sport football: The Banking Cartel’s War on Bitcoin

Teeka's note: Over the weekend, the United States and Israel launched an attack against Iran. So far, the market reaction has been far more muted than I thought it would be. Caution is warranted here.

I don't think the market realizes just how catastrophic it would be if the Strait of Hormuz is closed for a serious period of time. Approximately 20% of the world's oil travels through it. I'll have more for you in the days ahead.

For more than a decade, Wall Street and the banking industry have told you they were trying to "protect" you from crypto.

Today, we know the truth. That was a cover story.

At first, their real goal was simple: Kill crypto before it could become a legitimate asset class that challenged their business model.

In 2017…

JPMorgan Chase CEO Jamie Dimon called it a "fraud."
Howard Marks, co-founder of Oaktree Capital, compared it to a "pyramid scheme."
Even Warren Buffett, considered the greatest investor of all time, said it was "rat poison squared."

That same year, big banks spent over $65 million to lobby Washington. One of their goals was to block a federal proposal that would've allowed crypto firms to compete with traditional banks.

It wasn't enough to stop the adoption of crypto assets.

I first recommended bitcoin in April 2016 at $400-and-change. By December 2017, it traded as high as $20,000. That's a 4,662% gain in under two years.

When those scare tactics didn't work, Wall Street changed its strategy. It stopped trying to kill bitcoin and started trying to control it.

Over the years, I've given this plot a name: The Great Crypto Conspiracy.

I first went public with it in 2018. I told you what Wall Street was saying in public was different from what it was doing behind the scenes.

When a lawmaker introduces pro-crypto legislation in Congress, the banking lobby tries to kill it. When mass adoption starts breaking out, regulators grind the gears. When crypto hits new highs, Wall Street manipulates the market lower.

Then they buy the dip… Repackage the product… And sell it back to you for a profit.

Today, The Conspiracy is back, and it's creating massive volatility in the crypto market. Before I tell you what's going on – and how it's knocked bitcoin down as much as 50% in three months – let me share how this script has played out in the past.

The Conspiracy Always Follows the Same Script

In December 2018, a bipartisan piece of legislation called the Token Taxonomy Act reached Congress.

The act would've declassified truly decentralized tokens as securities, making it easier for retail and institutional investors to enter crypto.

It was a major threat to the banking industry's regulatory moat. And the bill never even made it to a vote.

I don't believe it's a coincidence that bitcoin fell from a high of around $20,000 in 2017 to a low near $3,000 during the brutal Crypto Winter of 2018.

The same thing happened in 2023 with the Financial Innovation and Technology for the 21st Century Act.

This bill would have clarified which digital assets the Securities and Exchange Commission (SEC) would oversee… and which would move under the Commodity Futures Trading Commission.

Commodities markets have far fewer restrictions and less stringent regulations than the securities market. So this bill would've been incredibly bullish for crypto.

The banking lobby unleashed its attack dog, former SEC Chair Gary Gensler, on the legislation. He warned, "It could undermine the broader $100 trillion capital markets."

Wall Street effectively vetoed the bill.

Again, it's no surprise bitcoin dropped from a then-all-time high of about $69,000 in October 2021 to as low as $16,000 in January 2023.

Scaring the public out of crypto and crushing prices was only the first act of The Conspiracy. Act Two is accumulating the greatest financial asset ever created at fire-sale prices.

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Act Two: The Adoption Phase

Larry Fink is a textbook example. He's CEO of BlackRock, the world's largest asset manager, with over $10 trillion in assets.

Back in 2017, Fink mocked bitcoin as "an index of money laundering."

Fast forward to January 2024, and BlackRock was among the first institutions to launch a spot bitcoin exchange-traded fund (ETF).

As of late 2025, BlackRock raked in roughly $20 million in fees every month from IBIT. In about two years, it became the company's most profitable ETF.

And Fink recently admitted bitcoin is "no different than what gold represented for thousands of years. It is an asset class that protects you."

After the ETF launched, bitcoin exploded to a new high of $126,300, up from $39,000 the year before. And right on cue, The Conspiracy showed up again.

Rumors leaked that MSCI – which directs nearly $17 trillion in passive global investment capital – was considering banning companies holding more than 50% of their assets in bitcoin from its indexes.

As bitcoin's price tumbled 33% on those rumors, Wall Street made some of the most bullish moves in the history of this asset class:

Vanguard Group and Charles Schwab – two of the largest asset managers in the country – announced plans to allow their customers to buy crypto products.
Bank of America recommended a 1-4% bitcoin allocation for its wealth management clients.
And Goldman Sachs and BlackRock rolled out more plans for crypto-focused ETFs.

To a cynic, the timing looked awfully convenient.

The very institutions that told you bitcoin was a fraud used the pullbacks to increase their positions and create more ways for them to earn fees from it.

They know crypto is here to stay. They just want to make sure they're the ones who sell it to you.

Friends, I'm not telling you this as a history lesson. The Great Crypto Conspiracy is rearing its ugly head again in real time.

The "Secret" $6.6 Trillion War

Right now, there is a $6.6 trillion war going on behind the scenes. That's roughly how much cash is sitting in customer deposits at U.S. banks. And those banks would do anything to keep it that way.

Here's what I told you last month:

Those $6.6 trillion are your savings. And what do they pay you for the privilege of holding your money? 10 basis points. That's 0.10%.

It's the greatest arbitrage racket in the history of finance – free money for them, and negative real returns for you.

While you earn 0.10% on your bank deposits, inflation is currently at 3%. That means you're losing 2.9% every year in purchasing power by parking cash in the banks. Over 10 years, that compounds to a 25% loss in purchasing power for you.

Meanwhile, at a minimum, the banks are making $200 billion per year on that money, risk-free.

That's why, over the past few months, they've waged a war against a crypto bill that's pushing its way through Congress.

That brings us to The Conspiracy's next target: the Digital Asset Market Clarity Act.

The Clarity Act was introduced in May 2025. It cruised through the House last summer and is now in the hands of the Senate Banking Committee.

If passed, the act would create a much clearer regulatory landscape – crucial for the development and further commercialization of crypto. It's a long-overdue piece of legislation.

But it's being held up in Congress. And once again, the big banks have their fingerprints all over the crime scene.

Here is their biggest hangup…

Inside the latest draft of the bill, there's a provision the mainstream press is ignoring. It's called Section 404. It would allow crypto exchanges to offer rewards generated from stablecoin yields.

A stablecoin is simply a digital dollar. Think of it like the dollar before 1971, when every greenback the U.S. government printed was backed by gold in a vault.

In a similar way, stablecoin issuers hold Treasury bills. These bills back the stablecoins they issue.

Unlike your bank account, however, stablecoin issuers are eager to pay you the 3.6% income they receive from holding these Treasurys. Paying you helps them accumulate market share.

If savers have the option to safely and legally earn 3.6% instead of 0.10%... What do you think will happen to the $6.6 trillion sitting in bank deposits today?

That's the nightmare scenario in front of the banking cartel today. And it's why they're on a scorched-earth campaign against the Clarity Act.

Last year, bank lobbies spent $87 million – a 12% jump from the previous year. That was the highest since 2011, when they were still reeling from the Financial Crisis fallout.

Coinbase, the largest crypto exchange in the United States, stands to benefit enormously if the Clarity Act becomes law. And its CEO Brian Armstrong didn't mince words when he accused the banking lobby of "trying to kill their competition."

In other words, he called the game exactly as it's being played.

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The Long-Term Adoption Story Is Still Intact

Reports indicate the White House has set a March 1 deadline for the banks and crypto players to finalize the terms of the act. In the meantime, this regulatory "tug-of-war" continues to create massive waves of uncertainty in crypto prices.

Friends, I can't prove whether the banking lobby's effort to derail the Clarity Act is coincidence… or part of a larger conspiracy to hammer down crypto prices.

What I do know is this: The banks are doing what they did in 2017-2018… 2021-2023… and again as recently as October last year.

They're manufacturing fear to scare politicians into voting their way. They're muddying the waters to make you scared of the alternative system, so you stay in the old one.

Regardless of how things shake out, bitcoin will overcome this obstacle, just like it's overcome every obstacle it's ever faced. So will crypto as a whole.

Between then and now, we could see even more volatility. A move down toward $40,000 for bitcoin – or even $30,000 on an intraday wick – could happen.

That kind of volatility is normal for bitcoin. And if it happens again, it will shake people out. That's the point.

This is the classic playbook for The Great Crypto Conspiracy. Shake out the weak hands, buy assets on the cheap, then pump them up all over again.

Our edge as investors is that we don't report to an investment committee or shareholders, so we can weather volatility that a large institution cannot.

I want you to remember: There's nothing different about this bear market. It's not "different this time." It's the same fear, uncertainty, doubt, and Wall Street chicanery that has been in this asset class for years.

Nothing can stop the adoption of crypto. And as the Clarity Act moves forward and ultimately passes, it will set the stage for a new bull market in altcoins and bitcoin.

That happened with the GENIUS Act, which created the first federal regulatory framework for stablecoins. As the bill advanced through Congress early last year, bitcoin's price rose from as low as $74,400 to as high as $126,300.

I expect the same to happen with the Clarity Act.

When that happens, capital will stampede back to the most explosive monetary asset there is: bitcoin. And that will power altcoins and the entire crypto ecosystem higher.

Until then, it's our job to stay rational… raise extra cash… and if bitcoin and the altcoins see a second leg lower, we will be buyers into that panic, not sellers. That's how you come out of a bear market richer than you were when you went in it.

Let the Game Come to You!

Big T

P.S. While we wait for this latest chapter of The Great Crypto Conspiracy to play out, another area of the market is signaling danger.

One day, tech giants like Nvidia, AMD, and Meta are getting clobbered on AI disruption fears... The next, they're benefitting from a relief rally.

But just like I have a playbook for sidestepping the uncertainty in the crypto market, I have a plan to capture AI profits without the violent swings.

The biggest beneficiaries from AI technology won't be the big tech names. Instead, the real gains will come from blue-chip companies leveraging AI technology to boost productivity, cut costs, and increase shareholder profits.

These companies pay out reliable dividends year after year… And give you plenty of dry powder to use for asymmetric bets when crypto comes soaring back.

I call it "Nvidia's $16 Trillion Paycheck Program." And it doesn't involve buying a single share of Nvidia or any other high-flying AI stock.

The next scheduled payout is April 8. Learn more about it here before that deadline.