From Maximalism to Pragmatism: Bitcoin Vegas Recap | Token Narratives Ep. 54

Live from a Las Vegas hotel room, David joins Graham fresh off the Bitcoin 2025 conference floor for a wide-ranging debrief on what really stood out—and what it all means. This episode captures the shifting mood in Bitcoin culture: away from ideological maximalism, toward a more pragmatic, institutional, and sometimes euphoric phase.

They cover:
• Market jitters amid ETF outflows and Trump-affiliated Bitcoin treasuries
• Why altcoin holders feel wrecked even during a “bull” market
• A mining arms race on full display, with American miners flexing scale and hardware
• Stablecoin mania at a Bitcoin conference—and what it says about the space
• JD Vance’s keynote: exit is not a strategy, Bitcoin is a national asset, and AI needs conservative voices
• Ulbricht’s call for unity and blockchain experimentation (!)
• Michael Saylor’s reflexive corporate treasury loop—and why it may end in pain for retail
• MetaPlanet mania, tax arbitrage, and the dangers of dumb money playing smart strategies
• Bitcoin ossification vs. innovation, and whether Zcash, Litecoin, and BCH serve as testnets

Whether you’re bullish or blanketed in doubt, this episode hits the themes shaping Bitcoin & crypto’s cultural and market direction.

#bullish #crypto #saylor

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