Treasury Secretary Scott Bessent just dared traders to bet against the yen, calling himself "the house" with "asymmetric information" on Japanese policy. That's tied to a real currency carry trade that could unwind fast, and when leveraged trades unwind, Bitcoin can get sold right along with everything else. Story two is Metaplanet, where a shareholder's essay on a ballooning executive option pool raises real questions about who benefits when a Bitcoin treasury company issues more shares, even as the company defends its numbers. Story three is the Liquid Network hack, where a software bug let attackers mint fake backed Bitcoin and walk away with real coin, a reminder that a sidechain's security assumptions aren't the same as Bitcoin's. Three different stories, same lesson: know exactly what you own. Then, the case for why Bitcoin matters at all, and a full breakdown of the assumptions behind River's $840,000 model.
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