When Shift Happens Podcast

Tarek Mansour is the co-founder and CEO of Kalshi, the largest federally regulated prediction market exchange in the US - valued at $2 billion and backed by some of the world's top investors.

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
___________
CONNECT WITH TAREK MANSOUR👇
Twitter: https://x.com/mansourtarek_Twitter: https://x.com/Kalshi
Website: https://kalshi.com/

FOLLOW WHEN SHIFT HAPPENS
Twitter (X): https://x.com/KevinWSHPod  
Instagram:  https://www.instagram.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
3:11 Where The Anime Passion Comes From
4:01 How Tarek Is Doing
4:53 Who Is Tarek
7:02 Which Version Of Uncertainty Is Tarek A Fan Of
9:10 Where Tarek’s Fire In The Belly Comes From
13:33 Partnerships: @Trezor @BitwiseInvest
14:20 What Tarek’s Brother Does
15:19 Why Tarek’s Resilience Is Crazy
16:31 Why Is Entrepreneurship Like Therapy
22:16 Is Tarek Mad, Crazy, Or In Denial
24:45 Would Tarek Have Ever Given Up Earlier?
29:54 Partnerships: @KASTxyz @sumsub
31:19 How To Focus On Inputs, Not Results
33:16 When Did Kalshi Come Into Existence
36:00 What’s The True Innovation Of Prediction Markets
38:28 How Prediction Markets Revolutionize The Media
43:47 How Are Prediction Markets A Better Insurance
44:55 Why Is There No Leverage In Prediction Markets
47:16 Partnerships: @JupiterExchange @Ethena
48:00 Tarek’s Opinion On Insider Trading
51:19 Who Enforces The Insider Trading Rules
55:26 How Kalshi Surveys Suspicious Behavior
56:59 Tarek’s Honest View On Crypto
59:41 Why Kalshi Is Launching Regulated Perps In The U.S
1:00:30 What Does Regulated Perps Mean?
1:02:22 Was Kalshi Inspired By HyperLiquid 
1:03:41 How Much Time Does Tarek Look At Competition
1:05:58 What’s The Endgame For Kalshi
1:07:06 What Does Tarek Do With A Billion Dollars
1:08:31 Is Tarek Happy
1:13:08 One Thing Tarek Should Let Go Of
1:14:18 Closing Thoughts

Raoul Pal, co-founder of Real Vision, returns to break down why the AI race is the biggest capital event in human history and why crypto holders are positioned to win. 

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

CONNECT WITH RAOUL👇
Twitter: https://x.com/RaoulGMI
Linkedin: https://www.linkedin.com/in/raoul-pal-real-vision/
Instagram: https://www.instagram.com/raoulgmi
YouTube:  @RaoulPalTJM  
GET RAOUL PAL’S FREE REPORT AND PREPARE FOR THE NEXT DECADE: https://rvtv.io/3YOZZUe

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 Traveling Non-Stop & Kast Card Discussion
5:00 What Raoul’s Been Up To The Past 4 Months
7:24 Why The Stock Market Never Ceases To Grow
10:33 What Is The Economic Singularity?
15:03 Partnerships: @Trezor @BitwiseInvest
15:49 Is It Still Early To Invest In AI?
17:44 Is Crypto Superior To AI Investment Wise
19:38 Crypto’s Reasons For Going Up Forever
22:54 Bitcoin Going From $126k - $60k Is A Nasty Correction
28:35 Why Raoul Started Buying Zcash
30:12 What Are The Left & Right Curve Trades?
30:47 Partnerships: @KASTxyz @sumsub
32:12 How Raoul Thinks About Allocation With Zcash
32:59 Raoul’s Thoughts On Hyperliquid & Hype Token
41:13 How To Measure Intelligence For Layer Ones
45:56 Why DeFi Isn’t Dead According To Raoul
51:09 How Do You Structure An NFT Portfolio?
56:04 Partnerships: @JupiterExchange @Ethena
56:47 Should People Only Focus On The Top Grail NFTs
59:35 Raoul’s Plan To Lend Against NFTs
1:00:44 Is Bitcoin A Proxy Trade For AI
1:02:05 Why You Should Never Sell Unless You Have To
1:04:33 The Numbers Behind Buying & Holding vs Trading
1:10:47 Raoul’s Advice On Developing Patience
1:14:55 Why People Should Stay In Crypto
1:17:06 Why There’s Hope For Crypto In 2026 & 2027
1:22:35 Closing Thoughts

Raoul Pal, co-founder of Real Vision, returns to break down why the AI race is the biggest capital event in human history and why crypto holders are positioned to win. 

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

CONNECT WITH RAOUL👇
Twitter: https://x.com/RaoulGMI
Linkedin: https://www.linkedin.com/in/raoul-pal-real-vision/
Instagram: https://www.instagram.com/raoulgmi
 
GET RAOUL PAL’S FREE REPORT AND PREPARE FOR THE NEXT DECADE: https://rvtv.io/3YOZZUe

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 Traveling Non-Stop & Kast Card Discussion
5:00 What Raoul’s Been Up To The Past 4 Months
7:24 Why The Stock Market Never Ceases To Grow
10:33 What Is The Economic Singularity?
15:03 Partnerships: @Trezor @BitwiseInvest
15:49 Is It Still Early To Invest In AI?
17:44 Is Crypto Superior To AI Investment Wise
19:38 Crypto’s Reasons For Going Up Forever
22:54 Bitcoin Going From $126k - $60k Is A Nasty Correction
28:35 Why Raoul Started Buying Zcash
30:12 What Are The Left & Right Curve Trades?
30:47 Partnerships: @KASTxyz @sumsub
32:12 How Raoul Thinks About Allocation With Zcash
32:59 Raoul’s Thoughts On Hyperliquid & Hype Token
41:13 How To Measure Intelligence For Layer Ones
45:56 Why DeFi Isn’t Dead According To Raoul
51:09 How Do You Structure An NFT Portfolio?
56:04 Partnerships: @JupiterExchange @Ethena
56:47 Should People Only Focus On The Top Grail NFTs
59:35 Raoul’s Plan To Lend Against NFTs
1:00:44 Is Bitcoin A Proxy Trade For AI
1:02:05 Why You Should Never Sell Unless You Have To
1:04:33 The Numbers Behind Buying & Holding vs Trading
1:10:47 Raoul’s Advice On Developing Patience
1:14:55 Why People Should Stay In Crypto
1:17:06 Why There’s Hope For Crypto In 2026 & 2027
1:22:35 Closing Thoughts

Michael Saylor is the Founder and Chairman of Strategy (formerly MicroStrategy), the world's largest corporate holder of Bitcoin with roughly 818,000 BTC and over $65 billion in capital. 
After surviving a 99.8% stock collapse that left his company three days from bankruptcy, he rebuilt it into a "reserve bank for Bitcoin" - issuing products like STRC that pay an 11.5% monthly dividend, tax-deferred. 
In this episode, he breaks down how to build lasting, passive wealth with Bitcoin, why he believes there's no second best in crypto, and why working hard may be the worst financial advice you can follow.
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 MICHAEL SAYLOR
• Twitter: https://x.com/saylor
• Twitter: https://x.com/Strategy
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.

00:00 Intro03:05 Explain what you do to an Uber driver05:35 Advice for Rick, the struggling Uber driver07:07 Who is Michael Saylor?11:02 Sponsors Trezor & Bitwise11:48 Kevin's Business Intelligence Company13:14 Michael's childhood and chip on the shoulder17:56 Has Michael conquered the world yet?19:49 Just because you can, doesn't mean you should28:23 Sponsors Kast, Sumsub30:02 Low time preference and scarcity1:01:31 Should you mortage your house to buy Bitcoin?1:09:50 The great $60B in Bitcoin bet: risks1:15:32 Sponsors Jupiter, Ethena1:16:16 Sell the kidney if you must but keep the Bitcoin1:20:14 What's the endgame for Strategy?1:28:16 Where does Bitcoin price end?1:35:34 Should my mom put her life savings in STRC?1:59:09 Why Michael doesn't have children1:59:44 Why working hard is the worst advice you can get2:07:37 Why THERE IS NO SECOND BEST, there is only one crypto asset2:15:03 Thanking Michael from the whole crypto industry

Eddie Travia is the co-founder and CEO of Coinsilium Group, the first blockchain company to complete an IPO, and a pioneering crypto investor since 2013.

In this episode, Eddie breaks down how AI agents and crypto are converging into a $15 trillion shift that will reshape investing, fundraising, and entrepreneurship - and explains why millions of jobs won't survive the transition.

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 EDDY TRAVIA
• Twitter: https://x.com/eddybitcoin
• Twitter: https://x.com/CoinsiliumGroup
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
1:56 Tea & Coffee Discussion
5:25 If Eddy Got $10 Million Today, What Would He Do
6:42 Why Does Crypto Make Sense In A World Crisis
8:00 Partnerships: @JupiterExchange @KASTxyz
8:41 Who Is Eddy Travia?
8:57 Why Eddy Backed WSH Early?
10:04 What Is Coinsilium Explained Through An Analogy
10:40 What Coinsilium Dealt With Last Year
13:33 What Did Coinsilium Do Right In 2025 Despite The Criticism
17:27 The Yellow Network Bet
20:10 Why Yellow Matters?
20:46 Partnerships: @Ethena @sumsub
21:49 Eddy’s Further Thoughts On The Yellow Investment
22:28 Has Anything Good Come Out Of Crypto Lately?
24:08 Why You Need To Be A VC To Win In Crypto
27:27 How To Play Prediction Markets
30:23 How to Position For High-Traction Markets
32:55 How The Investor Environment Is Changing
40:02 How This Changes Eddy's Investing
41:42 What Companies Should Know About The AI Agents Era
44:15 How AI Agents Change Fundraising
46:08 Should The Crypto Industry Fear The AI Brain Drain
48:24 Partnerships: @Trezor @BitwiseInvest
49:08 Is Eddy Still Bullish On Crypto?
51:03 Is The $1M Bitcoin Dream Dead?
53:54 Closing Thoughts