Tad Smith returns to The Last Trade alongside Jackson Mikalic, Brian Cubellis, and Liam Nelson to assess Bitcoin's underperformance relative to expectations in 2025 and what comes next. Tad reflects on how Bitcoin's unique ability to frustrate its investors is actually part of its design, and that the Trump-era boom created pull-forward expectations that have now reset. The discussion pivots to why the Fed pivot and AI-driven capital flows are creating a new regime for Bitcoin that most investors are still not positioned for. Tad closes with a call to action for anyone sitting on the sidelines, urging optimism and engagement rather than fear as the next leg of adoption approaches.