Contrast between today’s macro backdrop and the 2021 Bitcoin peak, with tighter liquidity, higher rates, and far stronger structural support for Bitcoin Cory’s base case: no classic 80% “crypto winter” drawdowns anymore and a strong chance of new all-time highs in 2026 John’s “yearly lows” chart framing: rising annual Bitcoin floors as proof of real accumulation and diminishing panic selling Larry Fink, Harvard, sovereign wealth funds, and major banks (BofA, Vanguard, Schwab, Citi) as long-term Bitcoin buyers, not momentum tourists Discussion of CFTC-approved spot Bitcoin trading on designated contract markets as another on-ramp for pensions and endowments Big critique of prediction markets and “scambling” (scam + gambling) as an extractive, nihilistic, fiat-era attempt to financialize everything Cory and John argue that crypto casinos, meme coins, and prediction markets are a giant gambling funnel that ultimately pushes people toward Bitcoin’s seriousness Bitcoin and energy: riffing on Elon Musk and Jensen Huang’s comments about Bitcoin turning stranded or excess energy into a universal monetary battery MicroStrategy’s new USD reserve is framed as a cosmetics move to soothe institutions and make their Stretch preferreds more attractive, not a change in core strategy Cory pushes back on “Operation Chokepoint 2.0” de-banking narratives, distinguishing between true systemic exclusion and individual risky accounts being dropped Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private . Put Bitcoin into your IRA and own your future. Check out swan.com/ira . Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault .
