“This wasn’t just happening to the Trumps. This was happening to conservatives all over the country.”
–Eric Trump
December 11, 2025 — Donald Trump has claimed for decades that he never wanted to be a politician. But he was (is) fine playing the role of “stress test” for the system.
In 2019, he mocked bitcoin as “thin air.” The man whose properties are gilded to the hilt unsurprisingly prefers gold.
But by 2021, he was effectively cut off from the digital economy. The same infrastructure that had amplified him… expelled him.
For the first time, a U.S. president learned what millions of ordinary people already knew: that access to the modern economy can be revoked by a handful of risk officers.
Kirk might have smiled grimly. When liberty becomes conditional, revolution of preservation becomes inevitable. And who gave them the right, anyway?
🔁 From “Thin Air” to Strategic Asset
During the campaign season, mid-2024, Trump had completed his conversion. At the Bitcoin 2024 Conference in Nashville, he declared:
“You are the modern-day Edisons and Wright Brothers… what you’re building will outlive us all.”
Within days, his campaign announced plans for a U.S. Bitcoin Stockpile — a “strategic reserve” of digital assets to ensure monetary independence. The same man who once called bitcoin a “scam” began referring to it as “infrastructure.”
In January 2025, the new administration issued an executive order halting any move toward a Central Bank Digital Currency (CBDC) and establishing the Presidential Working Group on Digital Asset Markets.
The U.S. Securities and Exchange Commission (SEC) approved the first spot Bitcoin ETFs on January 10, 2024. Several asset managers, including major firms like BlackRock and Fidelity, were among the first to launch these funds, which are designed to track the price of bitcoin.
Our initial research on the total Bitcoin market, if fully adopted by institutional players, could reach $123 trillion—an unfathomable number. With only 21 million coins, full adoption would value each coin at $5.8 million. That’s unlikely, but even at a modest 10% adoption rate by Wall Street’s biggest firms, each bitcoin would reach $ 580,000, over 5 times today’s market price.
Under the Trump administration, the flagship crypto gained further regulatory approval.
In March 2025, the White House announced the creation of the Strategic Bitcoin Reserve. Bitcoin represents a 15-17 year metacycle of innovation in blockchain being put into practice.
On July 17, 2025, the House passed H.R. 3633, the “Digital Asset Market Clarity Act”. And a day later, on July 18, 2025, the Senate passed the GENIUS Act — the first comprehensive federal framework for payment stablecoins.
You may recall that at the time on Grey Swan Live! we reviewed this seismic shift in the ground beneath the global monetary system.
Congress’s approval paved the way for a clear and supportive regulatory environment to be developed for what is broadly referred to as stablecoins.
Dollar-backed tokens, which are fully audited and redeemable, are now considered legal tender equivalents. Digital money has become lawful, neutral, and — most importantly — independent.
This was lawfare turned inside out: regulation not to control citizens, but to protect them from political gatekeeping. And preserve the original idea of America, which includes economic freedom.
⚙️ The Second Revolution’s Architecture
We’re now seeing the bulwark in real time.
- Dollar 2.0: Stable, digital, transparent, redeemable.
- Lawfare → Law Fairness: The law now guarantees participation.
- Open Rails: Transactions clear instantly, without moral judgment, or bank fees.
- Strategic Alignment: Treasury gains stability; citizens gain autonomy.
Treasury Secretary Scott Bessent has called stablecoins, including USDC, “a pillar of dollar strength,” estimating a $2 trillion market within five years. U.S. Treasuries back every coin.
Bessent’s formula even suggests that a broader, more efficient market for US dollars will help retain its best use case as the reserve currency of global finance… and, perhaps, help the current administration address the nation’s $37 trillion mountain of debt.
In trying to cancel a man, the establishment accidentally reinforced the dollar, and may add decades to its life as a useful currency.
There’s more. A lot more.
In 2008, an anonymous coder named Satoshi Nakamoto posted a short paper online titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” It wasn’t a manifesto; it was a manual. The paper outlined how to move money directly between people — no banks, no gatekeepers, no middlemen to “pause” your transaction because they disapproved of your politics or your haircut.
That idea — money without permission — was the spark. But the real fire is what came after: tokenization.
Tokenized assets take that same blockchain technology and apply it to everything else — real estate, art, stocks, even bundles of student loans. Each becomes a secure digital token that can be traded instantly, settled automatically, and transferred for pennies, rather than fees that support a small army of bankers and bureaucrats.
It’s smarter, faster, cheaper, and nearly impossible to censor — a win for savers and investors, and a headache for the legacy financial system now sprinting to catch up.
The research firm Mordor Intelligence puts the market for all tokenized assets at $13.5 trillion by 203o, just five years from now.
Our own estimates put the total value of tokenized assets far beyond Treasury Secretary Scott Bessent’s projection for the stablecoin market. Stablecoins are just the down payment; tokenization is the mortgage on the future.
Once tokenization assets become routinely tradable, the sky’s the limit. Our goal is to ride the buildout of infrastructure.
Addison Wiggin
Grey Swan Investment Fraternity
P.S. This piece first appeared in our November Grey Swan Bulletin. The final piece hits your inbox tomorrow…
Meanwhile, we’re beginning to review our 2025 Grey Swan forecasts and planning out our best new ideas for 2026 this week.
We have no scheduled a Grey Swan Live! for this week. Next week, we’ll be back at it with a sneak preview of what we expect in 2026 and solid moves you can make before year-end.
