•  
• Bitcoin whipsawed violently, including what the hosts describe as the largest one-day drop in Bitcoin’s history in nominal dollar terms, followed by a sharp rebound
• Core message: “check your conviction,” widen your time horizon, and avoid leverage (options + liquidations are highlighted as the two classic ways people get forced out)
• Checkmate’s “bull case” framed around Bitcoin as a 10x technological improvement and the unusually high-quality, diverse cohort of people attracted to Bitcoin
• James Lavish’s “knowledge arbitrage” thesis: most allocators still don’t understand Bitcoin, and that gap will close as institutions normalize it as a core asset
• Saylor clip reinforces that drawdowns are a recurring feature of an emergent asset and often flush out leverage/tourists
• The hosts call out media “grave-dancers,” focusing on Paul Krugman’s critique and the inconsistency of dismissing Bitcoin for lacking earnings while holding up gold as the refuge asset
• A major working hypothesis for the crash: forced selling from leveraged entities or hedge-fund unwind dynamics (Jeff Park referenced), rather than a clean “fundamentals changed” story
• Crypto-industry capitulation is framed as short-term collateral damage but long-term bullish for Bitcoin (Pierre Rochard: crypto narratives slowed Bitcoin adoption)
• Lightning milestones: a $1M payment reportedly routed via Lightning (Voltage), plus Steak ’n Shake’s claim of faster checkout and ~50% fee savings vs cards, with measurable transaction share impact
• Quick-hit morale boosters: Gene Simmons posts HODL/DYOR support; reminder that Bitcoin’s adoption and infra keep compounding despite price chaos

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