When Shift Happens Podcast

Mert Mumtaz, co-founder and CEO of Helius, breaks down why he sees Solana and Zcash as two of crypto's most undervalued bets heading into 2026, using his "physics and incentives" framework to separate real conviction from trader noise. 

He also debunks the recent Zcash security scare, explains why AI is forcing crypto toward "spaceflight-level" security standards, and weighs in on Near's high-upside, low-conviction potential.

THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

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PARTNERS

⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

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Follow Mert Mumtaz
• Twitter: https://x.com/0xMert_
• Twitter: https://x.com/heliuslabs
• Website: https://www.helius.dev/

FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Instagram:  https://www.instagram.com/kevinfollonier_ 
TikTok: https://www.tiktok.com/@kevinfollonier_
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/

DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction
1:57 Coffee, Zyns, & Sleep Discussion
3:26 Is It Better To Work At Night With ADHD
4:05 How Mert Has A Relationship Despite His Schedule
6:45 Mert On Being A Parent
7:30 How Mert Grew On X So Fast
8:51 Partnerships: @Variational @BitwiseInvest
9:44 Mert’s Experience With SOL’s Price Drop 
15:48 The Behind The Scenes With Solana
18:22 How Solana’s Future-Proofing Its Ecosystem
25:47 Why Businesses Will Build On Solana
28:05 Why Solana Isn’t Seen As The Obvious Choice
30:38 Partnerships: @KASTxyz @Trezor
31:43 Mert’s Thesis Behind Solana In 2026
36:42 Solana Will Become The Biggest Financial Economy 
42:45 The Timeline On Solana’s Changes Going Live
44:23 Is Solana Making Its Comeback?
47:31 Partnerships: @JupiterExchange @Ethena
48:14 The Zcash Drama Explained
55:39 AI’s Advancement Means Crypto Must Evolve
59:24 What Is Zcash’s Potential
1:04:40 How Is NEAR Special Like Solana & Zcash
1:09:32 Closing Thoughts

Tushar Jain, Managing Partner at Multicoin Capital, breaks down why he believes the crypto market has already bottomed and is entering a new turning point, walking through his conviction plays on Solana, Hyperliquid, and Zcash. 

He also opens up on Multicoin's biggest shakeup yet: co-founder Kyle Samani's exit from the firm and the industry.

THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter
___________
PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com
___________
Follow Tushar Jain
• Twitter: https://x.com/tushar_jain
FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Instagram:  https://www.instagram.com/kevinfollonier_ 
TikTok: https://www.tiktok.com/@kevinfollonier_
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/
DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.
0:00 - Intro
1:31 - Who is Tushar Jain
3:44 - Are we at a crypto turning point?
4:57 - Buying into bad news before confirmation
6:24 - Buying vs. selling: which is harder
7:13 - Still bullish on Solana?
9:15 - TradFi issuers and credible neutrality
11:47 - Sponsors: Variational Bitwise
12:39 - How to size two competing bullish bets
14:13 - Category leader vs. "better play"
17:00 - Most obvious trade for 2026: Zcash
19:39 - What Zcash represents
22:27 - Valuing an asset with no revenue
24:18 - Trading framework vs. buy-and-hold
26:40 - Valuing Solana and Hyperliquid 
31:45 - Sponsors: Kast, Trezor
32:54 - Timing entries in volatile assets
36:26 - Why Multicoin doesn't trade, only manages
39:25 - The four sources of investing edge
41:14 - Edge examples: Zcash, Hype, Ethena
43:21 - What Ethena represents
45:37 - How much founder quality matters
47:09 - When to take profits
49:50 - Thoughts on Ethereum
51:44 - Kyle leaving Multicoin
53:03 - Sponsors: Jupiter, Ethena
53:46 - Why Tushar is still in crypto
58:26 - Wrap-up and thanks
1:00:37 - Bonus segment intro - Zcash drama + Hyperliquid report
1:00:39 - What happened with the Zcash bug
1:04:13 - Zcash's fix: the Ironwood pool
1:05:50 - How long it took to decide to buy more
1:08:13 - Multicoin's Hyperliquid ($HYPE) report
1:09:55 - Base case: $319 price target, key assumptions
1:15:21 - Is the crypto bottom in?
1:18:11 - Closing thanks

Haseeb Qureshi, Managing Partner at Dragonfly, breaks down the one rule that separates investors who actually get rich from those who don't: staying in the market when everything says to get out. 
A former professional poker player turned VC, he shares how he survived 2018 and FTX without selling, and why he defended Ethereum and Solana when nobody else would.
THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter
___________
PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 
Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com
___________
Follow Haseeb Qureshi
• Twitter: https://x.com/hosseeb
FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Instagram:  https://www.instagram.com/kevinfollonier_ 
TikTok: https://www.tiktok.com/@kevinfollonier_
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/
DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.
0:00 Introduction
1:55 Studio & Show Discussion
3:30 How Hasseb Feels In Life
4:51 Why All The Og’s Are Leaving Crypto
7:39 How Do You Last In Crypto
9:39 Biases That Crypto Investors Try To Trick You With
11:20 Partnerships: @Trezor @BitwiseInvest
12:06 Major Lessons Haseeb Learned At Silicon Valley
17:51 Why Haseeb Compares Crypto To Tech
21:29 What Crypto Is All About
24:35 Haseeb’s Meaning Behind Believing In Exponentials
30:51 Partnership: @KASTxyz 
31:39 How Haseeb Sees Crypto’s Future Becoming Huge
40:54 Does Haseeb Ever Sell Major Tokens
41:28 More Oh Haseeb’s Personal Finances
42:04 Haseeb’s Thesis On Bitcoin + Exponential Growth
48:29 What Does Bitcoin Look Like Once Saturated
51:10 Partnerships: @JupiterExchange @Ethena
51:53 Why Haseeb Defends ETH & SOL
58:07 When Has This Growth Story Thesis Been Wrong
1:02:31 Where HyperLiquid Fits: Growth Or Revenue
1:04:05 Should People Stay In Crypto?
1:08:31 Closing Thoughts

Eric Larchevêque, co-founder of Ledger, shares why everything you've been told about owning money is wrong - and how losing his savings to a corrupt bank, having his gold seized, and watching his co-founder get kidnapped for €10 million in Bitcoin proved it.

THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter
___________
PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 
Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com
___________
Follow Eric Larchevêque
• Twitter: https://x.com/ericlarch

FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/

DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.
0:00 Introduction
2:00 Eric’s First Podcast In English
2:32 Where Does Eric’s Optimism Come From
3:31 The First Thing Eric Thinks Of Every Morning
4:03 What Eric’s AI Agents Do
4:57 How Eric Uses These AI Agents
5:47 What Does Eric Do & Why
8:01 Why People Need To Hit A wall
12:39 Who Is Eric Larcheveque
13:21 Eric’s First Major Leap For His Company
18:21 Going From Building Websites To Bitcoin
27:31 Partnerships: @Trezor @BitwiseInvest
28:17 Why Eric Went All In On Bitcoin
34:37 Did Eric Question The Volatility Of Bitcoin
40:24 100% Of Eric’s Liquid Networth Is In Bitcoin
49:59 You Should Build A Bitcoin Strategy
53:07 Where Does Bitcoin Go In 10 Years
54:47 What Does A Bitcoin Dominant World Look Like
59:24 Partnership: @KASTxyz 
1:00:12 Why Bitcoin Will Never Hit 0
1:10:47 What Eric Learned While Building Ledger
1:16:03 Co-Founder Kidnapping Discussion & Advice
1:25:56 Why Eric Stays In France
1:27:23 Partnerships: @JupiterExchange @Ethena
1:28:07 What Is The Bitcoin Society
1:32:25 Who’s Backing Bitcoin Society
1:32:51 What Does A NBA Player Do With Bitcoin
1:33:46 Eric’s View On Learning To Learn
1:34:38 Why Eric Creates Videos When He Could Chill
1:37:19 Is Eric Building A Personal Brand
1:39:00 Does Eric Feel Happier Now With Money
1:40:04 Being An Entrepreneur Requires Sacrifice
1:41:22 Experiences > Buying Extra Bitcoin
1:44:06 Do Everything To Achieve This One Thing
1:45:11 Closing Thoughts

Dan Tapiero is the Founder of 50T Funds, a growth-stage equity fund exclusively focused on the digital asset ecosystem, and one of the few Wall Street veterans who has been publicly bullish on crypto since 2019.

In this episode, Dan reveals why crypto is the greatest macro investment of all time, why most investors will lose money despite being right, and why his $50 trillion thesis may actually be conservative.

THE SHIFT NEWSLETTER
💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/
🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 
Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com
___________
FOLLOW DAN TAPIERO
• Twitter: https://x.com/DTAPCAP
• LinkedIn: https://www.linkedin.com/in/dan-tapiero-22b41b191/
FOLLOW 10T HOLDINGS
• Twitter: https://x.com/10Tfund
• Website: https://10tfund.com/
FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Instagram:  https://www.instagram.com/kevinfollonier_ 
TikTok: https://www.tiktok.com/@kevinfollonier_
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://kevinfollonier.com/
DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.
0:00 Introduction
2:00 Kast Card Discussion
2:40 Dan’s Framework For Investing In Businesses
5:29 Why Equity Over Tokenization
12:19 Partnerships: @Trezor @BitwiseInvest
13:05 Dan’s Bullish Tweet Style Explained
19:55 The Shift That Makes Someone Confident
28:00 Partnership: @KASTxyz 
28:48 Why Markets Tend To Do The Unexpected
32:23 Conviction In Bitcoin Is Becoming Much Harder
41:03 How Dan Raises Money During A Bear Market
46:24 Partnerships: @JupiterExchange @Ethena
47:07 Why Dan Is Confident Crypto Will Go To $50 Trillion
52:02 How Agentic AI Will Help Crypto Reach $50 Trillion
54:33 The Numbers Behind ETH & SOL Post $50 Trillion
58:30 Closing Thoughts