Ninety Three Days
Bitcoin peaked near $126,000 last October and spent the first half of this year cut in half. Under $62,000 in June, below the two hundred week moving average, more than two hundred days underwater. The longest drawdown since 2022.
That happened during a year when federal debt passed forty trillion dollars, the thirty-year Treasury hit a nineteen-year high, interest on the debt ran past a trillion, and Washington legalized a form of private digital money and wired it directly into its own funding.
Every condition the thesis describes got worse. The asset fell fifty percent anyway.
Most people in this space are going to explain that away or refuse to look at it. Both are expensive. What follows is the whole picture with nothing sanded off: what actually happened at the Fed after the president got the chair he wanted, what the household numbers say underneath an unemployment rate that looks fine, four things this administration has done that no administration has done before, and the reason the only piece of American crypto policy with a statute underneath it is the one that finances the deficit.
Then the Strategic Bitcoin Reserve, which has never purchased a coin, cannot account for 130,000 of them, and kept the keys in desk drawers.
500 sats. Nobody is going to hand you this for free, and you shouldn’t want them to.
⚡ Zap 500 sats to unlock the full article on
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