Bits + Bips: Is Crypto the Only Asset That Works When Geopolitics Breaks Down?

10 snips

Mar 4, 2026

They discuss the market shock from US and Israeli strikes on Iran and how assets like bitcoin, gold, and oil reacted. They debate whether markets are underpricing broader geopolitical risk. They explore crypto’s role and resilience in a regional conflict and how 24/7 trading affected price discovery. They also touch on AI politics, Anthropic/OpenAI shifts, and stalled stablecoin legislation.

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INSIGHT

Markets Treated Iran Strikes As Contained

Markets priced the U.S.-Iran strikes as a contained regional conflict rather than a systemic shock.
Ram notes oil surged and energy led while VIX stayed low, implying telegraphed risk and positioning ahead of the event.

INSIGHT

Crypto Proved Resilient During Weekend Kinetics

Crypto showed resilience over the weekend shock, with bitcoin dipping then recovering to $70k while gold and oil moved.
Chris cites decentralization and validators as reasons networks persisted despite regional violence near crypto hubs.

INSIGHT

Iran Alienated Regional Allies With Broad Strikes

Iran's retaliatory strikes broadened targets, including Gulf Arab states and commercial sites, alienating potential sympathetic neighbors.
Austin highlights missiles hitting hotels and attempts to disrupt Saudi refining as escalation beyond classic U.S.-Iran exchanges.

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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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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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