Alex Thorn, head of firmwide research at Galaxy Digital, returns to The Last Trade to deliver a bullish case for Bitcoin even amid near-term selling pressure, framing current distribution by long-term whales as a sign of market maturation rather than weakness. The episode digs into the significance of Treasury Secretary Scott Bessent tweeting on Bitcoin white paper day, the paradox of anarchist money being adopted by Morgan Stanley wealth channels, and why the wirehouse authorization of Bitcoin ETF recommendations is a major catalyst. Alex and the hosts also explore the concept of the zeal of the convert, why newer Bitcoin adopters tend to be more fundamentalist than early holders, and how Bitcoin's growth across both sovereign and institutional spheres is both inevitable and bullish. The discussion wraps with a look at Morgan Stanley's 4% Bitcoin ETF allocation, Peter Thiel's reported position unwind, and why the long-term trajectory remains decisively upward.