Ryan Sean Adams

This is the Wild West.

It's not for everyone, but we are glad you're with us on the Bankless journey.

Thanks a lot.

Bankless Nation, a relevant topic for crypto investors at the moment.

I think actually the most relevant topic, the most important question for us right now, how long will this AI boom continue?

Are we in an AI bubble?

What's going to be the outcome for our crypto assets?

I have Michael Nadeau from the TDR podcast and the TDR research on the episode today.

And we're going to discuss this.

Mike, how are you doing?

I'm doing great, Ryan.

How are you?

I'm doing great, man.

Hey, this episode really came from a discussion that we were having after we were done recording the TDR podcast last week.

And you showed up this slide, which was Bitcoin versus NASDAQ, the correlation by year.

You said that crypto has never been more correlated to the NASDAQ.

than it is right now in 2026.

And we see right now crypto prices were kind of being pulled upwards, it seems, by an incredibly strong TradFi market.

In particular, tech stocks have been booming.

So is it like up 25% the QQQ since the, was it March or April lows?