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AI stocks are ripping, crypto is following, and the question is whether this is the next leg higher or the final frothy phase before a reset. Ryan and Michael Nadeau break down why Bitcoin is so tied to the NASDAQ right now, how today’s AI boom compares to 1999, and what investors should watch if the bubble keeps inflating or finally starts to burst.

Michael Nadeau & The DeFi Report:

https://x.com/JustDeauIt

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TIMESTAMPS & RESOURCES

0:00 Intro

1:48 The Bubble Debate

3:16 Defining the Bubble

4:33 Historical Perspectives on Bubbles

7:20 AI's Growth and Market Narratives

8:46 Technology Hype Cycles

11:21 Current Market Analysis

12:08 Understanding the Shiller PE Ratio

15:09 Revenue Growth Forecasts

18:19 Theories Behind Current Market Conditions

20:44 Analyzing Profit Margins

23:53 Price vs. Fundamentals

27:26 The Role of Market Sentiment

31:30 Historical Market Patterns

32:32 Lessons from the Dot-Com Era

35:17 Market Concentration and AI

39:38 The Future of AI Investments

41:45 Capital Flows in Tech

49:31 Geopolitical Implications and Market Behavior

53:25 Investor Positioning Strategies

1:04:30 Closing & Disclaimers

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Not financial or tax advice. See our investment disclosures here:

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North Korea isn’t just hacking crypto anymore, it’s studying it, infiltrating it, and turning DeFi’s weakest links into a state-run revenue machine. This time around, Ryan and David sit down with Ari Redbord of TRM Labs to unpack the Drift hack, the $6B DPRK crypto crime machine, how stolen funds move through THORChain, Bitcoin, OTC desks, and Chinese laundering networks, and why the fightback may require everything from better DeFi security to real-time Beacon alerts and offensive cyber.

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🎬 DEBRIEF | RYAN & DAVID BREAKDOWN THE EPISODE
https://www.bankless.com/podcast/debrief-why-north-korea-is-winning-crypto-crime-and-how-to-fight-back-ari-redbord-trm-labs

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TIMESTAMPS

0:00 Intro
2:16 The Drift Hack
5:15 Human Weak Points
11:16 The DPRK Hacker Network
14:56 The $6B Machine
20:32 Fighting Back
28:11 Seizures and Victims
38:58 Inside TRM Labs
47:01 Laundering Rails
52:51 The Beacon Network
58:06 Privacy vs Security
1:10:20 Code and Crime
1:14:49 Iran on Tron
1:22:55 Bitcoin and Power
1:28:49 Hardening DeFi

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RESOURCES

Ari Redbord
https://x.com/ARedbord

TRM Labs
https://www.trmlabs.com/

TRM’s DPRK Report
https://www.trmlabs.com/resources/blog/north-korea-stole-76-of-all-crypto-hack-value-in-2026-with-just-two-attacks

Ari’s Homeland Security Testimony
https://www.congress.gov/119/meeting/house/119126/witnesses/HHRG-119-HM11-Wstate-RedbordA-20260421.pdf

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

Stocks and AI are ripping to new highs, and crypto is getting pulled along for the ride. Ryan and David break down whether this rally is real or too frothy, what the CLARITY Act still needs to survive, why Coinbase layoffs are colliding with billion-dollar crypto raises, and what Saylor selling Bitcoin would actually mean.

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TIMESTAMPS & RESOURCES

0:00 Intro

1:29 Markets 

https://www.coingecko.com/ 

https://imgur.com/a/xfVRCtd

https://thedefireport.io/research/btc-is-nearing-an-inflection-point#btc-vs-nasdaq-correlation

https://www.google.com/finance/beta/quote/.INX:INDEXSP

https://www.reuters.com/business/stunning-us-profit-strength-ignites-stocks-charge-record-peaks-2026-05-06/

https://x.com/claudeai/status/2052060691893227611

https://x.com/Cointelegraph/status/2052247071491604672

https://x.com/KobeissiLetter/status/2052042082185809991

https://app.hyperliquid.xyz/trade/vntl:ANTHROPIC

https://x.com/jasongoepfert/status/2052110616622485834

https://x.com/RyanSAdams/status/2049971216413343991

https://x.com/KobeissiLetter/status/2050566239961956630

https://x.com/WhitePine009/status/2050578574348845271

https://x.com/Sam_Badawi/status/2050710130766074085/video/2 

https://polymarket.com/event/us-x-iran-permanent-peace-deal-by/?via=bankless?

https://x.com/RealStockCats/status/2052042448944124110

23:06 CLARITY Act Clears a Hurdle

https://x.com/SenThomTillis/status/2051464145384489270

https://x.com/faryarshirzad/status/2050325150747484421

https://www.coindesk.com/policy/2026/05/01/clarity-act-text-lets-crypto-firms-offer-stablecoin-rewards-while-shielding-bank-yield

https://x.com/intangiblecoins/status/2050331808240156721

https://x.com/kalshi_crypto/status/2052106907511320920

https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless?

31:20 Coinbase Layoffs vs Crypto Fundraises

https://x.com/brian_armstrong

https://x.com/0x_Lucas

https://x.com/katie_haun/status/2051318562497716655

https://x.com/cdixon/status/2051633104549502989

https://x.com/emilios_eth/status/2051704246798549176

34:55 Is Saylor Selling Bitcoin?

https://x.com/WatcherGuru/status/2051802384943194431 

https://x.com/WatcherGuru/status/2051797790494261301

40:44 Arbitrum DAO Meets U.S. Courts

https://unchainedcrypto.com/u-s-court-freezes-71-million-in-kelp-dao-eth-after-north-korea-terrorism-creditors-file-claim/

https://x.com/aave/status/2051329772190347560

https://x.com/tayvano_/status/2050407082084663430

https://x.com/ImperiumPaper

47:09 Ethereum L1 Is Scaling Again

https://x.com/RyanSAdams/status/2051773131807690847

https://blog.ethereum.org/2026/05/02/soldogn-interop-recap

https://forkcast.org/upgrade/glamsterdam

51:16 Strategic Bitcoin Reserve Update

https://www.coindesk.com/policy/2026/05/06/u-s-bitcoin-reserve-update-coming-in-next-few-weeks-white-house-s-adviser-says

https://www.dlnews.com/articles/people-culture/bo-hines-exits-white-house-crypto-post-amid-bitcoin-mystery/

https://polymarket.com/event/us-national-bitcoin-reserve-before-2027/?via=bankless?

59:31 Closing & Disclaimers

---

Not financial or tax advice. See our investment disclosures here:

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Spoiler alert: This episode contains spoilers for the documentary Finding Satoshi.

Bill Cohan and Tyler Maroney unpack their new documentary Finding Satoshi, a four-year investigation into the identity of Satoshi Nakamoto.

They explore why Satoshi’s identity still matters, the cypherpunk roots of Bitcoin, the public interest behind the mystery, and what the search reveals about privacy, money, power, and the mythology at the heart of crypto.

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TIMESTAMPS

0:00 Intro

1:17 Did We Find Him?

6:32 Why Find Satoshi?

11:54 Why OGs Didn’t Care

14:57 How Hard was the Investigation?

18:20 Talking to the Early Cypherpunks

19:58 Public Interest

26:08 Cypherpunk’s Ideology

39:07 Spoiler Alert: The Aha Moment

51:30 Satoshi’s Death

1:00:59 Bitcoin as a Public Good

1:05:23 Will Satoshi Come Back?

1:10:39 Was it All Planned?

1:11:52 Quantum Treasure Hunt

1:14:00 What would Satoshi think of Bitcoin Today?

1:17:09 Closing & Disclaimers

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RESOURCES

William D. Cohan

https://x.com/WilliamCohan 

Tyler Maroney

https://x.com/tydamar 

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠

Markets are ripping despite $120 oil and an escalating war. Ryan and David break down why the AI boom is drowning out macro risks, whether a wave of trillion-dollar IPOs could mark the top, and how DeFi just bailed itself out after its biggest hack ever.

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TIMESTAMPS & RESOURCES

0:00 Intro

2:28 Oil War & $120 Oil Crisis

https://x.com/pete_rizzo_/status/2049589290326212768

https://x.com/KobeissiLetter/status/2049713857728524691

https://x.com/KobeissiLetter/status/2049534394302394603

https://x.com/Rory_Johnston/status/2049834460233756744

https://x.com/KobeissiLetter/status/2048593172423495858

https://x.com/charliebilello/status/2049613424749838445

https://x.com/KobeissiLetter/status/2048461842540834913

https://x.com/biancoresearch/status/2049598646648181221

https://tether.io/news/tether-supports-freeze-of-more-than-344-million-in-usdt-in-coordination-with-ofac-and-u-s-law-enforcement/

https://x.com/AggrNews/status/2047711619304587602

https://x.com/SecScottBessent/status/2049281442451001711

16:46 Markets Rally vs Reality (AI Boom) or AI Bubble & IPO Top Signal

https://x.com/KobeissiLetter/status/2049165243100827821

https://x.com/KobeissiLetter/status/2049149137292001672

https://x.com/NoLimitGains/status/2049213286311436597

https://x.com/shiri_shh/status/2049040515107270751

https://x.com/Shaughnessy119/status/2049228075766788402

https://x.com/IvayloPashov/status/2049475041113378909

https://x.com/realarmaansidhu/status/2047080574737592798

27:22 Fed, Powell, Rising Inflation, Bitcoin Narrative & National Security

https://x.com/EdwardLawrence/status/2049583458393980995

https://x.com/firsttohearit/status/2049574617665c114570 

https://x.com/KobeissiLetter/status/2049551229349511663

https://www.cnbc.com/2026/04/29/jerome-powell-says-he-will-continue-to-serve-as-a-fed-governor-even-after-chairmanship-ends-.html

https://x.com/KobeissiLetter/status/2049609008399503750

https://x.com/pete_rizzo_/status/2049589290326212768

https://x.com/TFTC21/status/2049135996654981459 

36:59 MegaETH Launch

https://x.com/megaeth/status/2047352341473505435

https://cryptobriefing.com/megaeth-token-generation-event-set-for-april-30-2026/

https://x.com/bread_/status/2049870525779128345

https://dexscreener.com/megaeth/0x5fb29184c49546c13a14a3958f21e5759f0821f2

https://x.com/bubblemaps/status/2049874252153618436

https://www.youtube.com/watch?v=g4YI5u-hZJo

40:33 DeFi Bailout (KelpDAO → DeFi United)

https://defiunited.world/

https://x.com/StaniKulechov/status/2047413237113868576

https://x.com/aave/status/2048189931856535887

https://x.com/CoinDesk/status/2049290843677151501

https://x.com/aave/status/2048958367658332413

https://x.com/jussy_world/status/2049534154488840259

48:30 Polymarket Insider Trading Case

https://www.justice.gov/opa/pr/us-soldier-charged-using-classified-information-profit-prediction-market-bets

https://www.bbc.com/news/articles/clyxd5wrr0wo

https://www.wsls.com/news/national/2026/04/28/us-soldier-charged-with-using-intel-to-win-400k-on-maduro-raid-to-appear-in-court-in-nyc/

https://x.com/shayne_coplan/status/2047712706342326496

51:27 “Code Is Not a Crime” vs Reality

https://cointelegraph.com/news/acting-ag-blanche-signals-doj-pivot-code-is-not-a-crime

https://x.com/Cointelegraph/status/2048834708088267256 

https://www.therage.co/blanche-vegas/

https://x.com/valkenburgh/status/2048846522347884669

https://x.com/rstormsf/status/2049157683916464278

55:45 Stablecoins Go Mainstream (Visa + Meta)

https://investor.visa.com/news/news-details/2026/Visa-Accelerates-Stablecoin-Momentum-Adding-Five-Blockchains-for-Settlement/default.aspx

https://www.coindesk.com/business/2026/04/29/tech-giant-meta-starts-paying-some-creators-in-stablecoin-with-stripe-s-support

https://x.com/dwr/status/2049551855991308387

58:50 Closing & Disclaimers

---

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures