The Trump administration has now formally approved a framework that allows Bitcoin to be offered as an investment option in select 401(k) retirement plans, while at the same time stablecoins are making up an increasingly larger bid for U.S. Treasuries, both of which are weaving crypto the furthest it's ever been to the U.S. economy.

That's not just "more adoption." It's the infiltration of Bitcoin into the cornerstone of American personal finance (and the current stock market bid) — retirement accounts. These aren't speculative trading accounts or offshore exchanges; these are the investment vehicles that millions of Americans rely on for financial security decades into the future — and maybe more importantly, for emergency liquidity in the event of a recession.

In my piece, Is Bitcoin Too Deep in the Fabric of the U.S. Financial System?, I laid out what I think is the core reality: Bitcoin has crossed the moat. It's no longer trying to get into the castle — it's inside the walls. And once you start weaving something this volatile into pensions, ETFs, corporate treasuries, and now retirement plans, unwinding it without collateral damage becomes nearly impossible.

I presented both sides.

The bull case, from my friend James Lavish, is that Bitcoin is a rational hedge against the inevitable debasement of fiat currencies. In this view, its fixed supply, decentralized governance, and incorruptible rules make it the perfect monetary anchor in a system addicted to credit expansion and political interference.

The bear case is that by stitching Bitcoin so tightly into our financial infrastructure, we're effectively creating an Achilles' heel. If the protocol fails — whether through technical failure, regulatory choke-off, or security breach — it could spark a systemic liquidity crisis. And because Bitcoin is now widely held by institutions, pensions, and retail investors alike, the contagion wouldn't stay in the crypto corner; it would ripple out into the broader economy.

I didn't tell readers which camp to join, because the truth is, I'm still weighing both sides. But I made one thing clear: there's no turning back from this level of integration.

Here's where my personal history comes in. I've been saying for years — since before I even owned a single satoshi — that I thought crypto could be the cause of the next major market crash. I've called it the "tip of the spear" for risk assets.

Owning Bitcoin hasn't changed that view. In fact, it's sharpened it. I've repeated many times that, as far as risk assets go, crypto is the biggest.

In my recent conversation with Dan Ferris, I reminded him that certain assets — whether cryptocurrencies or cash-burning, insolvent equities — have no "floor" in a true liquidation event. If there's no deep value bid, the bottom isn't $50, or $5 — it's zero. And in a panic, that's where things with no intrinsic value, can go.