# Why Pandl Calls Gold and Bitcoin Buys Here

Page: https://stenobird.com/podcast/unchained-728975/why-pandl-calls-gold-and-bitcoin-buys-here
Text version: https://stenobird.com/podcast/unchained-728975/why-pandl-calls-gold-and-bitcoin-buys-here.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-728975)
Published: 2026-06-19T01:50:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML7804998550.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML7804998550.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-728975/episodes/why-pandl-calls-gold-and-bitcoin-buys-here
Duration seconds: 441

## Resource

Zach Pandl, Head of Research at Grayscale Investments, argues that speculative retail flows, not geopolitical fundamentals, drove the recent gold and Bitcoin selloffs. His read: momentum chasing built gold from $4,000 to well above $5,000, then rotated out to chips and pre-IPO trades. The underlying deficit-and-debt case for both assets hasn't changed, and he's calling the dip a buy for longer-horizon investors. He closes with Grayscale's H2 DeFi revenue thesis. Hyperliquid is the clearest proof of concept: a protocol with a clear use case, real revenue, and value returned to token holders. Grayscale applied a discounted cash flow model to Aave and published a price target on the token. Host: Steven Ehrlich, Host of Bits + Bips: The Interview and Head of Research at Sharplink - https://x.com/Steven_Ehrlich Guest: Zach Pandl - Head of Research at Grayscale Investments - https://x.com/LowBeta This clip is from a longer conversation on the Fed's hawkish pivot, the SpaceX IPO, crypto winter, and Strategy's preferred equity. Full episode here: https://www.youtube.com/live/WIlLtRQidQg?si=ONIIkcPElZFgpa8l We go live every Thursday at 12:00pm ET - subscribe to catch it live. Sponsors Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters 🔍 00:00 Steve on gold and Bitcoin's worst quarter - what happened during the Iran war 📊 00:57 Why Pandl argues speculation, not fundamentals, drove both the run-up and the selloff 🥇 02:42 The buy case - Pandl on what to do when speculative excess washes out 💡 03:25 Steve asks about second-half assets…

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## Transcript

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