Circle is the first public company to run a token presale, and its stock went up on the news. @ramahluwalia, @austincampbell, and @perkinscr97 ask the one question that matters: where does the value actually accrue? On @bitsandbips Timestamps: 🚀 0:00 Introduction and Iran ceasefire update 🛢️ 1:02 What Ram and Chris are watching in oil and Hormuz 📊 4:49 Why markets are shrugging off geopolitical noise 🤖 13:25 Ram on why the market is all one giant bet on AI 💬 16:03 Is the AI rally a bubble or a fundamental shift? 🏦 27:04 Circle launches Arc: could its token compete with its own stock? 📉 40:21 Coinbase: were the layoffs due to AI or the bear market? 🎭 48:26 What it says about the industry that Consensus’s afterparty was at E11even The Crypto Industry’s Maturity Problem