What Bitcoin Did Bitcoin Is Still Winning | Cory Klippsten
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Jan 20, 2026 Cory Klippsten, a Bitcoin-focused entrepreneur and founder of Swan, sheds light on the evolving crypto landscape. He discusses the structural shifts in Bitcoin adoption and how offshore exchanges are often linked to money laundering. Cory critiques the outdated four-year market cycle narrative and highlights the critical role U.S. tariffs have played in Bitcoin's pricing. He explains the need for self-custody protections and contrasts genuine treasury firms like MicroStrategy with those lacking competitive edges. With sleek insights, he frames Bitcoin as an emerging macro asset.
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Structural Adoption Outpaced Price Moves
- Bitcoin adoption advanced structurally in 2025 despite a flat price because institutional and country-level progress changed market fundamentals.
- Tariff policy and macro uncertainty were the largest drags on Bitcoin price that year.
Stablecoins As Surveillance Tools
- Stablecoins function as surveilled digital dollars that extend dollar hegemony rather than being Bitcoin alternatives.
- Governments and intelligence agencies partner with stablecoin firms to monitor and entrap international criminal activity.
Offshore Exchanges Serve Laundering Roles
- Offshore crypto exchanges are tolerated because their real function is money laundering and value extraction for powerful actors.
- Rapid mutual funding after hacks signals an external apparatus propping up these platforms.