For the first time in 12 years, I’m questioning Bitcoin’s thesis. It’s not the drawdown that concerns me; it’s how Bitcoin responded when markets genuinely moved into risk and uncertainty. $BTC evolved from “peer-to-peer cash” into “digital gold.” We fought for ETF approval. We fought for institutional access. We wanted it inside the system. Now it is. There is nothing to fight for anymore. So when tariffs, currency tension, and fiscal instability hit, this was the moment Bitcoin was supposed to behave like a store of value. Instead, capital ran to gold. Institutions had access. There were no barriers left. That’s the uncomfortable part. If it’s not used as cash, and it didn’t meaningfully absorb the stress bid, then what exactly is the narrative? Retail participation is near multi-year lows. Early evangelists have largely exited. Even aggressive weekly buyers can’t generate sustained momentum. That doesn’t mean Bitcoin dies. But it does mean the thesis isn’t unquestioned anymore. ...