Premium
Quicktake
*|MC:SUBJECT|*
͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌    ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

QUICKTAKE

June 3, 2025

Can Bitcoin Be Stopped?

Bitcoin has passed another test. After declining sharply when markets melted down in early April, Bitcoin has once again bounced back, stronger than ever.


For all the Bitcoin skeptics out there, the past two months stand as evidence…


Bitcoin is not only RESILIENT. It is ANTIFRAGILE.


The nuance that differentiates these two adjectives is important.


A resilient asset is one that survives periods of stress. A skyscraper that is still standing after an earthquake is resilient.


An antifragile asset emerges from periods of stress in even better condition. Think of a teenager who has been hitting the gym all summer.


Another all-time high


On May 22, Bitcoin set a new all-time high, just short of $112,000. It has since been trading in the $105,000 to $110,000 range, which represents a total return so far for the year above 10%.


Bitcoin has of course delivered astronomical returns since it was created. Looking at Bitcoin over the past five years, it is now up more than 500% from its lowest levels in 2022 and close to 100% from its highest levels in 2021.

Bitcoin (Last 5 Years)

Begin your monthly subscription to the 76report for $1 per month with promo code DOLLAR. Click HERE.

Bitcoin is highly volatile—but even the skeptics must concede—it has a distinct tendency to spring back to life no matter what happens to it.


Whatever does not kill Bitcoin seems to make it stronger.


One possible explanation for this is that the adverse macroeconomic or market conditions that initially bring Bitcoin down ultimately make Bitcoin look more appealing.


The recent tariff debacle is a good example.


The price of Bitcoin fell nearly 30% from the January peak to the April trough (versus a nearly 20% peak to trough decline in the S&P 500 Index during the same general time frame).


Tariff risk temporarily drained liquidity from markets, which negatively affected the price of Bitcoin. Investors soon came to the realization, however, that Bitcoin is not necessarily a bad asset to have in a trade war context.


Bitcoin’s recovery in April and May was partly driven by the broader recovery in stocks and risk assets. But it was also the recognition that tariffs could in various ways lead to looser monetary policy and even quantitative easing, which is music to any Bitcoin investor’s ears.


The more fiat money central banks print, the more compelling Bitcoin becomes as a supply-constrained alternative form of financial capital.


Early-stage gold


Bitcoin is often described as “digital gold,” which is a good way to think about it. Bitcoin does not, however, always (or at least immediately) behave like gold, which tends to perform well in “risk off” scenarios.


Bitcoin critics often point to Bitcoin’s “beta” to the stock market—meaning its tendency to move up and down in sympathy with stocks—as evidence that it is not a bona fide uncorrelated store of value asset like gold.


We would counter that Bitcoin is better understood as an emerging store of value asset. From a long-term Bitcoin holder’s standpoint, this is actually a much more attractive designation.


If Bitcoin already behaved totally like gold, and for example tended to go up or stay flat whenever stocks went down, it would probably not have all that much growth left.


At some point, in the perhaps fairly distant future, Bitcoin may in fact behave like gold.


But the reason most investors are interested in Bitcoin is that they perceive it to have many years (if not decades) ahead of it as a high growth asset. If Bitcoin did not also decline when other high growth assets declined, this would suggest that it is not a high growth asset.


Bitcoin’s volatility and correlation to tech stocks in particular signal that it remains a high growth technology play with room to run.


Bitcoin’s market cap, just over $2 trillion, is still just about one-tenth the total market cap of all above-ground gold.

The new landscape


Macroeconomic shocks have a tendency to attract more capital to Bitcoin, even if it trades poorly in the short-run. But Bitcoin benefits from good news, too.


Bitcoin is now experiencing an adoption wave that is being driven by a much more favorable political and regulatory environment. Bitcoin is rapidly being elevated into the ranks of genuine institutional assets.


At Bitcoin 2025 last week, the big Bitcoin conference, the world heard from a wide range of speakers, including key players within the Trump administration. Among them was the President’s son, Eric Trump, who has personally become deeply involved in crypto and Bitcoin investing.

I’m telling you right now—everybody in the world wants Bitcoin. I don’t care where you are. I don’t care if you’re royal families. I don’t care if you’re the biggest financial institutions. Everybody wants Bitcoin. Everybody is buying Bitcoin…. Every single day, it’s another sovereign wealth fund…. Every single day, people are allocating billions and billions of dollars to it. - Eric Trump (5/28/2025)

Bitcoin is transitioning from a can’t-own to a must-own asset for all kinds of investors around the world.


Even JPMorgan Chase (JPM), whose CEO Jamie Dimon has been deeply skeptical of Bitcoin and once described it as a “pet rock,” recently announced that it will permit Bitcoin purchases in client accounts.


JPM does not intend to provide custody for Bitcoin, but many other banks and brokerage firms are working on that, including Bank of America (BAC), Citigroup (C) and Charles Schwab (SCHW).


An important regulatory development occurred on March 7, 2025 when the Office of the Comptroller of the Currency (OCC) issued an interpretive letter confirming that national banks and federal savings associations may provide cryptocurrency custody activities.


This determination is one of many changes across regulatory agencies since Trump took office that advance the integration of Bitcoin within mainstream financial services.


Expanding options


U.S. investors are currently able to get exposure to Bitcoin through crypto exchanges, such as Coinbase (COIN), which recently entered the S&P 500 Index, and Kraken.


Alternatively, they can invest indirectly in Bitcoin by buying Bitcoin Exchange Traded Funds (ETFs) that were approved for launch in early 2024. Some of the major ones include iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Mini Trust (BTC), and Fidelity Wise Origin Bitcoin Fund (FBTC).


Investors can also purchase publicly traded companies, such as Bitcoin Treasury Companies, that provide various forms of indirect exposure to Bitcoin. We recently discussed these companies in Part I and Part II of Rise of the Bitcoin Treasury Company.

Within the next twelve months, we may see many major U.S. financial institutions, including banks, offer their clients the ability to purchase Bitcoin directly and hold it within their accounts.


As with any new initiative, it would not be surprising to see these trusted institutions start to market these new services fairly aggressively. This will only further normalize Bitcoin as an acceptable, if not essential, investment and stimulate more demand.


To continue reading Can Bitcoin Be Stopped?… subscribe now to the 76report. Get immediate access to all 76report investment research starting at only $1 per month with promo code DOLLAR. Click HERE.

Click HERE to learn more about our Model Portfolio subscription plans.