Bitcoin is one of the few assets where the long-term outcomes feel almost binary: it either fades into irrelevance or becomes foundational to the global financial system. Before we talk about million-dollar price targets, it’s worth asking a harder question - what would actually have to go wrong for Bitcoin to fail? In other news, I covered: a new Bitcoin ETF is in town, Bitcoin’s first quantum-resistant upgrade moves from theory to testnet, Coinbase ignites a crypto security debate over commerce page requesting seed phrases, and Ramaswamy-founded Strive climbs to the top-10 in BTC treasury rankings. #1303