HODL FM has released a new podcast episode featuring Malak Alba, PR advisor, journalist, and co-host of the Searching for Mana podcast. In conversation with host Tanya, Alba addressed Bitcoin’s market direction, the growing weight of stablecoins, prediction markets, and the impact of the proposed Clarity Act on US crypto firms.
The discussion comes at a time of heightened volatility across financial markets. Institutional participation in crypto has increased, yet price action has not followed the expectations many retail traders held during previous cycles.
Tanya opened with a blunt question about the broader macro environment. Alba responded with a comparison that framed the tone of the episode.
"I have a very strong feeling from all the events that has been happening so far with the financial industry as a whole because crypto is just you know a small piece out of a lot of different things."
She referenced the Great Depression of 1929 as a historical parallel and argued that crypto does not operate in isolation. Equity markets, commodities, geopolitical tensions, tariffs, energy supply, and the AI race all influence liquidity and investor behavior.
"Definitely in terms of the events we're kind of entering to the Great Depression."
Alba did not present this as a forecast of collapse. She described it as a cautionary framework. She stressed that data consumption and research matter more than narrative cycles. Prediction markets and AI tools, in her view, can support better decision-making in volatile environments.
Davos shifts focus from crypto to stablecoins and AI efficiency
Alba attended Davos this year and reported a shift in priorities. According to her account, crypto did not dominate the agenda. Stablecoins and regulatory clarity received more attention.
"There hasn't been much focus on the crypto topic but more focus into stable coins."
The main theme centered on energy consumption and efficient use of AI infrastructure. Alba explained that early AI development relied heavily on large language models. That model now faces scrutiny due to compute and energy costs.
She pointed to Saudi Arabia’s investment strategy as an example. The Public Investment Fund has backed AI infrastructure dedicated to Arabic language processing. The goal involves localized AI systems that process region-specific data with less computational waste.
Alba described a broader trend toward national AI sovereignty. Sovereign wealth funds such as PIF and Mubadala direct capital toward data centers and AI chips. She argued that governments aim to build independent compute capacity rather than rely on foreign systems.
Prediction markets draw capital and scrutiny
The episode also addressed the rapid growth of prediction markets. Alba cited current trading volumes.
"I think there's around like six billion dollars in prediction market contracts that are now being traded which is insane."
Platforms such as Polymarket have attracted retail and institutional curiosity. However, regulatory status remains uneven. Polymarket faces restrictions in several jurisdictions.
In the United States, the Commodity Futures Trading Commission treats certain prediction contracts as event derivatives. Alba noted that regulatory clarity remains incomplete, especially in relation to insider information and cross-border access.
She also observed that major trading platforms show interest in the segment. Robinhood and Coinbase have explored features that overlap with event-based speculation. Traditional financial institutions, including Goldman Sachs, assess whether prediction markets align with derivative modeling frameworks.
Alba acknowledged that critics compare prediction markets to gambling. She argued that the structure resembles derivative trading more than casual betting, especially when tied to economic or political data.
The Clarity Act and stablecoin pressure
A central segment of the interview examined the Clarity Act in the United States. The proposal seeks to define how digital assets fall under securities or commodities law.
Alba referenced comments from Brian Armstrong and highlighted potential revenue implications. Coinbase derives a significant share of income from stablecoin reward products. The bill, as written, could restrict stablecoin yield offerings.
She estimated that around $1.3 billion in revenue connects to stablecoin yield. Restrictions would therefore affect major exchanges. Alba argued that clearer classification could benefit new entrants even if established firms face pressure.
For European markets, Tanya referenced MiCA as a cautionary example. Alba responded that regulation may reduce flexibility for crypto-native participants. However, she maintained that regulatory certainty remains necessary for long-term integration into mainstream finance.
AI, trading tools and the bubble question
The final segment turned to AI’s role in markets. Alba framed AI as a trading assistant rather than a replacement for judgment.
"So the future is AI is linked to trading. That's not a question."
She mentioned tools that model strategies inspired by investors such as Warren Buffett. AI systems can analyze historical trades and simulate decision frameworks. Retail access to such tools has expanded across brokerage platforms.
Tanya closed with a direct question about valuations in the AI sector.
"You don't think that AI bubble will burst, do you?"
Alba responded without hesitation.
"Not yet. I think we're still far from it."
She cited high valuations at firms such as Anthropic as evidence of market optimism. She acknowledged the scale of those figures yet stopped short of predicting a collapse.
The episode concludes without definitive answers. It presents a cross-section of themes that define 2026: institutional caution, regulatory friction, AI infrastructure, and a crypto market that no longer moves in simple cycles.
Tanya Petrusenko
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