Bitcoin Is Winning the Debasement Trade. Quietly.

Wall Street is rewriting every rail around Bitcoin this week. JPMorgan said the debasement trade is rotating from gold to Bitcoin. Morgan Stanley opened brokered Bitcoin access through E*Trade. Goldman Sachs disagreed and raised its gold target to $5,400. Stablecoins became AI-agent payment rails. Bitcoin held under $80K while funding hit a 10-year record. We work through what's actually changing — and the question running through all of it: do you own Bitcoin, or do you own Bitcoin-shaped exposure?