My thoughts on Bitcoin Treasury companies. I strongly support a company saving its cash generated profits in Bitcoin, particularly that portion of savings that will not be needed for the businesses' growth initiatives within the next 4 years. It is effectively behaving like I do with my own personal finances. With respect to Bitcoin companies that create complex debt strategies, Preferred equity arrangements and ATM sells to buy Bitcoin, some will drastically fail and others will survive, but will sustain massive price volatility along the journey that I fear many retail investors are unprepared for. The gameplay is extremely complex. Beyond the companies' ability to pay debt/interest commitments with limited free operating cash flow, I struggle to see how they will continue to buy bitcoin when/if NAV goes below 1.0. Furthermore, during down markets, I struggle to see how future debt/Preferred equity offerings can be attained at attractive rates. Again, the gameplay is extremely complex. To me, what has been forgotten in this hype mania is the core thesis of Bitcoin. To get honest, fair, non-permissioned money in the hands of its citizens. Yes, ETFs help provide SOV and that is great but let's be honest... the most indigent among us are those that need Bitcoin the most... they do not have brokerage accounts. I truly believe MOE is key to broad worldwide adoption and we as a community need to be more actively seeking out opportunities to expand its acceptance with Merchants.

This week has seemingly been one of the most positive for #Bitcoin in recent memory. Companies continue to stack, people are asking me about Bitcoin in ways that truly surprise me, there's the removal of SAB 121, the demolition of Operation Chokepoint, and, of course, the ever-increasing probability of an SBR. So much positivity, yet I am left feeling a bit dispirited—not about Bitcoin's ultimate path to monetary supremacy, but that a more winding road than I originally thought will be necessary. I've been in this space long enough to witness new people come into it and venture off on various crypto paths that ultimately led to lesser wealth and a disdain for the entire space. I am optimistic that our elected bureaucrats have sufficient resources at their disposal to ultimately realize Bitcoin is the only solution. However, it seems exploration of bad paths will be needed to arrive right back at #Bitcoin. It's not the longer path that has left me dispirited. Rather, it's that for now, I think our policymakers and the administration have lost the plot. I won't criticize other projects. Maybe there is some good technology or product embedded that might be beneficial. As an example, increased use and adoption of stablecoins is a worthwhile near-term use case to accelerate international demand for the US Dollar. To me, providing more of the world's citizens with the best nation-state currency is better than what those citizens have today. That, to me, is a net positive. Even more, easing policy or regulations on crypto projects might lead to some groundbreaking tech, increase employment in America, and ultimately generate much-needed tax revenue. However, when considering assets to be held by the Federal government and funded by the American taxpayer, only a best-in-class asset should be held, and that is #Bitcoin. #Bitcoin is a scarce asset, a decentralized monetary protocol that is uncensorable and unconfiscatable. Coupled with some improved fiscal responsibility, it has the potential to strengthen this great nation's financial footing in a meaningful way while setting a blueprint for the rest of the world to follow. A blueprint that ultimately can lead to freeing billions of people from economic slavery and providing them access to fair money and an economic identity they do not have today. I have tried to be fair to other projects as shitting on people only divides us but PLEASE, Don't let us lose the plot!!

No Predictions for 2025; Rather, These Are My Hopes. We continue to see mainstream Bitcoin adoption here in the United States. Bitcoin companies continue to innovate and create products that meet investors where their needs are today. I think our best hopes lie in the ETF markets as well as funds that invest in companies that prioritize Bitcoin as a treasury asset. The latter could enhance how most companies view their business model, actually empowering their balance sheets for future growth. Today, balance sheets mostly fuel growth via capital expenditure and M&A. Bitcoin provides a third option that I believe will force companies to better measure the true ROI of their historical uses of capital, allocating it only where outsized growth is anticipated. I hope that our next administration promotes Bitcoin with sufficient education for the American people on the fundamental reasons for its promotion: that Bitcoin is a digital monetary protocol that preserves its value over time, and why that should be important to the American people. While I hope they have some success with creating an SBR, my real hope is that they ensure the right to self-custody is preserved and, even more importantly, that Bitcoin is seen as money (not just capital) and its tax treatment is revisited to improve its use as a convenient tool for money transmission. In the administration's support, I hope Bitcoin is communicated as having separate and distinct properties from whatever "shitcoinery" they want to involve themselves in. When that all implodes, I do not want the baby to be thrown out with the bath water. My biggest hope by far for 2025 is that the Bitcoin community and these burgeoning new "Bitcoin leaders" pay homage to Bitcoin's creator and the cypherpunks who cultivated this indestructible monetary protocol, celebrating what Bitcoin can truly offer the world: an uncensorable, unconfiscatable, decentralized, scarce money that can be used to help first-world citizens maintain wealth while freeing three-quarters of the world living under authoritarian regimes and/or hyper-inflationary environments from an effective economic slavery.

#Bitcoin protects against the ever growing nation-state currency risk. Your 60/40 portfolio does not.

While nation-state adoption, corporate treasuries and spot ETF approvals might be sexy, for me there is something supremely more satisfying about the grassroots adoption already of over 200 million worldwide bitcoiners and growing. We are our own borderless #Bitcoin nation.