AMPLIFICATION ONLY — ADAM BACK GOES 10 X-WINDOWS WITH NO ORIGINAL FRAMING. THE TAPE IS DOING THE ARGUING.

VanEck's Head of Digital Assets Research Matthew Sigel called Bitcoin one of the software winners of the next decade. He said it on CNBC. He runs digital-assets research at a $110 billion asset manager. His firm launched one of the largest spot Bitcoin ETFs in the country. This is the Capitalist read on why Bitcoin keeps clearing five-week highs while retail short-term holders sell: institutional research desks now describe Bitcoin the way they describe software companies with durable moats. Not commodity. Not currency proxy. Software. That framing is what allocators look for when they build ten-year positions. The category shift is the signal.