Whither Bitcoin? February 23, 2026 But first . . . ICE Is Expanding Across the US at Breakneck Speed. Here’s Where It’s Going Next. Also . . . Peter S. asks: It seems to me that the Supreme Court should find against Trump in several other areas that are just as clearly not the right of the President to do. Some of the things he has done reverse or eliminate programs that several or even many Congresses have passed or reauthorized. And the question I have is: absent a vote in Congress, what right does one President, whoever it is, have to destroy assets of the American people that have been created and built upon and matured in capacity and scope over many decades? For example, what right does one President have to destroy the Department of Education and all the many capabilities and assets it has that have been built by decades of investment? Similarly, what right does one President have to destroy all the hard won gains of the EPA over the past 54 years achieved as a result of hundreds of billions of taxpayer dollars? The clean air, clean water, and everything else achieved over the last 54 years by the expenditure of taxpayer dollars, are assets of the American people and cannot be throw away by the edict of one man without action by Congress. An analogy would be if a President ordered the scrapping of 80% of our planes, ships, tanks, etc. I am among those who think we should cut our military budget by a lot. But if I were President and tried to do it by fiat, with no Congressional action or input, I am sure the Supremes would rule that it was not in my power to do so. Then why is it any different when he tries to destroy, without an act of Congress, other assets and capabilities that were created with our money, not his? All the institutional knowledge built up over decades as well as the actual technology, real estate, machinery, systems, etc., are assets belonging to the American taxpayers, created and maintained based upon an act of Congress. How can it be possible that a President can destroy a multifaceted major asset of the American people by fiat? I’ll ask Carl. And now . . . From Lincoln Square: Is Bitcoin Going to Zero? What’s Behind the 2026 Crypto Market Meltdown. When people say Bitcoin has no intrinsic value, they are not making a metaphysical claim. They are pointing out that there is no external source from which its value is derived. Gold retains value because it has physical and industrial uses regardless of price. Equities derive value from businesses. Debt derives value from repayment. Fiat currency derives durability from taxation, legal-tender laws, and institutional enforcement. Bitcoin derives value only from the expectation that someone else will want it later. That expectation can sustain a price for long periods, but it is not a reference. There is nothing for valuation to converge toward. Bitcoin’s defenders often argue that this misunderstands money itself—that money works because people believe in it. But monetary systems are not sustained by belief alone. They are sustained by obligation and settlement demand. Fiat currencies persist because taxes must be paid in them, debts are settled in them, and courts enforce contracts denominated in them. Gold, while no longer monetary in this sense, retains a floor through scarcity and non-monetary use. Belief may initiate a monetary premium, but without obligation or absorption, that premium has nothing to stabilize it. . . . Once an asset has no claim on cash flows, no contractual obligation, no external reference, and no compulsory use, what remains is pure speculation. The only way to exit profitably is to sell to someone else at a higher price. That is not investment. It is position timing. In the end, investments like this resemble a game of hot potato. The objective is not to hold the asset, but to pass it on before conditions change. As long as belief holds, the object can keep moving. But there is no natural owner, no terminal use, and no reason for anyone to be the last holder. When belief falters, the passing stops. Someone is left holding it—and discovers that once it can no longer be exchanged, it cannot be used for anything at all. It’s great, though, if you’re a kidnapper or are holding the Mississippi hospital system hostage with ransomware. Also from Lincoln Square: The Melania Meme Coin Collapse — and What It Means A digital token branded around First Lady Melania Trump has collapsed 99 percent from its peak, according to a recent report in The Wall Street Journal, which reviewed price data across several Trump-themed cryptocurrencies. The Journal found the token among the worst performers in a broader group of assets tied to the Trump family name. . . . Trump-themed meme coins associated with President Trump have dropped sharply as well. The Wall Street Journal reported that one Trump-branded coin had fallen about 86 percent from inauguration levels, and other crypto-market trackers cited by Newsweek, CryptoNews and CoinDesk have documented similar declines among politically themed tokens. Public-equity investments tied to President Trump have also faced significant losses. Trump Media & Technology Group, which owns the Truth Social platform and trades under the ticker DJT, is down roughly 75 percent from its inauguration-day price, according to the Journal, Investopedia and independent price-series data compiled by FinanceCharts. A separate Trump-family-backed project, the World Liberty Financial token known as WLFI, has fallen about 40 percent since its launch in September, according to reporting from the Journal and Reuters. Reuters also reported that a partner company’s stock dropped after it concentrated its balance sheet in WLFI, drawing scrutiny from market analysts. Company statements summarized by Reuters describe World Liberty Financial as a decentralized finance platform offering both a governance token and a stablecoin linked to the U.S. dollar. The project emphasizes U.S. market focus, and materials reviewed by Reuters show backing from members of the Trump family. Critics quoted by Reuters and other outlets have raised conflict-of-interest concerns, noting that President Trump oversees agencies that influence federal crypto regulation while his family is associated with digital-asset ventures. The White House has said the president’s assets are held in a family trust and that ethics requirements are being followed. The downturn in Trump-linked digital assets is unfolding against a broad slump in speculative crypto markets. Business Insider reported that a 2025 cryptocurrency crash erased roughly $1 trillion in global market value and significantly reduced the paper wealth of high-profile holders of politically branded tokens. Research cited by CryptoNews found that more than 60 percent of Trump-themed meme coins have effectively failed, losing most of their value and trading activity. CoinDesk has reported that at least one high-profile Trump coin is down more than 80 percent from its launch price. Even so, the Trump family has profited mightily. SNOWY WINTER BONUS The Battle of the Bulge . . . the difference snow made (4 minutes) . . . . . . back when fighting for democracy meant more than just having to vote, donate, and protest. If you ask me, we’re getting off easy. As for today, hats off to the Ukrainians, fighting on for a fifth truly brutal winter, largely abandoned by Trump. (Click here in case you’re in a position to help.)