In this episode of Bits and Bips, James Seyffart hosts Ram Ahluwalia, Steve Ehrlich, and Sal Ternullo to explore the intersection of crypto and macroeconomics. The panel discusses the recent spat between Elon Musk and Donald Trump, concluding it has little market impact but highlights the challenges of cutting government costs. They then analyze Circle's IPO, questioning its high valuation and potential competition from traditional banks, while also touching on the complexities of IPO allocations and the potential for a venture capital market reliquification. The conversation shifts to macro topics, including trade deficits, tariffs, and the potential impact of AI on productivity, with varying perspectives on the likelihood of a recession and the sustainability of current market trends. Finally, they examine the increasing trend of companies adopting Bitcoin treasury strategies, the potential for a supply shock, and the performance of Bitcoin and Ethereum ETFs, ending with a cautiously optimistic outlook on the crypto market.
