Key Takeaways: >Bitcoin and gold are outperforming post-election while tech lags. The Bitcoin-NASDAQ correlation breaking down is affirming. >More spending and debt issuance under a divided government is likely to keep the lights and the debt ceiling raised. Rs no longer have the numbers for their austerity wing to achieve anything. That's a bullish backdrop for Bitcoin as a hard asset as a meaningful percentage of the electorate and our trading partners object not only to the magnitude of deficits but also the use of funds. >Bitcoin’s regulatory picture is already clear. Nothing changes post-election. Custody and leverage are both regulated. Adoption continues to grow, with Bhutan becoming the third country to hold Bitcoin on its central bank balance sheet and Israel considering using BTC to circumvent some sanctions which are probably more likely given the elections' outcome. >VanEck sees Bitcoin setting up for another major run. It follows a predictable four-year cycle, and based on that pattern, the bottom came in October. Democrats don’t create regulatory uncertainty for Bitcoin. Debate around altcoins and stablecoins is a separate story. >Bitcoin miners hit by Texas data center approvals may be a buying opportunity. Many stocks have round-tripped since announcing their AI pivots. Miners with orphaned capacity can still mine Bitcoin instead, to maximize powered land while they wait. Perhaps the election reinforced the value of that optionality. Quoted @matthew_sigel: I'll be on @PowerLunch at 2:40pm ET with Kelly and Dom. Tune in for takes on Bitcoin, stocks, and the election.