• Bitcoin hits another all-time high (ATH) at $123K amid relentless demand and tightening supply
• Historic legislative wins in the U.S.: CBDC ban codified into law; $600 de minimis tax exemption for Bitcoin spending under discussion
• Bitcoin enters the White House press room as Bitcoin Magazine asks key policy questions
• Adam Back and Blockstream in a $4B SPAC deal with Cantor Fitzgerald to create a Bitcoin treasury operation
• MicroStrategy now holds 3% of all Bitcoin, pioneering “speculative attack” borrowing at ultra-low interest rates
• Debate on whether Bitcoin’s cycles are maturing: lower volatility and fewer sharp drawdowns this cycle
• Rising Bitcoin treasury companies seen as a driver for long-term price stability and institutionalization
• Bitcoin dominance dips slightly as ETH and altcoins see a bounce, but hosts reinforce “Bitcoin, not crypto” thesis
• Trump administration exploring 401(k) access to crypto, further boosting institutional access to Bitcoin
• Pro tips for HODLers: take self-custody, think in 5+ year timeframes, and ignore short-term volatility

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