Every year, I make predictions - not because I think I have a crystal ball, and certainly not to lead anyone astray - but because the exercise forces clarity. Putting ideas on the record, committing to a view, and revisiting them later is one of the most honest ways to see what you actually understood… and what you didn’t. I went back and graded the predictions I made at the end of 2024 for 2025. Fair warning: a few of them already make me want to kick myself in the face. But that discomfort is the point. Here’s what I thought 2025 would bring: • ETF flows and new products (hello, SOL ETF) • A stablecoin boom • A pro-crypto U.S. president and a Strategic Bitcoin Reserve • U.S. states going pro-Bitcoin, followed by nation-states • Tokenization of treasuries, equities, and real-world assets • A new SEC commissioner and Treasury Secretary reshaping the landscape • Wall Street diving headfirst into crypto companies • MicroStrategy surpassing 500,000 BTC • The convergence of AI and crypto • The triumphant return of NFTs and DeFi • A parade of all-time highs Some of those landed - squarely. ETF flows and new products materially reshaped market structure. Wall Street didn’t just dip a toe into crypto; it moved decisively through ETFs, custody, tokenization, and direct exposure. Regulatory leadership changes shifted the tone meaningfully. And Strategy surpassed what once felt unthinkable, now holding over 670,000 BTC. Stablecoins quietly did what they do best: expand. Usage grew, infrastructure matured, and regulatory clarity improved far more than most people realize. Others… kind of happened. The Strategic Bitcoin Reserve conversation flared up, then stalled. States made progress, but momentum cooled quickly. Tokenization advanced - but mostly behind the scenes. 2025 was about building rails, not flipping switches. In hindsight, I was probably a year early there. ...