It’s been a while since Kyle and I jumped on a livestream together, but we finally did it—and man, it was fun. We covered a lot: the state of stablecoin legislation, what’s next for NFTs, and whether private companies or governments should control digital money. Here’s a rundown of what we talked about, with some quotes and reflections from the stream.
Stablecoins: The Billion-Dollar Battleground
Kyle kicked things off by highlighting the drama around the stalled stablecoin bill in Congress. Deutsche Bank thinks stablecoins are going mainstream by 2025—but based on the political gridlock, that’s easier said than done.
“They’re calling this the ‘genius stablecoin bill’... but it’s stalling because people are challenging Donald Trump’s crypto activities.” – Kyle
I didn’t hold back on my view of the politics:
“Let’s be real—Democrats don’t like crypto. They’ve never liked it. And passing crypto legislation means admitting they were wrong. So this bill is dead in the water unless they figure out how to spin it as a win.”
And sure, Trump’s got conflicts of interest—his family is launching meme coins and stablecoins—but if that’s the issue, you write a provision banning presidents from owning crypto companies and move on.
This isn’t small stakes. Whoever controls stablecoins could control trillions in capital and how it moves through the economy.
“We’re talking about not just holding money, but controlling the velocity of money. That’s GDP. That’s power.”
Stablecoins Already Outpaced Visa. Yes, Really.
Kyle dropped a stat from A16Z that floored me—stablecoins moved over $15.6 trillion in 2024. That’s more than Visa, Mastercard, and Stripe combined.
“Stablecoins already surpassed major traditional rails... That’s a signal.” – Kyle
Stripe even spent over a billion dollars acquiring a stablecoin bridge company. It’s happening.
“Even if stablecoin fees are nominal, that’s still billions in pure profit. And they don’t have food costs or rent like a restaurant—they’re running some servers and cashing in.”
And we’ve got rumors of Ripple trying to buy Circle for $4.5 billion. That offer? Way too low. If true, it's just another sign that private firms know stablecoins are the future—and they’re scrambling to own a piece of it.
Private Stablecoins vs. CBDCs: I Changed My Mind
Now here’s a twist: I used to think government-backed CBDCs were a threat and private stablecoins were the future. But I’m starting to rethink that.
“At least with a government-backed dollar, you have some accountability. You can vote. You can protest. With private companies? Their terms of service can shut you down with zero recourse.”
Think about how the government uses social media companies to skirt the First Amendment. What happens when they do the same with your money?
“Circle, Ripple, Tether—what’s to stop them from deciding who can spend and where? It’s a serious concern.”
The NFT Era Might Be Over
We also touched on Frank D. Gods stepping down from his DeGods and y00ts projects. To us, it felt like the end of a cycle.
“Even the most powerful people in the space are moving on. That tells you something.” – Kyle
That said, it’s a shame NFTs haven’t evolved into something more meaningful—because the tech is incredible.
“An NFT is a verified digital certificate. It could be your passport, your diploma, your license. That should be the standard. But instead, we’re stuck with profile pictures and speculative hype.”
California’s experimenting with blockchain driver’s licenses. That’s a good sign. But the pace of adoption is glacial.
“This is a solution to real problems. That we’re not using it more says everything about how inefficient the system is.”
Ethereum, ETFs, and Capital Inflows
We wrapped up talking about Ethereum’s big run and what’s driving the latest price action. Yes, Bitcoin’s been leading the charge, but ETH is starting to follow.
“Ethereum isn’t just silver to Bitcoin’s gold. It’s an operating system for the future of finance.” – Kyle
We talked ETFs too. Yes, if you buy an ETF, you don’t own the asset—but it still matters.
“Now your financial advisor can get you exposure. Institutions can hold it. That’s a game-changer.”
One question we got was about capital appreciation and whether ETFs really reflect the value of crypto. My take?
“If you’re in Texas, buying through the U.S. market while the dollar’s strong, you’re benefiting. But to reallyown it, you need self-custody. Anything else is just exposure.”
Wrapping Up
We’re seeing a shift—not just in prices, but in infrastructure. Stablecoins are growing faster than anyone expected. NFT projects are collapsing. And institutions are finally figuring out how to get in. It’s messy, but it’s happening fast.
“The more you pay attention to this space, the more it all makes sense. Trends. Macro. Token movement. You’ll see where it’s headed.”
We're going to do more of these livestreams. And as always, subscribe to the podcast on Spotify, check out the blog, and email us your thoughts.
Kyle's heading to the Bitcoin Conference in Vegas at the end of the month. Hit him up. And if I get a pass, you’ll see me there too.
Until next time—
Happy HODLing, everyone.
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