It baffles me that people keep comparing Q4 2025 to Q4 2021.
The 2021 bull run was fueled by sugar high stimmy checks and ZIRP. Pure exuberance and hysteria with people paying millions per JPEG. By contrast, 2025 has been marked by consolidation in Bitcoin and crypto outside of AI.
In Q4 2021, the Fed was behind the curve on inflation, launched the fastest hiking cycle in decades, and sparked the worst bond rout of the modern era. In 2025, the economy is showing signs of reacceleration, the BBB spending is coming, and the Fed is preparing to cut. There’s nothing resembling 2021’s Bitcoin mania.
Back then, “crypto” was riddled with fraud, contagion, and dealing with Chokepoint 2.0. FTX, Luna, and related blowups created systemic idiosyncratic risk. Nothing comparable exists today. Bitcoin Treasuries cos. don’t carry that kind of risk.
If you insist “this time isn’t different,” you’re simply ignoring the facts.
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The big banks couldn’t make any money on $BTC and couldn’t get involved prior to the repeal of SAB-121, which why in-kind redemptions were blocked.
Now, with the repeal of SAB-121, guess who’s going to make the money? JP Morgan and the other big banks.
They’ll step in as custody service and liquidity providers, unlocking endless revenue streams.
First, they’ll hold $BTC for their clients and lend it out. Eventually, it will become a matter of national security, and they’ll need to hold $BTC directly on their balance sheets.
I wonder which bank will hold $BTC first but it happens this cycle.
1. Free Ross
2. Repeal sab121
3. establish digital asset (bitcoin) stockpile
4. end operation chokepoint
5. no cbdc
6. melted Gary Gensler
7. digital assets subcommittee chaired by Lummis
Two days in.
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