What’s Happening

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	Forwarded this email? Subscribe here for more Ben Cowen Interview: Bitcoin’s Future From ETF expansion to miner economics, Bitcoin enters a phase where structure matters more than hype Bitcoin Magazine Pro Mar 30   READ IN APP   What’s Happening Morgan Stanley about to launch Bitcoin ETF, undercutting BlackRock fee Gamestop used its Bitcoin to generate income rather than selling Senator Warren targets Bitcoin-Trump family ties Fannie Mae approves crypto-backed mortgages from Coinbase YOUTUBE ANALYSIS: Ben Cowen Interview: Can Bitcoin really Survive Price Action Bitcoin has drifted lower this week, albeit with a fairly moderate 2% drop. Figure 1: Past week price action Concerns about the situation in the Middle East continue to cast a heavy cloud over most markets, with Bitcoin no exception. However, as we have repeatedly stated in this newsletter, the reality is that Bitcoin is simply working its way through a range that formed immediately after the early February crash. Two months on, we continue to see that range play out, with BTC still firmly in it. Figure 2: BTC still in the range, but for how much longer? However, we note that the range has played out for almost two months, a similar timeframe to the previous range in December and January (see the far left of the chart above). So we may soon see a breakout from the range. The question we will cover in our monthly report to paid platform subscribers is whether that breakout is to the upside or the downside. You can subscribe to the Bitcoin Magazine Pro platform here to get access to our in-depth reports as well as all other platform features. Ben Cowen Conversation with BM Pro We recently had the pleasure of speaking with Benjamin Cowen to get his thoughts on Bitcoin’s trajectory in the years ahead. You can watch the full interview on our YouTube channel (don’t forget to subscribe), and below we’ve pulled out some of the key themes, alongside data to help bring Ben’s points to life for you. Let’s dive in… A Network That Must Sustain Itself Ben believes that one of the most important long-term questions for Bitcoin is how it functions once mining rewards disappear. With the final Bitcoin still over a century away, Cowen emphasizes that the network must eventually rely on transaction fees alone to incentivize miners. The chart below really highlights the issue. Currently, rewards (blue) make up a huge proportion of total miner revenue, with fees (yellow) making up only a tiny amount. Figure 3: Miner rewards vs fees. Live Chart Ben states that this transition won’t happen overnight, but it highlights a key shift: Bitcoin must evolve into a self-sustaining economic system. Over time, new use cases and increased network activity may be required to generate sufficient fee demand. Store of Value First, Currency Second Cowen is clear that Bitcoin’s dominant role is as a store of value, not a medium of everyday exchange. The expectation that Bitcoin will appreciate over time naturally discourages spending, reinforcing its “digital gold” narrative. Rather than competing with fiat or stablecoins for transactions, Bitcoin’s strength lies in long-term wealth preservation. Larger, high-value transactions may still occur, but day-to-day usage is unlikely to define its future. Institutional Adoption: A Double-Edged Sword The rise of ETFs has accelerated adoption, opening Bitcoin to a broader audience. However, this comes with trade-offs. While ETFs simplify access, they move users away from self-custody, which sits at the heart of Bitcoin’s original ethos. The growth here has been remarkable, underlining just how significant institutional demand has become and how capital is increasingly flowing through regulated channels rather than on-chain ownership. That growth is shown by the cumulative flows of Bitcoin ETFs since launch: Figure 4: Cumulative ETF flows Live Chart Risks on the Horizon Quantum computing is often cited as a threat, but Cowen views it as a longer-term issue, likely years away. A more immediate and meaningful test would be a prolonged global recession. Bitcoin has yet to fully prove itself in that environment, and how it behaves under sustained economic stress will be critical. Looking Ahead Ultimately, Ben believes that Bitcoin’s trajectory remains strong, but not without challenges. We note that for now Bitcoin continues to hold within the Power Law channel, though it is currently close to testing the lower boundary: Figure 5: Bitcoin Power Law Live Chart If adoption continues and key risks are navigated successfully, Bitcoin’s long-term path still points upward. The next phase will be about proving resilience, not just growth, as Bitcoin continues to mature into a global macro asset. Want the full picture? Pro members get 200+ exclusive live charts, instant alerts, expert analysis, and weekly reports from our team. Don’t miss out. Get Full Access Join thousands of Bitcoin investors who’ve stopped guessing. The Bitcoin Magazine Pro Team. Bitcoin Magazine Pro For more detailed Bitcoin analysis and to access advanced features like live charts, personalized indicator alerts, and in-depth industry reports, check out Bitcoin Magazine Pro. Make Smarter Decisions About Bitcoin. Join millions of investors who get clarity about Bitcoin using data analytics you can’t get anywhere else. GO TO FREE CHARTS SIGN UP NOW We don’t just provide data for data’s sake, we provide the metrics and tools that really matter. So you get to supercharge your insights, not your workload. Take the next step in your Bitcoin investing journey: Follow us on X for the latest chart updates and analysis. Subscribe to our YouTube channel for regular video updates and expert insights. Follow our LinkedIn page for comprehensive Bitcoin data, analysis, and insights. Explore Bitcoin Magazine Pro to access powerful tools and analytics that can help you stay ahead of the curve. Invest wisely, stay informed, and let data drive your decisions. Thank you for reading, and here’s to your future success in the Bitcoin market! Subscribed Disclaimer: This newsletter is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions. We sincerely appreciate your support and hope you found this content valuable. Please leave a like and let us know your thoughts in the comments section; we always welcome feedback from our audience! Share Like & Comment Share Bitcoin Magazine Pro   Like Comment Restack   © 2026 BTC Inc. 438 Houston Street, Suite 257, Nashville, TN 37203 Unsubscribe