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Gold is an entirely separate discussion. It’s a geopolitical collateral play. Peter Dunworth frames it perfectly: “The world doesn’t have a debt problem, it has a collateral problem.” - His recent Podcast with Marty Bent and TFTC was brilliant. The East is recapitalizing around gold. The West appears to...

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Maryland HODL (BitBonds = Structural Innovation)

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30,377 просмотров • 8 месяцев назад •via X (Twitter)

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This is what a neutral bridge asset solves. No country is required to trust the de facto USD as the bridge currency. The USD becomes a bridge currency, not the bridge currency. Same for the euro and yuan. BRICS can conduct business outside of the USD; however, should they need to settle with a U.S. institution, a European institution, or another currency bloc, neither side has to make the other’s sovereign currency the intermediary. That is the point of a neutral bridge asset. USD - XRP - Yuan. Yuan - XRP - Real. Real - XRP - Euro. The currencies remain sovereign. The monetary systems remain sovereign. The bridge does not. This isn’t necessarily “de-dollarization.” It is de-intermediation of the settlement layer by removing the requirement that one nation’s currency sit in the middle of everyone else’s trade. (Mitigating the triffin dilemma.) A multipolar monetary system doesn’t require one currency to defeat another. It requires a neutral mechanism capable of transferring value between them. That is the problem XRP was designed to solve.
2:59

This is what a neutral bridge asset solves. No country is required to trust the de facto USD as the bridge currency. The USD becomes a bridge currency, not the bridge currency. Same for the euro and yuan. BRICS can conduct business outside of the USD; however, should they need to settle with a U.S. institution, a European institution, or another currency bloc, neither side has to make the other’s sovereign currency the intermediary. That is the point of a neutral bridge asset. USD - XRP - Yuan. Yuan - XRP - Real. Real - XRP - Euro. The currencies remain sovereign. The monetary systems remain sovereign. The bridge does not. This isn’t necessarily “de-dollarization.” It is de-intermediation of the settlement layer by removing the requirement that one nation’s currency sit in the middle of everyone else’s trade. (Mitigating the triffin dilemma.) A multipolar monetary system doesn’t require one currency to defeat another. It requires a neutral mechanism capable of transferring value between them. That is the problem XRP was designed to solve.

Mr. Man

13,372 просмотров • 4 дней назад

Cathie Wood Cathie Wood of ARK Invest: Bitcoin was declining relative to gold. It now appears to be bottoming. Gold itself is declining. She is staying bullish. The Bitcoin-to-gold ratio chart she presented on July 2 shows the ratio has held at a floor while gold moved lower. Wood reads this as the start of a resumption of the "volatile but broad uptrend" visible on the long-term chart. The macro context behind the call: in a deflationary tech regime with falling rates, Bitcoin benefits as a risk-on digital store of value. The rotation from gold to Bitcoin is consistent with the broader ARK thesis on financial innovation. Michael Saylor Michael Saylor has made the structural case for Bitcoin over gold more forcefully than anyone - argues Bitcoin's fixed supply and digital properties make it the superior store of value over any multi-year horizon. Bitcoin, gold, and the deflationary thesis: Source: ARK Invest In the Know -
0:31

Cathie Wood Cathie Wood of ARK Invest: Bitcoin was declining relative to gold. It now appears to be bottoming. Gold itself is declining. She is staying bullish. The Bitcoin-to-gold ratio chart she presented on July 2 shows the ratio has held at a floor while gold moved lower. Wood reads this as the start of a resumption of the "volatile but broad uptrend" visible on the long-term chart. The macro context behind the call: in a deflationary tech regime with falling rates, Bitcoin benefits as a risk-on digital store of value. The rotation from gold to Bitcoin is consistent with the broader ARK thesis on financial innovation. Michael Saylor Michael Saylor has made the structural case for Bitcoin over gold more forcefully than anyone - argues Bitcoin's fixed supply and digital properties make it the superior store of value over any multi-year horizon. Bitcoin, gold, and the deflationary thesis: Source: ARK Invest In the Know -

Podcast Alpha

17,024 просмотров • 1 месяц назад

Stop whatever you’re doing and pay attention: IF the US is being serious and decides to literally print $15T to “sell” to the open market in order to buy Bitcoin… and it starts “buying” Bitcoin -A FINITE CURRENCY- at the open market price You can cheat You can be smart Or You can be the first If the US does try to be the first… …to sell trillions of dollars… …with the openly stated mission of getting away from worthless paper and debt based currency… …to get a FINITE money that can only become more valuable over time… … …so, I’ll ask the question: why are so many in the markets still holding USD? Or, holding assets beholden to the USD? —If you know ***in advance*** the biggest player in the world is about to sell and needs Bitcoin ONLY… (Send this to all your Bitcoin friends and all your noncoiners. The clip is from the movie Margin Call, and the principal is the same)
2:29

Stop whatever you’re doing and pay attention: IF the US is being serious and decides to literally print $15T to “sell” to the open market in order to buy Bitcoin… and it starts “buying” Bitcoin -A FINITE CURRENCY- at the open market price You can cheat You can be smart Or You can be the first If the US does try to be the first… …to sell trillions of dollars… …with the openly stated mission of getting away from worthless paper and debt based currency… …to get a FINITE money that can only become more valuable over time… … …so, I’ll ask the question: why are so many in the markets still holding USD? Or, holding assets beholden to the USD? —If you know ***in advance*** the biggest player in the world is about to sell and needs Bitcoin ONLY… (Send this to all your Bitcoin friends and all your noncoiners. The clip is from the movie Margin Call, and the principal is the same)

Financial Physics

127,791 просмотров • 1 год назад

Mark Cuban has sold majority of his Bitcoin. Cuban originally bought Bitcoin with one thesis in mind: "It was a better version of gold than gold." A hedge against fiat currency losing its value. When the dollar weakens, Bitcoin should go up. But that thesis just blew up in his face. During the Iran war, when geopolitical risk was spiking and the dollar was sliding, Bitcoin dropped. Gold went to $5,000. Think about what he was expecting. Bitcoin is priced in dollars. When the dollar falls, Bitcoin becomes cheaper for buyers around the world. Global demand should kick in and push the price up. It didn't happen. Gold did exactly what it was supposed to do as a macro hedge. Bitcoin didn't. And for Cuban, that was the line. The whole premise of holding it was gone. He's more disappointed in Bitcoin than Ethereum. He had already written off memecoins as garbage entirely. This matters beyond just one billionaire's portfolio decision. The "Bitcoin as digital gold" narrative has been the backbone of institutional adoption for years. It's the reason pension funds, family offices, and corporate treasuries started buying. If that hedge thesis is broken, the next buyer at these prices needs a different reason to hold. The honest reality: Bitcoin is still trading like a risk asset. It correlates with tech stocks in a downturn and doesn't decouple when it matters most. Gold doesn't have that problem.
0:57

Mark Cuban has sold majority of his Bitcoin. Cuban originally bought Bitcoin with one thesis in mind: "It was a better version of gold than gold." A hedge against fiat currency losing its value. When the dollar weakens, Bitcoin should go up. But that thesis just blew up in his face. During the Iran war, when geopolitical risk was spiking and the dollar was sliding, Bitcoin dropped. Gold went to $5,000. Think about what he was expecting. Bitcoin is priced in dollars. When the dollar falls, Bitcoin becomes cheaper for buyers around the world. Global demand should kick in and push the price up. It didn't happen. Gold did exactly what it was supposed to do as a macro hedge. Bitcoin didn't. And for Cuban, that was the line. The whole premise of holding it was gone. He's more disappointed in Bitcoin than Ethereum. He had already written off memecoins as garbage entirely. This matters beyond just one billionaire's portfolio decision. The "Bitcoin as digital gold" narrative has been the backbone of institutional adoption for years. It's the reason pension funds, family offices, and corporate treasuries started buying. If that hedge thesis is broken, the next buyer at these prices needs a different reason to hold. The honest reality: Bitcoin is still trading like a risk asset. It correlates with tech stocks in a downturn and doesn't decouple when it matters most. Gold doesn't have that problem.

Milk Road Stocks

895,363 просмотров • 2 месяцев назад

"I used to be a bitcoiner. The transition to a new store of value only happens once every 3,000 years. That's the main prize -- just focus on that. But [security] is the criteria that ultimately convinced me to flip from Bitcoin to ETH." "I have a higher degree of certainty that Ethereum will be around longer [than Bitcoin]. The reason for that is because Bitcoin relies on proof-of-work, which is less efficient than proof-of-stake and doesn't scale with the value of the network. And as the block subsidy of Bitcoin halves every four years, it is increasingly becoming more and more reliant on transaction fees to fund the security budget paid to miners." "If you look at [Bitcoin's] security budget right now, about 0.6% of revenue to miners is transaction fees... The problem with that is if Bitcoin becomes 'digital gold', flips gold, and becomes a $30 trillion asset, but it only costs $10-20 billion to attack it, that's too asymmetric." "You want the security budget to scale with the market cap, similar to how countries spend a % of their GDP on defense. The more valuable something is, the more you need to spend to protect it." "Ethereum, with the Merge, migrated to proof-of-stake, which is fundamentally more secure because it's less reliant on transaction fees and it scales with the value of the network. If 1/3rd of ETH is staked and then you need 1/3rd of those ETH to censor the network, you're looking at roughly 10% of the total market cap as the cost to attack the network." "So if Ethereum flips Bitcoin and gold and becomes a $30 trillion asset, it'll cost ~$3 trillion to attack the Ethereum network versus Bitcoin at like $10 billion." "The other aspect here is that as AI hyperscalers invest more and more in AI, proof-of-work becomes increasingly vulnerable because the cost to attack the Bitcoin network is starting to look close to the quarterly CapEx these hyperscalers are spending on their data centers." Full interview on Bankless with Vivek Raman discussing the new Etherealize "Productive Money" report below.
2:34

"I used to be a bitcoiner. The transition to a new store of value only happens once every 3,000 years. That's the main prize -- just focus on that. But [security] is the criteria that ultimately convinced me to flip from Bitcoin to ETH." "I have a higher degree of certainty that Ethereum will be around longer [than Bitcoin]. The reason for that is because Bitcoin relies on proof-of-work, which is less efficient than proof-of-stake and doesn't scale with the value of the network. And as the block subsidy of Bitcoin halves every four years, it is increasingly becoming more and more reliant on transaction fees to fund the security budget paid to miners." "If you look at [Bitcoin's] security budget right now, about 0.6% of revenue to miners is transaction fees... The problem with that is if Bitcoin becomes 'digital gold', flips gold, and becomes a $30 trillion asset, but it only costs $10-20 billion to attack it, that's too asymmetric." "You want the security budget to scale with the market cap, similar to how countries spend a % of their GDP on defense. The more valuable something is, the more you need to spend to protect it." "Ethereum, with the Merge, migrated to proof-of-stake, which is fundamentally more secure because it's less reliant on transaction fees and it scales with the value of the network. If 1/3rd of ETH is staked and then you need 1/3rd of those ETH to censor the network, you're looking at roughly 10% of the total market cap as the cost to attack the network." "So if Ethereum flips Bitcoin and gold and becomes a $30 trillion asset, it'll cost ~$3 trillion to attack the Ethereum network versus Bitcoin at like $10 billion." "The other aspect here is that as AI hyperscalers invest more and more in AI, proof-of-work becomes increasingly vulnerable because the cost to attack the Bitcoin network is starting to look close to the quarterly CapEx these hyperscalers are spending on their data centers." Full interview on Bankless with Vivek Raman discussing the new Etherealize "Productive Money" report below.

Michael McGuiness

120,514 просмотров • 3 месяцев назад

BITCOIN'S "DIGITAL GOLD" NARRATIVE JUST FAILED ITS BIGGEST TEST While gold surged past $5,000 and silver hit record after record... Bitcoin dropped 6% in 2025. Silver is up 138%. Bitcoin? Down 30% from its October high. The "digital gold" thesis is collapsing. But here's what most people are getting wrong about WHY... My good friend Michael Howell at CrossBorder Capital/ GLIndexes nailed it: This isn't a "Great Debasement" trade. If it were, Bitcoin would be celebrating and bonds would be in freefall. Neither is happening. THE REAL DRIVER: CHINA The People's Bank of China has added $1.1T to Chinese money markets over the past year. And they'll likely do the same again this year. This aggressive monetary debasement is pushing Chinese residents into gold as an inflation hedge. You see, Chinese residents are big gold buyers but NOT big Bitcoin buyers. Why? The PBoC banned cryptocurrencies onshore. So when China prints money, it flows into gold, not crypto. And because the Yuan is stable against the dollar (capital controls and trade surplus), changes in the Yuan gold price transmit virtually 1:1 into the US dollar gold price. Bitcoin gets none of this flow. THE LIQUIDITY PROBLEM Michael's research shows something critical: Cryptocurrencies are the most liquidity-sensitive assets on the planet. And Global Liquidity is starting to slow. During the last liquidity downswing from late 2021 through 2022, Bitcoin fell from $65k to under $20k. In the next upswing, it gained over $100k. Now liquidity is peaking again. Bond term premia have stopped rising. Bitcoin is flatlining. The correlation between Global Liquidity and Bitcoin is ironclad. And the cycle is turning against crypto. THE OCTOBER CRASH EXPOSED EVERYTHING On October 10, 2025, Trump's 100% China tariff threat triggered the largest single-day liquidation in crypto history. $19B wiped out in 24 hours. 1.6M accounts blown up. Bitcoin plunged from $126,000 to below $105,000. Order book depth collapsed 98%. This was a stress test And Bitcoin failed. THE "HEDGE" THAT ISN'T During recent geopolitical tensions over Greenland: Gold rose 8.6%. Bitcoin dropped 6.6%. NYDIG found that Bitcoin behaves like an "ATM" during crises. Investors sell it first to raise cash. That's not a hedge. That's a liquidity source. Meanwhile, central banks are buying gold at record levels. They're not touching Bitcoin. THE MINING DEATH SPIRAL Hashprice - the key profitability metric - fell to $35-36 per PH/s/day in November. Below breakeven for most operations. 2025 was the "harshest margin environment of all time." ROI on new mining rigs? 1,000 days. In 2017? Same equipment paid for itself in 3-6 months. AI data centers are outbidding miners for cheap electricity. The squeeze is structural. WHERE THIS IS HEADING Paolo Ardoino, Tether's CEO, said it himself last week: "There are foreign countries buying a lot of gold, and we believe these countries will soon launch tokenized versions of gold as a competitive currency to the US dollar." Gold is being repositioned as foundational collateral beneath a fragmented digital monetary landscape. The BRICS are building gold-backed currencies to accelerate dedollarization. And ironically, the US will use gold-backed stablecoins to DEFEND the dollar's dominance. Gold, forever the bane of the dollar's existence, is being resurrected as its savior. A new monetary age is coming. And Bitcoin isn't part of it. MY TAKE My good friend Michael is right: Monetary debasement is a long-term investment strategy, not a short-term trade. But Bitcoin's cycle is no longer a simple 4 year halving cycle based on supply. It's a complex demand cycle driven by Global Liquidity. And that liquidity is peaking. When Chinese liquidity floods into gold while Bitcoin sits banned on the mainland... When Global Liquidity peaks and crypto flatlines... When the asset fails every stress test thrown at it... There's a serious problem.
1:06

BITCOIN'S "DIGITAL GOLD" NARRATIVE JUST FAILED ITS BIGGEST TEST While gold surged past $5,000 and silver hit record after record... Bitcoin dropped 6% in 2025. Silver is up 138%. Bitcoin? Down 30% from its October high. The "digital gold" thesis is collapsing. But here's what most people are getting wrong about WHY... My good friend Michael Howell at CrossBorder Capital/ GLIndexes nailed it: This isn't a "Great Debasement" trade. If it were, Bitcoin would be celebrating and bonds would be in freefall. Neither is happening. THE REAL DRIVER: CHINA The People's Bank of China has added $1.1T to Chinese money markets over the past year. And they'll likely do the same again this year. This aggressive monetary debasement is pushing Chinese residents into gold as an inflation hedge. You see, Chinese residents are big gold buyers but NOT big Bitcoin buyers. Why? The PBoC banned cryptocurrencies onshore. So when China prints money, it flows into gold, not crypto. And because the Yuan is stable against the dollar (capital controls and trade surplus), changes in the Yuan gold price transmit virtually 1:1 into the US dollar gold price. Bitcoin gets none of this flow. THE LIQUIDITY PROBLEM Michael's research shows something critical: Cryptocurrencies are the most liquidity-sensitive assets on the planet. And Global Liquidity is starting to slow. During the last liquidity downswing from late 2021 through 2022, Bitcoin fell from $65k to under $20k. In the next upswing, it gained over $100k. Now liquidity is peaking again. Bond term premia have stopped rising. Bitcoin is flatlining. The correlation between Global Liquidity and Bitcoin is ironclad. And the cycle is turning against crypto. THE OCTOBER CRASH EXPOSED EVERYTHING On October 10, 2025, Trump's 100% China tariff threat triggered the largest single-day liquidation in crypto history. $19B wiped out in 24 hours. 1.6M accounts blown up. Bitcoin plunged from $126,000 to below $105,000. Order book depth collapsed 98%. This was a stress test And Bitcoin failed. THE "HEDGE" THAT ISN'T During recent geopolitical tensions over Greenland: Gold rose 8.6%. Bitcoin dropped 6.6%. NYDIG found that Bitcoin behaves like an "ATM" during crises. Investors sell it first to raise cash. That's not a hedge. That's a liquidity source. Meanwhile, central banks are buying gold at record levels. They're not touching Bitcoin. THE MINING DEATH SPIRAL Hashprice - the key profitability metric - fell to $35-36 per PH/s/day in November. Below breakeven for most operations. 2025 was the "harshest margin environment of all time." ROI on new mining rigs? 1,000 days. In 2017? Same equipment paid for itself in 3-6 months. AI data centers are outbidding miners for cheap electricity. The squeeze is structural. WHERE THIS IS HEADING Paolo Ardoino, Tether's CEO, said it himself last week: "There are foreign countries buying a lot of gold, and we believe these countries will soon launch tokenized versions of gold as a competitive currency to the US dollar." Gold is being repositioned as foundational collateral beneath a fragmented digital monetary landscape. The BRICS are building gold-backed currencies to accelerate dedollarization. And ironically, the US will use gold-backed stablecoins to DEFEND the dollar's dominance. Gold, forever the bane of the dollar's existence, is being resurrected as its savior. A new monetary age is coming. And Bitcoin isn't part of it. MY TAKE My good friend Michael is right: Monetary debasement is a long-term investment strategy, not a short-term trade. But Bitcoin's cycle is no longer a simple 4 year halving cycle based on supply. It's a complex demand cycle driven by Global Liquidity. And that liquidity is peaking. When Chinese liquidity floods into gold while Bitcoin sits banned on the mainland... When Global Liquidity peaks and crypto flatlines... When the asset fails every stress test thrown at it... There's a serious problem.

George Noble

133,893 просмотров • 6 месяцев назад

Everyone thinks Wall Street is “adopting” Bitcoin. They’re not. They’re absorbing it. Here’s the part nobody talks about 👇 • They’re not buying spot BTC… they’re wrapping it in ETFs, notes, funds, and collateral products. • Once an asset is wrapped, Wall Street controls the flows, the liquidity, and the leverage — without holding the actual keys. • Mining power is shifting to publicly traded firms, which means hashpower is becoming a capital-markets asset. • Custodians now hold massive BTC pools, giving institutions influence over the cycle without ever touching raw Bitcoin. • The endgame? Control the plumbing. Not the protocol. Bitcoin stays decentralized. But the layer around Bitcoin is slowly being built by the same giants who control every other asset class on earth. If you don’t understand this shift, you won’t understand the next decade of Bitcoin. 🎥 Full breakdown inside the episode:
1:56

Everyone thinks Wall Street is “adopting” Bitcoin. They’re not. They’re absorbing it. Here’s the part nobody talks about 👇 • They’re not buying spot BTC… they’re wrapping it in ETFs, notes, funds, and collateral products. • Once an asset is wrapped, Wall Street controls the flows, the liquidity, and the leverage — without holding the actual keys. • Mining power is shifting to publicly traded firms, which means hashpower is becoming a capital-markets asset. • Custodians now hold massive BTC pools, giving institutions influence over the cycle without ever touching raw Bitcoin. • The endgame? Control the plumbing. Not the protocol. Bitcoin stays decentralized. But the layer around Bitcoin is slowly being built by the same giants who control every other asset class on earth. If you don’t understand this shift, you won’t understand the next decade of Bitcoin. 🎥 Full breakdown inside the episode:

Jessica Gonzales

250,200 просмотров • 8 месяцев назад

VanEck CEO Jan van Eck on CNBC: “There’s something else going on within the Bitcoin community that non-crypto people need to know about. And that is: ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken. We don’t right now, but you always have to look at the underlying technology and the crypto. What the Bitcoin community has been asking itself is: Is there enough encryption in Bitcoin, because quantum computing is coming? And secondly: Is there enough privacy in Bitcoin? And so a lot of Bitcoin OGs or maxis have been looking at Zcash. Zcash is a token. It’s sort of related to Bitcoin with a lot more privacy. The kind of garbage that we got about Bitcoin four years ago was: ‘It’s used for all bad illicit behavior.’ But now everyone kind of realizes that when you move money around on the Bitcoin blockchain, you can see it. You can see it move from one wallet to another. And a lot of people are looking for more privacy.”
1:00

VanEck CEO Jan van Eck on CNBC: “There’s something else going on within the Bitcoin community that non-crypto people need to know about. And that is: ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken. We don’t right now, but you always have to look at the underlying technology and the crypto. What the Bitcoin community has been asking itself is: Is there enough encryption in Bitcoin, because quantum computing is coming? And secondly: Is there enough privacy in Bitcoin? And so a lot of Bitcoin OGs or maxis have been looking at Zcash. Zcash is a token. It’s sort of related to Bitcoin with a lot more privacy. The kind of garbage that we got about Bitcoin four years ago was: ‘It’s used for all bad illicit behavior.’ But now everyone kind of realizes that when you move money around on the Bitcoin blockchain, you can see it. You can see it move from one wallet to another. And a lot of people are looking for more privacy.”

Arjun Khemani

569,098 просмотров • 8 месяцев назад

Gold since April 2025: +60% Bitcoin since April 2025: -30% Gold since its January high: still near all-time highs. Bitcoin since its October high: -48%. 5 consecutive red months for Bitcoin. A 0.55 correlation with the S&P 500 as of March 1st. And people still call it "digital gold." Let me explain why that framing will cost you money: When the Middle East escalated, gold surged above $5,300. Bitcoin dropped. When equities sold off, gold held. Bitcoin sold with them. When uncertainty spiked, gold hit all-time highs. Bitcoin bled. This isn't an accident. It's the nature of WHAT these assets actually are. Gold is an asset that isn't somebody else's liability. It's not correlated with the general level of risk assets. It doesn't shift identities depending on what the market needs it to be that week. Bitcoin does. Sometimes it's digital gold. Sometimes it's correlated to NASDAQ. Sometimes it follows the dollar. Sometimes it follows liquidity. It depends on whatever narrative is convenient at the time. And narrative always follows price. That's the way it works. When Bitcoin was ripping to $126,000 in October, everyone called it a store of value. Now that it's trading at $66,000 with 5 red months, NOBODY talks about the digital gold thesis anymore. Gold doesn't have that problem. Central banks bought 863 tonnes of gold in 2025. Accumulating at the fastest pace in decades. China is buying like crazy for months. Nobody's buying Bitcoin for their sovereign reserves. Nobody's rewriting the gold thesis every quarter. I said this on back in April last year when Bitcoin was reclaiming $90,000 and everyone wanted me to be bullish on crypto: "If NASDAQ takes a header, if risk assets take another leg down, you want to bet Bitcoin goes up or down? I'd vote down." NASDAQ took a header. Risk assets took a leg down. Bitcoin went down. Gold went up. It's not complicated. Gold is insurance against irresponsible policies from central bankers and government officials. It protects you against the falling dollar. It's been doing this for 5,000 years. Bitcoin is a speculative instrument that acts like protection only when everything else is going up too. And in the environment we're heading into (geopolitical risk at generational highs, the dollar under pressure, central banks still buying, the Fed boxed in on rates) you want the real thing. Not the imitation. GOLD SURVIVED EMPIRES BITCOIN SURVIVED TWITTER
1:25

Gold since April 2025: +60% Bitcoin since April 2025: -30% Gold since its January high: still near all-time highs. Bitcoin since its October high: -48%. 5 consecutive red months for Bitcoin. A 0.55 correlation with the S&P 500 as of March 1st. And people still call it "digital gold." Let me explain why that framing will cost you money: When the Middle East escalated, gold surged above $5,300. Bitcoin dropped. When equities sold off, gold held. Bitcoin sold with them. When uncertainty spiked, gold hit all-time highs. Bitcoin bled. This isn't an accident. It's the nature of WHAT these assets actually are. Gold is an asset that isn't somebody else's liability. It's not correlated with the general level of risk assets. It doesn't shift identities depending on what the market needs it to be that week. Bitcoin does. Sometimes it's digital gold. Sometimes it's correlated to NASDAQ. Sometimes it follows the dollar. Sometimes it follows liquidity. It depends on whatever narrative is convenient at the time. And narrative always follows price. That's the way it works. When Bitcoin was ripping to $126,000 in October, everyone called it a store of value. Now that it's trading at $66,000 with 5 red months, NOBODY talks about the digital gold thesis anymore. Gold doesn't have that problem. Central banks bought 863 tonnes of gold in 2025. Accumulating at the fastest pace in decades. China is buying like crazy for months. Nobody's buying Bitcoin for their sovereign reserves. Nobody's rewriting the gold thesis every quarter. I said this on back in April last year when Bitcoin was reclaiming $90,000 and everyone wanted me to be bullish on crypto: "If NASDAQ takes a header, if risk assets take another leg down, you want to bet Bitcoin goes up or down? I'd vote down." NASDAQ took a header. Risk assets took a leg down. Bitcoin went down. Gold went up. It's not complicated. Gold is insurance against irresponsible policies from central bankers and government officials. It protects you against the falling dollar. It's been doing this for 5,000 years. Bitcoin is a speculative instrument that acts like protection only when everything else is going up too. And in the environment we're heading into (geopolitical risk at generational highs, the dollar under pressure, central banks still buying, the Fed boxed in on rates) you want the real thing. Not the imitation. GOLD SURVIVED EMPIRES BITCOIN SURVIVED TWITTER

George Noble

11,852 просмотров • 5 месяцев назад

BREAKING: BLACKROCK’S LARRY FINK JUST CONFIRMED IT. SOVEREIGN WEALTH FUNDS ARE BUYING BITCOIN. “I KNOW THEY BOUGHT MORE IN THE 80s.” Not equities. Not treasuries. They bought the asset they once ridiculed. Coming from the CEO of the world’s largest asset manager, this isn’t speculation. It’s a signal. And it changes everything. - Sovereign wealth funds control $11.5 trillion globally - Just 1% into BTC is $115B in fresh demand - That’s 5× more than the total BTC held on Coinbase The last time sovereigns made a move like this? 1980s. They piled into gold, oil, and real estate, preparing for inflation, debt spirals, and global shocks. Sound familiar? Today, they’re buying Bitcoin. Silently. Before the herd. Before the headlines. So here’s the question no one dares to ask: What happens when entire nations front-run the masses and Bitcoin becomes not a hedge… but a sovereign reserve asset? The crowd is watching ETFs. But the real flows are happening off-screen in size, and in silence. The rulers are buying the rebellion. And there’s no turning back.
0:30

BREAKING: BLACKROCK’S LARRY FINK JUST CONFIRMED IT. SOVEREIGN WEALTH FUNDS ARE BUYING BITCOIN. “I KNOW THEY BOUGHT MORE IN THE 80s.” Not equities. Not treasuries. They bought the asset they once ridiculed. Coming from the CEO of the world’s largest asset manager, this isn’t speculation. It’s a signal. And it changes everything. - Sovereign wealth funds control $11.5 trillion globally - Just 1% into BTC is $115B in fresh demand - That’s 5× more than the total BTC held on Coinbase The last time sovereigns made a move like this? 1980s. They piled into gold, oil, and real estate, preparing for inflation, debt spirals, and global shocks. Sound familiar? Today, they’re buying Bitcoin. Silently. Before the herd. Before the headlines. So here’s the question no one dares to ask: What happens when entire nations front-run the masses and Bitcoin becomes not a hedge… but a sovereign reserve asset? The crowd is watching ETFs. But the real flows are happening off-screen in size, and in silence. The rulers are buying the rebellion. And there’s no turning back.

Merlijn The Trader

27,212 просмотров • 8 месяцев назад

.Tyler Winklevoss and Cameron Winklevoss explaining their gold 2.0 thesis in 2017 when bitcoin was $17k "Whatever your reasons for investing in gold, whether is scarcity, durability, portability, fungibility. We think that bitcoin matches or beats gold across the board on all of those categories" "It's actually not scarce, it's fixed. You can send it around like an email. It's a lot harder to do that with a bar of gold" "The marketcap of bitcoin right now is $300 billion. The market cap of gold is $6 trillion." "We've been saying this since the market cap of bitcoin was $1 billion. We're 300x more correct today and we think theres a chance we'll be 20x more correct from here on out"
0:45

.Tyler Winklevoss and Cameron Winklevoss explaining their gold 2.0 thesis in 2017 when bitcoin was $17k "Whatever your reasons for investing in gold, whether is scarcity, durability, portability, fungibility. We think that bitcoin matches or beats gold across the board on all of those categories" "It's actually not scarce, it's fixed. You can send it around like an email. It's a lot harder to do that with a bar of gold" "The marketcap of bitcoin right now is $300 billion. The market cap of gold is $6 trillion." "We've been saying this since the market cap of bitcoin was $1 billion. We're 300x more correct today and we think theres a chance we'll be 20x more correct from here on out"

Jeremy

24,493 просмотров • 2 месяцев назад

Making Sense Of Strategy What is happening with $MSTR? If you’ve been following me on X for any meaningful length of time, you will know that I have been attempting to calibrate people’s expectations of the stock's performance for the best part of 2025. Here I have synthesised all of my thoughts and distilled them into a single video. If you prefer YouTube, you can watch it here: If you prefer written format, continue reading. The first thing we need to understand is what Strategy is and why people invest in it. Strategy At the highest level, Strategy is leveraged Bitcoin. That’s it. Strategy leverages debt to acquire more Bitcoin. Therefore, the main reason you invest in Strategy is because you want to outperform Bitcoin. The only thing better than Bitcoin is more Bitcoin. The second thing we need to understand is mNAV. mNAV Generally speaking for a pure-play Bitcoin Treasury Company like Strategy, mNAV is a reflection of the market's expectation of future Bitcoin Yield. Bitcoin Yield comes with diminishing returns because each additional Bitcoin purchase contributes less to Bitcoin Per Share. Thus, the larger your Bitcoin stack, the harder it becomes to generate Bitcoin Yield and by extension the harder it becomes to outperform Bitcoin. This is why on a Bitcoin Standard, over a long enough time horizon, mNAV trends towards 1 since the maximum amount of Bitcoin you can own is 21M. With all this in mind, why is Strategy trading where it is and why is it trading at such a low mNAV? There are a few reasons. 1. Strategy Is A Different Company In 2025 Firstly, Strategy is a totally different company in 2025 to the one it was in 2020. For context, believe it or not, the company only introduced Bitcoin Yield and Bitcoin Per Share in the July 2024 Q2 Earnings Call and so it was only after that that they began optimising for those metrics. In my view, that is also when Michael Saylor truly started to understand the opportunity that was in front of him, which is why in October 2024 we saw Strategy announce the 21/21 plan which became the catalyst for the parabolic run we saw in November 2024 where $MSTR went on to briefly hit an all-time-high of around $550. Since people are comparing $MSTR this cycle to the $MSTR of last cycle when it briefly traded at an mNAV of over 8x, it is distorting their expectations. Again, Strategy is a totally different company today with a totally different set of dynamics. 2. New Industry Secondly, we need to recognise that the Bitcoin Treasury Company industry is entirely new which means that the market has been forced to learn and adapt in real-time. With Strategy being the first and by far the largest Bitcoin Treasury Company, it has gained a disproportionate amount of attention and as a result it has attracted a disproportionate amount of speculative capital along the way while everyone has been trying to figure out how to value it. Consequently, in my view, the move we saw in November 2024 was an over-correction to the upside — which by the way coincided with Bitcoin’s parabolic run following Donald Trump’s election win — and what we’re now seeing is an over-correction to the downside. 3. Bitcoin Yield Thirdly, as I mentioned at the beginning, Bitcoin Treasury Companies are currently valued based on how much Bitcoin Yield they are expected to generate in the future. At the time of recording, Strategy currently holds precisely 637,460 Bitcoin — that’s over 3% of the total Bitcoin supply — which means that it is much, much harder to generate meaningful Bitcoin Yield, which again is why we’re seeing the mNAV compress. However, there is a caveat here. There is another metric that Strategy have introduced which is Bitcoin $ Gain. Bitcoin $ Gain is defined as the $ value of newly acquired Bitcoin within any period. Strategy — and I don’t blame them — have been attempting to encourage the market to interpret Bitcoin $ Gain as “earnings” and to value the company based on how much earnings it is expected to generate in the future. For full disclosure, I personally dislike Bitcoin $ Gain as a valuation metric. I think framing it as “earnings” is misleading and disingenuous. I understand why it has been introduced because it speaks the language of Wall Street. However, traditional earnings are final. Bitcoin $ Gain is not because it is forever subject to the price of Bitcoin. Therefore, for Bitcoin $ Gain to be embraced by Wall Street, the market must collectively agree that Bitcoin is going up forever. I remain very sceptical of that happening — especially in the short-to-medium term. However, I am also not attached to my beliefs and so if Wall Street does decide to embrace Bitcoin $ Gain as its primary valuation metric, then $MSTR is likely undervalued by a factor of 5-10x. If not, then $MSTR is likely undervalued by a factor of 1-2x. If you’re not content with the latter being the worst case scenario, then the stock probably isn’t for you. 4. Preferred Products Fourthly, the Strategy thesis right now revolves entirely around the success of its preferred products. Remember, Michael Saylor wants Strategy to become the Amazon of the fixed income market. Thus, we’re not talking about a small innovation here — we are talking about completely transforming global finance. This means that the process of generating awareness and educating the market that will ultimately drive demand for these products is going to take years — not months — which is why you need to have a long time-horizon. Presently, the market is completely discounting the success of Strategy’s preferred products. What it’s not factoring in however is that the capital markets are desperate for yield right now. Thus, when — not if — but when, they eventually wake up to Bitcoin, how do you think they’re going to get that yield? Who is going to be the entity that is offering Bitcoin-backed credit instruments at scale? The answer is obviously Strategy, but again, this is a 5-to-10 year and beyond story. So with all that said, if you’re reading this right now, what should you do? Valuing Strategy There are 3 steps you need to take: 1. Firstly, you need to define your time horizon. In other words, how long do you intend on holding the stock for? 2. Secondly, you need to estimate either — depending on your preferred metric — how much Bitcoin Yield or how much Bitcoin $ Gain you expect Strategy to generate during that period and then calculate how much you expect $MSTR to outperform Bitcoin based on those values. 3. Thirdly, ask yourself whether you’d be satisfied with the level of outperformance you have calculated? In other words, is the trade-off worth it? Or would you be better off investing in either spot Bitcoin, an alternative Bitcoin Treasury Company or a Bitcoin ETF. If you’re satisfied with the level of outperformance that you’ve calculated, then $MSTR it probably a good choice of investment for you. If you're not satisfied, then $MSTR is probably a bad choice of investment for you. I personally believe that $MSTR will outperform Bitcoin by a minimum factor of 1-2x over the next 5/10 years and potentially much more if Bitcoin $ Gain becomes the primary metric by which it is valued, but again, I remain sceptical of that happening. Regardless, the best is yet to come.
11:54

Making Sense Of Strategy What is happening with $MSTR? If you’ve been following me on X for any meaningful length of time, you will know that I have been attempting to calibrate people’s expectations of the stock's performance for the best part of 2025. Here I have synthesised all of my thoughts and distilled them into a single video. If you prefer YouTube, you can watch it here: If you prefer written format, continue reading. The first thing we need to understand is what Strategy is and why people invest in it. Strategy At the highest level, Strategy is leveraged Bitcoin. That’s it. Strategy leverages debt to acquire more Bitcoin. Therefore, the main reason you invest in Strategy is because you want to outperform Bitcoin. The only thing better than Bitcoin is more Bitcoin. The second thing we need to understand is mNAV. mNAV Generally speaking for a pure-play Bitcoin Treasury Company like Strategy, mNAV is a reflection of the market's expectation of future Bitcoin Yield. Bitcoin Yield comes with diminishing returns because each additional Bitcoin purchase contributes less to Bitcoin Per Share. Thus, the larger your Bitcoin stack, the harder it becomes to generate Bitcoin Yield and by extension the harder it becomes to outperform Bitcoin. This is why on a Bitcoin Standard, over a long enough time horizon, mNAV trends towards 1 since the maximum amount of Bitcoin you can own is 21M. With all this in mind, why is Strategy trading where it is and why is it trading at such a low mNAV? There are a few reasons. 1. Strategy Is A Different Company In 2025 Firstly, Strategy is a totally different company in 2025 to the one it was in 2020. For context, believe it or not, the company only introduced Bitcoin Yield and Bitcoin Per Share in the July 2024 Q2 Earnings Call and so it was only after that that they began optimising for those metrics. In my view, that is also when Michael Saylor truly started to understand the opportunity that was in front of him, which is why in October 2024 we saw Strategy announce the 21/21 plan which became the catalyst for the parabolic run we saw in November 2024 where $MSTR went on to briefly hit an all-time-high of around $550. Since people are comparing $MSTR this cycle to the $MSTR of last cycle when it briefly traded at an mNAV of over 8x, it is distorting their expectations. Again, Strategy is a totally different company today with a totally different set of dynamics. 2. New Industry Secondly, we need to recognise that the Bitcoin Treasury Company industry is entirely new which means that the market has been forced to learn and adapt in real-time. With Strategy being the first and by far the largest Bitcoin Treasury Company, it has gained a disproportionate amount of attention and as a result it has attracted a disproportionate amount of speculative capital along the way while everyone has been trying to figure out how to value it. Consequently, in my view, the move we saw in November 2024 was an over-correction to the upside — which by the way coincided with Bitcoin’s parabolic run following Donald Trump’s election win — and what we’re now seeing is an over-correction to the downside. 3. Bitcoin Yield Thirdly, as I mentioned at the beginning, Bitcoin Treasury Companies are currently valued based on how much Bitcoin Yield they are expected to generate in the future. At the time of recording, Strategy currently holds precisely 637,460 Bitcoin — that’s over 3% of the total Bitcoin supply — which means that it is much, much harder to generate meaningful Bitcoin Yield, which again is why we’re seeing the mNAV compress. However, there is a caveat here. There is another metric that Strategy have introduced which is Bitcoin $ Gain. Bitcoin $ Gain is defined as the $ value of newly acquired Bitcoin within any period. Strategy — and I don’t blame them — have been attempting to encourage the market to interpret Bitcoin $ Gain as “earnings” and to value the company based on how much earnings it is expected to generate in the future. For full disclosure, I personally dislike Bitcoin $ Gain as a valuation metric. I think framing it as “earnings” is misleading and disingenuous. I understand why it has been introduced because it speaks the language of Wall Street. However, traditional earnings are final. Bitcoin $ Gain is not because it is forever subject to the price of Bitcoin. Therefore, for Bitcoin $ Gain to be embraced by Wall Street, the market must collectively agree that Bitcoin is going up forever. I remain very sceptical of that happening — especially in the short-to-medium term. However, I am also not attached to my beliefs and so if Wall Street does decide to embrace Bitcoin $ Gain as its primary valuation metric, then $MSTR is likely undervalued by a factor of 5-10x. If not, then $MSTR is likely undervalued by a factor of 1-2x. If you’re not content with the latter being the worst case scenario, then the stock probably isn’t for you. 4. Preferred Products Fourthly, the Strategy thesis right now revolves entirely around the success of its preferred products. Remember, Michael Saylor wants Strategy to become the Amazon of the fixed income market. Thus, we’re not talking about a small innovation here — we are talking about completely transforming global finance. This means that the process of generating awareness and educating the market that will ultimately drive demand for these products is going to take years — not months — which is why you need to have a long time-horizon. Presently, the market is completely discounting the success of Strategy’s preferred products. What it’s not factoring in however is that the capital markets are desperate for yield right now. Thus, when — not if — but when, they eventually wake up to Bitcoin, how do you think they’re going to get that yield? Who is going to be the entity that is offering Bitcoin-backed credit instruments at scale? The answer is obviously Strategy, but again, this is a 5-to-10 year and beyond story. So with all that said, if you’re reading this right now, what should you do? Valuing Strategy There are 3 steps you need to take: 1. Firstly, you need to define your time horizon. In other words, how long do you intend on holding the stock for? 2. Secondly, you need to estimate either — depending on your preferred metric — how much Bitcoin Yield or how much Bitcoin $ Gain you expect Strategy to generate during that period and then calculate how much you expect $MSTR to outperform Bitcoin based on those values. 3. Thirdly, ask yourself whether you’d be satisfied with the level of outperformance you have calculated? In other words, is the trade-off worth it? Or would you be better off investing in either spot Bitcoin, an alternative Bitcoin Treasury Company or a Bitcoin ETF. If you’re satisfied with the level of outperformance that you’ve calculated, then $MSTR it probably a good choice of investment for you. If you're not satisfied, then $MSTR is probably a bad choice of investment for you. I personally believe that $MSTR will outperform Bitcoin by a minimum factor of 1-2x over the next 5/10 years and potentially much more if Bitcoin $ Gain becomes the primary metric by which it is valued, but again, I remain sceptical of that happening. Regardless, the best is yet to come.

Chris Millas

36,835 просмотров • 11 месяцев назад

This is the former President of PayPal talking about using #Bitcoin to make the $7.5 Trillion DAILY Foreign Exchange Market a much more efficient & profitable place. He is talking about building what Strike is building and compared the current monetary rails to a fax machine. I also completely agree with him that #Bitcoin will not be the currency people use to buy goods and services, however, it is a great settlement layer where you can have USD effectively on #Bitcoin rails and do immediate settlements. This is the best explanation of a corporate application of #Bitcoin being used as an invisible service layer that I've heard. If you think the corporates "don't get it" and only Twitter Anon's can "get it" - you're a moron. These people are smart and can catch up quickly with manpower. To put it into perspective, if 25% of the Daily Foreign Exchange market was on #Bitcoin rails it means $1.875 Trillion of daily consistent demand for #Bitcoin. That would equate to a $225 Trillion #Bitcoin Market Cap - assuming BofA's Bull Market Multiple is right. This means - just 25% of this market alone coming onto the #Bitcoin Rails would add $10.5m onto the price of #Bitcoin. Thanks for finding the video!
3:18

This is the former President of PayPal talking about using #Bitcoin to make the $7.5 Trillion DAILY Foreign Exchange Market a much more efficient & profitable place. He is talking about building what Strike is building and compared the current monetary rails to a fax machine. I also completely agree with him that #Bitcoin will not be the currency people use to buy goods and services, however, it is a great settlement layer where you can have USD effectively on #Bitcoin rails and do immediate settlements. This is the best explanation of a corporate application of #Bitcoin being used as an invisible service layer that I've heard. If you think the corporates "don't get it" and only Twitter Anon's can "get it" - you're a moron. These people are smart and can catch up quickly with manpower. To put it into perspective, if 25% of the Daily Foreign Exchange market was on #Bitcoin rails it means $1.875 Trillion of daily consistent demand for #Bitcoin. That would equate to a $225 Trillion #Bitcoin Market Cap - assuming BofA's Bull Market Multiple is right. This means - just 25% of this market alone coming onto the #Bitcoin Rails would add $10.5m onto the price of #Bitcoin. Thanks for finding the video!

BRITISH HODL ❤️‍🔥🐂❤️‍🔥

229,736 просмотров • 2 лет назад

Electric Capital co-founder Avichal Garg: Ethereum is a programmable store of value “I think the right frame is that Bitcoin is an existence proof. Ethereum is perhaps the second example of an internet-native store of value. It just has different properties and is useful in its own way.” “The fact that you can actually build on top of Ethereum — it’s a programmable store of value — is I think what’s really fascinating. In theory Bitcoin is programmable but it wasn’t really designed for that, and in many ways it’s sort of antithetical to the base layer: you don’t actually want it to change. That’s sort of the superpower of Bitcoin: you know what you’re getting. And that stability is really important.” “But with Ethereum you have stablecoins on it, and that’s where all the stablecoin volume is. And ultimately, if you look at where the global financial system will be built, I think it’s going to be built in the non-sovereign space. It will likely be built on top of Ethereum.”
1:01

Electric Capital co-founder Avichal Garg: Ethereum is a programmable store of value “I think the right frame is that Bitcoin is an existence proof. Ethereum is perhaps the second example of an internet-native store of value. It just has different properties and is useful in its own way.” “The fact that you can actually build on top of Ethereum — it’s a programmable store of value — is I think what’s really fascinating. In theory Bitcoin is programmable but it wasn’t really designed for that, and in many ways it’s sort of antithetical to the base layer: you don’t actually want it to change. That’s sort of the superpower of Bitcoin: you know what you’re getting. And that stability is really important.” “But with Ethereum you have stablecoins on it, and that’s where all the stablecoin volume is. And ultimately, if you look at where the global financial system will be built, I think it’s going to be built in the non-sovereign space. It will likely be built on top of Ethereum.”

Etherealize

14,836 просмотров • 22 дней назад

Larry Fink’s "Evolution" on Bitcoin Is a Masterclass in Oligarchic Hypocrisy BlackRock CEO & WEF co-chairman Larry Fink just admitted he was "wrong" about Bitcoin. But his confession reveals a chilling worldview. In 2017, he stood with Jamie Dimon, dismissing Bitcoin as the "currency for money launderers and thieves." Today, BlackRock runs the world's largest Bitcoin ETF. What changed? According to Fink, it wasn't a moral awakening; it was a cold, calculated realization of where true power lies in a decaying global system. Here’s what Fink is really saying: - Bitcoin is the "Currency of Fear." He admits people don't buy it out of hope, but out of desperation. They are "frightened of their security" and "frightened of the debasement" of their national currency. He sees the crumbling faith in the very fiat system his institution profits from. - It's a Tool for Bypassing Failed States. He learned of an Afghan woman using Bitcoin to pay female workers under the Taliban. His takeaway? When state-controlled banking becomes an instrument of oppression or collapses, decentralized networks become essential. He’s not celebrating freedom; he’s acknowledging a new, unstoppable geopolitical reality. - He Admits Its Illicit Use Case is Overblown. By highlighting that 20% of Bitcoin ownership is Chinese despite it being illegal, he implicitly concedes its primary use is not crime, but as a safeguard against authoritarian capital controls and economic instability. The Stunning Conclusion: Fink’s journey is the ultimate indictment of the system he helps lead. He now embraces Bitcoin not because he believes in its libertarian ideals, but because he recognizes it as the inevitable "digital gold" for a world losing trust in governments and central banks. BlackRock isn't "believing" in Bitcoin; it's commodifying your fear. They failed to kill it, so now they're seizing it, packaging it into an ETF, and selling your desperation back to you. The man who called it a tool for thieves now runs the world's biggest vault. The "evolution" isn't in Fink's character; it's in his strategy to control the very asset built to escape his control.
2:28

Larry Fink’s "Evolution" on Bitcoin Is a Masterclass in Oligarchic Hypocrisy BlackRock CEO & WEF co-chairman Larry Fink just admitted he was "wrong" about Bitcoin. But his confession reveals a chilling worldview. In 2017, he stood with Jamie Dimon, dismissing Bitcoin as the "currency for money launderers and thieves." Today, BlackRock runs the world's largest Bitcoin ETF. What changed? According to Fink, it wasn't a moral awakening; it was a cold, calculated realization of where true power lies in a decaying global system. Here’s what Fink is really saying: - Bitcoin is the "Currency of Fear." He admits people don't buy it out of hope, but out of desperation. They are "frightened of their security" and "frightened of the debasement" of their national currency. He sees the crumbling faith in the very fiat system his institution profits from. - It's a Tool for Bypassing Failed States. He learned of an Afghan woman using Bitcoin to pay female workers under the Taliban. His takeaway? When state-controlled banking becomes an instrument of oppression or collapses, decentralized networks become essential. He’s not celebrating freedom; he’s acknowledging a new, unstoppable geopolitical reality. - He Admits Its Illicit Use Case is Overblown. By highlighting that 20% of Bitcoin ownership is Chinese despite it being illegal, he implicitly concedes its primary use is not crime, but as a safeguard against authoritarian capital controls and economic instability. The Stunning Conclusion: Fink’s journey is the ultimate indictment of the system he helps lead. He now embraces Bitcoin not because he believes in its libertarian ideals, but because he recognizes it as the inevitable "digital gold" for a world losing trust in governments and central banks. BlackRock isn't "believing" in Bitcoin; it's commodifying your fear. They failed to kill it, so now they're seizing it, packaging it into an ETF, and selling your desperation back to you. The man who called it a tool for thieves now runs the world's biggest vault. The "evolution" isn't in Fink's character; it's in his strategy to control the very asset built to escape his control.

Camus

16,327 просмотров • 10 месяцев назад

Matthew Kratter of Bitcoin University on being self sovereign with Bitcoin: "The Michael Saylor followers right now who think that they're somehow Bitcoiners when they own a preferred stock that sits in their brokerage account and can be censored at any time... There's operational risks with that and there's leverage risks. And the actual Bitcoin that secures the assets of the balance sheet of the company is sitting at various custodians." "Having things in centralized places, having Bitcoin IOUs or anything like this is a big mistake." "If you don't know how to move Bitcoin around, if you don't know how to send it on-chain... you're going to be dependent on larger services. And the risk is that those don't even have the Bitcoin that they say that they do."
2:11

Matthew Kratter of Bitcoin University on being self sovereign with Bitcoin: "The Michael Saylor followers right now who think that they're somehow Bitcoiners when they own a preferred stock that sits in their brokerage account and can be censored at any time... There's operational risks with that and there's leverage risks. And the actual Bitcoin that secures the assets of the balance sheet of the company is sitting at various custodians." "Having things in centralized places, having Bitcoin IOUs or anything like this is a big mistake." "If you don't know how to move Bitcoin around, if you don't know how to send it on-chain... you're going to be dependent on larger services. And the risk is that those don't even have the Bitcoin that they say that they do."

Simply Bitcoin

20,525 просмотров • 2 месяцев назад

Peter Schiff: De-dollarisation means the REMONETISATION of gold, the dollar can ABSOLUTELY be replaced by it 'It was the dollar that replaced gold. Before we had the dollar as the reserve, everybody, including the United States, held gold. I don't think anybody controls gold. Where you have control is over fiat currencies. The US government, the Federal Reserve, can create as many dollars as it wants out of thin air. Gold can't be created out of thin air. There is a limit to how much gold exists and can be mined. And so gold is the most honest form of money that we have. And it takes the power away from any one government. Private investors are going to be moving out of fiat currency-denominated instruments as a means of savings, including sovereign debt. And they're going to be increasingly looking to gold as a better storehouse of value than sovereign debt.' -Peter Schiff, Host of 'The Peter Schiff Show' on the latest episode of New Order. Watch the full interview in the quoted post below. 👇 Peter Schiff
2:25

Peter Schiff: De-dollarisation means the REMONETISATION of gold, the dollar can ABSOLUTELY be replaced by it 'It was the dollar that replaced gold. Before we had the dollar as the reserve, everybody, including the United States, held gold. I don't think anybody controls gold. Where you have control is over fiat currencies. The US government, the Federal Reserve, can create as many dollars as it wants out of thin air. Gold can't be created out of thin air. There is a limit to how much gold exists and can be mined. And so gold is the most honest form of money that we have. And it takes the power away from any one government. Private investors are going to be moving out of fiat currency-denominated instruments as a means of savings, including sovereign debt. And they're going to be increasingly looking to gold as a better storehouse of value than sovereign debt.' -Peter Schiff, Host of 'The Peter Schiff Show' on the latest episode of New Order. Watch the full interview in the quoted post below. 👇 Peter Schiff

New Order with Afshin Rattansi

160,586 просмотров • 25 дней назад

ONE OF THE WORLD GREATEST INVESTORS ON WHY BITCOIN $BTC IS ANTISOCIAL, STUPID AND IMMORAL! Charlie Munger gave this interview not long before his death, here are his key thoughts on $BTC: - "The Computer Science that is behind Bitcoin is a great triumph for the human mind" - "They've actually created a product that is hard to create more of, but not impossible" - "A lot of the Computer Science people love it just because its such an extreme achievement of Computer Science" - "I see an artificial speculative medium, that people are buying just because they think they can sell it to somebody else at a higher price, even though it inherently has no intrinsic value" - "I regard the whole business as anti-social, stupid and immoral" In summary: 1. Munger’s issue wasn’t the tech - it was the economics. He admired the innovation but saw no cash flow or intrinsic value behind the asset. 2. His critique reflects classic value-investing logic: if you can’t price it, you’re not investing..you’re speculating. 3. He viewed Bitcoin’s rise as a product of FOMO and gambler psychology, not productive economic activity. I agree with him, Bitcoin is not a store of value it's dropped 30% in just the last few weeks. BITCOIN IS NOT THE NEW GOLD!
0:55

ONE OF THE WORLD GREATEST INVESTORS ON WHY BITCOIN $BTC IS ANTISOCIAL, STUPID AND IMMORAL! Charlie Munger gave this interview not long before his death, here are his key thoughts on $BTC: - "The Computer Science that is behind Bitcoin is a great triumph for the human mind" - "They've actually created a product that is hard to create more of, but not impossible" - "A lot of the Computer Science people love it just because its such an extreme achievement of Computer Science" - "I see an artificial speculative medium, that people are buying just because they think they can sell it to somebody else at a higher price, even though it inherently has no intrinsic value" - "I regard the whole business as anti-social, stupid and immoral" In summary: 1. Munger’s issue wasn’t the tech - it was the economics. He admired the innovation but saw no cash flow or intrinsic value behind the asset. 2. His critique reflects classic value-investing logic: if you can’t price it, you’re not investing..you’re speculating. 3. He viewed Bitcoin’s rise as a product of FOMO and gambler psychology, not productive economic activity. I agree with him, Bitcoin is not a store of value it's dropped 30% in just the last few weeks. BITCOIN IS NOT THE NEW GOLD!

Common Sense Investor (CSI)

184,748 просмотров • 8 месяцев назад

This scene always makes me think about what markets do once a simple asset story is no longer enough. At first people buy the thing itself. Then, at some point, that stops being exciting enough. So the market starts building layers around it. A structure. A wrapper. A more financial version of the same idea. That is why MSTR comes to mind for me here. Not because it is the same as a synthetic CDO. It obviously is not. But because the instinct feels familiar. If you believe in Bitcoin, the clean path is simple. You buy Bitcoin. If you want a more traditional route, you buy the ETF. That should be enough. But MSTR is something else entirely. It is Bitcoin, turned into a corporate vehicle, then turned into a capital markets machine, then turned into a narrative people are willing to value differently from the asset underneath it. And that is where it starts feeling less like pure exposure and more like financial engineering built around exposure. We have seen this movie before in different forms. Markets love taking a real asset, wrapping it in a new story, and then assigning the wrapper a value that starts drifting away from the thing it actually holds. As long as that premium stays alive, the machine keeps working. More demand for the structure. More capital raised. More accumulation. Bigger story. More believers. On the way up, it all looks brilliant. That is always the seductive part. In strong markets, even very simple reflexive loops can look like genius. The real question only shows up later, when the mood changes and people start asking whether the value was in the underlying asset all along, or in the extra meaning the market temporarily assigned to the structure built around it. That is why I find this clip so relevant. It is not just a reminder of 2008. It is a reminder of a deeper market habit. People rarely stop at owning the thing. They almost always find a way to build another layer on top of it. And to me, that is the more interesting question around MSTR. Not how much more Bitcoin it can buy. But how long the market will keep rewarding the wrapper more than the thing inside it.
1:26

This scene always makes me think about what markets do once a simple asset story is no longer enough. At first people buy the thing itself. Then, at some point, that stops being exciting enough. So the market starts building layers around it. A structure. A wrapper. A more financial version of the same idea. That is why MSTR comes to mind for me here. Not because it is the same as a synthetic CDO. It obviously is not. But because the instinct feels familiar. If you believe in Bitcoin, the clean path is simple. You buy Bitcoin. If you want a more traditional route, you buy the ETF. That should be enough. But MSTR is something else entirely. It is Bitcoin, turned into a corporate vehicle, then turned into a capital markets machine, then turned into a narrative people are willing to value differently from the asset underneath it. And that is where it starts feeling less like pure exposure and more like financial engineering built around exposure. We have seen this movie before in different forms. Markets love taking a real asset, wrapping it in a new story, and then assigning the wrapper a value that starts drifting away from the thing it actually holds. As long as that premium stays alive, the machine keeps working. More demand for the structure. More capital raised. More accumulation. Bigger story. More believers. On the way up, it all looks brilliant. That is always the seductive part. In strong markets, even very simple reflexive loops can look like genius. The real question only shows up later, when the mood changes and people start asking whether the value was in the underlying asset all along, or in the extra meaning the market temporarily assigned to the structure built around it. That is why I find this clip so relevant. It is not just a reminder of 2008. It is a reminder of a deeper market habit. People rarely stop at owning the thing. They almost always find a way to build another layer on top of it. And to me, that is the more interesting question around MSTR. Not how much more Bitcoin it can buy. But how long the market will keep rewarding the wrapper more than the thing inside it.

Mercek

14,644 просмотров • 4 месяцев назад