GM Builders. 🚧 

WWelcome back to the BW3 newsletter—the space where crypto’s biggest moves meet sharp insights (and a little perspective). 🌟

Here’s what’s on today’s agenda:

• Do Kwon’s Extradition 🛬

• Wall Street’s Crypto Push 💼

• Bitcoin 2025 Outlook 📈

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DO KWON’S FINAL DESTINATION? 🚨

Crypto’s most infamous fugitive, Do Kwon, is finally heading stateside. After orchestrating the $40B collapse of TerraUSD and Luna, Kwon spent the past 18 months dodging extradition requests from both the US and South Korea. Montenegro, lacking an extradition treaty, served as the courtroom battleground until the Minister of Justice gave the green light to send Kwon to the US.

🔹 Why it matters: Kwon’s dramatic downfall marked the start of crypto winter, erasing billions in value and destabilizing the entire DeFi ecosystem. His trial in the US could set a precedent for how the crypto space handles bad actors.

🔹 Spicy Bit: Interpol caught him in Montenegro with fake documents in hand. Maybe blockchain next time, Do?

👉 TL;DR: The SEC charged Kwon with multi-billion dollar securities fraud. With Gary Gensler stepping down as SEC Chair, Kwon’s timing couldn’t be more ironic. Stay tuned as crypto’s biggest legal showdown unfolds!

WALL STREET’S NEXT BIG BITCOIN PUSH: FROM HATERS TO HEAVYWEIGHTS? 🏦

Wall Street banks are warming up to Bitcoin even further. After years of calling crypto a bubble, fraud, or worse, the biggest names in TradFi—Barclays, Citigroup, Goldman Sachs, and even JPMorgan—are underwriting a staggering $13B in crypto-related convertibles this year alone.

What’s changed? The SEC’s approval of Bitcoin ETFs in early 2024 was a game-changer, signaling a more crypto-friendly regulatory climate under the Trump administration. That shift, combined with surging institutional interest, has pushed the big banks to trade skepticism for sky-high fees.

🔹 Shift in Tone: Remember when JPMorgan’s Jamie Dimon called Bitcoin a “Ponzi scheme”? Now the same bank is underwriting hefty bonds for Bitcoin mining giants like Core Scientific and Mara. Who’s laughing now, Jamie?

🔹 Risk vs. Reward: Big banks have raked in over $200M in fees from Bitcoin capital-raising this year. But it’s not all smooth sailing. Legal risks loom large, and no banker wants to be the headline of the next crypto scandal. Will history repeat itself like it did with SPACs—a meteoric rise followed by a fiery retreat?

💡 Takeaway: TradFi’s love affair with Bitcoin is heating up, but will it last? For now, banks are happy to ride the wave, lawyer up, and stack fees. But reputational blowback could make them think twice if the crypto market stumbles.

BITCOIN 2025: $200K DREAMS & FED NIGHTMARES 🚀

2024 was the year Bitcoin grew up, smashing through the $100K milestone thanks to spot ETF approvals, the halving event, and a Trump administration pushing a pro-crypto agenda. Now, as we head into 2025, the big question is: how high can Bitcoin go—and what could knock it off course?

🔹 Bull Case: Analysts from Bitwise and VanEck are calling for Bitcoin to hit as high as $200K by the end of 2025. Their reasoning? Institutional adoption is in full swing, with major players piling into Bitcoin ETFs, corporate treasuries, and even national reserves. Combine that with the halving (which cuts Bitcoin’s new supply in half) and you’ve got a classic supply-demand squeeze pushing prices skyward.

🔹 Bear Case: Don’t pop the champagne just yet. The Federal Reserve could spoil the party if it slows its expected rate cuts. Treasury yields would remain attractive, drawing capital away from “risk-on” assets like Bitcoin. Additionally, Bitcoin’s wild supercycle could still deliver corrections, though analysts predict these will likely be in the range of 20-40% rather than the devastating 85% drawdowns of past cycles.

🔹 And Altcoins? Meh. Bitcoin’s dominance has climbed to its highest levels in years, leaving little room for altcoins like Solana or XRP to shine. Historically, altcoins have only surged after Bitcoin breaks its all-time high and consolidates. Until then, the King of Crypto is hogging the spotlight.

💡 Crystal Ball: Bitcoin is in uncharted territory. The halving and institutional demand could send it to stratospheric heights, but regulatory uncertainty and macroeconomic risks could bring turbulence. One thing’s for sure—this market thrives on unpredictability. Keep your bags packed and your seatbelt fastened!

MEME CITY 🏙️ 

Until Next Time Builders! 🏗️ 

May your wallets stay fat, your tokens moon, and your L1s stay congestion-free. 🚀

And remember, the crypto market doesn’t sleep—so neither should your stop-loss orders. Stay sharp, stay liquid, and don’t let the FUD get to you. 🤝

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