Unchained
Unchained
Laura Shin
Bits + Bips: Every Fortune 500 Company Will Be a DAT - Ep. 944
1 hour 4 minutes Posted Nov 12, 2025 at 12:00 pm.
Intro
The U.S. government will reopen—but the economic damage lingers
Could Trump’s proposed $2,000 “tariff dividend” spark inflation?
Why no one is fixing America’s long-term fiscal problems
How runaway debt should  be bullish for crypto
Finding the “true” risk-free rate
Why DATs are trading below NAV, and if staking ETFs are the better bet
The five ingredients of a successful DAT
Are DATs fairly priced?
Why the Bank of England wants to cap stablecoin holdings at £20K per user
Is $3 trillion too conservative a forecast for stablecoin growth?
What’s worth more: XRP or Ripple equity?
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Show notes
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The government’s about to reopen, but the economic cracks aren’t healing.
From runaway debt to DATs trading below NAV, markets are feeling the strain of unsolved macro problems.
In this week’s Bits + Bips, hosts Austin Campbell and Chris Perkins are joined by Matt Zhang of Hivemind Capital and Felix Jauvin, head of content at Blockworks and host of Forward Guidance, to unpack what happens when policy meets reality.
They discuss why a $2,000 “tariff dividend” could ignite inflation, how America’s ballooning debt is constructive for crypto, and why DATs could still have plenty of potential, despite already showing cracks.
Plus: the Bank of England’s £20K stablecoin proposal, whether $3 trillion is too low a target for the sector, and a final provocation: is XRP worth more than Ripple equity?
Hosts:
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Christopher Perkins, Managing Partner and President of CoinFund
Guests:
Felix Jauvin, Head of Content at Blockworks and Host of the Forward Guidance Podcast
Matt Zhang, Founder & Managing Partner at Hivemind Capital
Links:
CNN: Trump’s shutdown win just landed Republicans with a huge political headache
Forbes: A $2,000 Tariff Dividend? Trump’s New Pitch Raises Tax Concerns
BeInCrypto: Digital Asset Treasuries Are Collapsing: Lost Confidence Triggers Market Sell-Off
FT: Bank of England dilutes planned rules for UK stablecoins
CoinDesk: U.S. Fed's Miran Says Policy Needs to Adjust to Stablecoin Boom That Could Reach $3T
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