Jesse Pollak on Why Base's Social Bet Failed

Watch on YouTube ↗  |  July 23, 2026 at 15:01  |  40:04  |  Unchained (Chopping Block)
Speakers
Unknown Speaker — Bits and Bips co-host
Jesse Pollak — Head of Base, Coinbase

Summary

In this episode, Base creator Jesse Pollak discusses the strategic pivot away from the Base app's social features to focus entirely on the Base chain's core infrastructure and trading capabilities. The conversation also touches on the competitive landscape with new entrants like Robinhood's chain and the broader macroeconomic factors influencing Bitcoin and the crypto market.

  • Jesse Pollak explains the decision to hand over the Base app to Cobie to focus on trading.
  • Base will concentrate on its core chain infrastructure, aiming to be the settlement layer for global finance.
  • The Base network is undergoing upgrades (Azul, Barrel, Cobalt) to improve capacity and developer experience.
  • The episode features a segment discussing Apple's high valuation and PayPal's struggles with the innovator's dilemma.
  • Macroeconomic factors, including real rates and pending crypto legislation, are highlighted as key drivers for Bitcoin's future price action.
Ideas
Unknown Speaker Bits and Bips co-host 0:00
PayPal's stablecoin half-measures leave it vulnerable.
PayPal is suffering from the innovator's dilemma by taking half-measures with stablecoins to avoid disrupting its own business, which has allowed competitors to disrupt them instead and led to poor stock performance since the early 2020s.
PYPL MED
Unknown Speaker Bits and Bips co-host 0:44
Apple's high valuation leaves little upside potential.
Despite Apple's strong capital allocation—such as scrapping the Apple Car and partnering with Google Gemini instead of overspending on AI infrastructure—the stock is now trading at a pricey 35x forward P/E, a level not seen since August 2020, leaving very little upside potential.
AAPL HIGH
Unknown Speaker Bits and Bips co-host 3:39
Clearer real rates and legislation support Bitcoin.
Bitcoin will find stronger macroeconomic support as expected real rates become better understood, which will help bring fiat leverage back into the crypto system. Furthermore, the market is underpricing the potential passage of crypto legislation, and a surprise passage would provide a significant lift to prices.
BTC MED
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This Unchained (Chopping Block) video, published July 23, 2026, features Unknown Speaker discussing PYPL, AAPL, BTC. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Unknown Speaker  · Tickers: PYPL, AAPL, BTC