WuBlockchain Podcast

Arthur Hayes updated his outlook on market liquidity and Bitcoin’s trajectory in his keynote, “21 Weeks Later,” delivered at the Bitcoin 2026 Vegas conference.
Hayes argued that the market had previously been driven by an “AI deflation” thesis: AI boosts efficiency and puts pressure on high-paid white-collar jobs, which could weaken bank credit quality and weigh on Bitcoin and other risk assets. But as geopolitical tensions rise and the US shifts more clearly toward a wartime fiscal stance, he believes the market is starting to price in fiscal expansion, higher bank leverage, and a fresh wave of credit creation.
He also argued that concerns over Kevin Warsh potentially becoming Fed chair and pursuing an aggressively hawkish balance-sheet reduction are overblown. In Hayes’s view, what is more likely is a structural reshuffling between the Fed’s balance sheet and those of commercial banks. With regulatory easing, commercial banks could take on more Treasuries and repo assets while expanding lending to defense, resource extraction, and AI infrastructure. Hayes believes this new credit creation could outweigh the drag AI has placed on jobs and legacy credit demand, allowing liquidity conditions to turn positive again. On that basis, he remains bullish on Bitcoin and expects further upside this year.
Timeline:
00:00 Opening remarks
00:35 Why markets may treat the conflict as temporary
01:45 How AI deflation and job losses weighed on risk assets
03:24 The shift toward a wartime inflation and fiscal expansion narrative
05:51 Why Hayes questions the “super hawkish” Warsh view
06:49 A possible balance-sheet shift from the Fed to commercial banks
08:26 How banks could absorb more Treasuries and expand lending
10:00 Why Washington still shows no real appetite for austerity
11:23 Why US banks may become major buyers of new Treasury supply
12:09 Why banks could gain more room to lend

This episode is based on Ethereum co-founder Vitalik Buterin's keynote at Hong Kong Web3 Festival, centered on one question: what kind of chain Ethereum is ultimately trying to become. Vitalik framed Ethereum as infrastructure that serves both as a "public bulletin board" and a "shared computation layer," stressing that its core value is not about chasing maximum speed, but about long-term security, decentralization, verifiability, and fair participation.
In the talk, he laid out Ethereum's roadmap for the coming years. In the near term, the focus remains on scaling both data availability and execution, raising the gas limit, advancing zkEVM adoption, improving block building, and using account abstraction to strengthen smart contract wallets, privacy, and support for post-quantum signatures. Over the medium to long term, the priorities shift toward tackling state growth, expanding formal verification, achieving full post-quantum readiness, simplifying the protocol, and making it possible for ordinary devices — including phones and IoT devices — to verify chain state.
Vitalik also emphasized that Ethereum should not become a platform optimized for high-frequency trading. Instead, it should serve as a secure and durable base layer that developers and users can rely on for the long haul, providing a strong foundation for decentralized applications across finance, identity, social, prediction markets, and beyond.
Timeline:
0:00 Ethereum roadmap backdrop
01:20 Ethereum's two core roles: DA and execution
03:01 Core values: security, verifiability, fair access
03:50 dApps will remain hybrid onchain-offchain
05:21 L2s should not become bigger centralized Ethereums
06:01 Ethereum must scale data and execution together
06:31 The next five years: scaling, zkEVM, post-quantum, privacy
07:39 Next hard fork: parallelization, gas repricing, higher gas limit
08:13 Account abstraction: smarter wallets, gas sponsorship, privacy, post-quantum support
09:50 Mid-term bottleneck: state growth
10:12 Security, formal verification, and AI-assisted proofs
11:47 Ethereum must rely less on core dev teams
13:40 Ethereum's endgame: a global shared layer for rules and data commitments

This episode features a fireside chat at Paris Blockchain Week 2026 between Brian McGleenon, Global Head of News at BeInCrypto, and Ben Zhou, Co-Founder and CEO of Bybit.
The conversation focuses on the accelerating convergence of crypto and the global financial system. Ben argues that exchanges used to compete mainly on execution and liquidity, but over the past three years the real edge has shifted to compliance, licensing, and global distribution. As stablecoins, tokenized assets, smart contract-based payments, and 24/7 markets gain traction, crypto platforms are evolving from trading venues into financial infrastructure connecting capital, assets, and users worldwide.
For traditional financial institutions, the appeal is not necessarily direct crypto exposure. It is the ability to use crypto rails for cross-border allocation, asset tokenization, portfolio diversification, and yield enhancement.
Ben also compares the regulatory landscape across jurisdictions. In his view, the EU is ahead in tokenization, the UAE has attracted a large number of crypto firms through a more pragmatic regulatory approach, and the US remains the key variable for large-scale institutional adoption. The UK, meanwhile, appears to be taking a more constructive stance.
On DeFi, Ben says the sector is still in a regulatory "honeymoon phase," but will likely face clearer rules over time, much like centralized exchanges did. On AI Agent payments, he sees strong interest, but believes the space remains largely focused on data access and analytics rather than large-scale transaction execution.
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Timeline:
00:00 Intro: Crypto merges with global finance as exchange competition shifts to compliance and licensing
01:06 The new role of crypto platforms: global distribution rails for assets and users
03:02 Is TradFi ready for stablecoins, agent payments, and RWAs?
04:51 Why distribution is becoming crypto's most valuable infrastructure layer
07:34 TradFi still resists the "crypto" label, but embraces the underlying rails
09:33 Comparing global regulation: the EU, UAE, and US each take a different path
12:14 US regulatory clarity will determine when major institutions scale in
15:08 DeFi is still in a "honeymoon phase"; DEXs and tax may be the first targets
18:09 AI Agent account use cases: strong demand for analytics, limited trading execution for now

# Binance Founder CZ on His New Book & Advice for Young People
This AMA focused on CZ's new book, Freedom Of Money, touching on his entrepreneurial journey, why he wrote the memoir, and his views on young people, founders, investors, and the future of crypto.
CZ said he has no plans to start another company at this point. Instead, he prefers backing projects as an advisor and investor. When evaluating founders, he cares most about mission-driven people who can survive bear markets and execute through tough cycles.
On setbacks and major life decisions, CZ stressed the importance of keep moving, adjusting direction when needed, staying disciplined on spending, and committing to long-term learning.
For young people, he believes the opportunity set today is actually bigger than before. In his view, AI, the internet, and blockchain will continue creating new paths for upside.
CZ also remains highly bullish on crypto. He believes blockchain adoption is still in its early innings, with much bigger roles ahead in payments, FX, commodities, and AI agent-driven transactions.
He added that the process of writing and publishing Freedom Of Money helped him reexamine his own journey, gain fresh perspective on some major events in his past, and find a sense of personal closure.
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Timeline:
00:00 Intro
02:21 Will he start another company? Why he's focused on advising and investing instead
05:28 Where the confidence to build from scratch came from
09:52 How to keep going in low moments — and how to know when you're on the wrong path
15:42 The long process behind publishing Freedom Of Money and what he wanted to say with it
21:02 How he evaluates projects today — and how not to miss the next Binance
26:35 How to judge whether a crypto narrative can survive cycles
30:05 The most overlooked part of Binance's early growth: extreme intensity behind the scenes
32:35 Advice for young people: consume less, learn more, and go after new opportunities
38:57 Simplified Chinese edition updates, piracy, and his take on Meme culture
46:31 Whether writing the book changed how he sees his past and identity
50:45 Why he chose to publish a book after years of controversy
53:36 Whether ordinary people still have life-changing upside in today's Web3

This interview delves into the evolution of BitMart and the broader cryptocurrency industry. Nenter Chow, Global CEO of BitMart, shares his journey from traditional finance to Web3, emphasizing the market's shift from pure speculation to fundamental utility and real financial plumbing.
Key topics include BitMart's strategic focus on omni-asset access, including RWAs and US equities, global compliance with operations in 50 US states, and user education through initiatives like the UNICEF partnership. The discussion also covers the integration of AI in internal operations such as audits and surveillance, the growing convergence between traditional finance and crypto, career advice for entering Web3, and an honest assessment of the current sell pressure and future opportunities in the crypto venture capital landscape.
Text summary: Link
Timeline:
00:00 Introduction and Background
02:48 BitMart's Evolution and Shift Towards Utility
05:26 Market Maturation and Fundamental Value
08:41 BitMart's Key Differentiators and Compliance
11:03 US Market Strategy and Global Expansion
13:55 Roadmap, TradFi Products, and Education
17:05 Integrating AI in Exchange Operations
18:54 Convergence of TradFi and Crypto Markets
20:45 Market Outlook and Structural Shifts
23:45 Transitioning from TradFi to Web3 Careers
26:40 Hiring Criteria and the 24/7 Web3 Mindset
28:57 The Current State and Future of Crypto VC