The Chopping Block: Bitcoin’s 200K Dream, Tariff Nightmares, & the Altcoin Exodus - Ep. 815

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by Jeff Park, Alpha Liaison at Bitwise, for a deep dive into the chaos gripping global markets and what it all means for crypto. With tariffs ripping through equities and whispers of stagflation on the rise, Jeff breaks down why Bitcoin might still be headed for $200K – and why MicroStrategy might be the new altcoin. They also unpack Circle’s delayed IPO, Ripple’s $1.25B acquisition, and whether capital markets are finally warming up to crypto.

Show highlights
🔹 Bitcoin’s $200K Endgame? – Bitwise’s Jeff Park explains why BTC could thrive even in stagflation or full-on macro chaos
🔹 Tariffs, Stagflation & the Dollar – Why Trump’s “Liberation Day” tariffs might mark the end of U.S. stock market dominance
🔹 Bitcoin vs. Gold – Jeff breaks down how BTC is winning over the next-gen investor as the ultimate store of value
🔹 Altcoins Are Just Leverage – Why institutions may abandon alts for Bitcoin ETF options and MicroStrategy exposure
🔹 Circle’s IPO Delay – What Circle’s numbers really show, and why Coinbase is eating half their yield
🔹 Ripple Buys Hidden Road – The biggest crypto M&A ever? What it means for prime brokerage and TradFi on-chain
🔹 The Return of the Bitcoin Wolves – Jeff’s theory on “positive vs. negative rho” Bitcoin and how both narratives can win
🔹 The Impossible Trinity – Jeff connects the dots between FX regimes, U.S. dollar hegemony, and Bitcoin’s global role
🔹 Crypto’s Macro Decoupling – The panel debates whether Bitcoin is finally unhooking from traditional risk assets
🔹 The “Altcoin of TradFi” – MicroStrategy’s secret sauce, and why it’s become Wall Street’s favorite crypto casino

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tom Schmidt, General Partner at Dragonfly

Guest
⭐️ Jeff Park, Head of Alpha Strategies & PM at Bitwise Asset Management
Disclosures
Links
Circle S-1 Filing https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521ds1.htm

Ripple Acquires Prime Broker Hidden Road for $1.25B in One of the Largest Deals in the Digital Assets Space https://ripple.com/ripple-press/ripple-acquires-prime-broker-hidden-road/

Timestamps -

0:00 Intro

02:49 Impact of Tariffs on Crypto

03:27 Bitcoin's Role in Investment Portfolios

06:14 Retail vs. Institutional Investors

07:29 Bitcoin's Sensitivity to Interest Rates

12:31 Altcoins & Institutional Interest

15:02 MicroStrategy: The Altcoin of TradFi

23:25 Geopolitical Implications of Tariffs

36:55 Global Currency Models & Bitcoin's Role

38:20 Bitcoin's Performance in Different Economic Scenarios

45:12 Circle's IPO & Business Viability

57:31 Ripple Labs' Acquisition of Hidden Road

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