Is 2025 Crypto's Dot-com Moment? | Weekly Roundup

Dec 19, 2025

The hosts explore if 2025 could signal crypto's moment akin to the dot-com bubble. They analyze the connection between crypto adoption and falling prices, comparing the current landscape to the post-dot-com era. Discussions include token versus equity exposure, the future of stablecoins, and Coinbase's new product launches. Predictions about market winners and losers, shifting investments towards AI, and the emerging role of traditional finance in crypto are highlighted. Finally, the debate on stablecoin issuers and their market strategies adds depth to the conversation.

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INSIGHT

AI Hardware Is The Macro Wildcard

AI's next hardware transition (Blackwell) could validate or implode the AI capex cycle.
Crypto's fortunes may correlate with how the AI narrative and macro evolve.

INSIGHT

Coinbase Expands Into Tokenized Finance

Coinbase shipped multiple product lines including tokenization, stocks, and custom stablecoins in one rollout.
Big exchange moves are expanding crypto's product set into regulated financial services.

INSIGHT

USDC Underpins Coinbase's Stablecoin Play

Coinbase's white‑label stablecoins are USDC‑backed, routing much economics to Circle under their agreement.
That arrangement gives Coinbase distribution while Circle bears collateral costs.

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This week, we discuss whether 2025 marks crypto’s dot-com moment. We deep dive into how to allocate capital as crypto and fintech continue to merge, crypto’s token-vs-equity dilemma, Coinbase’s recent product releases, who wins the stablecoin race and more. Enjoy!

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Timestamps:

(00:00) Introduction

(04:06) Is 2025 Crypto’s Dot Com Moment?

(13:12) Crypto’s Token vs Equity Dilemma

(28:30) Ads (VanEck, Uniswap)

(30:12) Coinbase’s Product Releases

(35:25) Who Wins The Stablecoin Race?

(46:58) Vaults

(56:50) Content of The Week

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.