New Era Finance Podcast
@new_era_finance
Weekly insights for the next era of finance. Featuring the world's leading voices in finance | Hosted by @cryptomichnl | New episode dropping weekly 🎙️
120 Following 2.9K Followers
"I think we are kind of out of the woods."
That's Mark Yusko's take on where Bitcoin stands today.
@MarkYusko needed to see "a series of higher highs and higher lows" after months of selling pressure, where owners keep selling to new investors. The first real signal was a double bottom around the $60,000 level, this time with higher volume.
Now he sees a market that is back in an accumulation pattern. But don't expect a rocket just yet. "Accumulation is the beginning of a bull market. Now that doesn't mean parabolic move straight up."
His timeline: a "crypto spring" where it goes up and down and "you don't go anywhere", then "crypto summer a year from now", but the fast move is "really not till post halving."
Thanks to Mark Yusko for coming on @new_era_finance
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"I think Bitcoin, you know, it's coming up on two trillion dollars again. I think super easily it's a $15 trillion asset."
@MarkYusko, CEO and CIO of Morgan Creek Capital, on why that number isn't hopium but arithmetic:
His fair value model runs on Metcalfe's law: a network's value scales with its users, and Bitcoin's user growth has priced it below the curve. The monetary side does the rest. $10 trillion issued in the last five years, as much as the first 245 years of the United States combined. Inflation that quietly removes half your purchasing power over thirty years. Scarcity, in his read of currency history, wins that argument every single time.
But the detail that makes him credible is the one bulls usually hide: returns shrink as Bitcoin grows. The path to $15 trillion takes 5 to 10 years, moves through a slow "crypto spring" first, and the fast part only arrives after the next halving. Smaller multiples, longer waits, he says it out loud.
The institutional Bitcoin case has quietly changed shape. It's no longer "100x or nothing", it's a maturing asset converging on a $15 trillion fair value as the denominator debases. Less exciting. Far more fundable.
His model, his call. The question it leaves: if the upside is 7x over a decade instead of 100x over a cycle, does that make Bitcoin less interesting, or finally investable?
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Concordium's CEO, Boris thinks we are going to slow with implementing blockchain technology in everyday life:
"I think our industry has done a abysmal job in the past nine years."
Boris Bohrer-Bilowitzky says the tooling still isn't there.
Explain a seed phrase to a 50-year-old neighbor and the answer is "I'm not touching that."
In his opinion: regulation is inevitable, even though the cypherpunk in him says no.
Want more? Follow @new_era_finance for daily insights.
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@star_okx has built OKX through every crypto crash of the last 15 years.
His one survival rule:
"If we have more long-term vision I think it will be the best skills to survive and benefit from the industry."
Crisis after crisis, he says the industry came out bigger.
Follow @new_era_finance for daily insights.
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"Every chain is racing right now to let AI agents move money, which is cool, but none of them can tell you who's behind the agent."
Boris Bohrer-Bilowitzky, CEO of @Concordium, on the gap in this cycle's loudest narrative:
The agent economy everyone's building assumes a question that nobody has answered. An AI agent with a wallet can transact, lose money, break rules, and there is no settled answer to who carries that. The developer? The owner? Nobody?
Finance solved this centuries ago: no identity, no accountability, no market. Every counterparty you've ever traded with was, ultimately, someone. Agents break that assumption at scale, millions of economic actors with no one visibly behind them.
His framing of the fix matters as much as the fix: not surveillance, not anonymity, but proof without exposure, demonstrating who you are without handing your passport to every platform. The opposite of the all-or-nothing choice governments are currently pushing.
The agent trade everyone's pricing throughput, how fast machines can move money. The unpriced layer is accountability, whether anyone can answer for them. Rails without identity isn't a financial system. They're a liability pool waiting for its first court case.
@BBilowitzki
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Raoul Pal Nr. 3 recorded in Singapore is a wrap!
We asked @RaoulGMI about his upcoming book 'The Everything Code', where markets and macro go from here, and what happens to money when AI agents start acting in the economy.
We put some of his boldest past calls in front of him and asked how he sees them today. And some of those predictions are big. Very big.
Coming soon on New Era Finance 👀🍌
Excited for this episode? make sure to subscribe to YouTube, Spotify or Apple Podcast
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What really caused the October 10 crash?
@okx CEO @star_okx on why leveraged yield products are riskier than they look:
"delta neutral doesn't mean risk is zero or risk risk is low."
His point: looped collateral turns a small market move into cascading liquidations, and that's why he says regulated platforms matter.
Follow @new_era_finance for daily insights.
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Robinhood stock just hit a 9-month high, riding Bitcoin's rally above $85,000. @Matt_Hougan explained exactly why that connection isn't a coincidence.
"We were all talking about Robinhood chain in July. Wall Street upgraded Robinhood stock at the end of August. As an investor, you actually had two months where it was common knowledge on crypto Twitter that this thing was a rocket ship."
His broader point: the narrative and the data now move before the price. He named Arbitrum and Uniswap as the same pattern, weeks ahead of the market catching on.
Full episode on New Era Finance 🎙️
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"I do think DeFi will just be finance in the future."
@Matt_Hougan on why the label itself may not survive.
His example: Robinhood integrated with DeFi under the hood and is now doing roughly a billion dollars in profit a year, without most of its users ever knowing or caring that it's "DeFi" at all. "It's just a better way to conduct finance."
Full episode on New Era Finance 🎙️
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@Matt_Hougan told CNBC this week: "crypto winter is over, it's crypto spring."
Turns out he already told us the same thing weeks earlier.
"Ever since the turn into July, it's been a real relief. It's been amazing to see Bitcoin rally from 60 to 80 and pretty much stick the landing. This is a much more fun time to be in crypto than a few months ago."
Bitcoin is now trading above $84,000, its highest level since January.
Full episode on New Era Finance 🎙️
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"Hyperliquid making its case to be chiseled into the Mount Rushmore. Zcash is arguing that privacy should be on the Mount Rushmore. Venice is arguing that real world AI should be on the Mount Rushmore."
@Matt_Hougan, CIO of Bitwise, on the competition that actually matters this cycle:
His bigger point sits underneath the metaphor. The addressable market for DeFi protocols, in his read, just expanded 100x, from fighting over a $2 trillion crypto market to addressing the $100 trillion stock market and $300 trillion bond market. The prize changed. So the race changed.
And the migration only runs one way: once traditional investors move into the tokenized world, he says, they never go back. Meanwhile the venues themselves keep getting disrupted every eighteen months, the winners of the last cycle rarely carry the next.
Translation: the question this cycle isn't "does crypto win."
It's which protocols become the permanent infrastructure while everything around them keeps churning. Mount Rushmore has four faces. The applications outnumber the spots.
Bitcoin's spot is carved. Who gets the other three?
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The US is becoming more crypto-friendly. So why is @HenrikZeberg still expecting a major Bitcoin bear market?
Because he doesn’t believe regulation or adoption can override the macro environment.
Henrik argues that if the economy rolls over and the dollar starts strengthening, Bitcoin could face a very different environment, regardless of what happens with the CLARITY Act.
“The lack for dollars is going to kill anything that has to do with crypto.”
Want more? Follow @new_era_finance for daily insights.
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Tom Lee: "2027 could be the biggest stock market gains of our lifetime."
His reasoning: AI makes companies more profitable, costs fall, and that gives central banks room to ease. Rising earnings and rising multiples at the same time.
Full episode with @fundstrat on New Era Finance.
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Gold went sideways for 13 years. Matthew Mezinskis thinks that silence is about to matter a lot for Bitcoin.
"The most apples to apples comparison for Bitcoin is gold. I one hundred percent agree with you. Gold got to two thousand dollars an ounce in 2011, then went basically sideways for the next thirteen years, which happens to be almost exactly the lifespan of Bitcoin."
Two assets, one competing for the same pool of capital. When gold finally broke out with one of its most violent moves since the 1980s, it opened a question: does that liquidity eventually rotate into Bitcoin too?
His answer leans toward yes, and he lays out exactly why in this clip.
Want more? Follow @new_era_finance for daily insights.
@1basemoney
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Warren Buffett is sitting on 40% cash right now. Waiting for the fat pitch.
"Gold and silver should never be more than five to ten percent of your portfolio. We've been recommending a heavy slice of cash, because it's a great position in a risk sell-off scenario."
@DowdEdward on how to actually build a portfolio for what's coming.
"If you're young, 25, and you have a small retirement savings account, I don't think you even need to worry about it. If you're older, you should be raising cash to take advantage of opportunities on the other side."
His advice depends entirely on your age, not the headlines.
Want more? Follow @new_era_finance for daily clips.
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Edward Dowd thinks the AI bubble isn't about to burst. He thinks it already started, and most people are watching the wrong indicators.
We recorded the evening NVIDIA reported earnings. He'd already moved on to what comes after.
Ed ran money on Wall Street at BlackRock. His argument is mechanical, not emotional:
"Because we've delayed the reckoning, there's that much more leverage in the system. The unwind will be faster than it was in the dot-com bubble."
Every crisis we postponed added leverage. Now it all unwinds at once, and faster than 2000.
We cover:
- The three cracks he's watching: the semiconductor sell-off, the slowdown in AI adoption, and credit markets showing stress for the first time
- Why OpenAI and Anthropic's valuations need to keep rising just to keep financing themselves
- Why the power grid, not capital, may be the real ceiling on the AI build-out
- Why he says the average American is already in a recession that just hasn't been declared
- What he'd actually own right now
Thanks to @OKX for being the sponsor of today’s show. Make sure to use the 8% deposit bonus while you still can.
Timestamps:
00:40 - Why The Bubble Is Already Bursting
03:09 - Bitcoin's Next Move
05:49 - When Policy Hits Crypto
09:09 - The Oil Signal Nobody's Watching
11:53 - The Reckoning We Delayed
15:05 - Cracks In Private Credit
18:04 - Echoes Of 1929
29:49 - How Empires End
31:52 - The Real Estate Time Bomb
33:09 - The Housing Domino
36:51 - China's Slow-Motion Crisis
42:49 - What He'd Own Right Now
47:25 - Where Gold Goes From Here
52:30 - Cash vs Inflation: The Real Trade-Off
56:26 - Sizing Up The Trade
@DowdEdward
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The 8% Deposit bonus at @okx has been extended by three more days.
Get your 8% bonus now, sign up here and deposit your assets and enjoy free money:
The number on your portfolio screen might not mean what you think it means.
"There's a market cap fallacy, that something is worth its market cap. Market cap is not a valuation of a business. There isn't enough money in the world to actually facilitate the buying for that market cap to be realized."
Francis Hunt, The Market Sniper, on why trillions in "value" can vanish the moment everyone tries to cash out at once.
Want more? Follow @new_era_finance for daily insights.
@themarketsniper
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"Once you're in this system, you can check in, but you can't leave."
Francis Hunt (@themarketsniper) has a name for how the modern financial system works: Hotel California debt. A system built so it can only expand, never contract, and every exit door leads back inside.
The mechanism he walked me through explains the thing confusing everyone right now: why markets keep climbing while the fundamentals scream otherwise. It's not strength. It's the trap doing what traps do.
We cover:
- The long-term debt cycle, and why this one can't resolve quietly
- The Ernest Hemingway bankruptcy curve: systems fail slowly, then all at once
- The precedent nobody studied: Britain's 2022 pension crisis, where a slow leak became a bond market crash in days
- Forced sellers, collapsing prices, and why only cash buyers win that moment
- Why most investors are positioned for a world that's about to change under their feet
- Gold vs #Bitcoin# as the exits from the hotel
Thanks to @OKX for being the sponsor of the show. Make sure to check their deposit bonus, this ends at August 31st.
Timestamps:
00:00 - The Long-Term Debt Cycle
02:52 - Hotel California Debt
07:14 - Why Markets Keep Rising
12:12 - Rates Are Spiking
15:21 - The Devaluation Chart
19:38 - Gold vs Bitcoin
24:19 - Trapped By Design
25:41 - The Market Cap Illusion
28:35 - Financial Purgatory
30:19 - Japan's Trap
32:12 - The End Of Gold-Backed Money
38:59 - Why Gold Was Suppressed
39:35 - Correction Of Distortions
41:31 - Sovereignty Over Your Assets
42:41 - What's Next For Gold
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🎙️ What happens when Bitcoin reaches $1 million?
@CryptoMichNL says the entire financial system is cooked if Bitcoin hits $1 million.
Watch the latest #CHAINREACTION#.
I asked @themarketsniper the question everyone's avoiding: rates went from 0% to 5.5%, yields are spiking in Japan, and yet everything keeps going up. How long can this last?
His answer reframes what "up" even means:
"There's meltups — not in terms of gold ounces. Meltups in terms of dollar."
Stocks aren't rising. The ruler is shrinking. And his explanation for why nobody notices is the line I can't unhear:
"The dollar is devaluing far more rapidly than you realize. The only reason you don't realize this is because the euro is two, the pound is two and many others are all managed. So you're comparing lepers in a leper colony... As a result they look no better or no worse than you."
Every fiat currency measured against the others looks stable, because they're all deteriorating together. The only honest ruler left, in his view, is gold — and the buyers moving it aren't retail:
"Institutions and central banks are setting the gold price, not us as retail." Surplus nations "aggressively buying gold at the central banking level" — shoring up balance sheets "with real
things that you truly own, not ones that are pieces of paper that somebody else holds and can change your ability to get out of them."
His shape for how this resolves is the Hemingway bankruptcy curve: "It goes slowly at first and suddenly very fast."
The meltup is real. It's just measured in a melting unit.
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Divide the Nasdaq by gold, and the picture changes completely.
"That's the Nasdaq option, divided by gold. It's even more of a parabola than the S&P in terms of its move."
Francis Hunt, The Market Sniper, on the chart most investors never look at, and why it tells a very different story than the headline number.
Want more? Follow @new_era_finance for daily insights.
@themarketsniper
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"Once you're in this system, you can check in, but you can't leave."
Francis Hunt (@themarketsniper) has a name for how the modern financial system works: Hotel California debt. A system built so it can only expand, never contract, and every exit door leads back inside.
The mechanism he walked me through explains the thing confusing everyone right now: why markets keep climbing while the fundamentals scream otherwise. It's not strength. It's the trap doing what traps do.
We cover:
- The long-term debt cycle, and why this one can't resolve quietly
- The Ernest Hemingway bankruptcy curve: systems fail slowly, then all at once
- The precedent nobody studied: Britain's 2022 pension crisis, where a slow leak became a bond market crash in days
- Forced sellers, collapsing prices, and why only cash buyers win that moment
- Why most investors are positioned for a world that's about to change under their feet
- Gold vs #Bitcoin# as the exits from the hotel
Thanks to @OKX for being the sponsor of the show. Make sure to check their deposit bonus, this ends at August 31st.
Timestamps:
00:00 - The Long-Term Debt Cycle
02:52 - Hotel California Debt
07:14 - Why Markets Keep Rising
12:12 - Rates Are Spiking
15:21 - The Devaluation Chart
19:38 - Gold vs Bitcoin
24:19 - Trapped By Design
25:41 - The Market Cap Illusion
28:35 - Financial Purgatory
30:19 - Japan's Trap
32:12 - The End Of Gold-Backed Money
38:59 - Why Gold Was Suppressed
39:35 - Correction Of Distortions
41:31 - Sovereignty Over Your Assets
42:41 - What's Next For Gold
Show more
