ROLLUP: $120 Oil vs New Highs | AI Boom Masks War | IPO Top Signal | DeFi Bailout

**Ryan** (0:04)
Bankless Nation, it is the last week of April, 2026 Time for the Bankless Weekly Roll Up. We got oil prices at their highest level yet, at least since the start of this war. There's signs of an indefinite blockage on the Strait of Hormuz.

**David** (0:19)
Rocking a hard place.

**Ryan** (0:21)
Yeah, rocking a hard place. We're gonna talk about that and where oil price is going.

**David** (0:25)
Despite all of the turmoil in the Middle East, which does not show any signs of wrapping up, markets are going up. S&P at the time of recording is at all time highs. It just printed its best month since 2020 We are on the last day of the month, the day of recording.
So we have the turmoil in the Middle East on one side. We have the AI boom on the other side. One of these things, at least in the equities market is clearly winning. And then also that is leading into the three biggest IPOs in history all come in into the market in the next six months. Could that mark the top?

**Ryan** (1:00)
I think it might. I think it could.

**David** (1:03)
We're going to talk about whether that's the top or not.

**Ryan** (1:05)
Also, Powell is now out. This was his last FOMC meeting. He had some dissent on the committee as the most divided FOMC vote since 1992 We'll talk about that. And as he was walking out, he said, I won't see you next time. And then he announced he's actually not leaving.

**David** (1:22)
But this means he doesn't do the meetings anymore.
That's right. That's right. I think he ends the meetings with, see you next time. And that's why he said, I won't see you next time. That's why it was funny. Anyways, in the crypto news, DeFi had its bailout moment, $303 million raised in just 11 days to fill the hole left by the Kelpdale Layer Zero hack. Biggest hack in history, rescued by DeFi itself. Kind of cool, a heartwarming story. I do not expect it to be the status quo moving forward. This was a one-off probably, but we'll just talk about that. Bitcoin Vegas highlights the Bitcoin Conference, hosted by Bitcoin Media, has happening right now. Eric Trump says the US holds 300,000 Bitcoin and won't sell it. The acting attorney general tells crypto devs that code is not a crime, but do they really mean it? And then a soldier was arrested for winning $400,000 on a polymarket bet that he did with classified Intel.
And so we're going to talk about all the implications.

**Ryan** (2:18)
Turns out that's illegal. I think that's illegal.

**David** (2:20)
Do you think he knew that ahead of time? We're probably going to have to find out.

**Ryan** (2:23)
I'm pretty sure he knew it was a bad idea. You know, I want to start this week with this clip, because not often do you hear the secretary of war for the world's greatest military power talking about Bitcoin. And yet that's what we just heard in Congress. So this is a question from a member of Congress to secretary of war, Pete Hegseth. Let's play the clip.

**SPEAKER_5** (2:45)
Over the past decade, Bitcoin has evolved from a fringe asset into a matter of national security. Iran has demanded Bitcoin as a toll for transit through the Strait of Hormuz. North Korean cyber actors have leveraged it in ransomware campaigns, and China is believed to be stockpiling substantial holdings as part of a strategic reserve. Just last week, Indopaycom commander Admiral Paparo stated that Bitcoin has direct implications for power projection. And he noted that Indopaycom is operating a node on the Bitcoin network in furtherance of that mission. Secretary, do you share the opinion that Bitcoin is a tool to project power, and are there any department-wide initiatives to ensure the US secures a strategic advantage in Bitcoin and combats China's digital authoritarianism?

**Pete Hegseth** (3:31)
I guess my short answer would be yes and yes. A long and enthusiast of Bitcoin and crypto potential, and a lot of the things we're doing, enabling it or defeating it, are classified efforts that are ongoing inside our department, which do provide us a lot of leverage in a lot of different scenarios.

**SPEAKER_5** (3:48)
I appreciate that and I share your views.

**Ryan** (3:50)
Okay, that was interesting to me. So first of all, China stockpiling, that's what the member of Congress said. I don't know how true that is, but China stockpiling Bitcoin. And then the question to Pete Hegseth, like, is Bitcoin a matter of national security and importance? And he said, yes, it was. And then he also said, I'm not going to divulge the ways we are both supporting Bitcoin and also thwarting it in cases. Thwarting it?