Unchained

A major war broke out in the Middle East, but Bitcoin didn’t break. One veteran investor says that price action reveals something important about where crypto stands today.

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The U.S. and Israel have struck Iran, killing Ayatollah Khamenei, and markets are still calibrating. Oil is climbing toward $100, yields are confounding textbook expectations, and when news first broke, Bitcoin dropped to around $63,000 before recovering to roughly $70,000 during Monday's session. Equity futures that opened sharply lower also reversed, ending roughly flat vs. Friday's close. What does that price action actually mean? Is the crypto bounce a sign of structural resilience, or is it moving in lockstep with a broader risk recovery? 

In this episode, Steven Ehrlich sits down with Rob Hadick, General Partner at Dragonfly Capital, a veteran crypto venture investor managing hundreds of millions of dollars to work through what the Iran conflict actually means for digital assets. They also get into the stalled Clarity Act that could be crypto's biggest catalyst of the year, the rise of on-chain derivatives markets, and why one of the largest crypto-focused funds believes now is one of the best moments in history to be building in this space.

Host:

⁠Steven Ehrlich⁠

Guest:

Rob Hadick, General Partner, Dragonfly

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US and Israeli strikes killed Iran's Supreme Leader and initially rattled markets. But does the subsequent market calm reflect genuine resilience or a dangerous underpricing of what comes next?

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Bits + Bips is spreading its wings

Starting soon, new episodes will only be published on our brand‑new feeds.

Here’s what you need to do:


Click the links below.


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Over the weekend, US and Israeli forces conducted coordinated strikes on Iran under an operation called Epic Fury, killing Supreme Leader Ayatollah Khamenei and triggering retaliatory missile attacks across the Gulf region. 

Markets absorbed the shock in ways that surprised almost everyone: bitcoin briefly dropped and recovered to $70,000, gold touched $5,400, oil surged, and the VIX held in the low 20s while equities finished roughly flat. 

In this episode of Bits + Bips, Austin Campbell, Ram Ahluwalia, and Chris Perkins discuss whether the market is correctly pricing this as a contained regional conflict, or is something larger being missed? What does crypto's stability in a weekend war say about its role as an asset class? And with the Clarity Bill stalling again over stablecoin yield, and Anthropic handing the Pentagon to OpenAI, is the window for principled positioning in both crypto and AI closing faster than anyone admits?

Hosts:


⁠⁠⁠Ram Ahluwalia⁠⁠⁠, CFA, CEO and Founder of Lumida


⁠⁠⁠Austin Campbell⁠⁠⁠, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting


⁠⁠⁠Christopher Perkins⁠⁠⁠, Managing Partner and President of CoinFund

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A former Clinton and Biden foreign policy advisor saw it before it happened. Now the question is what investors do next.

Hours after this episode was recorded, the United States and Israel launched a coordinated military campaign against Iran, killing Ayatollah Ali Khamenei in what analysts are calling the most significant U.S.-Iran escalation in decades.

Charles Myers, Founder and CEO of Signum Global Advisors and a former senior foreign policy advisor to Hillary Clinton and Joe Biden, had just sat down with Steven Ehrlich to discuss the geopolitical landscape and what it means for investors. 

What he said about Iran during that conversation is now raising serious questions about what comes next, and the investment implications are far from settled.

In this episode, Myers also addresses whether the "sell America" trade is overdone, where oil is heading, the future of AI funding, and whether Bitcoin can actually function as a safe haven when the world is on fire.

Hosts:


⁠Steven Ehrlich⁠, Host of Bits + Bips: The Interview

Guests:

⁠Charles Myers, Founder and CEO, Signum Global Advisors

Links:

Iran strike / military action:

US strikes Iran — https://www.cnn.com/world/live-news/israel-iran-attack-02-28-26-hnk-intl 

US-Iran nuclear talks — https://www.nbcnews.com/world/iran/us-iran-nuclear-talks-trump-military-buildup-attack-missiles-rcna260764 

Largest US military buildup in the Middle East since the early 2000s — https://www.militarytimes.com/news/your-military/2026/02/26/us-military-assembles-largest-force-of-warships-aircraft-in-middle-east-in-decades/ 

Oil markets:

Oil prices surge after Iran strike — https://www.cnbc.com/2026/02/28/iran-us-attack-oil-market-economy.html 

Trump’s energy strategy: targeting oil in the low $50s — https://www.axios.com/2026/02/28/us-iran-attack-energy-oil-prices 

Sell America / US safe haven:

Global investors question US safe haven status — https://www.cnbc.com/2026/02/28/markets-brace-for-impact-following-us-military-strikes-against-iran.html 

The “Sell America” trade, explained — https://www.bloomberg.com/news/articles/2026-02-02/sell-america-trade-why-investors-are-questioning-us-assets 

Venezuela / Monroe Doctrine:

Maduro government and the US oil deal — https://www.cnbc.com/2026/01/05/maduro-overthrow-could-pave-the-way-for-us-oil-companies-to-recover-venezuela-assets.html 

The return of the Monroe Doctrine under Trump — https://www.cfr.org/articles/oil-power-and-the-climate-stakes-of-the-u-s-move-in-venezuela 

OpenAI / AI:

OpenAI raises $110 billion — https://www.cnbc.com/2026/02/27/open-ai-funding-round-amazon.html 

Stargate: OpenAI and SoftBank’s AI moonshot — https://openai.com/index/announcing-the-stargate-project/

Prediction Markets:

Polymarket Iran strike odds — https://polymarket.com 

Insider trading on Polymarket: the Maduro bet — https://en.wikipedia.org/wiki/2026_United_States_strikes_in_Venezuela 

Stablecoins / GENIUS Act:

The GENIUS Act and stablecoin regulation — https://www.gibsondunn.com/the-genius-act-a-new-era-of-stablecoin-regulation/
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As miners approach historical stress zones, Bitcoin’s correlation with tech stocks is hitting at the worst possible moment. Enter AI.

Thank you to our sponsor Crypto Tax Girl!

Public mining companies are once again approaching breakeven territory, a zone that in prior cycles preceded forced selling and capitulation. But unlike past downturns, balance sheets today are cleaner, leverage is lower, and many operators are pivoting toward AI data center hosting as a structural offramp.

At the same time, Bitcoin has been trading alongside frontier technology stocks. That correlation is resurfacing at precisely the wrong moment, as growth equities face renewed pressure. If growth portfolios were the marginal buyers during the rally, they may now be the marginal sellers.

In this episode, Steven Ehrlich speaks first with John Todaro about miner economics, hash rate dynamics, and whether another round of selling could emerge if Bitcoin remains near breakeven levels. Then Zach Pandl joins to examine Bitcoin’s correlation with tech stocks, the mechanics behind recent gold volatility, and why the next phase for crypto may be driven by differentiation rather than broad beta.

Hosts:


Steven Ehrlich, Host of Bits + Bips: The Interview

Guests:


Zach Pandl, Head of Research at Grayscale


John Todaro, Managing Director, Crypto & HPC/AI Equity Research at Needham & Company

Links:

Bitcoin Miner Danger Zone


Major Bitcoin Miners Face Shutdown Risk If BTC Falls Below $70,000

Miner Pivot to AI


America’s Biggest Bitcoin Miners Are Pivoting to AI

The Tech Selloff


Wall Street’s Anything-But-Tech Trade Shakes Up US Stock Market

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MegaETH's Namik Muduroglu joins the Uneasy Money crew to discuss how the industry can fix token incentives, the continued escalation of the Aave civil war and more.

Thank you to our sponsors!


⁠⁠Fuse: The Energy Network ⁠ – Shift your energy use and earn rewards.


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⁠⁠Crypto Tax Girl

An article from Boost CEO Brian Flynn sparks conversation about whether tokens are dead. The Aave civil war continues to escalate. China is trying to reverse engineer Claude even as Anthropic faces off against the U.S. government.

In this episode of Uneasy Money, hosts Kain Warwick and Taylor Monahan are joined by MegaETH founding team member Namik Muduroglu to discuss how to fix token incentives, whether there is a happy ending in sight for Aave. 

They also discuss the geopolitical risks that come with AI and the technology's rapid rate of advancement. Is the Singularity already out of our hands?

Plus, ZachXBT's teased announcement and Ethereum's “strawmap.”

Don't miss Kain's plan to fuse Claude with his Unitree dog and why Namik is a closet AI doomer.

Hosts:


⁠⁠Kain Warwick⁠⁠, Founder of Infinex and Synthetix


⁠⁠Taylor Monahan⁠⁠, Security Expert

Guest:


⁠Namik Muduroglu, CSO & Founding Team at MegaETH

Links:


Unchained:


⁠Uneasy Money: Why Token Holders Have No Rights & Why Every DAO ‘Has Failed’


⁠Why MegaETH Is Delaying Its Token and Rejecting Credible Neutrality


⁠Aave Governance Fight Escalates Ahead of $51 Million Funding Vote


How Aave Labs and the DAO Should Split Ownership of the Brand – Uneasy Money


Uneasy Money: Why Peter Steinberger and Non-Crypto People Hate the Crypto Mob


⁠Ethereum Researchers Outline Seven Forks Through 2029 in New “Strawmap”

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