Crypto Options Unplugged Crypto Outperforms Amid Iran War Escalation #101
Mar 6, 2026
Jason Urban, Co-Head of Digital Assets at Galaxy Digital and former TradFi equity derivatives pro, shares market-readiness and trading chops. He discusses crypto resilience amid geopolitical shocks. He explores Solana micropayments, ETH tokenized real-world assets, TradFi convergence with AI, and how altcoins will bifurcate into real-economics winners versus hype.
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How A Collar Strategy Led To Galaxy Acquisition
- Jason Urban moved from Goldman to DRW then built a crypto lending business that used collars to lend against Bitcoin volatility.
- In March 2020 his collars paid off when BTC plunged from ~8,000 to ~3,000 and clients profited, which led to Galaxy acquiring his business.
TradFi Flows Reshape Crypto Price Dynamics
- TradFi entrants change market dynamics because large managers trade size and treat crypto like an asset or trade, not a perpetual belief.
- Jason says bigger institutional sellers or buyers can create directional moves and have been a key force holding BTC back recently.
Geopolitics Can Rekindle Bitcoin's Store Of Value Role
- Geopolitical stress can resurrect Bitcoin's narrative as a non-sovereign hedge against currency debasement and loss of trust in fiat.
- Jason argues in troubled jurisdictions people rethink holding dollars and may allocate to crypto as financial freedom.