Market Trends & Regulatory Landscape - Bitcoin reached a new all-time high and is on track for its highest weekly close [1] - Anticipation for the market structure bill, expected this week, is driving the crypto rally [2][3] - The market structure bill aims to provide basic definitions for crypto, regulate the market, and encourage institutional investment [3] - The bill establishes a clear exemption pathway for digital commodity projects and supports secondary market trading [5] - The US Bitcoin ETFs bought over 23,000 Bitcoin last week, while only 3,150 were mined, indicating ETFs are absorbing available Bitcoin and pushing prices up [6] - The industry believes the market structure bill and stable coin bill could have a bigger impact than Bitcoin ETF approvals [5] Regulatory Uncertainty & Potential Clarity - Currently, there is no federal framework for digital assets, leading to uncertainty and discouraging innovation in the US [4] - The SEC and CFTC lack clear jurisdictional boundaries over digital assets [4] - The market structure bill aims to provide clarity on whether Ethereum and other cryptocurrencies are securities or commodities [8][10] - Lack of regulatory clarity prevents large institutions from investing in cryptocurrencies like Ethereum [8] Bitcoin Valuation & Comparison - Bitcoin's market cap is at 2362 trillion USD, approaching Amazon's at 2388 trillion USD [15] - Bitcoin is considered digital gold, with mathematical scarcity, making it potentially undervalued compared to gold [15][16] - Bitcoin's value proposition is based on its scarcity and role as good money, rather than cash flow [26] - Holding wealth in Bitcoin is seen as a better alternative to holding fiat currencies due to inflation and shrinking cash flows from traditional assets [24][25]

In terms of the digital gold use case, I think we're already kind of like seeing Bitcoin exceeding expectations. When you see the launch of the ETFs last year compared to the gold ETF, you have some of this on big ideas. I think it took 12 months or basically a year for Bitcoin to acrew the same um AUM that took about 7 years for the gold ETF.Just to give you an idea of what um how Bitcoin is already like exceeding expectations relative to to gold when you look back at that ETF launch versus Bitcoin. ...