Good thread by my friend Jack. I mostly agree with everything except point 6. The crypto space has matured enough for theme-based rallies but not full alt seasons as we've known them in the past. We got a taste of that earlier this year and in Q4 last year with the memecoin and AI agent frenzies. Plus, with crypto (except Bitcoin, as large endowments have started allocating even after the 10/10 crash) no longer the main character, I doubt fresh money will flow there over AI, space, industrial commodities (driven by AI and defense), or upcoming 2026 IPOs (like SpaceX). Even BTC miners are diversifying into HPC and AI for less cyclical revenue and higher ROI with GPUs versus ASICs, despite higher CAPEX per megawatt. In 2026, Bitcoin and crypto will fight for complementarity, hedge in certain circumstances (as BTC showed during the banking crisis in ‘23) and has to continue showing real alpha as the backend infrastructure for the next generation of financial services. Fresh capital will go to crypto assets with strong fundamentals (growing user base, robust distribution, increasing and sticky revenue) and compelling narratives. The future is bright; now it's time to show how to onboard billions of people. I wrote about this, link below.(Ξliézer Ndinga)