BREAKING: Neoclassic Capital's Michael Bucella just reframed why Bitcoin keeps climbing. Not regulation. Not legislation. "Bitcoin is becoming easier to borrow against as new lending products emerge onshore, reducing the need for holders to sell." Said on CNBC's Power Lunch, connecting it to a much bigger macro story. His actual thesis: gold, the Swiss franc, and Bitcoin are all rising for the same reason. The US national debt just crossed $40,000,000,000,000. Investors increasingly treat scarce assets as insurance. Not bets on crypto legislation. Here's the point that matters most. The CLARITY Act failed in the Senate this month. Bitcoin and Ether ETFs briefly bled hundreds of millions in the aftermath. That reaction proved short-lived, in Bucella's own words. "CLARITY Act, it doesn't matter nearly as much as I think the market wanted it to." Regulatory approvals for onshore Bitcoin-backed lending don't just add liquidity options. They change Bitcoin's actual function. From a purely speculative bet into a static, borrowable asset. Something you hold and leverage, not something you have to sell to access capital. Bucella still calls Bitcoin a risk asset overall. Macro conditions still shape its price. But the more the US approves lending infrastructure around it. The less Bitcoin behaves like a trade, and the more it behaves like collateral.