What will be the next big Bitcoin narrative? - Post-cycle maturity where BTC is fully embedded in the financial system with an emphasis on relative value instead of big retail-led gains (not as appealing to retail). BTC becomes a normalized as an uncorrelated asset and becomes a useful part of a multi-asset portfolio (seems unlikely given current market moves) - Anti-surveillance reserve assets where BTC becomes the asset you own precisely because it sits within a murky legal perimeter and outside official rails (But again, BTC now looks pretty entangled with politics rather than outside of it) - A yield play as restaking infrastructure gets built up (but multiple layers tend to fragment and confuse the potential new buying base. People just want a simple "Bitcoin will yield X% story" as opposed to something about L1/L2/wrappers etc.) - Something about AI - Nothing(Tracy Alloway)