Jim Bianco

Trump posted this earlier this afternoon.

He expects the Supreme Court to rule against Tariffs.

Betting markets think Trump will lose at the Supreme Court.

Because the market also expects him to lose.

My arguments:

tl;dr: Trump loses the case, but nothing really changes.

The court will rule that IEEPA (economic) tariffs are illegal (~$167B). But as Trump noted above, they can apply them as a sanction (punishment).

Secondly, the court will have to rule on whether the IEEPA

1/2

Let me reframe …

$BTC peaked on October 6, 2025. Since then here are all the adoption announcements. Some of them are really positive (see vanguard and Walmart). 

Why are they not pushing prices higher? It’s still under $90k, and noted earlier, no gains in 14 mos.

2/2

Every $BTC bull market has a theme. Is the adoption theme of 2023 to 2025 over? As noted above, the adoption announcements are not working anymore.

So, do we need a new theme? If so, what is it? And do we need a bigger winter to “reset” for the next $BTC summer?