Logo
    Search

    The End of the Petrodollar | Luke Gromen

    enJune 10, 2024

    Podcast Summary

    • Energy and Money InterconnectionThe relationship between energy and money is crucial, and high energy costs could lead to significant changes in the monetary system. Productivity enhancements from AI and humanoid robotics may cause deflation and incompatibility with the global debt-backed monetary system, potentially leading to defaults, bond buying by central banks, and the demise of traditional investment strategies.

      The relationship between energy and money is more interconnected than most people realize. Luke Gromen, the guest on this episode of Bankless, argues that energy is the base layer of money and that high energy costs could lead to a massive monetary system change. Most people are still assuming that the dollar equals oil, but according to Gromen, they're different. He uses the example of the S&P 500 total return since January 1, 2020, which is up 75% in dollars, up 15% in gold, and down 81% in Bitcoin, to illustrate that the denominators are wildly different. Gromen suggests that as productivity enhancements from AI and humanoid robotics become more prevalent, they will be exponentially deflationary and incompatible with the global sovereign debt-backed monetary system. Central banks will have to fully reserve consumer and sovereign debt with printed money, leading to potential defaults and the selling of treasury bonds. This could result in the Fed buying all the bonds, creating more dollar liquidity. Understanding this relationship between energy and money is essential for anyone on the bankless journey, and Gromen provides some actionable ideas on how to prepare for this potential monetary system change. The 6040 portfolio, which is a common investment strategy, is dead, according to Gromen.

    • Energy and sovereign debtHigh debt levels make it challenging to pay back debts during economic instability, especially when resources like oil and copper are needed to support growing economies. Countries with the ability to print currency for resources are game-changers.

      Energy and sovereign debt are interconnected in significant ways that have far-reaching implications for the global economy. When debt levels are high, as they are now, it becomes challenging to pay back debts during periods of deflation or inflation, especially when it comes to finding the necessary resources, like oil and copper, to support growing economies. The ability to print currency for oil, as the US has done for decades, is a game-changer for countries like China and India, which are rapidly increasing their ability to do the same. This dynamic, with its conflicting deflationary and inflationary pressures, highlights the unsustainability of the current sovereign debt-backed system that has been in place for over 50 years. Energy is the base layer of money because it's tied to human labor and the promises we make to pay back debts. Central banks, governments, and policymakers may not fully understand this connection, but it's essential to recognize that energy is the foundation upon which our financial systems and empires are built.

    • Energy and EmpiresEmpires have historically sought out cheap energy sources and secured them to avoid collapse, but underestimating the importance of securing a reliable and affordable energy supply can lead to collapse

      Energy is a fundamental requirement for the existence and functioning of empires and individuals alike. Empires have historically sought out cheap sources of energy and secured them to avoid collapse. The concept of entropy, which is the energy required to maintain systems, highlights the energy needs of empires as they grow and expand. The mispricing or acquisition of energy on the cheap has been achieved through various means, including slaves, productivity enhancers, and military force. Energy is essential for all living things and for the functioning of economies, and its availability and affordability significantly impact the value of currencies. The US dollar's status as the global reserve currency is linked to its ability to provide energy security, but this arrangement is changing as global central banks shift their reserves towards gold. The petrodollar system, which linked the US dollar to oil, is no longer holding, and the dollar's value is being challenged as energy alternatives gain prominence. Ultimately, the fundamental error for empires and individuals is underestimating the importance of securing a reliable and affordable energy supply.

    • Oil as a dominant energy sourceInvestors should consider energy as their denominator when measuring returns, as oil remains the largest marginal source of energy and primary transport fuel in a globalized economy, and historical relationships between the dollar and oil are changing, potentially leading to inflation and investment opportunities in gold, commodities, and inflation-protected industries.

      Oil remains a critical and dominant form of energy, despite the diversification of the energy mix. Oil is still the largest marginal source of energy and the primary transport fuel in a globalized economy. The speaker suggests that investors should consider energy as their denominator when measuring returns, as it is a unit of value and energy sources like oil, gold, and Bitcoin are all proxies for this denominator. The speaker also discusses the historical relationship between the dollar and oil, and how this relationship is changing, with the dollar no longer being as good as gold or oil. The speaker predicts that as this relationship continues to break down, investments in gold, commodities, and industries that benefit from inflation may perform well. The speaker also suggests that technological advancements can decrease the price of energy in the short term, but over time, supply and demand imbalances can lead to increasing energy prices.

    • Dollar disconnection from gold and oilThe disconnection of the dollar from gold in the 1970s enabled the US to afford uneconomical oil reserves, print dollars for oil, and maintain its status as the global reserve currency, ultimately weakening the Soviet Union

      The disconnection of the dollar from gold in the 1970s was a strategically brilliant move that allowed the US to win the Cold War and increase domestic oil production. This decision led to a significant increase in the price of oil, making uneconomical oil reserves in friendly areas like the Gulf of Mexico, Alaska, and the UK North Sea affordable. The US could print dollars for oil while the Russians couldn't, ultimately bankrupting them and weakening their power. This geopolitical move also allowed the US to maintain its status as the global reserve currency. However, it's important to note that the relationship between energy and currency is complex, and the goals of a country can influence the price of energy and the role of different currencies. The discussion also touched on the potential for energy miracles, but the second derivative impacts should be considered before getting too optimistic.

    • Celo's transition to Ethereum layer 2Celo, a fast-growing blockchain, is transitioning to Ethereum layer 2 using Optimism's OP stack, bringing lower gas fees and more users to Ethereum, and potentially increasing demand for gold as a potential oil currency.

      Celo, a fast-growing blockchain platform with over 375 million transactions and 1 million monthly active users, is poised to become a layer 2 solution on Ethereum using Optimism's OP stack. This transition, which includes the use of ERC-20 tokens for gas payments and the ability to send crypto to phone numbers, will help keep gas fees low and bring more users to the Ethereum ecosystem. Additionally, the price of oil could force a monetary change as countries like China shift away from the petrodollar and begin paying for oil in their own currencies, leading to a potential repricing of the dollar and increased demand for hard assets like gold. This trend, driven by geopolitical necessity, could result in gold becoming an oil currency and reduce the need for countries to hold US treasuries as reserves.

    • US dollar's supremacy under threatChina's increasing demand for gold, record-trade settlements, and competition to SWIFT could challenge the US dollar's dominance, leading to higher interest rates, inflation, or debt default, and potential political instability, benefiting assets like stocks, real estate, and gold.

      China's increasing demand for gold, record-breaking use of its currency for trade settlements, and competition to the SWIFT system are signs of a shifting monetary system that could weaken the US dollar's supremacy. This could lead to the US having to choose between defending the currency or bailing out the bond market. The choices between these two options could result in either higher interest rates and a stronger dollar or inflation and debt default. The US, which has a large debt and relies on foreign demand for treasuries, is predicted to continue supporting the bond market at the expense of the currency. This could lead to inflation, nominal GDP growth, and increasing political instability, benefiting assets like stocks, real estate, and gold. The US may face challenges similar to Japan's debt issue but with the added pressure of negative real rates and a lack of a significant net international investment position.

    • Central Bank Balance SheetsThe expansion of central bank balance sheets could lead to economic instability and potential negative consequences for bondholders due to inflation and potential capital controls

      The continued growth of central bank balance sheets, which currently represent a significant percentage of their respective countries' GDPs, could lead to economic conditions akin to Argentina's experience. This is due to the potential for a significant increase in the Fed's balance sheet size over the next five years, which could result in inflation and potentially even capital controls. Bondholders, who currently hold a significant amount of long-term debt, could be negatively impacted if demand for these assets decreases. The speaker also mentioned the possibility of extreme measures, such as revaluing the gold on the US government's balance sheet, which could lead to significant inflation. The book "The Great Taking" discusses how financial assets have quietly been converted from legal ownership to a general claim on ownership, potentially leaving individuals with little to no net assets in the event of a financial crisis. The speaker expressed concern about the US's weak economic position, with a large debt-to-GDP ratio and other countries, like China, outpacing the US in various areas.

    • US economic optimismDespite economic challenges, the US is believed to have a strong legal system and property rights, making it a promising investment destination for the next 20 years. Investors should consider investing in industries that will benefit from rebuilding and reindustrialization, keep a portion of bonds in T-bills, and be cautious with consumer debt.

      Despite the current economic headwinds and historic levels of debt interest exceeding military spending in the US, the speaker remains bullish on the country's future over the next 20 years. This optimism is based on the belief that the US has the best legal system and property rights, and that certain areas of the country are poised for growth. The speaker also references Winston Churchill's quote about the Americans doing the right thing after exhausting all alternatives. The speaker acknowledges the potential for high inflation, industrial policy, and wage growth, but also warns of potential challenges and areas of the country where they are not bullish. The speaker suggests individuals prepare for this economic environment by keeping a portion of their bonds in T-bills, investing in gold and Bitcoin, and being cautious with consumer debt. They also suggest investing in industries that will benefit from the rebuilding and reindustrialization of the US. The speaker believes the bubble is in long-term government debt, not equities, and that volatility will be high, but for the average investor, it's irrelevant unless they are levered.

    • Volatile markets investment approachInvesting in volatile markets requires a low-leverage approach for the average investor due to ongoing global financial instability and potential shifts in the monetary system, which could take months to decades to resolve. Prepare for potential exponential growth of debt and its impacts, and stay informed through Luke's weekly report and Twitter account.

      Investing in volatile markets requires a low-leverage approach for the average investor. The current global financial situation, including geopolitical instability and a potential shift in the monetary system, is expected to continue causing high volatility. This process could take anywhere from months to decades. As interest doesn't sleep and compounding interest moves fast, it's essential to be prepared for the potential exponential growth of debt and its impacts. Luke's weekly report and Twitter account are excellent resources for staying informed on these topics. Remember, investing in finance and crypto carries risks, but it may be a better alternative to holding bonds. Stay with us on the Bankless journey as we navigate this frontier together.

    Recent Episodes from Bankless

    Diaries of an ETH Maxi on Wall Street | Sam Jernigan

    Diaries of an ETH Maxi on Wall Street | Sam Jernigan

    Sam Jernigan, the “Unofficial ETH Maxi of Wall Street”, has been evangelizing Ethereum to institutional funds and billionaires from inside the house for the past five years.

    Having the perfect blend of deep Ethereum knowledge and the full Wall Street experience, Sam guides us through how he became an ETH Maxi, why the lack of understanding of ETH in TradFi is the most bullish case for the asset and what the future holds for ETH institutional adoption.

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/17 

    ------
    📣STAKEWISE | LIQUID SOLO STAKING
    https://bankless.cc/Pod_StakeWise 

    ------
    BANKLESS SPONSOR TOOLS:

    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    ⚖️ARBITRUM | SCALING ETHEREUM
    ⁠https://bankless.cc/Arbitrum  

    ------
    TIMESTAMPS

    0:00 Intro
    7:47 Defining TradFi
    20:05 Ethereum’s P/E Ratio
    23:49 Sam’s Background
    40:44 Becoming an ETH Maxi
    52:57 The State of ETH in TradFi
    57:38 ETH Bull Case
    1:06:11 The Flippening
    1:12:11 ETH ETF
    1:19:26 Security vs Commodity Debate
    1:24:00 TradFi: Friend or Foe?
    1:34:39 Regulation
    1:46:07 Closing & Disclaimers

    ------
    RESOURCES

    Sam Jernigan on X
    https://x.com/sjerniganiv  

    Sam Jernigan on LikedIn
    https://www.linkedin.com/in/samjernigan07302015/  

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠    

    Bankless
    enJune 19, 2024

    ETH to $22k by 2030? | VanEck's Matthew Sigel

    ETH to $22k by 2030? | VanEck's Matthew Sigel

    In this episode, David Hoffman is joined by Matthew Sigel, Head of Digital Assets Research at VanEck, to unpack VanEck's groundbreaking ETH 2030 report. They discuss the $154,000 bull case, $22,000 base case, and $340 bear case for Ethereum, and the factors behind these predictions. 

    Matthew dives deep into the role of ETH ETFs and shares insights into ETH's evolving narrative in institutional portfolios. He also provides interesting analogies and comparisons between ETH and Web 2.0, explaining how VanEck will help traditional investors understand and invest in ETH using these narratives and real market data. 

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/16 

    ------
    📣STAKEWISE | LIQUID SOLO STAKING
    https://bankless.cc/Pod_StakeWise   

    ------
    BANKLESS SPONSOR TOOLS:

    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 

    ⚡️CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    ⚖️ARBITRUM | SCALING ETHEREUM
    https://bankless.cc/Arbitrum   

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    ------
    TIMESTAMPS

    0:00 Intro
    7:16 VanEck Vibe Check ?
    8:11 VanEck ETH 2030 Price Prediction Report 
    12:31 Last Year’s Report vs. Present Report 
    15:10 Ethereum Narrative For Retail
    19:14 Pitching ETH To Customers
    25:15 Parameters For Bear, Base & Bull?
    28:49 What If ETH Reaches $154,000 
    32:31 ETH’s Most Bearish & Bullish Scenarios 
    33:40 Solana’s MEV vs. ETH’s MEV
    41:28  BTC & ETH Allocation In Portfolio 
    45:59 Can Data Help Matthew Convince Customers?
    49:30 $15B In ETF Assets
    50:30 Closing & Disclosures 

    ------
    RESOURCES:

    Matthew Sigel
    https://x.com/matthew_sigel 

    VanEck
    https://www.vaneck.com/us/en/ 
    https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-eth-2030-price-target/ 

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures ⁠ 

    Bankless
    enJune 18, 2024

    CZ, Bull Market Predictions & The Future of Binance | New CEO Richard Teng

    CZ, Bull Market Predictions & The Future of Binance | New CEO Richard Teng

    Now that CZ is gone, who’s going to fill his shoes?

    His name is Richard Teng, the new Binance CEO. He’s joining the podcast today to not only share the story of how he got here, but also to define his vision for the future of Binance.

    We ask him:
    Who is Richard Teng?
    What was it like to work with CZ?
    Why Crypto?
    What is going on in Nigeria?
    Bull Market Predictions?

    If you want to know who’s taking charge in the next era of Binance, this episode is for you. 

    ------
    🎬 DEBRIEF | Ryan & David unpacking the episode:
    https://www.bankless.com/debrief-the-richard-teng-interview 

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/15?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E 

    ------
    📣STAKEWISE | LIQUID SOLO STAKING
    https://bankless.cc/Pod_StakeWise 

    ------
    BANKLESS SPONSOR TOOLS:

    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    ⚖️ARBITRUM | SCALING ETHEREUM
    ⁠https://bankless.cc/Arbitrum 

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    ------
    TIMESTAMPS

    0:00 Intro
    7:16 Who’s Richard Teng
    15:54 The Last 2 Years
    24:30 Filling CZ Shoes
    34:58 The Future of Binance
    48:33 What is Going on in Nigeria?
    54:31 Why Crypto?
    1:03:33 BNB Chain
    1:05:48 Richard Teng’s Routine
    1:08:25 Bull Market Predictions
    1:14:21 Advice for Investors
    1:16:17 User Fund Security
    1:19:31 Closing & Disclaimers

    ------
    RESOURCES

    Richard Teng
    https://x.com/_RichardTeng  

    Tigran Gambaryan Article
    https://www.binance.com/en/blog/leadership/from-richard-teng-binance-ceo-tigran-gambaryan-is-innocent-and-must-be-released-3634612934164622056  

    Binance Proof of Reserves
    https://www.binance.com/en/proof-of-reserves  

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures ⁠  

    Bankless
    enJune 17, 2024

    ROLLUP: ZkSync Airdrop | Optimism Fault Proofs | Pectra Ethereum Upgrade

    ROLLUP: ZkSync Airdrop | Optimism Fault Proofs | Pectra Ethereum Upgrade

    Bankless Friday Weekly Rollup 
    2nd Week of June 2024

    ------
    ✨ Mint the episode on Zora ✨

    https://zora.co/collect/zora:0x9171d31d50857506ebf5c2f20e5690a126ea6687/2 


    ------
    📣STAKEWISE | LIQUID SOLO STAKING
    https://bankless.cc/Pod_StakeWise   

    ------
    BANKLESS SPONSOR TOOLS:

    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠ 

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
    https://bankless.cc/Casa  

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    ------

    TIMESTAMPS & RESOURCES

    0:00 Intro

    3:31 Markets

    8:20 Gary G Says ETH ETF Approval “Sometime in Summer”
    https://x.com/tier10k/status/1801261940615848004 

    9:19 L2 Update

    11:04  The Fed expects to cut rates just once this year
    https://www.cnbc.com/2024/06/12/fed-meeting-today-on-interest-rate.html 

    15:41 Will BTC ETF follow the gold ETF success path?  
    https://x.com/hongkim__/status/1799442365892985257 

    20:48 ZKSync introduced ZK token 
    https://x.com/TheZKNation/status/1800424206129357194 
    https://app.aevo.xyz/perpetual/zk 
    https://x.com/eekeyguy_eth/status/1800461976969035910 
    https://blog.zknation.io/zk-token/ 
    https://zknation.ghost.io/content/images/2024/06/points.png 
    https://x.com/LibraryDefi/status/1800589632909832509 
    https://x.com/Gautamguptagg/status/1800539906923733397 
    https://x.com/Gautamguptagg/status/1800539906923733397 
    https://x.com/TheZKNation/status/1801020410563060031 
    https://x.com/TrustlessState/status/1801024526001815616 
    https://x.com/TrustlessState/status/1800758353511207103 

    36:46 Speaking of Airdrops: Taiko launched their TAIKO token 
    https://x.com/taikoxyz/status/1798336750668136851 
    Find out whether you are eligible via Claimables! 
    https://bankless.cc/3Jte55n  

    38:33 Optimism’s fault proofs are live! 
    https://x.com/l2beat/status/1800530188171674070 
    https://x.com/VitalikButerin/status/1800547329931620625 

    49:23 Pectra is about to became the biggest upgrade of Ethereum history: 
    https://x.com/sassal0x/status/1798869850200412383 

    55:34 Symbiotic introduced their restaking platform 
    https://x.com/symbioticfi/status/1800530004776022493 

    59:29 Eigen Labs acquired Rio Network 
    https://x.com/eigen_labs/status/1800888626642899321 

    1:01:41 Crypto:The Game was acquired by Uniswap! 
    https://x.com/cryptothegame_/status/1800199946739822594 

    1:06:28 PleasrDAO releases the WuTang Album
    https://pitchfork.com/news/wu-tang-clan-once-upon-a-time-in-shaolin-turned-into-nft/ 
    https://www.thealbum.com/ 

    1:09:12 Terraform Labs agreed to pay SEC $4.5B! 
    https://www.coindesk.com/policy/2024/06/12/terraform-labs-do-kwon-agree-to-pay-sec-a-combined-45b-in-civil-fraud-case/ 
    https://x.com/TrustlessState/status/1800955721955283053     

    1:11:44 Alchemy introduced platform for building rollups 
    https://x.com/alchemyplatform/status/1798747911226040679 

    1:13:03 New Paradigm Fund
    https://x.com/matthuang/status/1801283717664526835 

    1:14:41 The Daily Gwei 
    https://www.youtube.com/@TheDailyGwei/videos  
    https://x.com/thedailygwei  
    https://x.com/sassal0x 
    https://podcasts.apple.com/us/podcast/into-the-ether/id1443920565  

    1:15:49 Closing & Disclaimers

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures 

    Bankless
    enJune 14, 2024

    BitVM: The Holy Grail for Bitcoin? | Creator Robin Linus

    BitVM: The Holy Grail for Bitcoin? | Creator Robin Linus

    Today on the show, we’re exploring the frontier of ZK Rollups on Bitcoin! 

    The Bitcoin L2 landscape is standing on the shoulders of this technical implementation called BitVM. We brought Robin Linus, one of the author’s of the BitVM White Paper, to not only dive into how BitVM got started, but more importantly, what it means for the future of Bitcoin.

    ------
    🎬 DEBRIEF | Ryan & David unpacking the episode:
    https://www.bankless.com/debrief-the-robin-linus-interview 

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/14?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E 

    ------
    📣 SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 
    https://bankless.cc/spotify-premium 

    ------
    BANKLESS SPONSOR TOOLS:

    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠ 

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
    https://bankless.cc/Casa  

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    ------
    TIMESTAMPS

    0:00 Intro
    5:03 Who is Robin Linus?
    10:20 Why Bitcoin?
    16:19 Bitcoin Needs to Scale
    22:15 BitVM Eureka Moment
    24:31 The State of BitVM
    27:19 BitVM vs Ethereum Rollups
    33:45 How Does BitVM Work?
    46:07 BitVM Critiques
    55:07 The Bitcoin L2 Space
    59:33 The BitVM Endgame
    1:03:07 The Future of Bitcoin
    1:07:09 Closing & Disclaimers

    ------
    RESOURCES

    Robin Linus
    https://x.com/robin_linus  

    Robin Linus Website
    https://robinlinus.com/  

    BitVM
    https://bitvm.org/  

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures ⁠ 

    Bankless
    enJune 13, 2024

    The Trillion Dollar ETH Pitch | RSA+DH

    The Trillion Dollar ETH Pitch | RSA+DH

    The Ethereum ETF is coming. What’s the best narrative for ETH to sell to TradFi/Wall Street? Ryan and David discuss the 7 leading ETH Narratives and then have a pitch-off amongst themselves. Each of them prepared a 1-2 minute pitch and then they each spend some time unpacking each other’s pitch and analyzing each point. Bankless Citizens get to vote - whose was better? Ryan or David’s? The winner gets a bragging rights POAP. 

    ------
    📣BANKLESS CITIZENS VOTE HERE
    https://www.jokerace.io/contest/base/0x0f2211f6727e85dbfae20e7dbfe57875a1f2b706 

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/13?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E 

    ------
    BANKLESS SPONSOR TOOLS:

    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠ 

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
    https://bankless.cc/Casa  

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    ------
    TIMESTAMPS

    0:00 Intro

    2:26 Eric Balchunas
    https://x.com/EricBalchunas/status/1794023427327533456 

    4:44 ETH Narratives
    https://x.com/TrustlessState/status/1795595286972383494  

    5:58 Ethereum is a Tokenization Platform
    https://twitter.com/ChainLinkGod/status/1798133271139901668 
    https://twitter.com/ChainLinkGod/status/1798133271139901668/photo/1 

    9:26 Ethereum is an app store
    https://twitter.com/jdorman81/status/1792927796353814640 

    13:56 Operating system and app store
    https://x.com/RasterlyRock/status/1791217181012701682 

    17:15 ETH is Digital Oil
    ​​https://twitter.com/0xkydo/status/1740750772093296938  

    20:37 ETH is an Internet Bond
    https://www.bankless.com/eth-the-internet-bond 

    23:38 Programmable Money
    https://x.com/econoar/status/1124311475428790273 

    25:59 "ETH is Ultra Sound Money"
    https://twitter.com/drakefjustin/status/1352734923703123968 

    31:44 Pitches + Debrief/Analysis + Vote https://www.jokerace.io/contest/base/0x0f2211f6727e85dbfae20e7dbfe57875a1f2b706 

    44:05 Closing & Disclaimers

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures  

    Bankless
    enJune 12, 2024

    The End of the Petrodollar | Luke Gromen

    The End of the Petrodollar | Luke Gromen

    “Energy is the base layer of money” -  that’s how our guest Luke Gromen puts it in today’s episode.

    Luke is an Author and Investor who gives us a completely new way to look at money, through the lens of energy costs. 

    The essential learning of today’s show is that you can’t understand money until you understand energy markets. Apart from that Luke explains why the price of oil is about to force a monetary system change, why the 60/40 portfolio is dead and much more.

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/11?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E 

    ------
    🎬 DEBRIEF | Ryan & David unpacking the episode:
    https://www.bankless.com/debrief-the-luke-gromen-interview 

    ------
    📣 SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 
    https://bankless.cc/spotify-premium 

    ------
    BANKLESS SPONSOR TOOLS:

    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
    https://bankless.cc/Casa  

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    ------
    TIMESTAMPS

    0:00 Intro
    5:57 Luke’s Thesis
    12:23 Energy lens
    23:23 Arc of the Dollar
    28:31 Why Oil?
    31:31 Energy as a Denominator
    38:12 Energy Price Changes
    45:31 Energy Miracles
    59:22 Monetary System Change
    1:10:41 Capital Controls
    1:18:12 Future of the US
    1:24:56 How to Prepare
    1:30:37 Closing & Disclaimers

    ------
    RESOURCES

    Luke Gromen
    https://x.com/LukeGromen  

    FTT, LLC
    https://fftt-llc.com/  

    Luke Gromen Weekly Newsletter
    https://fftt-treerings.com/  

    Visualizing the History of Energy Transitions
    https://www.visualcapitalist.com/visualizing-the-history-of-energy-transitions/  

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠   

    Bankless
    enJune 10, 2024

    ROLLUP: ETFs Back? | Robinhood Acquires Bitstamp | Biden SAB-121 Veto

    ROLLUP: ETFs Back? | Robinhood Acquires Bitstamp | Biden SAB-121 Veto

    Bankless Friday Weekly Rollup 
    1st Week of June 2024

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/12?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E 


    ------
    📣 TRANSPORTER - SECURED BY CHAINLINK CCIP | TRY IT OUT
    https://www.transporter.io/ 

    ------
    BANKLESS SPONSOR TOOLS:

    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
    https://bankless.cc/Casa  

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    ------

    TIMESTAMPS & RESOURCES

    0:00 Intro

    3:26 Prices

    4:30 L2 Update
    https://x.com/jessepollak/status/1798731497173905439 
    https://x.com/0xKofi/status/1797645289307951127 
    https://x.com/Uniswap/status/1797624523711561828 
    https://x.com/RyanSAdams/status/1798460468069085234 

    10:00 3 more milestone numbers on the wk
    https://x.com/TrustlessState/status/1798497346512412898  
    https://x.com/0xDeFiDevin/status/1797462120713613511 
    https://twitter.com/sorellalabs 
    https://www.coingecko.com/en/coins/bnb 

    17:52  FROTHY STONKS
    https://x.com/greg16676935420/status/1798404597897363936 
    https://companiesmarketcap.com/assets-by-market-cap/ 
    https://www.reddit.com/user/DeepFuckingValue/ 
    https://www.tradingview.com/chart/?symbol=NYSE%3AGME 
    https://x.com/JasonHitchcock/status/1797437168324899192 

    26:04 ETFs are back baby! Wen ETH ETF, wen banana zone for ETH?
    https://x.com/CarpeNoctom/status/1798170536146825630 
    https://x.com/ericbalchunas/status/1798156058487382232 
    https://x.com/bitcoinmagazine/status/1796120216780333409  
    https://x.com/EricBalchunas/status/1797644643712262482 
    https://finance.yahoo.com/news/blackrock-says-10m-seed-money-174942096.html 
    https://x.com/ericbalchunas/status/1796606348324634798 
    https://x.com/EricBalchunas/status/1797589909768949827 
    https://x.com/EleanorTerrett/status/1798351844248576311  
    https://x.com/AlexanderGrieve/status/1798352191713157308  
    https://x.com/RyanSAdams/status/1796543517671424065 
    https://x.com/tradetheflow_/status/1797520578087465295/photo/2 
    https://x.com/vaneck_us/status/1798428976068657411 
    https://x.com/vaneck_us/status/1798432653726658619 

    43:55 President Biden missed the layup - vetoed SAB-121 
    https://www.whitehouse.gov/briefing-room/presidential-actions/2024/05/31/a-message-to-the-house-of-representatives-on-the-presidents-veto-of-h-j-res-109/ 
    https://www.aba.com/advocacy/policy-analysis/letter-to-president-biden-sab-121 
    https://x.com/faryarshirzad/status/1796837972978872764 
    https://x.com/nic__carter/status/1796687373314445766 
    https://x.com/standwithcrypto/status/1798433256339079417 
    https://x.com/fejau_inc/status/1796310685330051121 
    https://www.coindesk.com/markets/2024/05/30/trump-token-sinks-after-former-us-president-is-found-guilty-in-new-york/ 

    52:50 Robinhood Acquires Bitstamp
    https://x.com/RobinhoodApp/status/1798672303519342898 
    https://twitter.com/vladtenev/status/1798680590344126963 

    55:05 Celebcoin Culture Wars 
    https://www.coingecko.com/en/coins/mother-iggy 
    https://x.com/VitalikButerin/status/1798290424622113230 
    https://x.com/IGGYAZALEA/status/1798471807647068297 
    https://x.com/haydenzadams/status/1798551176834638114 

    59:32 ETH
    Coinbase’s smart wallets is now officially launched! Is this how we get to billions?
    https://www.coinbase.com/blog/a-new-era-in-crypto-wallets-smart-wallet-is-here 
    https://x.com/jessepollak/status/1797772737207062752 

    1:02:31 StarkWare plans to bring ZK scaling to Bitcoin alongside Ethereum
    https://x.com/StarkWareLtd/status/1797985467666940265
    https://bankless.cc/PermissionlessDiscount 

    1:05:31 Punks below 30 ETH
    https://x.com/punksOTC/status/1798093880711155918 

    1:06:26 Blackrock and Citadel wants to launch new rival Stock Exchange in Texas
    https://www.reuters.com/markets/us/blackrock-citadel-backed-group-start-new-national-stock-exchange-texas-wsj-2024-06-05/ 
    https://x.com/delzennejc/status/1798399433651974301 

    1:10:21 Raises and BVC Investments 
    Mountain raised $8M in Series A
    https://x.com/MountainUSDM/status/1798740495679815731 

    1:11:35 MEME of the Week
    https://x.com/TrustlessState/status/1798124339843449065  

    1:12:19 Closing & Disclaimers

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures ⁠ 

    Bankless
    enJune 07, 2024

    When Will We Go Parabolic This Cycle? | RSA+DH

    When Will We Go Parabolic This Cycle? | RSA+DH

    After 3 months of flat crypto prices, people are asking “where are we in the cycle”? What if the real bull hasn't even started yet?

    How big of the impact can the ETH ETF's really have and can they really take us to the coveted.... Banana Zone? All of that and more on this weeks episode of Bankless Takes.

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/10 

    ------
    🔐 GridPlus Lattice1 Hardware Wallet 
    (use discount code BANKLESS2024 at checkout for 15% off)
    https://gridplus.io/products/grid-lattice1 

    ------
    BANKLESS SPONSOR TOOLS:

    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
    https://bankless.cc/Casa  

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    ------
    TIMESTAMPS
    00:00 Intro
    03:18 The Bull Run is Boring
    06:35 What Inning Are We In?
    16:28 Demand For Gold Reserves
    23:19 The Banana Zone
    28:22 ETH ETF Impact
    35:30 Celeb Memecoins
    43:12 Key Takeaways

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠ 

    Bankless
    enJune 05, 2024

    The Ethereum vs. Solana Debate | Justin Drake vs. Anatoly Yakovenko

    The Ethereum vs. Solana Debate | Justin Drake vs. Anatoly Yakovenko

    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/9?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E 


    ------
    🎬 DEBRIEF | Ryan & David unpacking the episode:
    https://www.bankless.com/debrief-the-justin-drake-vs-anatoly-yakovenko-interview 


    ------
    Ethereum vs. Solana. That’s the debate we’re having today.


    On Ethereum’s side we have Ethereum Researcher Justin Drake, and on the Solana’s we have Solana’s Co-Founder Anatoly Yakovenko.


    They give us the good, the bad and the ugly of each other’s blockchain, settling their endgame towards the end of the episode. 


    This was one, if not the spiciest debate we had on the show. We tried our best to give both guests time with minimal intervention. At times went well, at others it caused deep semantic rabbit holes. But overall both guests were able to communicate their messages.


    ------
    📣 SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 
    https://bankless.cc/spotify-premium 


    ------
    BANKLESS SPONSOR TOOLS:


    🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
    https://k.xyz/bankless-pod-q2    ⁠

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 
     
    🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
    https://bankless.cc/Casa  

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/

    🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION
    https://bankless.cc/toku


    ------
    TIMESTAMPS

     

    0:00 Intro

    7:16 The Good

    22:30 The Bad

    52:03 Global Shared State

    1:06:07 Economic Security

    1:30:08 The Ugly

    1:47:23 The Endgame

    1:55:22 Closing & Disclaimers


    ------
    RESOURCES


    Anatoly Yakovenko
    https://twitter.com/aeyakovenko  


    Justin Drake
    https://twitter.com/drakefjustin  


    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠  

     

    Bankless
    enJune 03, 2024