Alex Thorn, Director of Firm-Wide Research at Galaxy Digital, joins Jackson Mikalic, Brian Cubellis, and Michael Tanguma to assess whether Bitcoin has topped at $110K or whether this cycle still has significant room to run. Alex argues that most catalysts have not yet materialized, retail is absent, and the White House presidential working group report expected mid-year could be a major inflection point. The conversation covers U.S. strategic Bitcoin reserve proposals, the role of fiscal insanity in accelerating sovereign accumulation, and how Galaxy's own ETF inflow forecasts may prove far too conservative. Alex closes by walking through why the macro and policy tailwinds for Bitcoin remain largely untapped heading into the second half of the year.