Bits + Bips: Why a US Strategic Crypto Reserve Doesn’t Even Make Sense - Ep. 794

A strategic crypto reserve for the U.S. economy? That’s Trump’s latest proposal (or directive?)—and the reaction from the industry has been… let’s just say, mixed. Would it even work? And does it create more problems than it solves?
Meanwhile, the White House is hosting a crypto roundtable—but not everyone is convinced it’s going to be productive. Who will be in the room, what will actually be discussed, and will it help or hurt the industry?
On this episode of Bits + Bips, hosts James Seyffart and Noelle Acheson together with guests Steve Hou and Steven Ehrlich break it all down. Will tariffs and macro factors keep weighing on crypto? What’s driving the explosion in new ETFs? And what happens if banks start issuing their own stablecoins?
Plus: What could be the real next catalyst for the crypto market.
Show highlights:

6:13 - Whether a strategic crypto reserve makes sense for the U.S.

14:50 - How this reserve could actually give people outside of crypto second thoughts

24:37 - What the Crypto Roundtable will be about and whether it’s what the industry wanted

27:32 - Whether David Sacks is directing the reserve allocations so as to personally benefit

32:07 - Why Noelle was surprised after the SEC stated memecoins are not securities

42:22 - James’ insights into the avalanche of altcoin ETFs

47:10 - The significance of BlackRock adding IBIT to its model portfolio

54:02 - How macro news drove risk assets to such a selloff on Monday

58:12 - Why the 10YT is such a significant chart to watch

1:10:21 - Whether the war in Ukraine is coming to an end

1:16:20 - What the next catalyst for crypto is

1:19:07 - Whether stablecoins are a good business for banks

Thank you to our sponsors!

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Bitwise

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence

Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter

Guests:

Steve Hou, Quantitative Researcher at Bloomberg LP

Steven Ehrlich, Executive Editor at Unchained

Links
Crypto reserve:

Unchained: Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve

Bloomberg: Bitcoin Reserve Is Likely to Come First From States, Senator Lummis Says

Crypto roundtable:

CoinDesk: Trump to Host First Crypto Roundtable at White House Next Week

Crypto Czar David Sacks says he sold crypto holdings before administration began

Memecoins:
SEC: Staff Statement on Meme Coins

ETFs:

SOL: CME Group to launch Solana futures on March 17 as ETF momentum builds

BlackRock Adds Its Bitcoin ETF to Model Portfolio for First Time

Macro:

Trump’s tariff post on Truth Social

​​Atlanta’s negative 2.8% GDP projection

CNBC: 10-year Treasury yield falls to lowest since December on latest signs of slowing economy

Reuters:

Inflation, growth may be in conflict but Fed seen restarting cuts in June

US weekly jobless claims post largest gain in five months; weather blamed

Stablecoins:
CoinDesk: Bank of America CEO Says Bank Will Likely Launch Its Own Stablecoin

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