GM. This is Milk Road, the map and compass of crypto newsletters (we show you what's ahead).
Here’s what we got for you today:
- ✍️ The government reopened. Now what?
- ✍️ New national BTC reserve just dropped!
- 🎙️ The Milk Road Show: Strategy CEO: Why Bitcoin’s Next Bull Run Might Be Powered by Wall Street Credit w/ Phong Le
- 🥛 In case you missed it…
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THE GOVERNMENT REOPENED. NOW WHAT? 🏛️
Just as the ‘oracle of global events’ (Polymarket) predicted last week – the government is re-opening today:
Neat…why should we care?
Well, here’s what happened to Bitcoin the last time the government came out of an extended shutdown:
A ~300% gain over a 6 month period? Not bad!
Now – will we see the same thing happen to Bitcoin this time around?
Doubt it (that would put BTC at ~$400k by May/June of 2026).
But that’s not to say we don’t think Bitcoin will move up from here.
Here’re the market drivers we’re looking at:
- Lowered rates: as the government reopens, the Fed will start receiving government-generated financial data again, allowing them to make better informed rate decisions (and we expect further cuts over the next 6 months).
- The TGA will open up: The TGA = the US Treasury’s checking account. Right now it has $1T in it, which the government hasn’t been able to spend due to the shutdown. That’s about to change.
- Increased AI spending: companies/governments will continue to raise/print cash to fund their respective AI arms races.
All these factors will help pump fresh cash into the global financial system.
… and when global monetary supply (pink) goes up, scarce assets like Bitcoin (white) tend to move with it. 👇
Sure, these factors may not = 300% gains over 6 months…
But hey – it looks like we’re due to start heading up in the near future.
That’s good enough for us!
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THE CZECH REPUBLIC JUST ADDED BTC TO ITS BALANCE SHEET 🔥
What can Pokemon cards, Labubus, and Beanie Babies teach us about crypto investing?
Simple: when people start thinking a supply restricted product/asset/commodity is valuable – others tend to do the same.
That’s a big part of game theory – the study of how people (or groups) make decisions when their choices affect each other.
And it’s going to play a big part in government adoption of Bitcoin around the world (the more governments there are creating BTC reserves → the more will likely follow).
In March, we landed the largest whale of them all (the United States):
This set the ball rolling, pushing 45 US States to introduce their own Bitcoin Reserve bills – with Arizona, New Hampshire, and Texas having enacted theirs so far.
And now we’re seeing the first nation state to not just talk about following the US’ lead and add Bitcoin to its balance sheet – but actually make it happen:
Sure, it’s not a crazy amount. And it’s not a heavy hitting global economic power like China, Germany, or Japan that’s jumping onboard…
But it doesn’t matter.
This is a game of ‘slowly, then all at once’.
Each country that joins the race to acquire Bitcoin helps to reduce the available supply of BTC and make every other nation start asking “should we be getting in before it's too late?”
Can I get a:
IN CASE YOU MISSED IT… 🥛
Yesterday, we dropped episode one of Milk Road AI, our brand-new podcast exploring how to invest in the biggest tech wave of our lifetimes.
First guest? Mike Novogratz.
A few thousand of you tuned in to hear him talk about Galaxy’s big data center plans and AI realty, the merge between wall street and web3, and his views on the current state of the market.
If you haven’t watched it yet, go check it out.
But this is just the beginning. The next episode drops tomorrow.
Here’s how it’s gonna work:
- 📆 Wednesdays → Big-name interviews with capital allocators and founders shaping AI’s future
- 📆 Fridays → Duncan (Flood Capital) and Patrick (Head of AI at a stealth Web3 startup) break down the week’s biggest AI investing news. Plus what it means, why it matters, and how they’re playing it.
Don’t miss tomorrow’s drop: Make sure you’re subscribed on your streamer of choice (YouTube / Spotify).
Want even more AI investing alpha? Join our 2026 newsletter waitlist!
AI is just getting started. We’ll help you get in early, and invest smarter.
CRYPTO PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔
Looks like we’re stuck in a range… that’s no fun.
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CRYPTO PRO REVIEW OF THE WEEK
BITE-SIZED COOKIES FOR THE ROAD 🍪
500+ cryptos. 11,000 stocks. 190+ countries. We’ve just done a thorough review on one of crypto’s oldest exchanges.
Aaaand neeeew! Polymarket just became the official prediction market of the UFC.
Goodbye, short king. Michael Burry just deregistered his hedge fund, Scion Asset Management, according to SEC filings.
XRP ETF: Launches, beats expectations.
Beta mainnet launch = airdrop opportunity. Helios, an ETF-native Layer 1, lets users deposit from 6 chains and earn 20% yield in $HLS distributed at TGE.*
*this is sponsored content.
MILKY MEMES 🤣
ROADIE REVIEW OF THE DAY 🥛
VITALIK PIC OF THE DAY
