K per user
🌐 50:45 Is $3 trillion too conservative a forecast for stablecoin growth?
⚖️ 57:41 What’s worth more: XRP or Ripple equity?
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The Biggest Market Crash Since 2020, What Next? | Felix Jauvin & Quinn Thompson
Gm! This week we're joined by Felix Jauvin & Quinn Thompson from the Forward Guidance podcast to discuss where markets go next from here. After the market sold off in reaction to the Trump tariffs, we deep dive into the bull vs bear case in 2025, Trump's end game, building the perfect portfolio, Coinbase vs Robinhood, is Bitcoin really a safe haven asset & more. Enjoy!
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Timestamps:
(00:00) Introduction
(00:52) Turning Bearish In 2025
(11:38) Ads (Aptos, Zenrock)
(12:58) How Trump Spooked Markets
(16:44) The Trump & Bessent Playbook
(20:12) The Bull vs Bear Case In 2025
(28:56) Ads (Aptos, Zenrock)
(30:15) How To Position Under Trump 2.0
(33:54) Will The Fed Step In?
(37:55) What We Learnt From SVB’s Collapse
(40:52) Ads (Falcon X, WalletConnect, Token.com)
(43:05) What’s Trump’s End Game
(47:53) Is Bitcoin A Safe Haven?
(50:45) Building A Crypto Portfolio
(01:04:23) Long vs Short Vol
(01:07:26) Coinbase & Crypto Equities
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.