In an era where free markets are increasingly shaped by state power, investors need to understand the nexus of geopolitics, political economy and exponential technologies as a tool of statecraft. BPI’s Matt Pines and Zack Shapiro join Zack Cohen to examine how U.S. industrial policy, AI breakthroughs, and Bitcoin regulation are converging to reshape global markets. The conversation explores the latest market structure bill and its impact on Bitcoin liquidity, the strategic Bitcoin reserve as a potential geopolitical hedge, and what Intel’s bailout signals about the rise of national champions and state-directed capital allocation.

Chapters:00:00 - Intro: Strategic Technologies & Global Rivalry01:19 - Market Structure Legislation: What's New09:52 - Noncustodial Developer Protection as a Priority14:06 - Strategic Bitcoin Reserve: National Security & Geopolitical Implications20:57 - Political Cycles: The Defining Feature of Market Cycles?26:20 - Intel, NVIDIA & Government Stakes in Tech Companies49:07 - Economic Statecraft and the Shift from Multinational to National Capitalism49:07 - AI: The New Social Architecture55:45 - Closing Remarks