notes: BitcoinFriday

🧠Quote(s) of the week: ‘Nearly 1,000 firms have invested since January's launch. Owning $3.5 billion worth of Bitcoin ETFs as of last Thursday. By the May 15 filing deadline, we could see a total AUM nearing $5 billion.’ First, they said it's only crazy internet people who own Bitcoin or it is for criminals. Then they said it's only retail that owns Bitcoin. Now they see over 500 massive wealth firms, banks, & institutional investors bought Bitcoin in the first 2.5 months of ETFs. A majority (52%) of the US's largest hedge funds are betting on Bitcoin. I wonder what they will say next... 🧡Bitcoin news🧡 This is an extended Weekly Recap version (6th of May - 20th of May). I hope you enjoy it. 6th of May: ➡️'South Korea's new government will vote to allow spot Bitcoin ETFs in June.' - Bitcoin Archive ➡️$130B wealth manager Hightower just reported owning $68m of Bitcoin through 6 ETFs. ➡️'The US government holds ~212,847 Bitcoin as of April 2024' - Bitcoin News MicroStrategy, after their latest purchase, now owns more Bitcoin than any country in the world. 7th of May: ➡️Bitcoin exchange inflow hits lowest level since 2015 at 20K BTC. You might wonder if this all has to do with the offramps closing or if people just have 'diamond' hands. ➡️'$429 BILLION asset manager Susquehanna International just reported owning $831M Bitcoin across 10 ETFs! The biggest ownership of Bitcoin ETFs reported to date.'- Thomas Fahrer Their total ownership is ~$1.2 BILLION, including +$1b in GBTC. ➡️Arkham identified a new US government wallet containing 3,940 Bitcoin ($251M) seized from drug dealer Banmeet Singh in a January hearing. 8th of May: ➡️Argentina to mine Bitcoin using stranded gas with 1,200 Bitcoin mining machines - Forbes Bitcoin miner Genesis Digital Assets Limited partners with Argentina's YPF Luz to build a Bitcoin mining facility in Neuquén powered by wasted gas from oil fields. This is the first of its kind in Argentina and turns a pollutant into a valuable energy source. ➡️New research backs up every single major claim of the energy & environmental benefits of Bitcoin Bitcoin for methane mitigation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4810964 Bitcoin for renewable buildout: https://www.mdpi.com/2078-1547/14/3/35 Bitcoin for grid balancing https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4634256 ➡️'Hong Kong firm Monolith Management, founded by ex-Sequoia China exec Cao Xi, revealed a $24M investment in BlackRock's Bitcoin ETF IBIT. This is their 5th largest holding, exceeding their Meta stake by double.' - Bitcoin News ➡️ Bankrupt FTX to pay customers $15 billion in recovered cash - CNBC 'FTX is not paying customers in "FULL" as reported. Bitcoin is up almost 4x since hitting a $15.5K low in the bear market and is now just above $62,000. FTX will compensate customers in US dollars at prices set during the bear market, not like-for-like in assets stolen.' -Radar 9th of May: ➡️The US House has voted to repeal the SEC ruling that blocks financial institutions (trusted custodians) from holding Bitcoin for their customers. ➡️Biden Admin would veto proposed legislation that would allow highly regulated financial firms to custody. Joe is completely out of touch and is driving entrepreneurs out of the US. Congressman Hill criticizes Biden for a veto threat that will effectively ban banks from holding Bitcoin for customers. “Holding reserves against the assets held in custody is NOT standard financial services practice.” "The Biden Admin's SAB 121 is misguided and should be nullified." ➡️European regulator considers allowing Bitcoin exposure to be added to the $12 TRILLION market for UCITS. UCITS are almost 2x bigger than US ETFs! ➡️$570B insurance giant MassMutual reported owning Bitcoin through the Grayscale ETF. MassMutual bought $100m Bitcoin for its balance sheet in 2021 and was founded in 1851. 10th of May: ➡️Boston-based Bracebridge Capital owns over $307 million worth of Ark’s Bitcoin ETF. In total, they owe $433m in Bitcoin through ETFs. ($100m Blackrock, $26m Grayscale). They went wild basically. ➡️PNC Bank has $10m in Bitcoin ETF exposure across 6 ETFs, per SEC filings. PNC is the 8th biggest bank in the US. 12th of May: ➡️An old Bitcoin wallet from 2011 just moved $30 Million worth of BTC. The owner of the wallet hodled all the way from $2 to $61000. ➡️Over 2,000 investors from mainland China attended the Bitcoin Asia conference in Hong Kong. Total attendance: 5,500 - South China Morning Post. 13th of May: ➡️Japanese public company Metaplanet released a white paper on their Bitcoin corporate treasury strategy. ➡️Switzerland's biggest bank UBS owns the BlackRock Bitcoin ETF - SEC filing ➡️El Salvador released a new website that tracks their Bitcoin Treasury. This allows users to view the Salvadoran government's BTC transactions and holdings in real time, enhancing transparency and enabling public auditing of these investments. El Salvador is buying 1 BTC every day. DCA strategy is the way. Find El Salvador's bitcoin treasury information here: https://bitcoin.gob.sv/nl/ Survival of the fittest and game theory are well underway. Just imagine if we had this kind of transparency to all government treasury. https://btctimes.com/el-salvador-reveals-website-to-monitor-360-million-bitcoin-treasury/ More on El Salvador: They mined nearly 474 Bitcoin worth $29 million using volcano-fueled geothermal power in the last three years, Reuters reports. ➡️'A solo miner just mined a block worth 3.319 Bitcoin ($203,000) The odds of this happening are less than 1 in 1,000' - Thomas Fahrer ➡️'On the 13th of May two Bitcoin wallets, which had been dormant for over 10 years, transferred a total of 1K BTC ($60M). These wallets originally purchased Bitcoin in September 2013 at $124 per Bitcoin.' -BitcoinNews ➡️Ethereum has spent three years above 0.05 BTC. It's currently breaking down and ETH/BTC is testing its lowest levels in three years. Gotta love it! ➡️'Vanguard and Blackrock have increased their MSTR (MicroStrategy) positions in Q1 2024 by 619,550 shares (28.5% increase over Q4, 2023). Watch what they do, not what they say!' -Jeff Punter 14th of May: ➡️A Wisconsin State Pension Board announces a Bitcoin ETF purchase. They bought $99M of IBIT Bitcoin ETF and became the first state institution to go public with spot Bitcoin ETF holdings. Believe me, things are warming up! It's only a matter of time before every single state pension fund makes the same move. Michael Saylor: "There are thousands of pension funds in the United States managing ~$27 trillion in assets. They are all going to need some Bitcoin. To put this in perspective, the ~27 trillion in assets is more than 2x bigger than Blackrock or roughly equivalent to all the USD in the world. Why this is important: Industry paper "Pensions & Investments" interviews Bloomberg's Eric Balchunas on Wisconsin investing into the Bitcoin ETFs: “Pensions are probably the hardest investor type to land,” who likened it to “landing a sailfish.” Pensions are “very picky, they have access to everything and usually it takes a while for them to bite," “And so, the fact that (they) bit that quickly, is just a good sign,” he said. ➡️Oklahoma has become the first State to codify the rights of its citizens to run a node, to mine, and to self-custody their Bitcoin. Gov. Kevin Stitt put Oklahoma at the forefront of Bitcoin legislation by signing HB3594 into law. (Picture 1) https://decrypt.co/230962/bitcoin-self-custody-right-law-mining-oklahoma or read the following note/tweet by Dennis Porter: https://twitter.com/Dennis_Porter_/status/1790529917199003836 15th of May: ➡️@21bitcoin , a great app to buy Bitcoin with, has acquired an additional 1.00295 BTC for ~€57,000 using proceeds from its operational business & excess cash for ~€56,605 per Bitcoin. ➡️Bitcoin reserves at Coinbase gets drained, currently at ~267k, down from 418k early 2024. ➡️Morgan Stanley reporting to have $243M in Bitcoin Spot ETF. Source: https://www.sec.gov/Archives/edgar/data/895421/000089542124000355/0000895421-24-000355-index.html ➡️Toronto Dominion Bank has Bitcoin ETF exposure, per SEC filings. Canada's second-largest bank! 16th of May: ➡️'Cornell's BTPI announced a $1M project to research the relationship between Bitcoin and financial freedom across multiple countries.' -Lyn Alden https://news.cornell.edu/stories/2024/05/btpi-will-research-relationship-between-bitcoin-and-financial-freedom ➡️The world's largest futures exchange CME Group, to launch Bitcoin trading. ➡️'Top Bitcoin ETF Holders of Q1 (updated): 1. Millennium Management ($1.8B) 2. Susquehanna ($1.1B) 3. Bracebridge ($404m) 4. Boothbay ($303m) 5. Morgan Stanley (~$251m) Bitcoin ETF holders bought $10 billion in Q1. Nearly all of that was in the USA' - Thomas Fahrer (Picture 2) ➡️'Bitcoin ETFs bought 11,188 BTC, ~5x more than estimated mined Bitcoin.' -BitcoinNews 19th of May: ➡️Someone just moved 16,445 Bitcoin (over $1.1 billion worth) on a Sunday for $7.32. Mempool tags the transaction as "Overpaid 2x", meaning they could have gotten into the block for only $3.66 in fees.' -BitcoinNews ➡️'17.38% of all Bitcoin has not moved in over 10 years. This is up from 16.1% at the start of 2024.' -BitcoinNews 💸Traditional Finance / Macro: 8th of May: 👉🏽 The following thread is a good one by Sam Callahan: https://twitter.com/samcallah/status/1788015909497385409 'According to Nasdaq's Global Financial Crime Report, $3.1 trillion in illicit funds flowed through the traditional financial system last year alone. As in good old-fashioned dirty fiat flowing through dirty banks.' 3 things out of this report: https://nd.nasdaq.com/rs/303-QKM-463/images/2024-Global-Financial-Crime-Report-Nasdaq-Verafin-20240115.pdf 1. $3.1 trillion illicit through the traditional financial system. 2. Bitcoin is not even mentioned in the report as an issue. 3. KYC/AML policies have no measurable impact on stopping illicit transactions. There is a lot of bluster from policymakers about the effectiveness of KYCL/AML. Does anyone know what's the process to implement metrics to measure the effectiveness of these KYC/AML policies? Anyway, Bitcoin is the problem in our 'financial' world...right? 👉🏽Google, Facebook, Microsoft, and Amazon Web Services used 90 terawatt-hours of electricity in 2022, which is more than the country of Colombia - JPMorgan Chase But noooo, Bitcoin is using way too much energy, innit? 👉🏽'MSCI just announced it is adding Microstrategy, Pure Storage, and Emcor to the MSCI ACWI Index along with a bunch of other adds/drops. Pretty big deal as ACWI has a little over $4T benchmarked to it. Popular with institutions.' - Eric Balchunas 👉🏽Salim Ramji will be the new Vanguard CEO. He used to head up BlackRock's global ETF business. First time ever Vanguard hired an outsider as CEO. Every other one was an internal star and former Bogle assistant. Remember when we were assured that firing an old CEO had NOTHING to do with Bitcoin? You don't change Bitcoin, Bitcoin changes you!" 👉🏽‘The Big Short’ Michael Burry has bought a physical Gold ETF, which, at 7.4%, is now the 5th largest holding of his portfolio. Number six is Block (formerly Square), which recently announced a DCA program to boost its Bitcoin holdings further. You see where I am going, right?' - Jeroen Blokland 🏦Banks: 👉🏽Goldman Sachs has appointed Robert Kaplan, the former president of the Federal Reserve Bank of Dallas, as its vice chairman. Kaplan made multiple million-dollar trades in individual stocks and options in 2020. Then, the Fed slashed interest rates and launched lending and liquidity programs that helped prop up the financial markets. He quit due to the trades and the conflicts. After, the Fed itself instituted new trading rules that prohibit officials from owning stocks, bonds, and crypto.' -Unusual Whales Really! They must abolish the FED as they are not government entities. The Fed speeches are an orchestrated propaganda campaign designed to sustain confidence in a money system backed by nothing but confidence. Just one big revolving door of club members, good old business as usual. 👉🏽The GFC bailout looks like just a blip on the radar vs what the Fed is doing today to support the banks with liquidity via loans/facilities. And we wonder why the market is up. This chart blew me away. (Picture 3) Ergo: The banking system broke in 2023 🌎Macro/Geopolitics: On the 6th of May: 👉🏽'Most people have never seen this chart before. The S&P 500 grows with the global money supply. The S&P 500 is a way to concentrate wealth with the wealthy.' (Picture 4) 👉🏽Big Mac went from $0,50 to $8 and lost 40% of its since from 1980 - 2024. 'Further evidence that inflation is accelerating: US labor costs in the last quarter rose by the most since Q1 2023. The employment cost index is a broad measure of labor costs closely watched by the Fed. The index surged by 1.2% in Q1 2024 after a 0.9% increase in Q4 2023, beating all expectations, according to the BLS data. Labor costs are rising at a comparable pace to mid-2022 when inflation in the US was above 9%. Wage pressures are accelerating.'- TKL Inflation and years in which your purchasing power is halved: 2 % 35 years (The goal) 4 % 17 years (Officially we here) 7 % 10 years 10 % 7 years 14 % 5 years (In truth) 17 % 4 years 20 % 3.5 years Inflation is theft. Bitcoin fixes this On the 7th of May: 👉🏽US manufacturing and services employment has simultaneously contracted for 3 consecutive months. Over the last 20 years, this has happened ONLY twice, during the 2020 pandemic and 2008 Financial Crisis. More than 800 companies from the manufacturing and services sectors claim that employment is falling. Meanwhile, according to US jobs data, the US job market has never been stronger. Data indicates that the US has added 100,000+ jobs in 40 straight months, the best streak in US history. Another disconnect between data and reality. 👉🏽'Within a decade European Union lost about 120 Billion $ in annual foreign direct investment and the US gained about 90 Billion $ per year, but hey let’s regulate AI and introduce a four-day workweek. What needs to happen for European politicians to wake up?'- Michael A. Arouet Remember this: regulation = uncompetitiveness = wealth migration Just for clarification, I don't mind having regulations for AI. A vast majority of key experts see existential risk in using AI. But as always the EU is overregulating. source: https://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?end=2022&locations=EU-US-CN-GB&most_recent_year_desc=false&start=2022&view=bar More data on this topic. Germany's real household consumption per capita has not recovered from the pandemic and remains weak; household consumption in the US has grown much faster. Q4 2019-Q4 2023 : -3.4%; Germany +9.0% US On the 8th of May: 👉🏽US and Japan reportedly agree on FX intervention. Ergo: The Fed has to open a swap line and flood them (Japan / The World) with dollars. By doing that they will bail out nation-states and further increase global liquidity. For more info on this topic, I highly recommend the following article: https://www.zerohedge.com/markets/japan-now-caught-doom-loop 👉🏽Argentina to print its first 10,000-peso note as a result of hyperinflation. On the 9th of May: 👉🏽US net interest payments as a percentage of federal revenues are set to reach 34% by 2054. This means that a third of all government revenue would be spent only to service the national debt. Over the past 8 years, the percentage has already doubled to ~15% and is at its highest in 3 decades. Meanwhile, nominal annualized interest payments have crossed above $1 trillion for the first time ever. We could see $1.6 trillion in annual interest expense by the end of the year if the Fed leaves rates steady. The US government needs lower interest rates more than anyone. On the 11th of May: 'Shocking stat of the day: $2.1 TRILLION of excess savings have been wiped out of the US economy since August 2021. From March 2020 until August 2021, $2.1 trillion in excess savings were built up after $4 trillion of stimulus. Since then, US households have depleted these savings at a pace of ~$70 billion per month down to -$72 billion in March 2024. At the same time, US credit card debt has risen by $330 billion to a record $1.1 trillion. Meanwhile, savings rates in the US declined from 3.5% in February to 3.2% in March, the lowest since November 2022. Savings are now considered a luxury.' - TKL On the 12th of May: 👉🏽That‘s the most scary chart I have seen in a while. Unfunded pension entitlements in major European countries are between 300% and 500% of GDP. Mixed with collapsing demographics it’s a recipe for debt disaster. (Picture 5…Unfortunately I can’t share more than 5 pictures on Nostr via Primal, see the article on my website) 👉🏽Data shows that the number of people in the US working 2 full-time jobs is at an all-time high. On the 13th of May: 👉🏽'Official world gold reserves have reached 1,170 million fine troy ounces, the most since the 1970s. Over the last 13 years, world central banks' gold holdings are up roughly 21%. Global gold reserves are now even higher than just before President Nixon broke the US Dollar's link to gold in 1971. In 2022 and 2023 alone, world central banks bought 1081 and 1037 tonnes of gold, respectively. Meanwhile, gold is up 15% year to date and 85% over the last 5 years.' -TKL 👉🏽Janet Yellen admits that higher interest rates make the "fiscal challenge" worse. By fiscal challenge, she means the massive deficit, $34 TRILLION debt and it is (too) expensive for the US government to pay its debt at the current interest rate. FYI: Bloomberg reports the Treasury Department paid '$2 million per minute' in interest to debt holders in March. In the near future, this will be $2 million per second. Her colleague in Canada mentioned the following: 👉🏽The governor of the Central Bank of Canada, Tiff Macklem issued a warning of the financial collapse of the fiat system: “The valuations of some financial assets appear to have become stretched. This could increase the risk of a sharp correction that could generate system-wide stress.” 👉🏽The BLS, Bureau of Labor Statistics is a unit of the United States Department of Labor, is removing coffee prices from CPI inflation data. Since Q3 2023, coffee prices surged 78%. More fiat manipulation games are at play. Meanwhile Coffee is down 72% over 5 years in Bitcoin terms, and it is up 129% in dollar terms. Go figure! On the 15th of May: 👉🏽US core inflation came out in line with expectations, down to 3.6% y/y from 3.8% The last time Core CPI was 3.6% the Fed funds rate was 0.08% and a rate hike was a year out. Today it’s 5.33%. The US Inflation Rate has now been above 3% for 37 consecutive months, the longest period of high inflation since the late 1980s/early 1990s. 1. This means that these inflation numbers are building on multiple years of already inflated prices. 2. This means that overall prices are up over 19.5% in less than 4 years. 1. That is an average of 5.5% per year effectively wiping out ONE FIFTH of the US Dollar's purchasing power. Inflation is now building on previous years of inflation; we effectively have compounding inflation. In other words, one year ago, the inflation rate dropped to 3% and has averaged 3.3% since then. At this rate, the USD will lose 48% of its purchasing power over the next 20 years. That's all you need to know. Buy Bitcoin. 👉🏽Treasury bonds have experienced their greatest four-year loss in over 100 years from April 2020 through the recent lows. (Picture 6, Unfortunately I can’t share more than 4pictures on Nostr via Primal, see the article on my website) Are we shifting from inside money (treasuries) to outside money (hard money like gold or Bitcoin)? Central banks are buying TWICE as much gold as before. ETFs are buying 4.5x more Bitcoin than is being MINED/ It's the era of hard money, and there is no second best: Bitcoin 🎁If you have made it this far I would like to give you a little gift: "In modern times, our money has been broken, because it has been centralized, closed, and corrupted in 160 different ways If we’re going to fix it in the digital age, a powerful method would be to make it more decentralized, open, and transparent so that it can strengthen people as individuals while at the same time shattering the financial silos that separate us With open-source money, anyone can hold it, anyone can send it, anyone can bring it with them, anyone can build new technologies that make it better, and everyone across borders can be connected by it" Impossible not to be bullish on the future after watching Lyn's masterful video Fix the money, fix the world - Alex Gladstein Or to put it in Lyn Alden's words: 'I produced a half-hour animated overview of the Broken Money subject matter. It covers the history of money, the development of banking, and how new technology changes the way we interact with money over time.' https://www.youtube.com/watch?v=jk_HWmmwiAs On top of that the latest newsletter by Lyn Aldens, discusses money-printing, price inflation, and the bond market's inability to forecast it. https://www.lynalden.com/may-2024-newsletter/ Only invest in Bitcoin what you can’t afford to have gradually stolen from you by the government. Credit: I have used multiple sources! My savings account: Bitcoin The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.⠀⠀⠀⠀ Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple.⠀⠀⠀⠀⠀⠀⠀⠀ Do you think this post is helpful to you? If so, please share it and support my work with sats. #zap 🧡 #weeklyrecap #nostr #plebchain #BTC #Bitcoin #zap🧡 #plebchain #grownostr #stacksats #bitcoineducation #adoption https://m.primal.net/IIwC.jpg https://m.primal.net/IIwF.jpg https://m.primal.net/IIwH.jpg https://m.primal.net/IIwM.jpg https://m.primal.net/IIwO.jpg

🧠Quote(s) of the week: "If the China mining ban and FTX selling billions of dollars of fake Bitcoin in 2021 did suppress the price, then it's likely that the real previous all-time high should have been > $100,000. That would potentially explain how we're so close to new "highs" already. If the price was suppressed in 2021, which it undoubtedly was to some extent, then maybe we’re just making normal progress back to the “would have been” all-time high of over $100,000. It might be possible that bitcoin outperforms the muted returns seen last cycle. At the end of the day, bitcoin is objectively the world’s best money due to its superior monetary properties. 93% of all coins have already been mined and less than 1% of the world has a serious allocation. So get ready, this could get out of control quickly." - Joe Burnett Very well put and succinct. I think Joe is right, I have been saying that last year also. 🧡Bitcoin news🧡 ➡️Let's start the Weekly Recap with the tweet that made me spit out my coffee: "Let's be honest A lot of people did not expect Bitcoin to get back to ATH territory with Fed Funds at 5.33% and the average mortgage rate at 7.27% It was a speculative, zero-interest rate, easy money phenomenon, they said. Boy, do we have news for you!" - Alex Gladstein Just imagine what will happen if they (the FED) will lower rates...just imagine. ➡️11 days ago, the European Central Bank said Bitcoin's fair value is zero. Yesterday, BTC reached an all-time high vs the Euro. Bitcoin is up 285% since the European Central Bank said Bitcoin was on "the road to irrelevance". It was literally the bottom of the bear market. ➡️UK authorities push for regulation to seize your Bitcoin. „Authorities will be able to retrieve crypto assets directly from exchanges and custodian wallet providers.“ https://www.legislation.gov.uk/uksi/2024/269/made/data.pdf Get your Bitcoin off exchanges and into cold storage, now! ➡️ Australian bank, Commonwealth Bank, limits users’ ability to buy cryptocurrency as Bitcoin hits new ATH in the country. "If they can control how you spend your money, it’s not your money." ➡️Balance of Bitcoin on OTC desks hits lowest levels since Q4 2018. More on that topic... ➡️All in all last week Friday, just over $2.3B worth of Bitcoin left on exchanges. One of the biggest withdrawals in over 5 years. (Roughly $200M of this was sent to Coinbase Prime) so let’s call it $2B. Binance saw about $400M and has seen fairly big outflows for the past few days. Coinbase saw the rest. Binance outflows are the interesting ones because they have nothing to do with the ETF. Talking about Coinbase... ➡️Coinbase crashed again during the Bitcoin rally that hit $67,000, showing zero for customer balances. Coinbase also crashed last week in the middle of a rally. ➡️Bitcoin Inflows to accumulation addresses (never spend) reach an all-time high. ➡️The price of a house has gone from 20 Bitcoin to under 7 Bitcoin IN LESS THAN A YEAR. ➡️This was not on my Bitcoin 24' Bingo card and I still find it hard to believe, but the WEF finally shared something positive about Bitcoin. I guess that is the power of Larry Fink (BlackRock). "Just remember, their change in tone didn't happen by accident. CEO of BlackRock, Larry Fink, is on the WEF Board of Trustees. BlackRock is the largest spot Bitcoin ETF provider in the world and they are adding billions of dollars in Bitcoin every week to their fund. Make no mistake: the narrative is changing." - The Bitcoin Therapist In the video, the WEF shows how one of Africa’s largest natural parks uses hydroelectricity to mine Bitcoin generating $150,000 a month. It also uses the heat generated by Bitcoin mining ASICS to make chocolate. https://twitter.com/gladstein/status/1763944314437009451 "I am not mentally prepared to deal with videos from the World Economic Forum that promote the positive social and sustainability benefits of Bitcoin mining. The cognitive dissonance is too much. Is this the turn of the tide?" - Freddie New Anyway, the truth will always prevail. More on the mining bit... ➡️1.5 GIGAWATTS of Bitcoin mining have officially reported their grid balancing activity to the ‘Curtailment Survey’. That is enough power to heat 1.5 million small homes or energize 300 large hospitals. It is critical now, more than ever that we help paint a clear picture for lawmakers and regulators on the value of Bitcoin mining as a large flexible consumer of power. ➡️El Salvador’s congress passes a tax code amendment, changing the threshold for requesting buyer documents from $200 to $25,000. This helps maintain privacy for those who are using Bitcoin in the country. Great move by El Salvador. By implementing this tax code amendment BTC is treated more like a normal currency. If you exchange 25k USD worth you have to record the transaction and the bank needs to know who the customer is. Before it was a threshold of $200. ➡️Texas Blockchain Council's lawsuit successfully stops the Biden administration from government data collection on Bitcoin miners. The Government agrees to destroy the data collected. ➡️Jack Mallers at Bitcoin Atlantis in Madeira says Strike will be available in Europe within a matter of weeks. ➡️Feb 2024 printed a $19.84k Bitcoin candle, the largest monthly USD increase in history. This added $390B to the Bitcoin market cap... Up a remarkable 47%. ➡️Bitcoin officially enters Bull market territory on Plan B's model with the first since 2021. This usually marks the start of a parabolic move. Although it is just a model, most of PlanB's forecasts were inaccurate. It tells you something... bull market is on. And it is already on for a couple of months. ➡️"Bitcoin has already reached all-time-high prices in 11 of the top 20 global currencies. The rest will follow as governments continue to print money to cover for their deficit spending. People are opting out of this madness around the world, and we get called crazy for it." fellow Dutchie...Sam Wouters (picture 1) When we talk about Bitcoin ATH, we usually mean in USD or if you are living in Europe in EURO. But in 11 of the top 20 fiat currencies, they have already hit a new ATH. Crazy don't you think? Bitcoin is the apex predator and you can't stop it. It is coming...it's coming to a currency near you! ➡️Great tweet by Dennis Porter: "Today, over $5.5 trillion in assets sits in state pension funds. If even 3% of AUM in state pensions leaks into the Bitcoin ETF that would equal $165 billion of new inflows. Since launching, the Bitcoin ETFs have attracted $8 billion of inflows. I’ll let you do the math." Dennis is spot on! ➡️On the 26th of February GBTC sent only 776 Bitcoin to Coinbase premium ($39m). Since the ETFs launch, the 11th of January is the lowest amount of Bitcoin so far that GBTC sent to Coinbase before the opening of the trading day. The two trading days before GBTC sent more than $150m of BTC to Coinbase premium and the total outflow at the end of the day was $55m and $44m. On the 2nd of March: "Today was another huge liquidation by Genesis out of GBTC: $492MM in outflows. But after this and yesterday's $600MM, there is almost nothing left of the $1.3BN Genesis was cleared to liquidate." You might be saying, now that we witnessed a positive inflow last week, and the price of Bitcoin reacted accordingly last week. More ETF news... ➡️ BlackRock spot Bitcoin ETF "broke its personal record again" trading over $1.3 billion on the 27th of February. Before the market opening on the 27th... "Another thing about IBIT volume that's notable is the amount of pre-market activity.. check this out, it's already seen $80m traded.. only 5 ETFs have seen more activity ahead of mkt open. Unprecedented for 2-month-old ETF." Just to put it in perspective how fucking insane the IBIT ETF is: "IBIT is the newest member of the $10 Billion Club, the fastest ever to get there. Only 152 ETFs in this club (out of 3,400) including $GBTC. First $10b so touch bc so much has to come from flows (in $IBITs case 78% of aum is flows). Second $10b is easier because market appreciation bigger variable." Eric Balchunas "Let's not forget that in August 2022, 1.5 years ago, Black Rock and its wealthiest clients front-ran their own spot Bitcoin ETF announcement and ultimate approval. The price at this time was just over $20,000. They also gobbled up the FTX dip down to $15,500. Like him or not, Larry Fink is playing chess while most others are still playing checkers"- Oliver L. Velez More BlackRock Bitcoin ETF news: ➡️Blackrock debuts the iSHARES Bitcoin Trust ETF (IBIT39) on B3, Brazil’s major stock exchange. The initial management fee is set at 0.25% but will drop to 0.12% after the fund reaches $5 billion in assets under management (AUM). ➡️Bitcoin is demonetising Gold ETFs as the 'Store of Value' narrative takes hold. Bitcoin ETFs are taking in billions, while Gold ETFs are bleeding assets. picture 2+3 ETFs are catching up to Gold ETFs for assets. $40.7 for BTC $92b for Gold After just 31 trading days! Mindblowing! ➡️Coinbase reports that Texas voters are interested in presidential candidates' positions on Bitcoin. 4.7M Texas adults (21%) own 'crypto', and 74% of them are likely to support candidates who stand alongside the national cryptocurrency industry. ➡️According to Bitinfocharts, Google Trends for Bitcoin is now back to 2015 levels (when Bitcoin was $200). It’s over $50,000 now and the general public couldn’t care less. ➡️Mr. 100 bought 5x 100 Bitcoin on the 25th of February (USD 26m), after buying 4x 100 BTC the day before. Mr. 100 has purchased an average of 100 Bitcoin per day since November 2022. It now holds 51,164 BTC worth $3.1 billion. Mental! https://www.zerohedge.com/markets/mystery-whale-has-quietly-accumulated-over-3-billion-bitcoin-15-months ➡️Tim Buckley is stepping down as CEO of Vanguard at the end of the year. Kind of a shocker tbh although he has been there 33 years. Greg Davis was appointed President. The board is on search now for a new CEO. Now some people may say this all has to do with the decision not to start a Bitcoin ETF, others will say this has nothing to do with Bitcoin. In the end, I don’t see why it wouldn’t have to do with the Bitcoin decision. Being that it’s the hottest ETF product of our lifetime. And Vanguard would likely have been #1. Plus how many customers did they anger/lose by banning the other ETFs? It doesn’t help that Bitcoin mooned too. "Higher Bitcoin prices aren't the problem. Exposing yourself as knowing nothing about economics, finance, or technology. That's the problem. Vanguard had 3 options: a) be right and make money b) be wrong and make money c) be wrong and lose money They went with C." ➡️Someone who just started DCA'ing $1,000 per week into Bitcoin will probably never reach a whole coin. ➡️Some clown news from the crazy world called Ethereum. You know, the mother shitcoin from which all shitcoin sprung. Ethereum Foundation's Michael Neuder wants to change the issuance curve of Ethereum; takes inspiration from the Central Bank of Japan. I am not surprised...if you are still investing in ETH... HFSP! I am not going to sugarcoat it anymore. 💸Traditional Finance / Macro: What can you expect this week in the traditional financial market? Main highlight ahead: In North America, we have ISM and Payrolls, testimony from Fed Chair Powell and a Bank of Canada policy meeting. In Europe, the focus will be on the European Central Bank meeting and post-meeting press conference with ECB president Lagarde. In Asia, with inflation and earnings data in Japan, China aggregate financing and RBM loan growth, Korea industrial production and CPI, Australia GDP and the Bank Negara policy meeting. 👉🏽Nvidia is now worth more than the GDP of Russia, South Korea, Australia, Spain, Indonesia, Turkey, Although Nvidia again skyrocketed last week we see that institutional money is rotating out of tech. https://twitter.com/KobeissiLetter/status/1762118405266563108 👉🏽Over the last 16 years, US stocks have gained 427% vs. 85% for International stocks and 36% for Emerging Markets. This is the longest cycle of US outperformance that we’ve ever seen. This sounds great, but it is the biggest Ponzi scheme on earth. Currently DEBT/Ratio is at an unsustainable 137%. Now ask yourself? Did the market grow that much because of sheer productivity and technology or is it more based on liquidity (hence: DEBT)? More on this topic below, segment Macro/Geopolitics. Oh regarding the unsustainable 137 % debt/GDP. In terms of debt-to-GDP, the last time the U.S. saw this level was during World War II. 🏦Banks: 👉🏽"New York Community Bank stock crashes 20%+ after reporting "material weakness in internal controls." The weakness is reportedly related to loan review resulting from ineffective oversight and risk assessment. NYCB is the same bank that acquired the collapse of Signature Bank during the regional bank crisis. This comes just weeks after the bank posted an unexpected $260 million loss in Q4 2023. The stock is now at its lowest level since 1997." In general, the delinquency rate among large banks hits 3%, the highest in 11 years. The delinquency rate among small banks hits 7.80%, the highest on record. 👉🏽On the first of March: THE WHITE HOUSE: THE BANKING SYSTEM REMAINS SOUND, AND IS RESILIENT. Buckle up people, buckle up! haha 🌎Macro/Geopolitics: In last week's Weekly Recap I already mentioned that the US borrowed a shit lot of money. This week... oh well they did the same: "While everyone was busy talking about AI stocks this week, the US borrowed another $100 BILLION in 4 days. Currently, total US debt stands at a record $34.5 trillion, up $11.2 TRILLION since 2020. At the current pace, the US deficit for this fiscal year will cross $3 trillion, nearly double the $1.6 trillion deficit that Congress estimated. Over the last 100 days, total US debt is up a whopping $1 trillion, an average of $10 billion per day. We should see $35 trillion+ in US debt within a couple of months."-TKL Now if you don't believe you need Bitcoin, here is a statement by the Bank of America: "The US national debt is rising $1 trillion every 100 days, according to Bank of America. They estimate it will take just 95 days for the debt to climb to $35 trillion from $34 trillion, compared to the 92 days it took to grow to $33 trillion from $32 trillion. This is making “debt debasement” trades attractive like bitcoin and gold says BoA." Okay one more statement: The U.S. national debt is rising by the entire market cap of Bitcoin every ~100 days. Opt-out: Bitcoin 👉🏽Another HUGE call from Apollo on the first of March: "The Fed will not cut rates this year, and rates are going to stay higher for longer." Apollo says the US economy is not slowing down, and the Fed pivot has provided a strong tailwind to growth since December. They also note that many measures of inflation are pointing higher again including Supercore Inflation at 4.5%. Meanwhile, asking rents are rising, more cities are seeing rising rents and home prices are rising. Just 2 months ago, markets were pricing in 6 rate cuts in 2024. The Fed's job is far from done." - TKL Ergo: the struggle for everyday people will remain. Inflation will remain, and the difference/gap between the financial economy and the real economy will remain. Higher for longer just like what happened in the 1970's. If breaking inflation was as easy as raining rates for a few quarters, everyone would do it. I have said it multiple times don't get surprised if inflation will re-accelerate in the upcoming year(s). 👉🏽"Good Morning from Germany, which is obviously in a recession. At least that is what many indicators suggest: economic slack – demand falling increasingly short of potential output – is reappearing, acc to HFE. Widening slack stabilizes or depresses prices because in such an environment pricing power of comps is weakened." Holger Zschaepitz 👉🏽"Eurozone CPI slowed less than anticipated in Feb, highlighting stickiness in inflation. Headline inflation eased to 2.6% YoY in Feb, above the 2.5% consensus estimate in the BBG survey. Core inflation came down by 0.2%-pt to 3.1%, also an upward surprise compared to a 2.9% consensus estimate. 👉🏽A strong visual representation of the actual cost of corruption: https://twitter.com/MacroAlf/status/1763982945897906403 🎁If you have made it this far I would like to give you a little gift: Very inspiring keynote by Daniel Batten at Bitcoin Atlantis in Madeira on the mitigation of methane emissions. https://www.youtube.com/watch?v=bikLdxCKQjc Credit: I have used multiple sources! My savings account: Bitcoin The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info. ⠀⠀⠀⠀ Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple. ⠀⠀⠀⠀⠀⠀⠀⠀ Do you think this post is helpful to you? If so, please share it and support my work with sats. #zap 🧡 #weeklyrecap #nostr #plebchain #BTC #Bitcoin #zap🧡 #plebchain #grownostr #stacksats #bitcoineducation #adoption https://void.cat/d/JcxQNBsa97kg24JAfJvZVk.webp https://void.cat/d/PAnttTW6bhC2r39wU7rYV1.webp https://void.cat/d/2L8GCRsJeULAfQxgKDbcnP.webp https://void.cat/d/WZuv4jrSj2k8odKTp95Zuo.webp

Notes by BitcoinFriday | export

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 The Latest Bitcoin & Macro news: Weekly Recap 11.11.2024

If you rather want to read the long format, including charts/pictures, outside of Nostr, click here: 

https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdenxy6rgdenxgunzv33uqqsv6

On Nostr: without the charts/pictures: 
nostr:naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdenxy6rgdenxgunzv33uqqsv6

Do you think this post/blog is helpful to you? 
If so, please share it and support my work with a zap.

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⭐ Many thanks⭐

Felipe - Bitcoin Friday!

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 This!🧠🧡♾️ / 21 Million
https://m.primal.net/LzAi.jpg

 Bitcoin holders can use Bitcoin as collateral for fiat currency loans, avoiding the need to sell their Bitcoin. I envision this will happen in the future. We already see some glimpses of it. I think unchained, ledn are offering it.

 The Latest Bitcoin & Macro news: Weekly Recap 04.11.2024

If you rather want to read the long format, including charts/pictures, outside of Nostr, click here: 

https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdenxqurgv3cxycnyvfhwycjs2

On Nostr: without the charts/pictures: 
nostr:naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdenxqurgv3cxycnyvfhwycjs2

Do you think this post/blog is helpful to you? 
If so, please share it and support my work with a zap.

▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

⭐ Many thanks⭐

Felipe - Bitcoin Friday!

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 The Latest Bitcoin & Macro news: Weekly Recap 28.10.2024

If you rather want to read the long format, including charts/pictures, outside of Nostr, click here: 

https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdenxqerxdfcxqcrxv35yat9g3

On Nostr: without the charts/pictures:
nostr:naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdenxqerxdfcxqcrxv35yat9g3

Do you think this post/blog is helpful to you? 
If so, please share it and support my work with a zap.

▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

⭐ Many thanks⭐

Felipe - Bitcoin Friday!

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 The Latest Bitcoin & Macro news: Weekly Recap 22.10.2024

If you rather want to read the long format, including charts/pictures, outside of Nostr, click here: 

https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdej8ymrvvehx5crwdesf6chmk

On Nostr:, without the charts/pictures:
nostr:naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdej8ymrvvehx5crwdesf6chmk

Do you think this post is helpful? If so, please share it and support my work with a zap.

 The Latest Bitcoin & Macro news: Weekly Recap 15.10.2024

If you rather want to read the long format, including charts/pictures, outside of Nostr, click here: 

https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdej8ycrzwf48q6rxv35g337pn

On Nostr:, without the charts/pictures:
nostr:naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdej8ycrzwf48q6rxv35g337pn

Do you think this post is helpful to you? If so, please share it and support my work with a ⚡️.

Enjoy and happy reading!🧡

 The Latest Bitcoin & Macro news: Weekly Recap 07.10.2024

If you rather want to read the long format, including charts/pictures, outside of Nostr, click here: 

https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdej8q6rzwfh8qcnjd3hm4zy59

On Nostr:

nostr:naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdej8q6rzwfh8qcnjd3hm4zy59

Do you think this post is helpful to you? If so, please share it and support my work with a ⚡️.

Enjoy and happy reading!🧡

 Dutch cows, sun, some clouds, and riding a duo bicycle with my son. Perfect Saturday🧡

Study, learn, hodl, decouple.
#bitcoin                      🧡
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#zap                        🧡   #nostr                          #BTC                                              #plebchain                           #grownostr  #adoption
https://m.primal.net/LLuK.jpg

 The Latest Bitcoin & Macro news: Weekly Recap 30.09.2024

nostr:naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdejxuurzwp4xcerjdp36cu8tf

If you rather want to read the long format, including charts/pictures, outside of Nostr, click here: 
https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdejxuurzwp4xcerjdp36cu8tf

Do you think this post is helpful to you? If so, please share it and support my work with sats.

Enjoy and happy reading!

 Yesterday we had the Bitcoin Zwolle meetup after the summer break. And the location was spot on…a new Bitcoin restaurant on @BTCMap.org https://btcmap.org/merchant/node:2497588013 and in Zwolle! 

25 people, no coiners, Nostr/Bitcoin developers, Maxi’s, all came together and enjoyed a good meal, great talks, and connecting. 

The vibe was high! 🧡 

Study, learn, hodl, decouple.
#bitcoin                     🧡
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#zap                       🧡   #nostr                         #BTC                                             #plebchain                          #grownostr    #stacksats #bitcoineducation #adoption
https://m.primal.net/LCop.jpg
https://m.primal.net/LCot.jpg

 The Latest Bitcoin & Macro news: Weekly Recap 22.09.2024

If you rather want to read the long format outside of Nostr, click here: 
https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdejxuerqwfhx5urwv334p5t2r

Do you think this post is helpful to you? If so, please share it and support my work with sats.

Enjoy and happy reading!

 My Proof of Work!

10 years ago, I wanted to compete in a powerlifting competition. Unfortunately, due to personal reasons, becoming a parent of a beautiful child with a brain disorder, I had to abandon that goal.

Now fast-forward to the end of 2023. I broke up with the mother of my child and gym/lifting heavy weights was my kind of therapy. Enter my goal to compete in a powerlifting competition.

For the last couple of months, I have consistently 3x times a week lifting weights and fully focusing on the SBC cup (powerlifting competition).

So yesterday the time came for my first official powerlifting competition.

The best lift of the day was my deadlift (video).

Results:
➡️190kg deadlift
➡️170kg squat
➡️105kg bench

Next goal:
>200kg deadlift
>200kg squat
>120kg bench
 
My own Proof of Work!

Let’s go!💪🏽🧡

 https://m.primal.net/KrwJ.mov

 The Latest Bitcoin & Macro news: Weekly Recap 09.09.2024

If you rather want to read the long format outside of Nostr, click here: 

https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdejxscnsdeexgerzdejlx67cv

Or here: 

nostr:naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdejxscnsdeexgerzdejlx67cv

Happy reading!🧡

 I have a feeling in the upcoming years we will see the same type of energy, like Pirate Bay 20 years ago, by Bitcoiners worldwide. 

GFY!🧡

Study, learn, hodl, decouple.
#bitcoin                    🧡
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My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. (Please only use it till the 31st of October - after that full KYC) Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀⠀⠀⠀⠀
Felipe - BitcoinFriday

#zap                      🧡   #nostr                        #BTC                       #Bitcoin                      #plebchain                         #grownostr    #stacksats #bitcoineducation #adoption
https://m.primal.net/KfbR.jpg

 Hey Fam🧡

No ‘Weekly Recap’ this week as I am enjoying a short holiday. 

See y’all next week!

Felipe - Bitcoin Friday

#zap 🧡 #weeklyrecap #nostr #plebchain #BTC #Bitcoin #plebchain #grownostr #stacksats #bitcoineducation #adoption
https://m.primal.net/KaJN.jpg

 The Latest Bitcoin & Macro news: Weekly Recap 26.08.2024

If you rather want to read the long format outside of Nostr, click here:
https://habla.news/a/naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdejxsurvdp4xc6nxwpjk5r36g

nostr:naddr1qvzqqqr4gupzq0ractzc0mkwq58mcevqnvtqn5vjqluzthtkw49ejp0fe2q9vs4gqqxnzdejxsurvdp4xc6nxwpjk5r36g

#zap 🧡 #weeklyrecap #nostr #plebchain #BTC #Bitcoin #plebchain #grownostr #stacksats #bitcoineducation #adoption

 The Latest Bitcoin & Macro news: Weekly Recap 19.08.2024

If you rather want to read the long format outside of Nostr, click here:

https://habla.news/a/naddr1qvzqqqr4gupzq2jazfrlt2gdkxx2lwc7qn47j3ewlv34dhpj6qqx38w4agpe3tgpqqxnzdejxscnsdeexgerzdejv488jr

On Nostr: 
nostr:naddr1qvzqqqr4gupzq2jazfrlt2gdkxx2lwc7qn47j3ewlv34dhpj6qqx38w4agpe3tgpqqxnzdejxscnsdeexgerzdejv488jr

🧡

 I almost snorted coffee out my nose laughing at this! Best tweet of the day🤣🤣

Study, learn, hodl, decouple.
#bitcoin                    🧡
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My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. (Please only use it till the 31st of October - after that full KYC) Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀⠀⠀⠀⠀
Felipe - BitcoinFriday

#zap                      🧡   #nostr                        #BTC                       #Bitcoin                      #plebchain                         #grownostr    #stacksats #bitcoineducation #adoption
https://m.primal.net/KDTd.jpg

 The latest Weekly Recap: 

nostr:naddr1qvzqqqr4gupzq2jazfrlt2gdkxx2lwc7qn47j3ewlv34dhpj6qqx38w4agpe3tgpqqxnzdejxvcrxdphxy6njvfnajzrw3

Human-readable URL for sharing outside of Nostr:

https://habla.news/a/naddr1qvzqqqr4gupzq2jazfrlt2gdkxx2lwc7qn47j3ewlv34dhpj6qqx38w4agpe3tgpqqxnzdejxvcrxdphxy6njvfnajzrw3
https://m.primal.net/Jbtr.jpg

 https://njump.me/naddr1qqxnzdejxgenzdfh8qerzdesqgsz5hgjgl66jrd33jhmk8sya055wthmydtdcvksqp5fm402qwv26qgrqsqqqa28ntsfq2
https://m.primal.net/Jbtr.jpg

 https://highlighter.com/npub19fw3y3l44yxmrr90hv0qf6lfguh0kg6kmsedqqrgnh275quc45qs70rgaq/note1ky4y5pkaln9827lqxz3mavwyzsy2y3lj3xjwrmklatgus2689k2q5244zf

New one 🧡

 Reading ‘The Sovereign Individual’ for the second just hits differently. 

I wish I had read this book 20 years ago, but I wasn't aware of its existence. 

If you're looking to take your brain to the next level, figure out why we pay taxes, and understand the concepts of inflation and why our nation-state does what it does, well read the book.

A vision from 1997 that's gradually becoming a reality.

Study, learn, hodl, decouple.
#bitcoin                    🧡
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My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. (Please only use it till the 31st of October - after that full KYC) Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀⠀⠀⠀⠀
Felipe - BitcoinFriday

#zap                      🧡   #nostr                        #BTC                       #Bitcoin                      #plebchain                         #grownostr    #stacksats #bitcoineducation #adoption
https://m.primal.net/JgKO.jpg

 *second time

 https://habla.news/a/naddr1qvzqqqr4gupzq2jazfrlt2gdkxx2lwc7qn47j3ewlv34dhpj6qqx38w4agpe3tgpqqxnzdejxymnvwf5xq6rxv3smtshxn


https://m.primal.net/Jbtr.jpg

 nostr:naddr1qvzqqqr4gupzq2jazfrlt2gdkxx2lwc7qn47j3ewlv34dhpj6qqx38w4agpe3tgpqqxnzdejxymnvwf5xq6rxv3smtshxn


https://m.primal.net/Jbtr.jpg

 nostr:naddr1qvzqqqr4gupzqcjemjkrcv7pexr3v47aqstelunwu5rtvkgdnw2sz0lcs7cqvgsaqqxnzdejxycn2d3exgmrqdpehaw2hk

Latest weekly recap 🧡

 Hmm that’s strange. On Primal, habla and on highlighter.com I have no problem.

 Just use Nostr🧡💜

Study, learn, hodl, decouple.
#bitcoin                    🧡
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My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀⠀⠀⠀⠀
Felipe - BitcoinFriday

#zap                      🧡   #nostr                        #BTC                       #Bitcoin                      #plebchain                         #grownostr    #stacksats #bitcoineducation #adoption
https://m.primal.net/JOwt.jpg

 True about that. I will share that information in my next Weekly Recap. I think PocketBitcoin will follow suit, eventually. 

Peach Bitcoin or Robosats for now (beginners/intermediate users) - or Bisq.

Better late than never… the latest Weekly Recap🧡

🧠Quote(s) of the week:
'The main reason people don’t buy Bitcoin is because they don’t understand that money printing causes inflation, that inflation is time theft, and that time theft is slow murder.
The main reason people are not buying Bitcoin is because they think they’re late:
- You can’t be late to a perfect battery
- It does not have a CEO or foundation
- We’re at less than 1% global adoption
- It’s the only asset that is decentralized' - Bitcoin for Freedom

🧡Bitcoin news🧡
Oranje🇳🇱 into the semi finals and Nostr is vibin'.

1st of July:
➡️'Bitcoin ATMs surge from 10K in Oct 2020 to over 38K globally, with continued growth expected.' -Bitcoin News

➡️More than 65% of all Bitcoin in circulation has been held for more than 1 year.

2nd of July:
The German government! Their Industrial Production YoY plunges to -6.7% (est. -4.3%) and every nuclear power plant is shut down. So what is the stupidest thing to do? Sell your Bitcoin!
German Government sends another 282 Bitcoin worth $18 million to exchanges.
German parliament member Joana Cotar says the government selling Bitcoin is “not sensible.”
Urges “holding BTC as a strategic reserve currency.”

3rd of July:
➡️ Trump sparks talks of Bitcoin as a strategic reserve asset.
FORBES: “That game theory would only accelerate if the United States… were the first developed country to begin accumulating bitcoin as a strategic reserve asset. This decision would fast-track the global acceptance of Bitcoin as a long-term savings instrument and a form of digital gold. In this scenario, the United States would enjoy the greatest windfall in profit among OECD countries as a result of holding first-mover advantage.”
Every nation will recognize Bitcoin as a strategic reserve asset.
Some will be first...like El Salvador.

➡️The largest US Bitcoin miner Riot Platforms increased their hash rate by 50% in just one month. Currently, the world's largest Bitcoin mining facility is being built in Texas by Riot Platforms.
200 MW of the 1 GW total capacity is already operational.

5th of July:
➡️MT GOX has started Bitcoin repayments to creditors.
'MtGox distributions are considered a price risk for Bitcoin and indeed they are. But it's a one-time risk and if prices must drop to absorb supply (certainly possible) that supply will be transferred to much stronger hands. Once completed, supply risk is virtually eliminated.'

➡️'Celsius is going after over 5000 people who withdrew their money from Celsius within 90 days of their bankruptcy.
Imagine withdrawing your funds from a crypto exchange that has been lying about their reserves and they declare bankruptcy days after you escaped.
And now you’re being sued.
All the more reason to withdraw sooner rather than later.' -Bitfinexed

Just don't have your corn on centralized exchanges or services like Celcius. Once again:
NOT YOUR KEYS, NOT YOUR COINS!🔑

➡️El Salvador keeps buying one Bitcoin a day, undeterred. By purchasing Bitcoin I am confident that El Salvador will become one of the fastest developing countries thanks to deflation of their currency and having Bitcoin as their new national currency.

➡️'Bitcoin's all-time longest winning streak has just ended. 427 days without a 25% drawdown. Beat the 2012 record by 63 days. Pretty incredible run we've had and well overdue for a correction.' - Charles Edwards

💸Traditional Finance / Macro:
👉🏽 No news

🏦Banks:
👉🏽

🌎Macro/Geopolitics:

On the 1st of July:
👉The yen's 12-year crash against the dollar continues. The Japanese currency buys half the amount of dollars it did in 2012. This is what currency collapse looks like.

On the 2nd of July:
(Picture 1)
👉WW1 and WW2 were discrete events with a defined goal. The main question is, what the actual fuck are they spending on?
And it is not only in the US, put the deficits and debt bubble on a country like Germany or Europe in general and you would have a bigger problem. Wonder why the world has a problem? Government deficits relative to GDP are out of control.

Regarding the spending problem:
'Annual US government spending reached a MASSIVE $6.5 trillion in May, just $1.1 trillion below the March 2021 record.
The government's total outlays have DOUBLED in just a decade.
To put this into perspective, this is more than the size of most world economies except the US and China.
Meanwhile, the US budget deficit hit $1.7 trillion, or 6.2% of GDP over the last 12 months.
In the past, such levels of spending have only occurred during major crises.' -TKL

Meanwhile, Chair Powell says the U.S. deficit is better fixed sooner rather than later.
'The U.S. government deficit is unsustainable, Chair Powell said in Europe, while avoiding comment on fiscal policy, as usual. The subject arose as markets brace for the possibility of the same party controlling the Executive branch and both houses of Congress after the November election, a combination that investors typically see as an open door to higher spending. "The U.S. is running a very large deficit at a time when we are at full employment," Powell said. "This is something that should be a top-level issue" for elected officials. "In the longer run we will have to do something sooner or later and sooner would be better than later," he said.'

Meanwhile, US debt increases by $109B in 1 day. Just to give you one more stat:
It took 165 years for the US to accumulate its first $1 trillion of debt. Now, the US amasses $1 trillion in debt every 150 days.

👉'US manufacturing activity fell to 48.5 points in June, the third consecutive month of contraction.
The latest reading of the ISM manufacturing PMI index missed expectations of 49.1 points.
The decline has been primarily driven by contracting employment, production, and new orders.
Overall, US manufacturing has shrunk in 19 of the last 20 months, the longest streak since the 2008 Financial Crisis.
Is the economy slowing down?'- TKL

👉Eurozone core inflation unexpectedly sticky: Headline CPI slows to +2.5% in June from 2.6% in May, in line with forecasts. However, core inflation is at 2.9% – a notch higher than forecasted. Experts had expected it to cool to 2.8%.

👉Last week I already mentioned that Javier Milei slashed Argentina's annual inflation by 95% in just seven months. Monthly inflation has fallen from 25.5% to 4.2% since he took office.
From a 1355% inflation rate to a surplus budget, his economic policies have transformed the economy.

This week Argentina's President Milei says the nation will no longer print money: We are going to the zero issuance stage....what we aim for is that the broad monetary base does not vary."
Inflation in Argentina was 64% in the first 4 months of 2024.
Who could have guessed that cutting government spending and not printing was going to reduce inflation...Who could have guessed...
Now don't get me wrong it is a great move by Milei but it's still only as good as the honesty of governments (always lying and always finding a reason to print more). That's why only money that CANNOT be debased matters. Bitcoin!

👉'With Biden 2.0 no longer an option, the Treasury has also stopped pretending and the US government jumped by $109 billion in one day - the biggest one-day increase since Oct '23 - to a record $34.831 trillion. And now the debt starts to really move again.' - Zerohedge

Funny stat:
'Since Jan 1, 2000:
2 Money Supply (USD) has increased by an average of:
- $81M PER HOUR
- $1.9B/day
- $700B/year
$17T increase in 24yrs (8,948 days)
THERE IS NO LIMIT TO HOW MUCH FIAT MONEY CENTRAL BANKS WILL CREATE.' -DenverBitcoin

On the 3rd of July:
👉'Italy's real wage misery: inflation-adjusted wages in 2023 were 4.4% lower than in 1990. Even real wages in Greece performed a little better.' -Phillip Heimberger
I wonder if this is a contributing factor to Meloni's win.

Before joining the Eurozone Greece, Italy & Co. were staying competitive by continually devaluing their currencies. Now the only avenues left are reduction of real wages or productivity growth.

👉'Secured Overnight Financing Rate (SOFR) jumps to 5.4%, the highest level in history
*The SOFR is the benchmark interest rate that measures the cost of borrowing cash overnight.' -CarlBMenger

On the 5th of July:
👉'BOTH May and April jobs report numbers were just revised lower by a combined 111,000 jobs.
The May jobs report was revised from 272,000 to 218,000 while the April jobs report was revised from 165,000 to 108,000.
This means that 10 out of the last 15 monthly jobs reports have been revised lower.
On a net basis, the US economy really only added 95,000 jobs this month.
Meanwhile, the unemployment rate is now at 4.1% since December 2021.
The labor market is slowing down rapidly. The US economy really only added a net 95,000 jobs in June...
...until that number is revised lower next month after all the headlines say the labor market is thriving.
The labor market is declining.' - TKL

Jobs look OK if the government just hires everyone.
41% of jobs added since 2019 were by the government burning taxpayer dollars.

On the 6th of July:
👉'That‘s the most scary chart I have seen in a while. Unfunded pension entitlements in major European countries are between 300% and 500% of GDP. Mixed with collapsing demographics it’s a recipe for debt disaster.' - Michael A. Arouet
(Picture 2)

🎁If you have made it this far I would like to give you a little gift:
Is the Bitcoin Cycle Broken? With @therationalroot
They discuss:
- BitcoinSpiral Chart 3D & cycle alignment
- ETF flows & supply dynamics
- Liquid supply & the HODL model
- Power law, S2F, & the price multiplier effect

https://www.youtube.com/watch?v=6kcq5mevS6M

Credit: I have used multiple sources!
My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.⠀⠀⠀⠀

Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple.⠀⠀⠀⠀⠀⠀⠀⠀

Do you think this post is helpful to you? If so, please share it and support my work with sats.
#zap 🧡 #weeklyrecap #nostr
#plebchain

#BTC

#Bitcoin

#zap🧡

#plebchain

#grownostr

#stacksats

#bitcoineducation

#adoption
https://m.primal.net/JLzj.jpg
https://m.primal.net/JLzk.jpg

 Thx for the feedback! What do you mean by a long format? Do you have an example?

 Thx mate!

 Mate just tried Habla and just shared the latest Weekly Recap in long format. Any feedback? Happy to hear! Thx for the info 🧡💪🏽

 “Insert an interesting quote here”

 Ferguson’s Law states that any great power that spends more on debt service (interest payments on the national debt) than on defense will not stay great for very long. True of Hapsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire. -Nial Ferguson
https://m.primal.net/JKMh.jpg

 Happy Sunday! 

Plebs, whisky & meat!🧡

Felipe - BitcoinFriday

#zap                       🧡   #nostr                         #BTC                        #Bitcoin                       #plebchain                          #grownostr    #stacksats #bitcoineducation #adoption
https://m.primal.net/JKIF.jpg
https://m.primal.net/JKII.jpg

🧠Quote(s) of the week:

'Last month, we've absorbed:
US Gov selling
German selling
Mt Gox distribution fears
Miner capitulation

Yet, Bitcoin is consolidating at $61K, just 20% below ATH.
Tops are the exact opposite, driven by FOMO and greed. This is nothing like that. We're going much higher.' - Thomas Fahrer

🧡Bitcoin news🧡
Oranje into the Quarter-Finals and Nostr is vibin'.

I want to start the Weekly Recap with a short story. I put the following post on Instagram and Nostr: https://njump.me/nevent1qqs0uzqg3nnuvsz0tycu4ydl2m4gnm245m0n3gsppxm4pttrgy8j3gqprpmhxue69uhhyetvv9ujumn0wdmksetjv5hxxmmdqy28wumn8ghj7un9d3shjtnyv9kh2uewd9hsygpu0hpvtplweczsl0r9szd3vzw3jgrlsfwawe65hxg9a89gq4jz4q5vzdpe

On IG (945 followers): 3 likes
On Nostr (273 followers): It has 68 likes, 14 reposts, 8 replies, and 12 zaps (people sent me small amounts of BTC)
On Nostr:
-No KYC or info required
-Instant final settlement (just press the Lightning button and boom it’s done)
-Bitcoin native
-Use any client (Damus and Primal on iOS, Amethyst on Android, or Primal on the web)
But far more important you own your own content + money!
Nostr is looking better every day.
Less doom, more hope. More you in control.

Great quote by @gladstein :
'We wouldn’t need Nostr
-If we could trust social media companies
-If we could trust admins
-If we could trust could regulators
But we can’t. That’s why we need Plan N'
Bitcoin is an uncensorable transfer of value. Nostr is an uncensorable transfer of information.

24th of June:
➡️Louisiana passes the bill to protect the right to custody of Bitcoin and ban CBDCs.
Louisiana joins Oklahoma, Montana, & Arkansas in setting a pro-Bitcoin policy blueprint for the nation.

25th of June:
➡️'The German government sold 900 Bitcoin ($54M) on June 25th.
This included 200 BTC each to Coinbase and Kraken, with the remaining going to an unknown wallet ("139Po").' - Bitcoin News

Weak hands! These 900 Bitcoins are now (hopefully) safely in the hands of ultra-hardcore maxis with diamond hands.

➡️'The current Bitcoin halving cycle is still outperforming the second halving cycle if you zoom in a lot on the bottom left of the chart. We are so early, very bullish!' - Pierre Rochard
(Picture 1)

➡️Bitcoin lightning payments app Strike launches to millions across the UK.
Watch the full video (announcement) by Jack Mallers here: https://x.com/jackmallers/status/1806423520370364640

➡️'Hedge Fund strategy:
Push down the Bitcoin price by shorting it until more and more miners need to sell because of the low price. The price goes even lower. Meanwhile, Hedge Funds buy up everything available then close their shorts and we go to $1M.'
Now you might say this is not realistic, but is it?
'When Blackrock has 500,000 Bitcoin and they've pushed the price to $1M.
Blackrock will make $1.25B in Fees. Not mining fees, the IBIT management fees.
Every. Year. Forever.' - Thomas Fahrer

➡️Bitcoin balance on exchanges continues to steadily decline.
Since the beginning of the year, about 250,000 Bitcoins have left the exchanges. Less Bitcoin on exchanges means more short-term volatility.

➡️ Morgan Stanley is set to approve Bitcoin ETFs on their wealth management platform for all clients by the end of August (at the latest), according to a senior source.

➡️Latin American digital bank Nubank is integrating the Bitcoin Lightning Network for its 100 million customers. Nubark is owned by Warren Buffett.

➡️Last week I mentioned that the German government sold roughly $425 million BTC. One of the best quotes on this topic by Alex Gladstein:
'Germany selling large amounts of Bitcoin for euros *that it can print* will go right up there with ditching nuclear power in exchange for relying on Putin for fuel as biggest self-inflicted wounds of the 21st century'

26th of June:
Bitcoin hashrate is down nearly 10% off the all-time highs that were hit at the end of April

27th of June:
➡️'BlackRock disclosed buying Bitcoin for its Global Allocation Fund in the latest SEC filing.
This is the THIRD internal BlackRock fund that has bought Bitcoin through the IBIT Bitcoin ETF' - Bitcoin Archive

'Looking at the past 5 years, Bitcoin is up 422%, mid-cap altcoins 145% and small-cap altcoins 8%. You missed 400% chasing shiny things instead of embracing Bitcoin. Choose wisely on how you store your value, allocate your time, and invest your resources.' - Gabor Gurbacs
(Picture 2)
As usual and in every cycle most people think they're a genius with impeccable timing until the rugs, dumps, scams, and 'capital rotations' hit, and then they're left holding dust.

➡️Cleanspark will acquire bitcoin miner GRIID for $155 million, with plans to expand over 400 MW in Tennessee.
Under the merger agreement, CleanSpark will purchase all GRIID common stock in an all-stock transaction, with GRIID stockholders receiving CleanSpark shares. The South is now Bitcoin miner territory, as it started in Georgia, then Mississippi, and now Tennessee. If I am right the South holds more available energy than any other region in America.

➡️Bolivia makes Bitcoin trading and payments legal again in an effort to modernize the financial system.
Ecuador is now the only country in Latin America that prohibits Bitcoin payments.

28th of June:
➡️ In the previous Weekly Recap I mentioned that Michael Dell, CEO of multi-billion dollar tech firm Dell Technologies, just dipped his toes into the Bitcoin waters, and this recent jest did make a splash.
Now last week Michael Dell posted a tweet with a poll 'The most important thing':
👉🏽AI
👉🏽Bitcoin
👉🏽Love and relationships
👉🏽None of the above.

'Is Dell coming for the throne? Is 23 times more fiat enough to overtake Saylor in Bitcoin holdings? Maybe not, but will be a fun match to watch.' - Bitcoin for Freedom

➡️Bitcoin holdings at OTC desks have seen a significant increase in the last two months.

29th of June:
➡️Bitcoin miner capitulation has reached levels comparable to December 2022 (7.6%), which marked the cycle bottom after the FTX collapse.

➡️In June, U.S. Spot Bitcoin ETF Monthly Net Inflow: $+668 million
- Price down to $61,000 from $67,500
- Blackrock adds 15,416 Bitcoin, a $1.1 billion inflow, and owns 306,979 Bitcoin
- 2nd Fidelity with $276 million inflow
- 3rd Bitwise Invest with $56 million inflow
Ergo: Added almost $700 million and price down 10%.
Also, Saylor bought $800 million more.

➡️'About 99.5% of all the Bitcoin in circulation is held in 16.5 million UTXOs that have a value of 1m sats or more. Most of the other 169 million UTXOs will likely become economically unspendable in the future assuming they aren't consolidated into larger ones relatively soon.' - Wicked
If you want to learn more on the topic please read the following article:
https://river.com/learn/bitcoins-utxo-model/#what-is-bitcoin-utxo-management

1st of July:
➡️SONY to launch Bitcoin and CrApTo exchange. According to a statement on July 1, Sony will take ownership of Amber Japan’s WhaleFin exchange, which will be renamed S.BLOX Co.

➡️Japanese company Metaplanet has acquired an additional ~20.195 BTC for ¥200 million
As of July 1st, Metaplanet now holds ~161.26 BTC, equivalent to ~9% of its market cap.

➡️'Bitcoin difficulty is expected to drop -6% on Friday, the biggest drop since Dec'22 (the FTX collapse), which marked the cycle bottom. Even the May 10 drop at -5.6% has so far marked the bottom. Again, I wouldn't be surprised if this marked another local bottom. Relief is coming for miners.' - James van Straten

🏦Banks:
👉🏽 U.S. bank's unrealized losses have accumulated to $525 billion, almost 7 times bigger than during the GFC. (Picture 3)

Banks are the most highly regulated scams of our lifetime. Look at the picture and ask yourself, is this fine? FDIC report shows that the investment securities of US banks 'under water' big time, almost 7x worse than in the subprime crisis (GFC). this does not include losses on their regular loan portfolios.
One day the chicken will come home to roost.
Oh well, a little brrr can fix this...right?

🌎Macro/Geopolitics:
On the 24th of June:
👉Argentina has recorded zero Inflation in its food and beverage sector for the first time in 30 years. It's a great stat, but still not great. They need 120 quarters of negative inflation to make up for the damage. Javier Milei slashed Argentina's annual inflation by 95% in just seven months.
Monthly inflation has fallen from 25.5% to 4.2% since he took office.
From a 1355% inflation rate to a surplus budget, his economic policies have transformed the economy.

As Milei said, the reforms he is making will have lasting benefits in years to come. The population will settle into stability as time goes on. At the moment 60% of Argentina’s population wants Milei to continue with these profound reforms.
Who could have guessed that cutting government spending and not printing was going to reduce inflation...Who could have guessed...

👉The best news I have heard for a long time: JULIAN ASSANGE IS FREE
He left Belmarsh maximum security prison on the morning of 24 June, after having spent 1901 days there. He was granted bail by the High Court in London and was released at Stansted Airport during the afternoon, where he boarded a plane and departed the UK.
1 out, 2 to go

Julian Assange’s jet and recovery costs totaled $520,000 and most of it was paid in Bitcoin
Someone from the community donated 8BTC in a single anonymous donation.

👉'The Japanese Yen against the US dollar just hit a fresh 34-year low.
The USD-JPY currency pair closed on Friday slightly below 160, the level which was previously defended by Japan’s Ministry of Finance intervention.
According to government data, Japan spent a record 9.8 trillion Yen ($62 billion) to support the currency between April 26th and May 29th.
This is all despite the Bank of Japan raising rates for the 1st time in 17 years in March from -0.1% to a range of 0%-0.1%.
Overall, the Japanese currency has lost 13% of its purchasing power against the US Dollar year-to-date.' -TKL

Over the last 12.5 years, the Japanese Yen has lost a whopping 53% of its value against the US Dollar! Yikes! To make it even worse Japan's Q1 GDP was revised down to -2.9%
Fire up the printers, banzai!
(Picture 4)

'Dear Bank of Japan congratulations, your toilet paper of a currency is now the worst performing in the world, with the lira, peso, and real all stronger.' - Zerohedge

On the 25th of June:
👉'Real retail sales are on track for their 2nd consecutive quarter of year-over-year declines. US retail sales adjusting for inflation fell by 0.9% in May and are now 3.8% below their April 2021 peak.
To put this into perspective, during the 2008 Financial Crisis, this metric dropped by ~13% and by ~4% in the early 2000s recession.
The largest decline in history took place during the 2020 Pandemic with a 20% decline.
Meanwhile, consumer sentiment has decreased for a 3rd straight month to its lowest level since November 2023.' - TKL

On the 27th of June:
👉After a shallow dip, Eurozone M3 Money Supply is making new highs.
Christine Lagarde, President of the ECB, has already fired up the money printer. It's only a matter of time before others follow suit.
ps.: on the 1st of July -> US M2 Money Supply turns up.

Oh please bear in mind meaning the ESG debt is ballooning in Europe as the ECB is trying to add sustainability to its mandate.

👉U.S. Treasury Liquidity is now at its worst point in AT LEAST the last 14 years, surpassing even the GFC.

On the 28th of June:
👉'US consumers have exhausted their savings:
$2.3 trillion of accumulated savings have been depleted by Americans since August 2021.
In other words, $67.6 billion of savings has been spent by US consumers PER MONTH.
As savings have declined, consumer credit card debt has spiked by $290 billion, or ~40% in 3 years.
In other words, to fight rising prices and elevated interest rates, US households have gone into debt at the fastest pace since the 2008 Financial Crisis.
Consumers are struggling.' -TKL

🎁If you have made it this far I would like to give you a little gift:
I want to give you a great conversation/podcast:
https://www.youtube.com/watch?v=lBqLz5hvSHA
Credit: I have used multiple sources!
My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.⠀⠀⠀⠀

#adoption

 Picture 1, 2, 3, and 4. https://image.nostr.build/516625becc4a5dd12bc6b39d712d121b7fd4f46a930b64f1a82b51c5d35a4cd2.jpg https://image.nostr.build/f8dd1e5420ec3d9b4388ed588ef2affa82a34cd9538f747661234ae2c0c95005.jpg https://image.nostr.build/17c5c441d9f29874e571f0127ccbe2d0fd55fb1ca8fee79aa29e17836b3d0bbc.jpg https://image.nostr.build/b51fc9dcbf11bf1c69dfb16cfb29ee0110d2ce0e414d9c4b42f0d70cd21fac8c.jpg

‘About 99.5% of all the Bitcoin in circulation is held in 16.5 million UTXOs that have a value of 1m sats or more. Most of the other 169 million UTXOs will likely become economically unspendable in the future assuming they aren’t consolidated into larger ones relatively soon.’ - @w_s_bitcoin

People please do some UTXO management and whilst doing that buy some sats.

Bitcoin’s Unspent Transaction Outputs (UTXOs) can be classified into different segments based on their age.

UTXO Management for Dummies:
If everyone pays you in quarters you’ll have to lug around a big heavy bag. It’ll also cost you more time to spend as you have to count quarters when paying. So ask for $20s or $100s as payment, or change your quarters into bills from time to time.

Now I can hear you say...wtf is a UTXO?

A UTXO stands for unspent transaction output. Don’t worry about those unnecessarily complicated words. Just use “UTXO” and understand the concept of what it is…

If you want to learn/study the topic: https://armantheparman.com/utxo/
Credit picture: @w_s_bitcoin

Study, learn, hodl, decouple.
#bitcoin 🧡
▃▃▃▃▃▃▃▃▃▃▃▃▃▃

#zap 🧡 #nostr #BTC #Bitcoin #plebchain #grownostr #stacksats #bitcoineducation #adoption
https://m.primal.net/JCyH.jpg

 Try not to have too many below 1m sats.

 I doubt that since mining is such a competitive industry. I wouldn't count on it.

 Just my opinion:
For long term savings you wanna have larger UTXOs. So try to bundle the small amounts (UTXO's). 
You can use lightning but I would use it whilst running your own node.

Ferguson’s Law states that any great power that spends more on debt service (interest payments on the national debt) than on defense will not stay great for very long. True of Hapsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire. -Niall Ferguson

🧡Bitcoin news🧡
I want to start the Weekly Recap with a picture & a story. Someone posted the following quote/picture: (Picture 1)

What can you learn from this? His fundamental mistake was not gaining the understanding that Bitcoin differs from, and is superior to all CrYpTO.

‘This guy probably would’ve had a cost basis below $10k had he just started regularly dollar cost averaging into Bitcoin instead of trading shitcoins. The shortcut IS saving in Bitcoin.’ — @w_s_bitcoin

That's because CrYpTo isn't Bitcoin. If he were saving in Bitcoin since 2017, he would be retired.
Let me explain that with data:
If he bought Bitcoin in 2017 at the pico top he’d be up 300% right now
if he bought Bitcoin in 2017 at the bottom he’d be up 8,500% right now

Yikes! Anyway let's continue:

17th of June:
➡️SEC's chief of the crypto asset enforcement division David Hirsch has left the role.
The timing of these things is almost like a script. weird, huh? Probably he will be hired by a financial corporation to lobby their 'CrYpTo' division.

➡️BlackRock CEO Larry Fink: "No matter how much we tax, cut, or reduce debt, it will not be enough. Building new infrastructure is critical." -Simply Bitcoin
When he mentions new infrastructure, what do you think he means? CBDCs? Or Bitcoin? Is that why they're buying Bitcoin?

➡️'Daily active Bitcoin addresses fell from 700K to 613K in the past month.' - Bitcoin News

19th of June:
➡️'Bitcoin illiquid supply has increased since May, suggesting investors are choosing to hodl rather than trade.' -Bitcoin News

➡️'Cleanspark announces the acquisition of five new Bitcoin mining facilities in Georgia for $25.8M.
The deal will boost Cleanspark's operational hashrate to +20 EH/s by the end of June.' -Bitcoin News

➡️'People think DCAing forever into the S&P 500 is much safer than Bitcoin.
I question that severely. ~7% of your portfolio is now Nvidia, another 30% are mega-cap US tech, and the remaining 63% are just zombie companies.' - Joe Burnett

➡️'Bitcoin mining distribution worldwide.' -Blockware (Picture 2)

20th of June:
'Bitcoin miner reserves fell to 1.90M BTC, the lowest level in the last 14 years.' - Bitcoin News

➡️International Business Times says Bitcoin mining can help achieve “net zero by 2050,"
This is a mainstream media channel, based in NY. It’s a well-researched article on Bitcoin mining, aware of contemporary research including:
👉🏽Cornell study showing bitcoin can create “a self-sustaining cycle for renewable energy expansion”
👉🏽Digital Assets Research Institute study showing Bitcoinwell-researched uses 54.5% sustainable sources
👉🏽Various studies show Bitcoin mining can turn [wasted] “Excess Energy Into Economic Value”
Source: https://www.ibtimes.com/southeast-asia-can-turn-excess-energy-economic-value-through-bitcoin-mining-expert-3734777

➡️MicroStrategy just bought $786 MILLION Bitcoin at an average cost of $65,883.
They acquired 11,931 more Bitcoin and continued their unwavering strategy of accumulating BTC. With this latest purchase, the company's total holdings now stand at approximately 226,331 Bitcoin.

➡️Winklevoss twins donated 30 Bitcoin worth +$2 Million to Donald Trump’s campaign to "put an end to the Biden Admin's war on crypto."
On one hand, my first reaction is why on earth would you give away your precious Bitcoin to any politician? But on the other hand, it's kinda a power move. Bitcoin is now political. Bitcoin is now a topic in the upcoming US election.
The reasoning is worth the read: https://x.com/tyler/status/1803872859938549920

➡️'Michael Dell, CEO of multi-billion dollar tech firm Dell Technologies, just dipped his toes into the Bitcoin waters, and this recent jest did make a splash.
It all started when Dell tweeted “Scarcity creates value.” Enter Michael Saylor, MicroStrategy’s possibly Bitcoin-obsessed executive chairman, who couldn’t resist chiming in with a hashtagged reply saying “Bitcoin is Digital Scarcity.” Dell, apparently intrigued, hit that retweet button faster than you can say “blockchain.”
The real kicker here is this: Dell later shared a meme of Sesame Street’s Cookie Monster, probably generated by AI or photoshopped to show the blue fuzzball munching on Bitcoin instead of his usual chocolate chip treats.
Dell Technologies is sitting comfortably with $34.6 billion in current assets (including a not-too-shabby $5.8 billion in cash), there’s no mention of Bitcoin anywhere in their recent filings. So, for now, this looks more like a playful flirtation than a full-on pursuit of Bitcoin.' - Crypto Briefing (Picture 3)

If Dell were to implement a Bitcoin treasury strategy, it would be by far the largest corporation to do so. As a founder-CEO-led company, Dell has the visionary leadership required to make such a bold move. Although we all know that cash is like a melting ice cube.

22nd of June:
➡️Bitcoin dips 3,5% as the German government sells $325 million BTC over two days. This, and that total outflows last week was $544.1 million.

24th of June:
➡️Mt. Gox will begin Bitcoin repayments starting at the beginning of July 2024.

➡️Metaplanet issues ¥1 billion in 0.5% bonds; proceeds to fund additional purchases of $BTC.

💸Traditional Finance / Macro:
On the 19th of June:
👉🏽 Nvidia is now larger than:
1. GDP of every country in the world except 7
2. The entire Crypto market combined
3. 5x the market cap of Tesla
4. 6x the market cap of Walmart
5. The market cap of the entire French stock market
6. Canada's GDP plus $1.2 trillion in cash
7. 13x the market cap of AMD
8. 3x the GDP of the city of Los Angeles
9. Amazon and Berkshire Hathaway COMBINED
10. Collective net worth of the 12 richest people in the world

Nvidia's market cap is now worth more than the entire US oil and gas industry.
It's also worth more than every building in New York City COMBINED.
Since October 2023, Nvidia has added $2.3 TRILLION in market cap.

Funny stat: Nvidia insiders are selling the stock at the fastest pace in years.
Jensen Huang just sold another $31 million of NVDA. That brings his total sales this week to over $90 million. It’s his largest cluster of sales in 19 years. But bear in mind this is just a tiny fraction of his total holdings. Shit, I would sell some if I had some.

🏦Banks:
👉🏽 No news

Let's start this segment with a the quote:
'Ferguson’s Law states that any great power that spends more on debt service (interest payments on the national debt) than on defense will not stay great for very long. True of Hapsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire.' -Niall Ferguson

On the 17th of June:
👉'The US Treasury estimates net interest costs on federal debt will hit a record $890 billion in 2024.
This would be $331 billion higher than a year ago and almost double the amount from 2022.
To put this into perspective, net interest expenses will be ~3% of the ENTIRE US GDP, the highest in over 30 years and higher than World War II levels.
On a non-net basis, interest payments have already surpassed $1 trillion when annualized.
Total interest payments are set to reach as high as $1.6 trillion by the end of the year if the Fed does not cut rates.
The debt crisis is an understatement.' - TKL (Picture 4)

On the 18th of June:
👉'The Bank of England pays out so much interest on bank reserves that it impacts the UK’s fiscal situation. This is part of the overall “fiscal dominance” situation and is common to many countries, but accounting treatments differ.' - Lyn Alden

The UK but also other countries are now spending more and more tax revenue on past debt rather than on future growth.
https://www.bloomberg.com/news/articles/2024-06-13/boe-reserves-enter-uk-election-debate-as-politicians-chase-cash

👉🏽 On this day the CBO (Congressional Budget Office) boots the 2024 US budget deficit estimate to 1.9$T from 1.5$T.
Classic! What is 0.4T between friends, right?
CBO's 10-year projections have historically underestimated federal debt by an average of 58% (using data from 2006-2023).
Thus, their $50 trillion deficit estimate is more than likely to actually be $75T. Oh, how I love data!

On the 19th of June:
(Picture 5)
👉'RE: The Goldman report on foreign UST demand, a picture is worth 1,000 words:
Total US Federal debt 1990-present in blue.
Total foreign holdings of USTs in green.
Foreign official (CB) holdings of USTs in red.
"Mind the Gap".' - Luke Gromen

So you might wonder who is buying all of the debt (USTs)? The answer is simple:
The Fed, US banks, US retail.
Hard to get inflation under control when the gap is being filled in with the printing press...

👉'Japan's biggest banks (Norinchukin is Japan's 5th largest bank with $840 billion in assets) today the proverbial canary stepped on a neutron bomb inside the Japanese coalmine because according to Nikkei, Norinchukin Bank "will sell more than 10 trillion yen ($63 billion) of its holdings of U.S. and European government bonds during the year ending March 2025 as it aims to stem its losses from bets on low-yield foreign bonds, a main cause of its deteriorating balance sheet, and lower the risks associated with holding foreign government bonds.' -Zerohedge
Source: https://www.zerohedge.com/markets/music-just-stopped-banking-giant-norinchukin-liquidate-63-billion-treasuries-and-european

Is this the reason why the Japanese Yen is against the dollar hitting levels not seen since 1990?
Now just read the headlines above again and ask yourself: Is this the reason why better should a bit own Bitcoin?

If not, just read the following statement:

👉'The US debt stampede is back: federal debt jumps by $70BN in one day to a record $34.750 trillion, the biggest one-day jump since February.' - Zerohedge

👉🏽 'UK inflation has dropped to the magic level of 2.0%! The last time UK inflation was at the target of the Bank of England was three years ago.
So expect central bank policymakers to cheer their achievement but not to say a word about the fact that consumer prices rose by a staggering 21% in those three years.
For central banks, the arbitrarily chosen 12-month rate of change in prices is the only thing that counts.
The good news is that this will open the door to rate cuts, providing more liquidity for financial markets.' -Jeroen Blokland

On the 21st of June:
👉🏽'To meet reformed EU fiscal rules, Italy and France would have to go for fiscal consolidations over 2025-2028 that are larger than during the Euro Crisis (2011-2014). Spain has to do about half.
Do we properly remember the effects and political debates of €zone austerity?' - Phillip Heimberger (Picture 6)

Remember Draghi, former ECB president 'Whatever it takes'. The above is just another example of a one-size-fits-all approach that does not work.

🎁If you have made it this far I would like to give you a little gift:
I want to give you two video's.
First video Jack Mallers: There is no second Best (BTC Prague 2024 Keynote)
“A failure to understand proof of work is a failure to understand Bitcoin.”
Jack opens his keynote with this quote by Gigi, and closes this comparison of bitcoin and altcoins: “We can't decide for you. We can educate you.” — Jack Mallers
https://www.youtube.com/watch?v=--IFcOIEfl4&t=510s

Second video Lyn Alden: Lyn Alden is a macroeconomist and investment strategist. In this interview, they discuss the role of the Fed and central banks, fractional reserve vs free banking, how bitcoin could change these dynamics and if we should actually end the Federal Reserve System.
“We actually now have ways to do fast settlement…payments and settlements that can’t be reversed, it’s starting to show that maybe you actually don’t even need a central bank.” — Lyn Alden
https://www.youtube.com/watch?v=CdEJHUqT0XE

Only invest in Bitcoin what you can’t afford to have gradually stolen from you by the government.

#adoption
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 Noderunners🧡💜
https://m.primal.net/IsEK.mov

"Bitcoin is a strange game where the only winning move is to play." -Bitstein

'I’m prepared to lose everything over Bitcoin. Everything I have is riding on this one trade. If Bitcoin fails, I will be absolutely wrecked. It will take years to recover.
I told myself a long time ago I’d rather lose everything than miss out on the most asymmetric opportunity of my lifetime.
I bought the top in 2021. I purchased the bottom in 2022. I’m still buying now.
I’m more allocated as a percentage of my portfolio to Bitcoin than I have ever been before.
This may seem irresponsible as fuck but when you see the world through the Bitcoin lens it makes much more sense. It’s perfect math.
I don’t know how many fully longed degenerate Bitcoin hodlers are out there riding this colossal Bitcoin wave with me but you’re all fucking legends in my book.' -The Bitcoin Therapist

🧡Bitcoin news🧡

9th of June:
➡️ Paraguay is earning more money selling its energy to Bitcoin miners than by selling it to Brazil.
'Paraguay to sell excess hydro-energy to miners as part of its new Economic Development strategy.
Paraguay's Itaipu hydro-power station is one of the world's biggest, yet only 20% of the generated power is used.' - Bitcoin Archive

10th of June:
➡️ If we took the official inflation rate Bitcoin would have to hit $79,000 to reach a new all-time high. But we all know the real inflation is much higher. (Picture 1)

➡️ 'Canadian public company DeFi Technologies has adopted Bitcoin as its primary treasury reserve asset. It just bought 110 BTC.' - Bitcoin Magazine
The game theory associated with putting Bitcoin on the balance sheet is starting to heat up. (more on that later on)
Funny isn't it, a 'defi' company buying Bitcoin. No NFT, no Crapyto....Bitcoin.

'The three newest public companies to announce they have added Bitcoin to their balance sheets—Defi Technologies, Semler Scientific, and Metaplanet—are all up between 30-50% over the past 5 days'

11th of June:
➡️Last week I mentioned that Metaplanet directors authorized the purchase of an additional ¥250 million of Bitcoin. Now this week Metaplanet jumped 9.88% after announcing its third Bitcoin purchase. Call it conviction.

12th of June:
➡️Trump pushing Bitcoin as a tool for US Energy is an amazing turnaround. 2024-2028 is going to be insane.

➡️World's largest bank, ICBC, says "Bitcoin retains scarcity similar to gold and solves gold's divisibility and portability issues."

➡️Taunton Firefighters become the fourth union in the US to add Bitcoin to its balance sheet.

13th of June:
➡️Supply on exchanges fell to ~939K BTC, the lowest since 2021.

➡️ERCOT recommends (Senate Committee on Business and Commerce) that Bitcoin mining be integrated as a Controllable Load Resource to ensure grid reliability.
'𝗘𝗫𝗣𝗟𝗔𝗡𝗔𝗧𝗜𝗢𝗡:
ERCOT runs the power grid in Texas to make sure everyone gets electricity.
Bitcoin miners can turn off their big power using mining machines quickly, which helps ERCOT manage the grid better during high demand.
This helps ERCOT avoid blackouts, and Bitcoin miners get paid for helping and can save money on their operations.' -Explainbriefly

I love the following @gladstein quote: "Once politicians and tax authorities learn that other people are willing to *pay them* to stabilize their energy grids and expand electricity production and bootstrap green energy, it’s game over for mainstream Bitcoin mining denialism."

➡️Microstrategy is raising $500M through convertible senior notes to buy more Bitcoin. With over 214,400 BTC already, the company remains the largest publicly traded Bitcoin holder.

➡️'Australia’s largest bank just put the Bitcoin ETF [IBTC] onto its trading platform! Commonwealth Bank of Australia has 17 million customers!' - BitcoinArchive

➡️Biden’s SEC is suing Coinbase in federal court arguing it doesn’t have a right to exist as an exchange. At the same time, the Biden campaign is preparing to accept crypto donations via Coinbase. A freaking clown show!
On the other side of the aisle. Trump had a dinner with Bitcoin mining executives. A few days later... check out the 15th of June.

14th of June:
➡️MicroStrategy increased its offering by $200m for a total of $700 MILLION to buy more.

15th of June:
➡️BIDEN ADMIN TO ATTEND BITCOIN ROUNDTABLE WITH KEY CONGRESSIONAL OFFICIALS IN DC
‘The primary objective of this meeting is to strategize on how to keep "Bitcoin and blockchain innovation in the United States.”’ - Dylan LeClair

➡️T-Mobile, partly owned by the German state and which owns T-Mobile US and Magenta, the world's largest telecom company with 3 times the footprint of Verizon and double the footprint of AT&T just announced that they are currently running Bitcoin nodes and they are planning to launch into Bitcoin mining. This has to be one of the most bullish news to come out of BTC Prague.

➡️Brazil's largest bank now offers Bitcoin trading to 60M customers via its Ion app!

17th of June:
➡️'We are currently 33 days into a Bitcoin miner capitulation, with the average duration over the past five years being 41 days.
Miner addresses collectively hold a substantial treasury of 700,000 BTC, but their balance has decreased by 30,000 BTC since October.
This period marks the longest distribution phase for miners since 2017, adding to headwinds.
Despite this, the hash rate has only decreased by 12% from its peak as unprofitable miners continue to sell Bitcoin to sustain operations.' - James van Straten

💸Traditional Finance / Macro:
24th of May:

👉🏽 Magnificent 7 stocks have officially exceeded $15 trillion in combined market cap for the 1st time ever.
The group's combined market cap now equals over 50% of US GDP.
In just 2 months the Magnificent 7's value has surged by a whopping $2 trillion.
The Magnificent 7 stocks have rallied by over 60% over the last 12 months compared to only a 20% gain in the other 493 S&P 500 stocks.
Combined they reflect over a record 30% of the entire S&P 500.
Big tech is getting even bigger. This is unsustainable and quite frankly it's the magnificent 1: NVIDIA.
From the movie The Big Short: 'They call him chicken little, bubble boy!'

Let's start this segment with the following statement by Fed Chair Powell:
'Fed Chair Powell says the Fed does not have high confidence in their forecasts.'
I mean who has...? They have like 1400 PhD at the office, but hey..what about forecasting? This is quite reassuring right? Monetary policy is just vibes right now. Ffs.

On the 9th of June
👉🏽How expensive is the US national debt and how dangerous the US debt crisis has become?
'The average interest rate on $34.6 trillion of Treasury debt is now 3.2%, the highest since 2010.
$5.9 trillion of the national debt is in Treasury Bills, with an average interest rate of 5.4%.
Meanwhile, a record $9.3 trillion of national debt is going to mature within the next 12 months.
Even if the Fed cuts rates by 1-2 times, this debt will have to be refinanced at much higher rates.
All while annualized interest payments have already surpassed $1 trillion for the first time in history.' -TKL

The federal government's current annualized interest payment expenditure stands at $1.025 trillion, slightly surpassing the annualized defense expenditure of $1.022 trillion. To make it even worse the US government expenditures as % of GDP just hit 43%, matching levels seen during the 2008 Financial Crisis. To put this into perspective, spending as a % of GDP is just 1% below World War 2 levels. Even at the peak of World War 1, US government spending as a % of GDP was 20 percentage points lower.
From my point of view the US has reached the point of no return, no matter the outcome of the upcoming US election.
It took 220 years for the U.S. to accumulate 11 trillion dollars in debt. This is the same amount of debt that the U.S. just added since 2020. Unsustainable. Why?
'In the first 8 months of Fiscal Year 2024, the US deficit hit a whopping $1.2 trillion, or $4.9 billion PER DAY.
In May alone, deficit spending was $348 billion or $11.2 billion a day, according to the CBO.
Over the last 12 months, the US deficit totaled $1.7 trillion equaling 6.2% of US GDP.
Deficit spending as a % of GDP is above all previous recessionary levels except for the 2008 Financial Crisis, the 2020 pandemic, and World War 2.
At the same time, government expenditures hit $6.5 trillion which is 23% of US GDP.
The government is spending as if we are in a recession.' Unsustainable. (Picture 2) No political party will stop this.

👉🏽Bureau of Labor Statistics, making up numbers: Remember. Jobs are everything.
'The difference between the headline jobs number and the household survey hit 4.1 million in May, the largest difference in history.
The household survey is important because workers are only counted once, even if they hold more than one job.
This data shows that over the last 6 months, 1 MILLION Americans have become unemployed.
The number of people working MULTIPLE jobs in the US hit a near-record of 8.4 MILLION in May 2024.
Many Americans are now working multiple jobs in an effort to fight inflation.' -TKL

On the 11th of June:
M2 is now positive with rates at 5.5%. And rate cuts/QE/YCC are just a matter of time. The first-rate cut is already in place by the ECB, probably the Fed will do the same in the next two/three months.
So why is M2 important, what should you take away from this all?
M2 (money supply growing) + Debt growing = liquidity growing.
More money (liquidity) means higher asset prices, but it also means more monetary inflation. Oh well, it's about to get really fun in the upcoming months. (Picture 3)

👉🏽'Sky News admits the official inflation data DOES NOT accurately reflect the HUGE increase in prices.'
Great video: https://x.com/RadarHits/status/1800089422744195337

James Lavish: 'Controlling party politicians and establishment economists will never outwardly admit it, but consumers are smart enough to know that prices have not just settled at levels far higher than just a few years ago but are *still rising*.

What they tell you is that 'inflation is easing' or 'inflation is falling'. And what they show you is a highly manipulated index that *admits* a month-to-month or year-over-year measure.
But never this, the ongoing impact to you, the consumer.' (Picture 4)

On the 12th of June:
US inflation falls to 3.3%, lower than expectations.

On the 13th of June:
Yellen: We are creating jobs at a very rapid pace.
(Picture 5)
The US lost 1.2 Million full-time jobs during the last 12 months, but government jobs are booming. Let’s celebrate this job wonder.

On the 14th of June:
Argentina's monthly inflation rate in May was the lowest since 2022, dropping for the fifth consecutive month to 4.2% amid an austerity drive by President Milei.
The annual inflation rate has fallen from 133% in December to 40%. Wonder how? Cut government spending! Don't get me wrong I am not celebrating because this is a monthly inflation number. Now add that to the inflation from the past 10 years. And compound it. It is still off the charts. But hey... baby steps. Slash spending, balance budgets, and bring down taxes so the economy has more to work with. But apparently, that’s too complicated for most governments to figure out.

On the 15th of June:
👉🏽'Institutions like the IMF keep wading into countries' debt problems by getting them into more debt.
There are hardly any countries that went from "developing" to "developed" status over the past five decades. The global monetary system is structured to keep countries dependent.' (Picture 6)
I have said it before and will say it again, especially after reading Alex Gladstein's great book & articles, the IM is just a modern-day colonizer.

👉🏽The cost of insuring against a French default (CDS price) has shot up by 16bps this week. The probability of default is priced at 3.5%. The cost of insuring France's debt against default and the risk premium investors demand to hold French government debt both reached their highest since 2022.

👉🏽 Canada bankrupted 532 companies. 𝗛𝗶𝗴𝗵𝗲𝘀𝘁 𝘀𝗶𝗻𝗰𝗲 𝘁𝗵𝗲 𝗚𝗹𝗼𝗯𝗮𝗹 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝘀𝗶𝘀! Canada is a G7 nation. Cleaning the system I guess, low interest rates, and cheap money allowed a lot of businesses to get off the ground that simply were not viable long-term businesses...or is Canada the new Iceland with many millionaires with billions in debt

🎁If you have made it this far I would like to give you a little gift:
The theme of this year’s Oslo Freedom Forum (OFF): Reclaim Democracy.

Great article by Lyn Alden:
'Implications of Open Monetary and Information Networks'
https://www.lynalden.com/open-networks/

TLDR: Open systems and you really should check out Nostr if you haven't already.

#adoption
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 Due to sickness no Weekly Recap this week. 

Study, learn, hodl, decouple.
#bitcoin                    🧡
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My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀⠀⠀⠀⠀
Felipe - BitcoinFriday

#zap                      🧡   #nostr                        #BTC                       #Bitcoin                      #plebchain                         #grownostr    #stacksats #bitcoineducation #adoption
https://m.primal.net/Ihqs.jpg

🧠Quote(s) of the week:
'It is incredibly important to understand that Bitcoin is not a piece of software like Microsoft Word, to be endlessly tinkered with.
It is a protocol for value transfer; an immutable foundation on which to build a new monetary order.'
- Vijah Boyapati

'You do not custody the Bitcoin...you only custody the private keys that can spend the Bitcoin.' - Wicked

27th of May:
➡️ $290 million worth of Bitcoin has been taken off from Binance in the last few hours.
*on the 29th of May Bitcoin whale withdraws 1,195 BTC ($81.95M) from Binance.

➡️'El Salvador keeps stacking Bitcoin. As of May 27, the nation-state holds a total of ~5,763 BTC worth over $395.8 million.' - CarlBMenger

28th of May:
➡️'BlackRock has been buying Bitcoin for its fund, the Strategic Income Opportunities Portfolio' - SEC filing

➡️Bitcoin ETF Update:
Total Net Inflows +632 BTC ($43.3m)
- BlackRock +1505 BTC ($102m) (and flips GBTC!)
- Fidelity +505 BTC ($34m)
- Grayscale -1550 BTC ($105m)

BlackRock is now officially the biggest Bitcoin ETF after overtaking Grayscale.
Incredible achievement in just 4 months!
Grayscale started with OVER 600,000 BITCOIN 4 months ago.
Blackrock had 0. IBIT is killing it. IBIT, Blackrock spot Bitcoin ETF, will become the fastest ETF to reach $20b in assets, at 137 days.
Bitcoin ETFs have accumulated 250k Bitcoin (on top of Grayscale's 619k) since January.
BlackRock and Fidelity at the moment own a combined 451,338 BTC worth $30.9 billion for their spot Bitcoin ETFs. These ETFs now hold 236,938 more bitcoin than MicroStrategy.
Supply & demand people, supply & demand!

➡️Health-Tech Semlar Scientific, a company specializing in developing healthcare technology, announced today that its board has adopted Bitcoin as its primary treasury reserve asset.
Semlar Scientific Inc. has bought $40m Bitcoin and adopted a Bitcoin Treasury Strategy. They added over $70,000,000 in market cap on the 28th of May, just by adopting Bitcoin as their primary treasury reserve asset.
The market is trying to tell the 58,000 public companies a valuable lesson...
Corporate adoption of Bitcoin is accelerating...
If you don't believe read the Semler Scientific statement below: (picture 2)

➡️Metaplanet directors authorize the purchase of an additional ¥250 million of Bitcoin.

➡️The Nigerian Naira is now worth less than one Satoshi.

➡️Someone just moved $3 billion worth of Bitcoin with $2.8 fees.
$2.8 FEES FOR $3 BILLION TRANSFER. Now try this with the current system, banks can't relate I guess.

➡️El Salvador President, Nayib Bukele, met with Cathie Wood to discuss Bitcoin, new capital markets, and innovation opportunities.
CATHIE WOOD: “President Bukele's determination to turn El Salvador into an oasis for the bitcoin and AI communities - two of the biggest economic and technology revolutions in history - is the reason I believe that its real GDP could scale 10-fold during the next five years.”

The funny part about this statement and the meeting. Five days later she ditches the Ethereum ETF to focus on Bitcoin. Are you paying attention anon?

➡️FINBOLD: “Perhaps the most interesting among the top stocks owned by Soros through the first quarter of 2024 is the shares of MicroStrategy (NASDAQ: MSTR), valued at approximately $135 million.”

29th of May:
➡️Jack Dorsey-backed Bitcoin mining company Ocean Mining has adopted El Salvador as its global headquarters.

➡️'Bitcoin miner Riot Platforms acquires a 9.25% stake in Bitfarms, becoming a major shareholder, after Bitfarms rejected Riot's $950M acquisition offer.' - Bitcoin News

➡️'Mastercard just launched Crypto Credential, which allows you to send Bitcoin to any customer at an exchange with a simple username, instead of a wallet address.' - Bitcoin Archive
I wouldn't use it because of KYC and still not your keys, but great news regarding the institutional adoption of Bitcoin.

30th of May:
➡️In case you missed it, Alex de Vries (Digiconomist), the most quoted source in the Whitehouse's OSTP 2022 report on crypto-mining and historically the most referenced source for mainstream news reporting on Bitcoin and energy, had his methodologies fundamentally discredited in March this year in a peer-reviewed paper by Sai & Vranken:
https://twitter.com/DSBatten/status/1796232365544468899
https://www.sciencedirect.com/science/article/pii/S2096720923000441?via%3Dihub

Misleading journalism needs to continue to be punished by social ossification. 'De Vries was the SBF of the press'. The truth will always prevail!

➡️A record $2 billion worth of Bitcoin taken off from Kraken yesterday. Bitcoin exchange reserves at the lowest ever.

31st of May:
➡️'Legendary cryptographer Ralph Merkle on the power of Bitcoin at $500, exactly 8 years ago.
"It is a new form of life. It is unstoppable." - Pete Rizzo

➡️'Bitcoin firm Unchained partners with the University of Austin to create a $5M endowment fund entirely in Bitcoin. The university plans to hold the Bitcoin for at least five years.' - Bitcoin News

1st of June:
➡️Biden vetos the bill that would revoke the SEC’s SAB 121, maintaining the ban on large financial institutions from taking custody of Bitcoin.
'The President has decided to reject a bill, passed by the majority of US lawmakers in both the House and Senate. Does he think he represents the people’s interest better than those elected to make laws?' - Hunger Horsley

2nd of June:
➡️'Donald Trump to accept Bitcoin Lightning payments for campaign donations.'
This wasn't on my Bitcoin 2024 bingo card, but just my two sats...I wouldn't pay one sat to a politician.
But do you think, that accepting Bitcoin Lightning payments, will change the landscape of politician campaign funding?

➡️Marquette University professor emeritus David Krause describes the Wisconsin pension system's $160 million purchase into a Bitcoin ETF and why the small purchase matters.
Video: https://twitter.com/ts_hodl/status/1797364548388753664

'Worth watching this video, someone always has to go first and someone’s going next. 0.1% of Wisconsin state pension = $160 million. Fully funded pension, trial balloon. Other state pensions on notice.' -Parker Lewis

Do you still think Bitcoin is a Ponzi, now that one of the largest pensions, a well-run one that is fully funded, is allocating to Bitcoin?

3rd of June:
➡️'Australia is set to launch its first spot Bitcoin ETF on June the 4th!
MonochromeAsset's ETF, trading as IBTC on CBOE, will offer regulated Bitcoin exposure with a 0.98% management fee.' - BTCTimes
I hope people 'Down Under' will stick to self-custody. Why...well just look at the next example:

➡️'Japanese crypto exchange DMM confirms 4,502.9 BTC ($305M) hack.
They suspended crypto withdrawals and limited buying activity to "prevent further losses," and warned of delays in withdrawing Japanese yen.
DMM says it will reimburse affected users.' - Bitcoin News

Not your keys, not your coins people! Act accordingly.

👉🏽Distinction with a difference...
'S&P 500 Total Return in USD terms since Jan 1, 2020: Up 75%.
S&P 500 Total Return in gold terms since Jan 1, 2020: Up 15%.
S&P 500 Total Return in BTC terms since Jan 1, 2020: Down 81%.

"US with Argentine characteristics." Argentine stocks have been up huge...in peso terms.' - Luke Gromen (Picture 3)

🏦Banks:
👉🏽 Unrealized losses in the U.S. Banking System increased to $517 billion in Q1. (Picture 4)
FDIC warns that 63 Lenders are on the brink of insolvency due to banks sitting on $517 billion in unrealized losses.

On the 27th of May:
👉🏽'China creates $47.5 Billion fund to boost domestic semi-conductor industry after USA stopped selling advanced chips to China.' - Radar

👉🏽 'The Congression Budget Office forecasts that the US budget deficit will not fall below 5% of GDP in the next decade.' - CBO (picture 5)

On the 30th of May:
👉🏽A record $9.3 trillion in government bonds will mature and need refinancing within the next 12 months.
Did someone say debt spiral?
The US needs cheap refinancing, not with the current high rates.(5%) So cutting rates, yes. Print more money, yes. hello inflation (eventually), yes! Who is buying the new debt tho?

👉🏽'In today's post, the authors note that the narratives about declining dollar shares in official reserves, and increasing roles for gold holdings by central banks, inappropriately generalize the actions of a small group of countries.' -New York Fed
The Fed now admits some countries are moving to gold. But says it’s a small group.
The decline in the dollar preferences of a small group of countries (notably China, India, Russia, and Turkey)...'
These four countries make up:
37% of world population
25% of global GDP
19% of global exports
The Fed now admits some countries are moving to gold. But says it’s a small group.
So 37.5% of the world is moving away from dollars towards gold.

A small group of large countries will return to gold (India, China, maybe Russia) and a large group of small countries (like El Salvador) will move to the Bitcoin standard.
Now imagine what will happen when central banks start buying Bitcoin like gold. In almost every category Bitcoin is better than gold.
'So when we are told gold has a value of $15.76 trillion (https://companiesmarketcap.com/assets-by-market-cap/…), where does that number come from? How can all the gold ever mined over the past 10,000 plus years be accounted for? It can't. It's all nonsense in my opinion Bitcoin fixes this. It fixes the world of value. Every single satoshi ever mined is accounted for and the entire global supply is publically audited and made available for any human being to see and verify every 10 minutes, forever.
Now I ask you. Which seems more real to you and which seems bogus to you? I know. Bitcoin' - Oliver L. Velez

Anyway more on the Fed...
👉🏽FED'S WILLIAMS: 'MONETARY POLICY IS CLEARLY WORKING HOW THE FED WANTS IT TO WORK.'
Lemme quote market strategist Sven Henrich:
'Oh yea, it's clearly working how the Fed wants it to work.
The rich are richer than ever.
The middle class keeps shrinking.
Housing unaffordable for most.
And the poor and vulnerable are stuck with permanently higher prices.
Mission accomplished.
Bravo.'
Just to give you some context on the 'housing unaffordable for the most', and I do focus now only on the US housing market.
The median price of a new home is at $433.500 and remains near record highs. The number of new single-family houses for sale has surged to 480,000 in April, the highest since the 2008 Financial Crisis. This came after new home sales were down 7.7% year-over-year last month, the largest drop in 13 months. Excluding the 2008-2009 housing crisis this is by far the largest supply of new homes in US history.

The US economy now has:
1) Slowing GPD growth at 1.3% in Q1. (stagflation?)
2) Stated above, median home prices at all-time high of $434K.
3) 37 months of inflation above 3%.
4) $2 trillion deficits.
5) $34.6 trillion NATIONAL DEBT - record
6) 600k full-time jobs lost in the last 12 months.

On the 31st of May:
👉🏽'Eurozone's inflation rose faster than expected in May ahead of ECB meeting. Overall CPI accelerated to 2.6% in May YoY, up from April's 2.4%. Even worse: downtrend in core inflation reversed w/core CPI ticked up to 2.9% in May from 2.7% in April. Analysts surveyed by Bloomberg had forecast that consumer prices would rise to 2.5% and predicted that core inflation would be stable.' Holger Zschaepitz

On the 2nd of June:
👉🏽S&P downgrades France’s credit score as the country’s general government debt will increase to about 112% of GDP by 2027 from around 109% in 2023.

🎁If you have made it this far I would like to give you a little gift:
The theme of this year’s Oslo Freedom Forum (OFF): Reclaim Democracy.
What is the Oslo Freedom Forum? The Oslo Freedom Forum (OFF) is an international human rights conference series hosted and produced by the Human Rights Foundation (HRF). Bringing together the world’s most engaging human rights advocates, journalists, artists, tech entrepreneurs, and world leaders, we aim to share their stories and brainstorm ways to expand freedom and unleash human potential across the globe.
Believe me...it's worth your time. Below you will find the link to their livestream.
https://www.youtube.com/watch?v=eMtqqP4X9Os&t=1239sOnly invest in Bitcoin what you can’t afford to have gradually stolen from you by the government.

#adoption
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🧠Quote(s) of the week:
'2024 is the year of Bitcoin mass adoption
- Bitcoin ETFs
- Bitcoin balance sheets
- Bitcoin nation state DCA
- Bitcoin elections' - Tuur Demeester

'Return of a version of "The Delirium of the Milliards":
1924 Berlin was expensive for Germans but very cheap for Americans with their (gold-backed) USDs.
2024 America is expensive for Americans but very cheap for Bitcoiners.' - Luke Gromen

'The US ETFs hold 840,000 Bitcoin ($58B). They have bought this in 4.5 months. During this period the Halving happened, Trump supported it, Yen is collapsing, and M2 has started to increase. If you don’t hold any BTC now I don’t know what to tell you.' -Bitcoin for Freedom

21st of May:
➡️'El Salvador crosses $400 million in Bitcoin holdings.
They are now $81 million in profit' - Bitcoin Magazine
The first governments that adopt Bitcoin as a treasury asset will have significant strategic advantages, and El Salvador is leading the pack!

➡️On this day whales accumulated $6.3 Billion worth of Bitcoin.

➡️Bitcoin ETFs bought 3520 BTC ($235m) yesterday (20th of May)
That's 8x ALL the Bitcoin mined. Supply & Demand people.

22nd of May:
➡️'Since adding Bitcoin to their balance sheet, Metaplanet has become the best-performing stock in Japan this week, being halted at a maximum daily gain of +50%for two days in a row.' - Bitcoin News

➡️450 Bitcoin ($31M) is mined every day. ETFs are buying between $200M and $300M of BTC every day. Are you paying attention anon?
For example, Jane Street Group manages 380 Billion Dollars and has 0.1% ($500m) sitting in Bitcoin ETFs. This ONE FIRM could send us to 100k Bitcoin by allocating 2%.
'The US Bitcoin ETFs now hold 850k BTC.
They have added 230k BTC since January 10th.
Only 105k BTC has been mined since then.
That means these ETFs ALONE have taken ALL freshly minted supply off the table, PLUS another 125k coins. They are on average eating double the new supply, every day.' - Hodlonaut
(Picture 1)

➡️The BlackRock Bitcoin ETF sees the biggest inflow in nearly two months with $291 million coming in today.

➡️Jack Dorsey on why Block got into making Bitcoin mining hardware:
"The reason why we want to build this is because it secures the network. It's not just about mining new Bitcoin. It's about validating transactions. And if we have a secure network, we have secure money. And secure money is something that people trust. Businesses can trust. People can trust."

➡️'BlackRock’s Bitcoin ETF officially overtakes Grayscale for the most assets under management.' -Bitcoin Archive

➡️'WisdomTree got FCA approval to list Bitcoin-backed ETPs for professionals on the London Stock Exchange. Launch expected May 28th.' - Bitcoin News

23rd of May:
➡️'Global bank Standard Chartered expects Bitcoin to break new all-time highs by this weekend and $150,000 price target by the end of this year.' - Bitcoin Archive

➡️'Xapo Bank becomes the first fully licensed bank to integrate the Bitcoin Lightning Network for deposits.' - Bitcoin Archive

➡️'In the past month, only ~6% of Bitcoin has moved—a level of HODLing behavior only surpassed once in October 2023, when Bitcoin was $27,000.
Despite being up 160% over the past year, hardly any coins are changing hands.' -Unchained

➡️Moody’s upgrades El Salvador's credit rating to Caa1 from Caa3. The outlook remains stable. This upgrade reflects a significant decrease in credit risks and a lower likelihood of liquidity stress. Other countries will follow the same path, for example Argentina. More on that below, see the news on the 27th of May.

➡️Bitcoin Whales have been on a WILD run.
+15k BTC in one week. (Picture 2)
Bitcoin's price is finding support from two key factors:
Long-term holders are not selling their Bitcoin as much as they were in March.
New whales are actively buying around $60K, suggesting this price point is a key support level. On top of that, we had a massive Bitcoin ETF inflow last week.

➡️"The easier it becomes to buy Bitcoin, the greater potential for financial disaster," says UK magazine The Spectator. (Picture 3+4)
Yes, that's the whole point! This reminds me of an anti-electricity cartoon from the past century: Same vibe, different day!

I am 100% sure they will blame the next financial disaster on Bitcoin / CrYpTo.

24th of May:
➡️Kenya and Marathon Digital Holdings signed a historic deal for monetizing underutilized energy across Kenya and jointly developing technology projects.
'A lot of energy is stranded and thus wasted.
It’s becoming more and more apparent to smart policymakers to make use of Bitcoin mining to put it to economic use.
Things like AI, hydrogen production, and so forth can’t go to all the remote bandwidth-constrained sites as well.' - Lyn Alden

'Bitcoin mining's future entails
- The development of more renewable energy that otherwise would have been unprofitable to monetize (geothermal in Kenya's case)
- Economically benefitting entire nation-state
- More geographic diversity of hashrate' -Daniel Batten

Bitcoin Mining is still an undervalued real-world use case of Bitcoin. It allows any excess energy anywhere to be used to produce a top-tier, high-demand, global digital asset that can be sold 24/7/365 anywhere on Earth.

➡️Bitcoin transaction fees are at their lowest since early November 2023, averaging $2.77.

➡️'BlackRock and Fidelity now own a combined 445,429 BTC worth $30.6 billion for their spot Bitcoin ETFs. These ETFs hold 231,029 more bitcoin than MicroStrategy.' - Bitcoin Magazine

➡️'This week an anon donated 3 Bitcoin to the Peer-to-Peer Rights Fund in support of the Samourai Wallet defense fund.' -Bitcoin News
Every contribution, big or small, makes a difference.
Donate here: http://p2prights.org

25th of May:
➡️4 years ago 1 BTC = $8,904
Today 1 BTC = $69,032
That's a 675% increase or 67% CAGR

➡️'Bitcoin hashrate moving average fell over 7% after hitting a peak of 633 Eh/s in the days following the halving.
However, there has been a steep rebound in hashrate moving average this week, rising from 586 Eh/s to 612 Eh/s.' - Bitcoin News

So a large increase in hashrate joins the Bitcoin network with the next difficulty adjustment anticipated to be between +5-11%. Ergo the hashrate is already exponentially rebounding post-halving. (Picture 7)

➡️ Donald Trump says "I will ensure that the future of crypto and Bitcoin will be made in the USA…I will support the right to self-custody to the nation's 50 million crypto holders."
He also mentioned commuting Ross Ulbricht's sentence. "He's already served 11 years. We're going to get him home."
First of all, stop conflating Bitcoin with snake oil. Yes, great news a major US presidential candidate committed to protecting the right to self custody.
May I remind everyone that Trump’s DOJ indicted Julian Assange under the Espionage Act, he didn’t free Ross when he was President, & he didn’t pardon Snowden.
Prove? For example Ross's case: https://www.thedailybeast.com/trump-considers-clemency-for-ross-ulbricht-silk-road-kingpin-convicted-of-drug-and-money-laundering-charges
Bitcoin, he was calling it 'A scam against the dollar': https://www.bbc.com/news/business-57392734.amp

'US BITCOIN ELECTION AGENDA
- Buy 2 million Bitcoin for US national reserves
- Guarantee Bitcoin self-custody rights
- Ban Central Bank Digital Currency
- Free Ross Ulbricht
- Pardon Ed Snowden
- Drop charges against Julian Assange' -Bitcoin Archive

It's crazy to consider how far we've come. Bitcoin is a major topic in the US election. Bitcoin is on the ballot in an increasing number of countries, even the most powerful ones. Other G20 countries have no choice but to follow & discuss Bitcoin. Bitcoin game theory has just started playing out. Gradually then suddenly every country.
'Satoshi was an absolute genius for making the halving year the same as the US presidential election.
I don’t believe it was a coincidence, the man understood incentives!' -BitVolt (Nico)

25th of May:
➡️Spot Bitcoin ETFs See Record Inflows for 9 Consecutive Days
Since the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January, these investment products have seen total net inflows of over $13.43 billion.

➡️Crazy stat: If you bought Bitcoin with your $1,200 stimulus check in 2020 you'd now have over $12,390. That's quite the return on investment innit? But most people didn't. Now compare that stat with the devaluation (purchasing power) of the US dollar over the same period.

27th of May:
➡️Argentina's Securities Commission met El Salvador's Digital Assets Commission to discuss its experience with Bitcoin as a legal tender.
“We want to strengthen ties with El Salvador and consider a collaboration agreement with them,” said CNV president Roberto E. Silva.

➡️'We have current sources within Greenpeace who have been leaking information to us about the 'change the code' campaign because while they believe in
Greenpeace's mission, they are

* not supportive of greenpeaceusa's campaign
* question the ethics of taking money from Ripple's executive chair Chris Larson
* think it is damaging the Greenpeace brand
* think either that there are bigger issues to fight, or that Bitcoin is a positive force for counteracting climate change. -Daniel Batten
Read the full thread here: https://twitter.com/DSBatten/status/1795128278493040830
TLDR: Eventually all will, also Greenpeace, bend the knee to the truth.

💸Traditional Finance / Macro:
24th of May:
👉🏽Nvidia stock, $NVDA, has officially joined the exclusive club of 250,000%+ in all-time returns.
$10,000 invested in Nvidia in 1999 is worth $25.3 million today.

👉🏽'The Group of Seven (G7) Finance Chiefs met in Northern Italy last week. The Discussion Agenda includes:
- Ukraine & The Handling of Russian Financial Assets
- The Role of AI in Finance
- The Global Economic Outlook
- Health Crisis Initiatives
- and International Taxation Policies
Yet, one important topic seems to have been overlooked and is not on the agenda. Again. Global Debt!' -James Lavish
More on the Debt part below segment Marco/Geopolitics.

On the 20th of May:
👉🏽'Further evidence that inflation is accelerating: The McChicken at McDonald’s is up 201% between 2019 and 2024.
The average price increase across the 5 following items is 141%:
- Medium French Fries
- McChicken
- Big Mac
- 10 McNuggets
- Cheeseburgers

But hey CPI says we only have like 2-3% inflation right? As it turns out money printing is a huge factor.
My advice, stop eating garbage.

👉🏽A million seconds ago was May 8th
A billion seconds ago was 1993
A trillion seconds ago was 30,000 B.C.
The US national debt is now rising by $1 Trillion every 100 days

Now time is scarce, just like Bitcoin. Money's value changes every day. It's getting worse every day as well.

👉🏽Please check the following tweet by Craig Chapiro. The cliff is imminent, not because we as a Bitcoin community are saying it, no because the current financial system is saying it. Even the best-case scenarios (low likelihood compared to mean/worst-case scenarios) proposed by the CBO (Congressional Budget Office) put debt to GDP ratios at +115% by 2025.
That is if everything going perfectly. So no pandemics, no wars, no problems, nonnada niente. (Never gonna happen). Once debt/GDP exceeds a certain threshold (we already passed that), a self-sustaining debt spiral is created. Just like the Dutch Empire and the UK Empire witnessed once before.
https://twitter.com/ces921/status/1793296740050726972

Now I am not saying the US (empire) will fall shortly. I am just saying, 'that America's debt has risen from $10 trillion to ~$35 trillion in the time since Bitcoin was created.
That's an increase of 250% since Satoshi launched the code to the world.
More US debt was issued in the last few years than in America's first few hundred years.'
We have seen that pattern before...
Again, the cliff is imminent.

On the 22nd of May:
US Senator Cynthia Lummis says "We are building a pro-crypto army in Congress."
Congressman says CBDCs "threaten to destroy the American way of life. Unlike decentralized digital assets such as Bitcoin. The political landscape has changed in the US.
The next US election will be the first Bitcoin / CrYpTo election in history. More on that further on...
Eventually, Bitcoin is a Trojan Horse, Bitcoin is inevitable and the true path to (financial and maybe also privacy) freedom. Politicians will see the light, maybe at first only because they need votes (again more on that down below, the Trump part) but in the end, they will see the light.

On the 23rd of May:
👉🏽CHINA: Gold Trading Explodes 400% Higher!
- China's central bank bought more than 225 tonnes of gold in 2023.
- Gold price broke a 15-year record recently.

👉🏽'The US Composite PMI, reflecting business sentiment across the Manufacturing and Services sector, spiked to 54.4 in May, the highest level in over two years!' -Jeroen Blokland

👉🏽'30-year US Treasuries are on track for their 3rd worst annual return since 1919.
30-year Treasuries have declined by ~15% year to date after a slight gain of ~2% in 2023.
Over the last 105 years, only 2009 and 2022 have been worse for long-term treasuries.
Meanwhile, $TLT, a popular bond-tracking ETF has plummeted by 40% over the last 4 years.
Year to date, $TLT has fallen by another 6% as 4 interest rate cuts have been priced out from market forecasts. No one wants bonds anymore.' -TKL

On the 24th of May:
👉🏽'US national debt hit a new record of $34.6 trillion in April, up by $1.6 trillion since September 2023.
Total US debt has increased by 47% or $11 TRILLION in just 4 years.
In other words, there is now $267,000 of Federal debt for every US taxpayer.
US debt is on track to DOUBLE in just 8 years, rising from $20 trillion in 2017 to $40 trillion in 2025 if the current pace continues.
Meanwhile, annual interest expense could reach $1.6 trillion by the end of the year if the Fed leaves rates unchanged.' -TKL

For the first time in the history of the United States, interest payments will likely overtake defense spending in 2024. Yikes!

More US data:
👉🏽'New Fed data highlights consumer weakness:
52% of US adults could not handle a surprise bill of at least $2,000 using savings in 2023, the highest share since 2020.
42% of these people could not even cover a $1,000 surprise expense, according to a Fed survey.
Shockingly, almost 1 in 5 respondents could only afford an expense of below $100.
17% of surveyed Americans also said they did not pay all their bills in full in the month before the survey.
Meanwhile, 28% of adults financially struggled last year, the largest share in 7 years.' -TKL

On the 25th of May
👉🏽'Canada is having lots of fun with money printing.
The trend from 2000 - 2020 was a 6.89% compound annual growth rate (CAGR).
The trend from 2000 - 2024 is 8.18% CAGR. Your dollars are losing purchasing power faster lately.
Your Canadian dollars are now losing purchasing power 18.73% per year faster than 2000-2020.' - Tom Karadza
CAD is like a melting ice cube! And may I remind you that Canada is a G7 nation!

👉🏽 'The price for unlimited money printing by governments.' - CarlBMenger
(Picture 5) The debt problem is exponential, not linear.

On the 27th of May
👉🏽European Central Bank to cut interest rates in June.
“What we see right now is enough to remove the maximum level of restriction, equal to 4%.
Data over the coming months will help us determine the pace of further easing,” says ECB chief economist Philip Lane.

As mentioned before in my Weekly Recap I think we will see a rate cut by the Fed in Q4 / after the elections. Meanwhile is doing Yield Curve Control with treasury buybacks. Rate cuts are imminent. Ergo, more liquidity, more printing. Prices go up.

🎁If you have made it this far I would like to give you a little gift:
Great interview and worth your time/watching.
'Highly recommend this podcast, specifically to hear Saylor's views on changes to bitcoin, how important extreme conservatism is + how much thought should go into several orders of the derivative consequences & impact for all stakeholders, critical to benefit/risk calculus' -Parker Lewis

WBD817 - Bitcoin is Forever Money with Michael Saylor. They discuss:
- Balancing economics, ethics, & engineering
- Sound money, ossification, & sovereignty
- Funding Bitcoin development
- Bitcoin winning the political war.

https://www.youtube.com/watch?v=lwmyaxpJwocOnly invest in Bitcoin what you can’t afford to have gradually stolen from you by the government.

#adoption
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This is an extended Weekly Recap version (6th of May - 20th of May). I hope you enjoy it.

6th of May:
➡️'South Korea's new government will vote to allow spot Bitcoin ETFs in June.' - Bitcoin Archive

➡️$130B wealth manager Hightower just reported owning $68m of Bitcoin through 6 ETFs.
➡️'The US government holds ~212,847 Bitcoin as of April 2024' - Bitcoin News
MicroStrategy, after their latest purchase, now owns more Bitcoin than any country in the world.

7th of May:
➡️Bitcoin exchange inflow hits lowest level since 2015 at 20K BTC. You might wonder if this all has to do with the offramps closing or if people just have 'diamond' hands.

➡️'$429 BILLION asset manager Susquehanna International just reported owning $831M Bitcoin across 10 ETFs! The biggest ownership of Bitcoin ETFs reported to date.'- Thomas Fahrer
Their total ownership is ~$1.2 BILLION, including +$1b in GBTC.

➡️Arkham identified a new US government wallet containing 3,940 Bitcoin ($251M) seized from drug dealer Banmeet Singh in a January hearing.

8th of May:
➡️Argentina to mine Bitcoin using stranded gas with 1,200 Bitcoin mining machines - Forbes
Bitcoin miner Genesis Digital Assets Limited partners with Argentina's YPF Luz to build a Bitcoin mining facility in Neuquén powered by wasted gas from oil fields.
This is the first of its kind in Argentina and turns a pollutant into a valuable energy source.

➡️New research backs up every single major claim of the energy & environmental benefits of Bitcoin
Bitcoin for methane mitigation:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4810964

Bitcoin for renewable buildout:
https://www.mdpi.com/2078-1547/14/3/35

Bitcoin for grid balancing
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4634256

➡️'Hong Kong firm Monolith Management, founded by ex-Sequoia China exec Cao Xi, revealed a $24M investment in BlackRock's Bitcoin ETF IBIT. This is their 5th largest holding, exceeding their Meta stake by double.' - Bitcoin News

➡️ Bankrupt FTX to pay customers $15 billion in recovered cash - CNBC
'FTX is not paying customers in "FULL" as reported.
Bitcoin is up almost 4x since hitting a $15.5K low in the bear market and is now just above $62,000.
FTX will compensate customers in US dollars at prices set during the bear market, not like-for-like in assets stolen.' -Radar

9th of May:
➡️The US House has voted to repeal the SEC ruling that blocks financial institutions (trusted custodians) from holding Bitcoin for their customers.

➡️Biden Admin would veto proposed legislation that would allow highly regulated financial firms to custody. Joe is completely out of touch and is driving entrepreneurs out of the US.
Congressman Hill criticizes Biden for a veto threat that will effectively ban banks from holding Bitcoin for customers. “Holding reserves against the assets held in custody is NOT standard financial services practice.” "The Biden Admin's SAB 121 is misguided and should be nullified."

➡️European regulator considers allowing Bitcoin exposure to be added to the $12 TRILLION market for UCITS. UCITS are almost 2x bigger than US ETFs!

➡️$570B insurance giant MassMutual reported owning Bitcoin through the Grayscale ETF.
MassMutual bought $100m Bitcoin for its balance sheet in 2021 and was founded in 1851.

10th of May:
➡️Boston-based Bracebridge Capital owns over $307 million worth of Ark’s Bitcoin ETF. In total, they owe $433m in Bitcoin through ETFs. ($100m Blackrock, $26m Grayscale). They went wild basically.
➡️PNC Bank has $10m in Bitcoin ETF exposure across 6 ETFs, per SEC filings. PNC is the 8th biggest bank in the US.

12th of May:
➡️An old Bitcoin wallet from 2011 just moved $30 Million worth of BTC. The owner of the wallet hodled all the way from $2 to $61000.

➡️Over 2,000 investors from mainland China attended the Bitcoin Asia conference in Hong Kong. Total attendance: 5,500 - South China Morning Post.

13th of May:
➡️Japanese public company Metaplanet released a white paper on their Bitcoin corporate treasury strategy.

➡️Switzerland's biggest bank UBS owns the BlackRock Bitcoin ETF - SEC filing

➡️El Salvador released a new website that tracks their Bitcoin Treasury. This allows users to view the Salvadoran government's BTC transactions and holdings in real time, enhancing transparency and enabling public auditing of these investments.
El Salvador is buying 1 BTC every day. DCA strategy is the way.
Find El Salvador's bitcoin treasury information here: https://bitcoin.gob.sv/nl/
Survival of the fittest and game theory are well underway. Just imagine if we had this kind of transparency to all government treasury.
https://btctimes.com/el-salvador-reveals-website-to-monitor-360-million-bitcoin-treasury/

More on El Salvador: They mined nearly 474 Bitcoin worth $29 million using volcano-fueled geothermal power in the last three years, Reuters reports.

➡️'A solo miner just mined a block worth 3.319 Bitcoin ($203,000)
The odds of this happening are less than 1 in 1,000' - Thomas Fahrer

➡️'On the 13th of May two Bitcoin wallets, which had been dormant for over 10 years, transferred a total of 1K BTC ($60M). These wallets originally purchased Bitcoin in September 2013 at $124 per Bitcoin.' -BitcoinNews

➡️Ethereum has spent three years above 0.05 BTC.
It's currently breaking down and ETH/BTC is testing its lowest levels in three years. Gotta love it!

➡️'Vanguard and Blackrock have increased their MSTR (MicroStrategy) positions in Q1 2024 by 619,550 shares (28.5% increase over Q4, 2023). Watch what they do, not what they say!' -Jeff Punter

14th of May:
➡️A Wisconsin State Pension Board announces a Bitcoin ETF purchase. They bought $99M of IBIT Bitcoin ETF and became the first state institution to go public with spot Bitcoin ETF holdings.
Believe me, things are warming up! It's only a matter of time before every single state pension fund makes the same move.
Michael Saylor: "There are thousands of pension funds in the United States managing ~$27 trillion in assets. They are all going to need some Bitcoin.

To put this in perspective, the ~27 trillion in assets is more than 2x bigger than Blackrock or roughly equivalent to all the USD in the world.

Why this is important:
Industry paper "Pensions & Investments" interviews Bloomberg's Eric Balchunas on Wisconsin investing into the Bitcoin ETFs: “Pensions are probably the hardest investor type to land,” who likened it to “landing a sailfish.”
Pensions are “very picky, they have access to everything and usually it takes a while for them to bite,"
“And so, the fact that (they) bit that quickly, is just a good sign,” he said.

➡️Oklahoma has become the first State to codify the rights of its citizens to run a node, to mine, and to self-custody their Bitcoin.
Gov. Kevin Stitt put Oklahoma at the forefront of Bitcoin legislation by signing HB3594 into law. (Picture 1)
https://decrypt.co/230962/bitcoin-self-custody-right-law-mining-oklahoma
or read the following note/tweet by Dennis Porter:
https://twitter.com/Dennis_Porter_/status/1790529917199003836

15th of May:
➡️@21bitcoin , a great app to buy Bitcoin with, has acquired an additional 1.00295 BTC for ~€57,000 using proceeds from its operational business & excess cash for ~€56,605 per Bitcoin.

➡️Bitcoin reserves at Coinbase gets drained, currently at ~267k, down from 418k early 2024.

➡️Morgan Stanley reporting to have $243M in Bitcoin Spot ETF.
Source: https://www.sec.gov/Archives/edgar/data/895421/000089542124000355/0000895421-24-000355-index.html

➡️Toronto Dominion Bank has Bitcoin ETF exposure, per SEC filings. Canada's second-largest bank!

16th of May:
➡️'Cornell's BTPI announced a $1M project to research the relationship between Bitcoin and financial freedom across multiple countries.' -Lyn Alden
https://news.cornell.edu/stories/2024/05/btpi-will-research-relationship-between-bitcoin-and-financial-freedom

➡️The world's largest futures exchange CME Group, to launch Bitcoin trading.

➡️'Top Bitcoin ETF Holders of Q1 (updated):
1. Millennium Management ($1.8B)
2. Susquehanna ($1.1B)
3. Bracebridge ($404m)
4. Boothbay ($303m)
5. Morgan Stanley (~$251m)
Bitcoin ETF holders bought $10 billion in Q1. Nearly all of that was in the USA' - Thomas Fahrer
(Picture 2)

➡️'Bitcoin ETFs bought 11,188 BTC, ~5x more than estimated mined Bitcoin.' -BitcoinNews

19th of May:
➡️Someone just moved 16,445 Bitcoin (over $1.1 billion worth) on a Sunday for $7.32.
Mempool tags the transaction as "Overpaid 2x", meaning they could have gotten into the block for only $3.66 in fees.' -BitcoinNews

➡️'17.38% of all Bitcoin has not moved in over 10 years. This is up from 16.1% at the start of 2024.' -BitcoinNews

💸Traditional Finance / Macro:
8th of May:
👉🏽 The following thread is a good one by Sam Callahan: https://twitter.com/samcallah/status/1788015909497385409
'According to Nasdaq's Global Financial Crime Report, $3.1 trillion in illicit funds flowed through the traditional financial system last year alone. As in good old-fashioned dirty fiat flowing through dirty banks.'

3 things out of this report: https://nd.nasdaq.com/rs/303-QKM-463/images/2024-Global-Financial-Crime-Report-Nasdaq-Verafin-20240115.pdf

1. $3.1 trillion illicit through the traditional financial system.
2. Bitcoin is not even mentioned in the report as an issue.
3. KYC/AML policies have no measurable impact on stopping illicit transactions.

There is a lot of bluster from policymakers about the effectiveness of KYCL/AML. Does anyone know what's the process to implement metrics to measure the effectiveness of these KYC/AML policies?
Anyway, Bitcoin is the problem in our 'financial' world...right?

👉🏽Google, Facebook, Microsoft, and Amazon Web Services used 90 terawatt-hours of electricity in 2022, which is more than the country of Colombia - JPMorgan Chase
But noooo, Bitcoin is using way too much energy, innit?

👉🏽'MSCI just announced it is adding Microstrategy, Pure Storage, and Emcor to the MSCI ACWI Index along with a bunch of other adds/drops. Pretty big deal as ACWI has a little over $4T benchmarked to it. Popular with institutions.' - Eric Balchunas

👉🏽Salim Ramji will be the new Vanguard CEO. He used to head up BlackRock's global ETF business. First time ever Vanguard hired an outsider as CEO. Every other one was an internal star and former Bogle assistant.
Remember when we were assured that firing an old CEO had NOTHING to do with Bitcoin? You don't change Bitcoin, Bitcoin changes you!"

👉🏽‘The Big Short’ Michael Burry has bought a physical Gold ETF, which, at 7.4%, is now the 5th largest holding of his portfolio. Number six is Block (formerly Square), which recently announced a DCA program to boost its Bitcoin holdings further.
You see where I am going, right?' - Jeroen Blokland

🏦Banks:
👉🏽Goldman Sachs has appointed Robert Kaplan, the former president of the Federal Reserve Bank of Dallas, as its vice chairman.
Kaplan made multiple million-dollar trades in individual stocks and options in 2020.
Then, the Fed slashed interest rates and launched lending and liquidity programs that helped prop up the financial markets.
He quit due to the trades and the conflicts.
After, the Fed itself instituted new trading rules that prohibit officials from owning stocks, bonds, and crypto.' -Unusual Whales

Really! They must abolish the FED as they are not government entities. The Fed speeches are an orchestrated propaganda campaign designed to sustain confidence in a money system backed by nothing but confidence. Just one big revolving door of club members, good old business as usual.

👉🏽The GFC bailout looks like just a blip on the radar vs what the Fed is doing today to support the banks with liquidity via loans/facilities.
And we wonder why the market is up.
This chart blew me away. (Picture 3)

Ergo: The banking system broke in 2023

On the 6th of May:
👉🏽'Most people have never seen this chart before.
The S&P 500 grows with the global money supply.
The S&P 500 is a way to concentrate wealth with the wealthy.' (Picture 4)

👉🏽Big Mac went from $0,50 to $8 and lost 40% of its since from 1980 - 2024.
'Further evidence that inflation is accelerating:
US labor costs in the last quarter rose by the most since Q1 2023.
The employment cost index is a broad measure of labor costs closely watched by the Fed.
The index surged by 1.2% in Q1 2024 after a 0.9% increase in Q4 2023, beating all expectations, according to the BLS data.
Labor costs are rising at a comparable pace to mid-2022 when inflation in the US was above 9%.
Wage pressures are accelerating.'- TKL

Inflation and years in which your purchasing power is halved:
2 % 35 years (The goal)
4 % 17 years (Officially we here)
7 % 10 years
10 % 7 years
14 % 5 years (In truth)
17 % 4 years
20 % 3.5 years

Inflation is theft. Bitcoin fixes this

On the 7th of May:
👉🏽US manufacturing and services employment has simultaneously contracted for 3 consecutive months. Over the last 20 years, this has happened ONLY twice, during the 2020 pandemic and 2008 Financial Crisis.
More than 800 companies from the manufacturing and services sectors claim that employment is falling. Meanwhile, according to US jobs data, the US job market has never been stronger. Data indicates that the US has added 100,000+ jobs in 40 straight months, the best streak in US history.

Another disconnect between data and reality.

👉🏽'Within a decade European Union lost about 120 Billion $ in annual foreign direct investment and the US gained about 90 Billion $ per year, but hey let’s regulate AI and introduce a four-day workweek. What needs to happen for European politicians to wake up?'- Michael A. Arouet

Remember this: regulation = uncompetitiveness = wealth migration
Just for clarification, I don't mind having regulations for AI. A vast majority of key experts see existential risk in using AI. But as always the EU is overregulating.
source: https://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?end=2022&locations=EU-US-CN-GB&most_recent_year_desc=false&start=2022&view=bar

More data on this topic. Germany's real household consumption per capita has not recovered from the pandemic and remains weak; household consumption in the US has grown much faster.

Q4 2019-Q4 2023 : -3.4%; Germany +9.0% US

On the 8th of May:
👉🏽US and Japan reportedly agree on FX intervention.
Ergo: The Fed has to open a swap line and flood them (Japan / The World) with dollars.
By doing that they will bail out nation-states and further increase global liquidity.
For more info on this topic, I highly recommend the following article:
https://www.zerohedge.com/markets/japan-now-caught-doom-loop

👉🏽Argentina to print its first 10,000-peso note as a result of hyperinflation.

On the 9th of May:
👉🏽US net interest payments as a percentage of federal revenues are set to reach 34% by 2054.
This means that a third of all government revenue would be spent only to service the national debt.
Over the past 8 years, the percentage has already doubled to ~15% and is at its highest in 3 decades.
Meanwhile, nominal annualized interest payments have crossed above $1 trillion for the first time ever.
We could see $1.6 trillion in annual interest expense by the end of the year if the Fed leaves rates steady.
The US government needs lower interest rates more than anyone.

On the 11th of May:
'Shocking stat of the day:
$2.1 TRILLION of excess savings have been wiped out of the US economy since August 2021.
From March 2020 until August 2021, $2.1 trillion in excess savings were built up after $4 trillion of stimulus.
Since then, US households have depleted these savings at a pace of ~$70 billion per month down to -$72 billion in March 2024.
At the same time, US credit card debt has risen by $330 billion to a record $1.1 trillion.
Meanwhile, savings rates in the US declined from 3.5% in February to 3.2% in March, the lowest since November 2022.
Savings are now considered a luxury.' - TKL

On the 12th of May:
👉🏽That‘s the most scary chart I have seen in a while. Unfunded pension entitlements in major European countries are between 300% and 500% of GDP. Mixed with collapsing demographics it’s a recipe for debt disaster. (Picture 5…Unfortunately I can’t share more than 5 pictures on Nostr via Primal, see the article on my website)

👉🏽Data shows that the number of people in the US working 2 full-time jobs is at an all-time high.

On the 13th of May:
👉🏽'Official world gold reserves have reached 1,170 million fine troy ounces, the most since the 1970s.
Over the last 13 years, world central banks' gold holdings are up roughly 21%.
Global gold reserves are now even higher than just before President Nixon broke the US Dollar's link to gold in 1971.
In 2022 and 2023 alone, world central banks bought 1081 and 1037 tonnes of gold, respectively.
Meanwhile, gold is up 15% year to date and 85% over the last 5 years.' -TKL

👉🏽Janet Yellen admits that higher interest rates make the "fiscal challenge" worse. By fiscal challenge, she means the massive deficit, $34 TRILLION debt and it is (too) expensive for the US government to pay its debt at the current interest rate.
FYI: Bloomberg reports the Treasury Department paid '$2 million per minute' in interest to debt holders in March.
In the near future, this will be $2 million per second.

Her colleague in Canada mentioned the following:
👉🏽The governor of the Central Bank of Canada, Tiff Macklem issued a warning of the financial collapse of the fiat system:
“The valuations of some financial assets appear to have become stretched. This could increase the risk of a sharp correction that could generate system-wide stress.”

👉🏽The BLS, Bureau of Labor Statistics is a unit of the United States Department of Labor, is removing coffee prices from CPI inflation data. Since Q3 2023, coffee prices surged 78%. More fiat manipulation games are at play.
Meanwhile Coffee is down 72% over 5 years in Bitcoin terms, and it is up 129% in dollar terms. Go figure!

On the 15th of May:
👉🏽US core inflation came out in line with expectations, down to 3.6% y/y from 3.8%
The last time Core CPI was 3.6% the Fed funds rate was 0.08% and a rate hike was a year out.
Today it’s 5.33%. The US Inflation Rate has now been above 3% for 37 consecutive months, the longest period of high inflation since the late 1980s/early 1990s.
1. This means that these inflation numbers are building on multiple years of already inflated prices.
2. This means that overall prices are up over 19.5% in less than 4 years.
1. That is an average of 5.5% per year effectively wiping out ONE FIFTH of the US Dollar's purchasing power. Inflation is now building on previous years of inflation; we effectively have compounding inflation.

In other words, one year ago, the inflation rate dropped to 3% and has averaged 3.3% since then. At this rate, the USD will lose 48% of its purchasing power over the next 20 years.
That's all you need to know. Buy Bitcoin.

👉🏽Treasury bonds have experienced their greatest four-year loss in over 100 years from April 2020 through the recent lows. (Picture 6, Unfortunately I can’t share more than 4pictures on Nostr via Primal, see the article on my website)

Are we shifting from inside money (treasuries) to outside money (hard money like gold or Bitcoin)?
Central banks are buying TWICE as much gold as before.

ETFs are buying 4.5x more Bitcoin than is being MINED/
It's the era of hard money, and there is no second best:
Bitcoin

🎁If you have made it this far I would like to give you a little gift:
"In modern times, our money has been broken, because it has been centralized, closed, and corrupted in 160 different ways

If we’re going to fix it in the digital age, a powerful method would be to make it more decentralized, open, and transparent so that it can strengthen people as individuals while at the same time shattering the financial silos that separate us
With open-source money, anyone can hold it, anyone can send it, anyone can bring it with them, anyone can build new technologies that make it better, and everyone across borders can be connected by it"
Impossible not to be bullish on the future after watching Lyn's masterful video
Fix the money, fix the world - Alex Gladstein

Or to put it in Lyn Alden's words:
'I produced a half-hour animated overview of the Broken Money subject matter.
It covers the history of money, the development of banking, and how new technology changes the way we interact with money over time.'
https://www.youtube.com/watch?v=jk_HWmmwiAs
On top of that the latest newsletter by Lyn Aldens, discusses money-printing, price inflation, and the bond market's inability to forecast it.
https://www.lynalden.com/may-2024-newsletter/

#adoption
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 MSCI has added 42 securities, including Microstrategy, to the MSCI Global Investable Market Index.

Your friends, colleagues and parents will ‘own’ Bitcoin and they even don’t know it. 🤣

Gradually, then suddenly!🧡

Study, learn, hodl, decouple.
#bitcoin                    🧡
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My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀⠀⠀⠀⠀
Felipe - BitcoinFriday

#zap                      🧡   #nostr                        #BTC                       #Bitcoin                      #plebchain                         #grownostr    #stacksats #bitcoineducation #adoption
https://m.primal.net/IGqj.jpg

 Due to some personal stuff,
No weekly recap this week.🧡

Study, learn, hodl, decouple.
#bitcoin                   🧡
▃▃▃▃▃▃▃▃▃▃▃▃▃▃

My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀⠀⠀⠀⠀
Felipe - BitcoinFriday

#zap                     🧡   #nostr                       #BTC                      #Bitcoin                     #plebchain                        #grownostr    #stacksats #bitcoineducation #adoption 
https://m.primal.net/IGlk.jpg

🧠Quote(s) of the week:
'Replacing the failed illegal, immoral, illegitimate Ponzi scheme called the US$ is already happening. In case you missed it, the US$ is at least 2 years into an unwinding debt/death spiral that cannot be stopped. Bitcoin replaces the greatest fraud in human history. Period.
The world is moving away from fiat currencies that can be printed and confiscated. While central banks embrace the old (gold) or create a new (digital) fiat-currency (CBDC), I hope the people will be embracing the future with Bitcoin' -Bitcoin Friday

'Over the last year, the US Government borrowed approximately $99,802 per second.' -James Lavish

29th of April:
➡️'A solo miner just mined a block worth 3.433 Bitcoin worth $218,544.
The odds of this happening are around 1 in 5,000.' - Bitcoin Magazine

30th of April:
➡️'Hong Kong Bitcoin ETFs were predicted to have $300 million inflows on the first day.
Instead, they merely had $11m in total trading volume.'
This is in comparison to the $655 million in first-day cumulative volume for the US-based Bitcoin ETFs.

For me, the whole Hong Kong Bitcoin ETF was already way overhyped, but liquidity is liquidity, supply & demand is supply & demand. It is still a demand that wasn't there before, Bitcoin is a global asset. A bit further in this segment, you will see that the Hong Kong ETF is catching up though.

➡️If you are a lawmaker, think tank, or policymaker, take a look at this important resource from Satoshi Action. Their latest paper, "Promoting State Financial Innovation: Enhancing State Banking Powers," delves into the federal government's control over the banking sector and explores potential strategies to counteract these challenges:
https://www.satoshiaction.io/debanking
Thread: https://twitter.com/Dennis_Porter_/status/1785343073490284780

➡️ Coinbase rolled out Bitcoin Lightning Network integration.

➡️'Nasdaq-listed Alliance Resources, a $2.8b coal mining company, is mining Bitcoin and currently holds 425 Bitcoin on its balance sheet. The company has additionally adopted the new FASB accounting standards for its holdings.' -Dylan LeClair
I am not surprised though, this is just inevitable. Any energy company should follow suit if they have a surplus of energy (stranded energy) you can convert (monetize) that instantly and profitably into cash for your balance sheet. The new FASB standards allowing fair value accounting for Bitcoin will encourage greater adoption.

2nd of May:
'MicroStrategy launches an enterprise platform for building decentralized identity applications on Bitcoin — MicroStrategy Orange.
The Bitcoin Inscription DID method (did:btc) uses inscriptions in witness data to store and manage DIDs, leveraging UTXOs for DID control.' - Dylan LeClair.
"The Bitcoin Inscription DID method (did:btc) uses the Bitcoin blockchain exclusively to store and retrieve DID information. UTXOs on the chain are used to control DIDs. Inscribing data in the witness of transactions allows for greater extensibility and verbosity when creating DID documents while reducing fees and block space consumed."
Source: https://microstrategy.github.io/did-btc-spec/
Personally, I think it is interesting to see MicroStrategy beginning to deploy products for Bitcoin. If that's a good thing, dunno, I am not a programmer. But this sounds and feels like Nostr, so why not just use Nostr...?

➡️'Jack Dorsey announces that each month Block will be DCA'ing 10% of their monthly gross profit from Bitcoin products into purchases of Bitcoin for investment.
They plan to purchase Bitcoin on a monthly cadence utilizing TWAP orders, starting April 2024.' -Bitcoin News

➡️Senator Cynthia Lummis dares the US Department of Justice about Bitcoin self-custody.
"COME AND TAKE IT"
Power move, your keys...your coin!

➡️ Sovereign wealth funds, pension funds, and endowments will start trading Bitcoin ETFs in the coming months - BlackRock's Head of Digital Assets

3rd of May:
➡️'Bitcoin is at 4.7% world adoption, this is the same as Jan 1999 for Internet Adoption.
You are still early... and that's backed by the best data available.'
This is using the latest data available across many studies. See: https://woocharts.com/bitcoin-total-users/…
- Willy Woo

➡️'Hong Kong asset manager Yong Rong just reported owning $38m of BlackRock’s Bitcoin ETF.
The largest holding by an asset manager in quarterly filings so far.' - Eric Balchunas

➡️Jack Dorsey pens a letter to shareholders of Block, explaining "why the hell [the company] is spending so much time on Bitcoin. (Picture 2)

4th of May:
➡️More on Jack Dorsey, whether you like him or not, Bitcoin is powered by philanthropy, not VC funds.
'OpenSats has received an additional donation of $21M from startsmall - Jack's philanthropic initiative.
$15,000,000 going to our General Fund.
$5,000,000 to our Nostr Fund.
$1M to our operations budget.'

This is what 'putting your money where your mouth is' looks like. This is massive and extremely generous. A+ for supporting Bitcoin development and Nostr (open protocols).

➡️ 'Last week on Friday marked the first time none of the Bitcoin ETFs saw negative flows.
In fact, GBTC saw over 4X in the inflows of BlackRock.' - Bitcoin News

5th of May:
➡️'Total Bitcoin held on exchanges has fallen by 360,000 ($22.9B) over the last year. ' -Thomas Fahrer

6th of May:
➡️'Bitcoin whales accumulated 47K Bitcoin in the past 24 hours. We’re entering a new era," CryptoQuant CEO Ki Young Ju said on Saturday.' - Bitcoin News

➡️Today an old wallet from 2011 just moved $44 Million worth of BTC. The owner of the wallet hodled all the way from $2 to $65000.

➡️Hong Kong's new spot Bitcoin ETFs attract $230M in assets under management (AUM) during their first week.

China AMC was the most successful with $116M, followed by Bosera International & HashKey Capital at $57M, and Harvest Global Investment also at $57M.
➡️ 'Bitcoin has officially processed over 1 BILLION transactions all time.' -Pete Rizzo (foto)

💸Traditional Finance / Macro:
👉🏽 Berkshire Hathaway’s cash pile reached a new all-time high of $189 BILLION in Q1 2024.
This is a $19 billion increase from their cash balance seen in Q4 2023 and a 70% increase in cash since 2022. To put this in perspective, Berkshire Hathaway’s cash balance is larger than the market cap of Starbucks and Target combined.
When asked about this, Warren Buffet said "I don’t mind at all, given current conditions, building our cash position." - TKL

🏦Banks:
👉🏽no news

On the 30th of April:
👉🏽'Current US Debt is 34.7 trillion.
To give an idea of how big that is, if you stacked $1 bills, you would have enough money to stack from here to the moon 9.86 times.

The math below for the data geeks:
The thickness of a US dollar bill is 0.0043 inches.
Average distance to the Moon: 384,400 km.
1 inch = 2.54cm so 1000 dollar bills stacked is 0.0043x2.54x1000 = 10.922cm
so 100,000 is 10.922m
so 100,000,000 is 10922m (10.92km)
so 100,000,000,000 (100 billion) is 10922 km
so 1,000,000,000,000 (1 trillion) is 109,220km
so 34.7 trillion is 34.7x109,200 = 3.790million km =
9.86 trips to the moon.'

9 times people, too big to comprehend and everyone just thinks: 'Oh well. Doesn't affect me.'
The debt will get bigger & bigger and the Ponzi scheme will keep going as long as citizens stay uneducated regarding Monetary History and what money is. The fall of empires (the Romans, the Dutch, the UK, and now the US) is directly correlated to the debasement of money.

On the same day...
👉🏽US TREASURY SECRETARY YELLEN: I AM CONCERNED ABOUT WHERE WE'RE GOING WITH THE US DEFICIT.

The main question should be...at what point are they alarmed or panicked? And when the shit is hitting the fan are they going to warn you?
Just a thought.

1st of May:
👉🏽'The US economy LOST 192,000 jobs in Q3 2023, according to the BED report released by the BLS last week.
BED data tracks quarterly changes in employment at all private businesses in the US economy.
Meanwhile, US nonfarm payroll data showed that the US labor market added 494,000 new jobs in Q3 2023. This is a WHOPPING 686,000 difference in job count over just one quarter.
The BED data from the BLS suggests that the final labor market revisions released in 2025 will be MUCH lower than the headline-reported job numbers.'- TKL

TLDR: The numbers are fake. What is happening is outright data manipulation and nobody gaslights harder than the government... apparently or they aren't capable enough. Pick one.

'US Treasury announces first treasury buyback operation since 2002
The US Treasury is launching its first buyback program since 2002, scheduled to start on May 29, 2024. The program is designed to improve liquidity in the Treasury market and is expected to run through July 2024. During this period, the Treasury plans to hold weekly liquidity support buybacks of up to $2 billion per operation, with up to $500 million allocated for TIPS (Treasury Inflation-Protected Securities). This initiative aims to ensure the Treasury market remains the deepest and most liquid in the world, addressing concerns about market functioning and resilience.' - MartyParty

IMO: This is a bank bailout. Treasury QE is on its way.

3rd of May:
👉🏽M2 Money Supply has flipped positive. (Picture 3)
The last time M2 increased, the Bitcoin bull market ripped.

👉🏽Everyone and their mother is talking about unsustainable US fiscal deficit and debt.
Take a look at off-balance-sheet pension entitlements in Southern Europe at 500% of GDP. Combined with collapsing demographics it’s a severe debt crisis in the making. What’s the solution? (Picture 4)

Why Bitcoin is my pension. Well, most of the people in my generation understand that the pension system is a Ponzi scheme. The boomers enjoy on average 1800 €/month pension. My generation might get even more in nominal terms in 20 years, but the real purchasing power of those future pensions is weak to at least. With Bitcoin, my purchasing power is getting better and better. As a European with kid(s)...the solution is leaving at some point before the collapse because they probably will port over the Dutch pensions into the European ones. The question is though, where? With Bitcoin, I will grant myself and my family some optionality.

👉🏽"This is absolutely priceless. And probably the most frightening clip you'll ever watch on the people in charge of the US economy.

Jared Bernstein is literally the Chair of the Council of Economic Advisers, the main agency advising Biden on economic policy, and he can't even explain why governments borrow money in the currency they print out of thin air.
https://twitter.com/RnaudBertrand/status/1786277466824466896
It's a clip from the award-winning documentary "Finding the Money". - Arnaud Bertrand
Honestly one of the best motivational speeches for Bitcoiners I’ve ever seen. When this is all said and done everyone will agree once again that fiat money is a Ponzi and pretend like they held that opinion the entire time. If this video doesn’t convince you to buy Bitcoin you’ll never understand it.

4th of May:
👉🏽'The cost of buying a home in the US rises to $2,750/month, the second highest ever recorded, according to Reventure.
Before the pandemic in 2022, the average home in the US would cost $1,400/month.
In other words, it is now 100% MORE expensive to buy a home in 2024 compared to 2020.
Even at the peak of the 2008 Financial Crisis, the average home payment peaked at $1,550/month.
The average US family would need to spend 44% of their PRE-TAX income to buy a home today.' -TKL

Remember: The United States dollar has lost over 25% of its purchasing power since January 2020. The US government has issued a whopping $11 TRILLION of debt over the last 4 years.
By comparison, it took the US 220 years to add the first $11 trillion of Federal debt.
Unsustainable!

👉🏽The US has added $100,000 in Federal debt EVERY SECOND over the last year.
Since March 1st, the US has been adding a staggering $10 billion in debt PER DAY.
That's $417 million per hour, $6.9 million per minute, and $115,740 per second.
As interest rate cuts are priced out, we could see $1.7 TRILLION in annual interest expense just one year from now.
Even if the Fed cut rates 6 times this year, interest expense will still hit $1.2 trillion next year.
Ironically, the US government needs lower interest rates more than anyone.

And in March, the Treasury Department paid out about $89 billion in interest to debt holders — or roughly $2 million per minute.
Source: https://archive.ph/7MzeX

🎁If you have made it this far I would like to give you a little gift:
Great panel discussions:
https://www.youtube.com/watch?v=sA4jzHIPj7A

https://www.youtube.com/watch?v=nQ0o2Do4n5k

#adoption
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🧠Quote(s) of the week:
'The road to independence and autonomy from all kinds of systems is a journey that needs effort and time on your part. Bitcoin is the same.' -Bitcoin Friday

Before we start I want to share some deep knowledge:
'If, like many of us, you feel a bit taken aback by events of the past week in Bitcoin, you may be wondering about what you can do, practically, to maintain your ability to transact freely and to preserve your privacy.'
Great thread by Freddie New, worth your time: https://twitter.com/freddienew/status/1784218269542498318

22nd of April:
Swiss Bitcoiners to launch a petition for the National Bank to buy Bitcoin for its national reserves.
"By including Bitcoin in its reserves, Switzerland would mark its independence from the European Central Bank. Such a step would strengthen our neutrality."

They need over 100K signatures to trigger the vote. Technically, it's not a petition, but a Popular Initiative, which is quite different. This concise amendment allows the Swiss National Bank flexibility in implementation. The initiative aims to spark a debate about Switzerland's future amid global uncertainties, emphasizing sovereignty and neutrality.

But the Chairman of the Swiss National Bank said the following: "We have not yet decided that we want to invest in Bitcoin.
Currency reserves are international payments:
1. They have to be liquid.
2. They have to be sustainable.
3. And we have to be able to see and buy them." -Bitcoin Archive

➡️In 2023 I have said the following multiple times regarding politicians & Bitcoin: "My personal opinion. Be wary of politicians who promise to give you exactly what you want. Politicians are just politicians! Bitcoin doesn't need politicians, politicians need Bitcoin (and votes). Don't lose the plot. And stop larping! Stay humble & stack sats."

A lot of people on Bitcoin Twitter, telegram, and so on were larping and routing for RFK. jr.
Last week he made the following statement:
“I’m gonna put the entire US budget on blockchain", “Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day.”
“We’re gonna have 300 million eyeballs on our budget!”
This kind of statement reveals he doesn't get any of this, does he? On February 24' he also mentioned that he is buying ETH for his kids. Time to study Bitcoin RFK or is it just another fiat politician like Javier Milei (yes I am still not convinced)? Trying to gather as much support as possible, then crawl back to central bankers if elected.
'If the government wants to publish real-time budgets they can already do this on their websites. The blockchain adds nothing to this. The problem is reporting, not storage. This is no different than saying the government will publish their budget to “the cloud”.'- Yan

➡️Bitcoin may be due for a surge, as the MVRV ratio dips below its 90-day average again.
Historically, this has led to a 67% gain on average.

➡️ 'BlackRock now holds 273,596 Bitcoin worth $18 billion for its spot Bitcoin ETF.
BlackRock's ETF holds 59,350 more bitcoin than MicroStrategy.' - Bitcoin Magazine

➡️ S&P 500 company Raymond James subsidiaries declare holdings of Bitcoin ETF GBTC worth $3m.
Combined AUM $625B.'- Julian Fahrer
Although it is only $3M to me it's a sign, that the institutions are coming.

24th of April:
➡️26+ Bitcoin companies signed a letter to FinCEN against proposed surveillance rules that would seriously harm privacy by effectively prohibiting basic Bitcoin best practices such as not reusing addresses and collaborative Bitcoin transactions. (Picture1)

25th of April:
➡️FBI warns Americans against using non-KYC Bitcoin and crypto money transmitting services.
It's becoming clearer that the U.S., but also here in the EU governments pursue surveillance policies and work to suppress the rights of their citizens to (financial) privacy and financial opportunity. They don't like competition. They don't believe in a real free market.

Remember "KYC is a security hole. Businesses are just bullied/forced by governments to collect customer information. It’s really difficult to secure information in the internet age. Some of the largest and most capitalized companies still get hacked regularly." - Gabor Gurbacs

1. Approve ETFs to create a honeypot.
2. Criminalize privacy tools by labeling it ML.
3. Go after self-custody Bitcoin by labeling it black market.
4. Execute 6102 on ETF honeypots.
*all while the price of real BTC pumps really hard and game theory plays out on the global stage.
It is so freaking obvious.

These actions directly incentivize the development of decentralized protocols by anonymous devs. Instead of scaring people, they lit the fire.

"They're going to go after self-custody because they need capital controls to properly execute financial repression. Capital is sufficiently captured in walled-garden ETFs. Widely adopted self-custodial Bitcoin used as an MoE with privacy tools present an existential threat."

Anyway why do we need privacy, why does the world need privacy, and why do we need uncensorable money:
https://journalofdemocracy.org/online-exclusive/how-to-dictator-proof-your-money/

➡️"The State of Ohio has officially introduced a bill to protect 'fundamental Bitcoin rights'.
The right to buy & sell Bitcoin.
The right to mine Bitcoin
The right to run a full node
The right to self-custody your digital assets" - Dennis Porter

➡️ "Morgan Stanley is shifting to enable its 15,000 brokers to recommend Bitcoin ETFs to their clients.
This is a big change from their "if they ask" approach, which is how they've managed ETF allocations thus far." -Thomas Fahrer

➡️BlackRock’s Bitcoin ETF sees its streak of 71 straight days of inflows come to an end, bringing in $0 yesterday. IBIT had the 10th longest streak of inflows in ETF history.

➡️ '$140B Global Retirement Partners has reported exposure to 7 Bitcoin ETFs + 1 Bitcoin mining ETF in SEC filings. GRP has more than 1.6 MILLION retirement accounts.' - Bitcoin Archive

26th of April:
➡️Japanese public company Metaplanet has announced it purchased ¥1b ($6.25m) of Bitcoin, equivalent to ~30% of the company's current market cap.

➡️ BNY Mellon reported owning shares in BlackRock and Grayscale Bitcoin ETFs - SEC filing
America's oldest bank is buying Bitcoin...

💸Traditional Finance / Macro:

👉🏽 no news

🏦Banks:
👉🏽US prepared for the potential failure of a major Wall Street bank, says FDIC.

👉🏽Fed Chair Jerome Powell on Bank Failures (March, 2024):
"I’m sure there will be bank failures, but this is not the big banks."
Last night, the 26th of April, Republic First Bancorp officially collapsed and was seized by regulators.

🌎Macro/Geopolitics:
On the 22nd of April:
'Emerging market countries (excluding China) owe a staggering *$421 billion* of government debt this year
The majority of this is owed to multilateral institutions, foreign creditors, the IMF, and the Paris Club (deferred debt from the IMF, etc)'

You can also call this financial slavery or financial colonialism.

On the 25th of April:
👉🏽'For those who do not understand what just happened:
First, Q1 2024 GDP growth slowed to just 1.6% which is less than HALF of the 3.4% Q4 2023 number.
This reading is roughly 50% BELOW Goldman Sachs's expectations.
But it gets even worse.
At the same time, the US Core PCE Price Index soared from 2.0% to a staggering 3.7%.
This crushed estimates of 3.4% and further suggests that inflation is on the rise.
We have a weakening economy with rising inflation.
The worst possible outcome for the Fed.' - TKL
(Picture 2)

Ergo from "transitory" to "soft landing" to stagflation.
the work product of academics with over 800 PhDs at the Federal Reserve.

I let James Lavish do the talking:
"A Fed nightmare. When GDP (economic activity) slows down, yet prices continue rising (stagflation), and the government refuses to curb reckless deficit spending, this puts the Fed and Treasury in an impossible position that no matter what they do, it will lead to issuing more and more Federal Debt. This leads to the need to monetize the debt with more money printing, inflation surges, rates rise, and we do it all again."
QE Forever!

Now have a look at the following chart posted by Luke Gromen. (Picture 3)

The rest of the world started to wise up back in 2024. (remember the clip by Putin in 2014 saying how the Dollar/the US is a weapon and fucking everything up), moving away from continuing to fund US government spending & stupidity. This trend has intensified after Covid, countries are now parking their savings in Gold and eventually in Bitcoin.
"The Dollar is the emperor walking down the street naked."
Who is buying post-2014 (red line): The Fed, US banks, MMFs, and foreign tax shelters.

👉🏽President Biden proposes a 44.6% capital gains tax, the highest in history.
The proposal also includes a 25% tax on unrealized gains for high-net-worth individuals.

👉🏽'Savings rates in the US fell from 3.5% to 3.2%, the lowest since November 2022, according to Zerohedge.
Over the last year, savings rates have fallen from 5.2% to 3.2%.
All as credit card debt continues to push above a record $1.1 trillion with 25%+ interest rates.

On the 26th of April:
👉🏽 Currently the Yen is imploding. Japan's bonds and currency are crashing again. Now the following thread will give you a great overview and help people to understand why this is important and what is happening. https://twitter.com/peruvian_bull/status/1784020167141318860

The Japanese have lost 6% of their purchasing power in the last 3 weeks.
The Japanese were the first to "experiment" with QE, in their 1989 property crash. The US, then the UK then the EU copied them in 2008-2010 as they had no better ideas. So, the demise of Japan today, we can see happening to the rest of us in 10-15 years... or maybe less.
Read the thread, because it will show you why it is important to self custody your Bitcoin, and why Bitcoin is important.

On the 27th of April:
👉🏽The United States dollar has lost over 25% of its purchasing power since January 2020.

On the 28th of April:
'The US government has issued a whopping $11 TRILLION of debt over the last 4 years.
By comparison, it took the US 220 years to add the first $11 trillion of Federal debt.
Within the next 2 months, total US debt is on track to cross above $35 trillion for the first time in history.
Since June, the US debt has been rising by $1 trillion every 100 days.
If the current pace continues, another $11 trillion will be added in just three years putting us at ~$45 trillion by 2027.' (foto)

Anyway to put it in some perspective, over 75% of U.S National Debt was created after Bitcoin’s 1st block….
(Picture 4)

🎁If you have made it this far I would like to give you a little gift:

A masterclass by Saylor. (16min) This is next level. This is a lesson in financial literacy.
https://twitter.com/bleighky/status/1783551971682640241

TLDR: He is playing chess while everyone else plays checkers.
Full interview: https://youtu.be/bUfVLzNdOyc?feature=shared https://youtu.be/bUfVLzNdOyc?feature=shared

#adoption
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🧠Quote(s) of the week:
'If you made $500.000 per day, every single day since the Great Pyramids were built, you would have less than half of what the US government has borrowed since June.'
Although this quote is a bit outdated it is actually nuts when you contemplate it...perspective is nice when it comes to large numbers.
Let me do the math for you: 4.700(years) * 365 (days/year) * 500.000$ (/day) = 857.750.000.000 - Less than a Trillion
(barring the likely inaccuracy of our understanding of the Pyramids timeline)
Which means you would still have less than 3% of what the US government has in total debt.

No matter your thoughts on Bitcoin, think about those numbers for a minute and let that sink in.
After that, you should probably buy some Bitcoin.

Before we start I want to share some deep knowledge:
"Bitcoin didn't appear out of thin air - it is the result of decades of work. Many digital currency projects failed before they succeeded. Understanding how we got here will help you understand where we're going. Learn the history behind Bitcoin here:" - Jameson Lopp
https://www.lopp.net/bitcoin-information/history.html

16th of April:

➡️Bitcoin Core 27.0 released:
https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-27.0.md

TLDR: Bitcoin has now better privacy by default. An important and welcome change to Bitcoin core, by finally supporting encryption between nodes. This is a massive improvement.
For the technical readers of the Weekly Recap, I would recommend to following article and podcast
https://stephanlivera.com/episode/433/
https://bips.dev/324/

➡️Google has opened a new office in El Salvador to support the country’s digital transformation and modernization of government services. Furthering President Bukele’s goal of turning the country into a tech hub. Bukele managed to lower crime, a growing economy, and higher foreign investment + more tourism.
Eat that IMF

➡️BYBIT RESEARCH: "With only 2 million Bitcoin left, if we assume a daily inflow of $500 million to Bitcoin Spot ETFs, the equivalent of around 7,142 bitcoins will leave exchange reserves daily, suggesting that it will only take nine months to consume all of the remaining reserves." -Bitcoin News

➡️ "$400 Billion Banco Do Brasil holds BlackRock's Bitcoin ETF
It is the BIGGEST financial institution in Latin America!"- Bitcoin Archive

➡️"Mr. 100" is an unknown entity known for buying 100 Bitcoin every day since Nov 2, 2022. They now hold 60.600 BTC (!) worth $3.8 Billion ($1.6 Billion in profit)
Due to the size of the investment, many people speculate this is a nation-state buying Bitcoin. But who is it?" - Bram Kanstein

Great thread: https://twitter.com/bramk/status/1780243283060371717

I personally and I really do hope it is Brunei. They are mining Bitcoin and hopefully also buying Bitcoin.
But probably it is an exchange. Some people say this is an exchange wallet by Upbit Global.

17th of April:
➡️'Hong Kong Bitcoin ETFs to start trading by 30th April and could bring in $25 billion: Matrixport and OSL reports.' -Radar

➡️Last week I wrote a bit on UFC lightweight Renato Moicano: "If you care about your country, read Ludwig Von Mises' 6 lessons of the Austrian Economic School motherf*ckers".
He was referring to, it’s a series of six lectures Mises gave in Argentina in 1958, later combined into a book: “Economic Policy: Thoughts for Today and Tomorrow”.

'Fifty years after his death, Mises gets more downloads in three days than what 95% of living economists get in their entire lifetime. Regurgitating fiat propaganda may give you fiat jobs & titles, but pursuing truth gives you immortality.'- Saeifedean Ammous

➡️Blackrock spot Bitcoin ETF IBIT closing the $2.3B gap on Grayscale's GBTC in assets, could be ahead by month's end, according to Bloomberg Senior ETF Analyst Eric Balchunas

➡️ Now that the halving has passed us, and Bitcoin has become the hardest money in the world. Bitcoin’s most explosive gains are typically post-halving. Great chart from VanEck. (Picture 1)

18th of April:
Just the IMF putting time, effort, and money into reporting on Bitcoin.
They published a paper on Bitcoin cross-border flows, and here are three major takeaways:
'1.) The study provides evidence that increased Bitcoin activity occurs as investors move away from risk assets and supports the findings of other studies that Bitcoin can be used to hedge global uncertainty.'
2.) The study concludes that people appear to be turning to Bitcoin to flee instability in their local economies and currencies and to circumvent capital controls.
3.) The findings highlight that Bitcoin flows are typically larger in emerging and developing markets, like Argentina and Venezuela, compared to advanced economies with sophisticated financial markets.' - Sam Callahan
Source: https://www.imf.org/en/Publications/WP/Issues/2024/04/05/A-Primer-on-Bitcoin-Cross-Border-Flows-Measurement-and-Drivers-547429#:~:text=Bitcoin%20cross%2Dborder%20flows%20respond,to%20avoid%20capital%20flow%20restrictions

To sum it up the IMF just said :
1. Bitcoin is increasingly used as a hedge against risk
2. Bitcoin is used as freedom money in autocratic regimes
3. Bitcoin’s biggest use case is the global south to protect against currency debasement and financial instability
Cope from the IMF? The IMF just realized that Bitcoin nullifies the need for their existence.
For sure it is a surprising study, but I am not surprised by the outcome.

➡️Riot has started mining Bitcoin at its new Corsicana Texas facility.
With a capacity of 1 GW, it is projected to be the biggest in the world.' - Pierre Rochard

➡️ Jamie Dimon says Bitcoin is a fraud and a Ponzi scheme.
- JP Morgan funds hold Bitcoin
- JPMorgan, His firm is an Authorized Participant (AP) for the BlackRock spot Bitcoin ETF and gets paid for trading “fraud”.

➡️Binance dumps over 16,000 Bitcoin to back up their SAFU fund with ~$1 billion USDC

➡️'When Nobel Peace Prize nominee Félix Maradiaga tells you that Bitcoin is truly a tool for freedom after discussing the egregious human rights violations carried out by the Ortega regime, you listen.'
https://twitter.com/btcpolicyorg/status/1780983728858087893

Bitcoin serves as a tool to ensure human rights. Important for all world citizens, but especially for those living in Africa & South America.

19th - 20th of April:

Now I can explain to you what the halving is, but I rather let some Bitcoin OG's do that:
'The Bitcoin halving is not a day to celebrate because the price will immediately go up (it probably won't) but because it's a quadrennial reminder that we now have a means of saving free of debasement and resistant to censorship. For that I'm thankful.
Thank you, Satoshi' - Vijay Boyapati

'The Bitcoin halving is an anticipated event, one of those Bitcoin holidays that happen every once in a while. Along with Soft Fork Activation and various financial instrument introduction days, it's one of those not-quite-predictable days that occur every few years which give Bitcoiners reason to pay attention and mainstream media to speculate.'- Jimmy Song.

'Every node on the Bitcoin network divides the block height by a fixed issuance halving interval, 210,000 blocks. Rounding to the nearest whole number gives us how many halvings to apply to the 50 BTC initial per-block subsidy.
Halvings are applied by "right shifting" the binary representation of the subsidy, where the last bit is dropped and a zero is prepended in front. Each right shift applied causes a halving of issuance.' - Pierre Rochard (picture 2)

Andreas Antonopoulos explaining the halving:
https://www.youtube.com/watch?v=vwkRsp0gqX4&feature=youtu.be
The halving block, block 840.000, had 37.6 Bitcoin worth of fees... It wasn't just blocked 840,000 that had high fees, over the next 5 blocks, we had fees of 4.486, 6.99, 16.068, 24.008, and 29.821 BTC respectively. The fees are the highest it's ever been. This situation in Bitcoin is unprecedented.

If you want to know more on this topic (high fees - post halving) I highly recommend:
https://twitter.com/jimmysong/status/1781518918001078441

➡️'In the first 60 blocks since the 4th Bitcoin halving, miners have collected 860.2 BTC in transaction fees alone. Equivalent to over $54m, this has already smashed the previous single-day all-time high transaction fees of $24m.' - Jameson Lopp

21st of April:

'In the 130 blocks post-halving, Bitcoin miners earned 1,675 BTC ($109 million)
Of this, 75% (1,262 BTC worth $82 million) came from transaction fees.
For context, miners received 1,349 BTC in fees from April 1 to April 19.' - Bitcoin News

👉🏽 'US Treasury Bills now yield 4 TIMES more than the S&P 500's dividend, the most since the Dot-com bubble.
Over the last 100 years, a multiple this high has only been seen ONE time.
By comparison, even in the 2008 Financial Crisis, this metric peaked at ~3x.
With interest rate cuts being priced out, we likely see interest rates on bonds continue to push higher.
This will keep US T-Bill rates elevated and perhaps push this ratio to its 2000 highs.
Yet another Dot-com bubble similarity.'- TKL

On the 16th of April:
👉🏽You are being told that we are in the greatest economy ever. Yet, every indicator shows we are in a terrible failing economy across the board, the US, Europe, etc. Stagflation is here and will only accelerate.
Although this is just a graph/ratio, AI will surely save us, right guys? (Picture 3)
We all know what followed, right? Populist leaders (please look around in your country) and a world war...

“The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.”

- Ernest Hemingway
The US military is in a symbiotic relationship with the Dollar. If one part fails, it will drag the other down. Do understand that once Rome also spent more on 'defense' than others. Fiat currency is always about political faith. Always.
(Picture 4)

👉🏽"The IMF has cut Germany's economic growth in 2024 to 0.2%, after projecting a 0.5% rise in its January forecast. Europe's biggest economy is predicted to have the weakest growth of all G7 industrialized nations for the current year. For 2025, the IMF revised German growth to 1.3% from the previous 1.6%. IMF said this is due to persistently weak consumer sentiment. In the long term, the IMF's main concerns for Germany are structural problems such as the decline in the working population and obstacles to investment." - Holger Zschaepitz

I think the first time I spoke publicly on this matter was like three years ago. Germany is a slow-motion train wreck without cheap Russian natural gas. The green agenda isn't working, closing nuclear power plants isn't working...Europe's engine is on the ropes.

Oh well, this is an IMF so-called forecast.

👉🏽'The average rate on a 30-year fixed mortgage in the US rises to 7.43%, a new 2024 high.
We have not seen mortgage rates this high since early December 2023, when the Fed said rate cut talks were "premature."
This means that the monthly mortgage payment on a $500,000 house with 20% down is now $3,500/month.
The $3,500/month figure also does not include property taxes, insurance, or maintenance.
Meanwhile, the median US home is now selling for a whopping $417,700.'- TKL

I guess it is a great time to be a rental property owner. Yikes!
This thought-provoking thread has a very counterintuitive, contrarian take:
https://twitter.com/VincentDeluard/status/1780679971146731837
TLDR: 'This sums it up pretty well. Sound money helps slow the process, too. The fiat advent coupled with Keynesian asset inflation policies created a perfect storm. The rise of Chinese deflation exporting was the nail in the coffin because it made this reflexive.' -Nelson Alves

On the 17th of April:
👉🏽'The US is expected to collect $2.9 trillion in tax receipts during FY2024 as of Q1.
Government expenditures over that period are expected to be over $9.7 trillion.
The thousands of dollars you remitted to TurboTax today won't cover even 1/3rd of US expenditures.'- Joe Consorti

👉🏽UK Inflation at 3.2% — the lowest in more than 2 years from a peak of 11.1%

On the 18th of April:
👉🏽'Want to be in the top 1% in the United States?
You now need a net worth of a whopping $5.8 MILLION.
This is up 15% from the $5.0 million threshold seen just one year ago.
The top 1% threshold in the US is only lower than Monaco, Luxembourg, and Switzerland.
As equity markets and real estate prices have skyrocketed, the wealth gap is widening.
Since 2020, the wealth of the top 1% in the US has risen by almost $15 trillion to a record $44.6 trillion.
The rich are getting richer faster than ever before.' -TKL

👉🏽IMF Prepares Financial Revolution – Say Goodbye To The Dollar
https://www.zerohedge.com/markets/imf-prepares-financial-revolution-say-goodbye-dollar
The only thing I can say on this is:
- I am not surprised
- Please reject CBDCs with everything you have. The centralization of digital currencies will never work!
- The IMF is not elected!

Anyway, no need to panic whatsoever. The IMF probably goes before the dollar. The dollar is and will be the number one (fiat) currency of the world.

On the 20th of April:
👉🏽'The Congressional Budget Office expects that about $20 trillion in net new federal debt will be issued over the next decade.
As part of this, they assume 1) no recessions but also that 2) that interest rates will go down starting here in 2024.
Otherwise, probably >$20 trillion.'
Now go back to the top of this article and read the start quote.
(Picture 5)
'Over the same next decade:
At current production rates and prices, about $2.5 trillion in new refined gold will be created. Prices and supply rates could change.
At current prices, about $70 billion in new bitcoin will be created. Prices could change, but not supply rates.' - Lyn Alden

On top of that:
👉🏽'The U.S. has $4.4 Trillion annual revenue, prints $1 Trillion every 100 days and there is still somehow a need to vote for $100 Billion aid to countries on top of everything else. House approves aid for Ukraine, Israel, and Taiwan. House Rejects Border Security Bill.
The U.S. doesn’t have a revenue problem, it has a government spending problem.
'A child born in 2024 in the U.S. is born with ~$85,000 debt.
The median U.S. bank account balance is $8,000 and over half of the population has less than $500 in savings.
So, printing $ Trillions and sending $100s of Billions abroad is not without consequences.' - Gabor Gurbacs

Politicians celebrating sending another $60B to fund a foreign war. Perfect more DEBT!
Context:
$34.6 trillion in debt.
123% Debt to GDP
Nearly a $3 trillion deficit this year.
video: https://twitter.com/MDBitcoin/status/1781786149071032712

Separate money and state.

To sum everything up from above:
The US hasn’t generated a surplus consistently since the 1990s.
The trend over the past 50 years has been:
Larger and larger monthly deficits.
Monthly surpluses are getting few and far between.
That’s why the debt can only continue rising exponentially.
Deficit is destiny. That means increasing the rate of debasement of the US$.

21st of April:
'Who is supposed to pay for pensions and healthcare entitlements in Italy in a few years?
BTW, it’s a similar picture in Germany. Demographics is one of the main reasons why the US will be much better off than Europe as we go forward.' -Michael A. Arouet

If I were 50 years old in Germany, Italy, and the Netherlands we are starting to see the same effect, I'd start wondering who will pay my state-funded pension.
You need either economic growth, acceptance of high migration, or healthy demographics. Italy has none of the three. What will give?

https://twitter.com/MichaelAArouet/status/1781978599391674470
Please click on the link and have a look at the graph.

Lyn Alden's April newsletter is out. Well, worth your time to read this:
https://www.lynalden.com/april-2024-newsletter/

#adoption
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 Dutch Noderunners Halving Party🧡✅

19blocks👀✅🧡

Study, learn, hodl, decouple.
#bitcoin                  🧡
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My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It’s that simple.🎯
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Felipe - BitcoinFriday

#zap                    🧡   #nostr                      #BTC                     #Bitcoin                    #plebchain                       #grownostr    #stacksats #bitcoineducation #adoption https://image.nostr.build/b7b59a6412e6cdcc4522b86c13938af5b46bf192601b88c640b04ea0c3d9b65c.jpg https://image.nostr.build/987dd0ba1f66c4d2278896cae0fd89524f8ec3b4ffa5dd382d979099f3a0c850.jpg

🧠Quote(s) of the week:
‘When you understand Bitcoin there is no way back. You will look at the system in a whole new way. Your friends and family will think you’re crazy. Choose wisely.’
― Bitcoin for Freedom

"3 rules that are a cheat code for life:
1. Create value for others
2. Spend less than you earn
3. Save in Bitcoin"
― BTC Sessions
🧡Bitcoin news🧡

9th of April:
➡️Japanese firm Metaplanet buys ¥1B ($6.5M) of Bitcoin, mirroring MicroStrategy's strategy. The company's shares jumped 90% following the announcement.

11th of April:
➡️SEC to file lawsuit against defi crypto platform Uniswap - Reuters
This is why Satoshi disappeared and made Bitcoin impervious to government attacks.

12th of April:
➡️IMF demands El Salvador change its Bitcoin law in return for a $1.4 billion loan. (please read the part on the IMF below -> segment Macro/geopolitics.) How I read this statement, the IMF is annoyed at the mere existence of Bitcoin. Basically, they are saying: Sell your 'hard' money and get indebted to us.

➡️"The more energy Bitcoin mining uses, the more emissions it can reduce
35 midsized venting landfills running Bitcoin mining is all it takes for Bitcoin mining to be the
world's first emission-negative industry
Achieved organically, without subsidy, without purchasing offsets." - Daniel Batten
Could it be possible for Bitcoin to save the environment with its Proof-of-Work design and be the main player in the 'green' energy revolution?

13th of April:
➡️Paraguay Senate approves resolution to sell energy surplus to bitcoin miners, criticizes sale of energy to Brazil for 25% of what bitcoin mining generates, directs this energy to 20 new bitcoin mining companies instead. Remember Paraguay is a large hydroelectricity producer and Bitcoin could be the answer.

I am pretty sure that Bitcoin will be the primary engine of prosperity in the 21st century. Countries like El Salvador, and Paraguay but also several countries in Africa will lead the way.

14th of April:
➡️UFC lightweight Renato Moicano: "If you care about your country, read Ludwig Von Mises' 6 lessons of the Austrian Economic School motherf*ckers".
He also demanded his fight bonus in Bitcoin.
He is referring to, it’s a series of six lectures Mises gave in Argentina in 1958, later combined into a book: “Economic Policy: Thoughts for Today and Tomorrow”:
1. Capitalism
2. Socialism
3. Interventionism
4. Inflation
5. Foreign Investment
6. Policies and Ideas
Full read: https://cdn.mises.org/Economic%20Policy%20Thoughts%20for%20Today%20and%20Tomorrow_3.pdf

➡️The number of addresses holding more than 1 Bitcoin peaked in January 2024 at 1,024,484 and has fallen by 13,000 since.

15th of April:
➡️Norway became the first country in Europe to introduce regulations for data centers aimed at controlling which projects are permitted.
Cites emissions, and energy consumption control. They state Bitcoin mining “is an example of a type of business we do not want in Norway”
They are not going to ban mining. They want to force data centers to report to the government what kind of processes they are doing. Still bad though! Why, because it is misguided, ineffective, and futile. If electric cars = zero-emission... electric miners too. Are they going to ban or regulate EV cars too?
Clown policy that will backfire badly for a country already going through a currency crisis and for a failing continent, Europe.
Read the following thread by Daniel Batten.

https://twitter.com/DSBatten/status/1779859225809990116

Ergo: Politicians have no clue or are being paid to not understand things that benefit society/their people.

➡️Germany's biggest Federal bank LBBW to launch Bitcoin custody services to institutional customers.

Bitcoin ETF news:
"Weekly Bitcoin ETF Flows:
IBIT +7,000 BTC
FBTC + 1,300 BTC
GBTC -11,000 BTC
Net Flows - 1,100 BTC
In a week of GBTC Sales, CPI freak outs and War fears, Bitcoin holds 67K and has slight outflows."- Thomas Fahrer

On the 9th of April:
➡️The value of BlackRock’s Bitcoin holdings jumps to $18.9 Billion.
➡️Fidelity now holds 150K Bitcoin worth over $10 Billion.

On the 11th of April:
➡️Asia ETF's
- Hong Kong approving Bitcoin ETFs
- South Korea will approve Bitcoin ETFs
- Chinese fund managers launching Bitcoin ETFs
US Bitcoin ETFs pushed the price from $38K to $73K.

South Korea's pro-Bitcoin Democratic Party has won the national election to form a government. More than 6 million South Koreans — over 10% of the population own Bitcoin or crypto.
DP: "We're going to allow the ETFs, domestic or overseas."

➡️GBTC sees the smallest outflow since the launch of the Bitcoin ETFs with just $17.5 million leaving the fund on the 11th of April.

15th of April:
➡️Hong Kong just approved the first batch of Bitcoin ETFs

➡️"Since launching on Jan 10, U.S. ETFs, even including all GBTC sales, have amassed 222,000 Bitcoin in just 65 trading days—that's 3,415 BTC daily!
Now Hong Kong ETFs join the game, just as the weak hands have folded and miners have half as much to sell." - Thomas Fahrer

👉🏽 'BlackRock is eating the world: Hits record $10.5tn in assets under management in Q1 2024, +15% YoY, boosted by $57bn of total net inflows to its investment products.'

👉🏽Here's a crazy stat that no one will believe.
The universal investment benchmark is the 60/40 portfolio of stocks and bonds.
What if you replaced the bonds entirely with gold....crazy right?
Turns out it makes no real difference.
(picture 2)

Now wait till they do Bitcoin.

👉🏽This time is different:
(picture 3)

On the 9th of April:
👉🏽"The EU must find ‘enormous amount’ of money to face global challenges, says former ECB chief Mario Draghi."
Money Printer go brrrr to infinity…because 'Whatever it takes' - Draghi
How?
Print
Confiscate
Tax(visible)
Tax (hidden)
Government “Innovation”.

👉🏽Constant QE or default are the only ways out. And financial repression is the default, just in slow motion.
(See picture 4)
'This assumes no recessions or geopolitical events for the next few decades.
Japanese-style financial repression is the only way out of this mess. Or what other viable options are there?'

👉🏽"The federal budget deficit totaled $1.1 trillion in the first half of fiscal year 2024, CBO estimates"
'And yet, just over a month ago, the same CBO released their report projecting a $1.5T deficit for the entire year. At this rate, the deficit will be $2.2T, a 47% overshoot and even higher than the projected deficit in 2031.' - James Lavish
The US spending is out of control and it's getting worse at an exponential rate. Within one month, they (CBO) posted a 47% overshoot on the largest budget in world history.
The whole US budget, but also here in Europe, implodes around 2030 - 2035 at the latest. A new system will rise...the only question you need to ask yourself will it be Bitcoin or CBCD's? (Picture 5)

On the 10th of April:
👉🏽March CPI inflation rate UP to 3.5%
- Above expectations of 3.4%.
- Cor inflation is 3.8%, also higher than expected rate of 3.7%.
3 straight years with inflation over 3%
They said "Inflation is transitory"
'Inflation has not fallen in a single month since Biden's term began (the closest was July 2022 when it was unchanged), which leaves overall prices up over 19% since Bodenomics was unleashed. And prices have never been higher.'- Zerohedge
This means that overall prices are up a whopping 19% in less than 4 years.
We have not had a year-over-year inflation print below 3% in 36 consecutive months.
Furthermore, inflation has been above the Fed's 2% target for 37 straight months.
Inflation is now building on previous years of inflation; we effectively have compounding inflation. Everyone should be asking for a 20% raise.

👉🏽For the less informed.
Price inflation at every fast food restaurant in the US has far exceeded CPI inflation since 2014.
Prices at McDonald's have DOUBLED since 2014 while official inflation data shows just 31% inflation.
Prices at Popeyes, Taco Bell, and Chipotle have risen by 86%, 81%, and 75%, respectively.
Traditionally, fast food was considered to be a "cheap" food option.
The CPI is a lie it’s manipulated to be lower than real inflation.

👉🏽On the same day, the US 10-year Treasuries had their worst day since May 2023, with yields surging after the one-two punch of a hot CPI and a bad auction. Peter Boockvar: "10-year auction was bad...Dealers were left with 24% of the auction, which is the most since Nov. 2022."

👉🏽China has been buying more gold than any other nation since 2020, with India in second place.
Can we call this DeDollarization?
(picture 6)

More on China...
👉🏽"Following Moody's in December, Fitch Ratings revised the China debt outlook to negative from stable.
China's pace of debt accumulation is very problematic. Public debt has more than doubled since the Great Financial Crisis and is heading to above 100% of GDP.
More importantly, total debt has ballooned from 133% in 2008 to 272%(!) in 2022. It will have risen again in 2023.
The current 10-year Chinese bond yield is at 2.29%, which is extremely low for a country that expects to grow by 5% annually. Coincidence? Of course not! China has the same debt sustainability issues as every other major economy, and rating agencies must act." - Jeroen Blokland

On the 11th of April:
👉🏽IMF Prepares Financial Revolution – Say Goodbye To The Dollar
https://www.zerohedge.com/markets/imf-prepares-financial-revolution-say-goodbye-dollar
The only thing I can say on this is:
- I am not surprised
- Please reject CBDCs with everything you have. The centralization of digital currencies will never work!
- The IMF is not elected!

On the 12th of April:
👉🏽"Another strange sign that someone knows something:
Gold is up ~20% over the last 5 months and has doubled the S&P 500's return.
Meanwhile, bonds are down nearly 9% as interest rate cuts are priced out.
Historically speaking, gold and bonds have almost always traded together.
There is now a ~30% GAP between the performance of gold and bonds, one of the 5-month divergences largest on record.
Gold is completely ignoring the fact that higher interest rates are here to stay while bonds are getting crushed." - TKL
Central banks /countries are selling their debt portfolios and buying gold. That would be my take. The financialization of everything era is over.

On the 15th of April:
👉🏽'The US credit card delinquency rates are now at their highest on record, according to the Philadelphia Fed.
In Q4 2023, more credit card balances were 30+ and 60+ days past due compared to any other period in history.
The percentage of credit card balances at least 30 days past due is now ~3.5%.
Meanwhile, total credit card debt has skyrocketed in recent months and is now at a record $1.3 trillion.
The average credit card interest rate is also at a record 28%, according to Forbes.' - TKL

Warmaking has become increasingly unlimited in the fiat age, as financing has moved away from war taxes and war bonds and towards quiet borrowing

This is a very well-documented essay and thread with data and statistic by @gladstein :
https://bitcoinmagazine.com/culture/how-the-fed-hides-costs-of-war

Book tip: Read The Creature from Jekyll Island.

Extra gift!🎁
Your wealth is melting—the first report by Joe Burnett is 37 pages exploring how humanity's relationship with wealth has changed after the discovery of Bitcoin.
https://8198895.fs1.hubspotusercontent-na1.net/hubfs/8198895/PDFs/Your%20wealth%20is%20melting-1.pdf
@3cap

#adoption https://image.nostr.build/fe5fb0ceba2af3cb920697d4a88d465334048ad35227fe6f6a95efffafdb555a.jpg https://image.nostr.build/9ca73dbad8bb1e62db47e859de1012ce1a4f2a8d954bf9945aea8584487fa7ef.jpg https://image.nostr.build/ff2892a99426ac5afdced0a2bc31664c3b4894b86a0bf314078b23675aebae74.jpg https://image.nostr.build/b1a2134aa5cb1397482068d67a5ad752fd1e68219ad33717ac8518c79bf6aa54.jpg https://image.nostr.build/ca2f07bd8d39c6f8b6d73b1ab7dbe94b0b1f97d036a4e178e98a4e725c5906ac.jpg https://image.nostr.build/b849d985a251c65674d28b31b9f5f1256c26731fb7632c90b2635ade5a7bc230.jpg

UFC lightweight Renato Moicano 🎤:

"If you care about your country, read Ludwig Von Mises' 6 lessons of the Austrian Economic School motherf*ckers"

MMA fighters shilling Austrian Econ, classic!👀🔥

Ludwig von Mises - 6 Lessons of Austrian Economics School 🧵

1. Subjective Value Theory: Economic value is subjective and varies from person to person. This theory underlines the idea that individuals assign value to goods and services based on their own preferences and needs.

2. Methodological Individualism: Methodological approach that focuses on individual human action as the fundamental unit of analysis in economics. This perspective highlights the importance of understanding the actions and decisions of individuals in shaping economic outcomes.

3. The Calculation Problem: In a centrally planned economy, without the use of market prices for the means of production, rational economic calculation becomes impossible, leading to inefficiency and resource misallocation.

4. Spontaneous Order: Suggests that complex social phenomena, including economic systems, emerge organically from the interactions of individuals pursuing their own interests. This idea contrasts with central planning and highlights the benefits of decentralized decision-making.

5. Time Preference Theory: It explains how individuals value present consumption over future consumption. This theory helps to understand saving, investment, and interest rates in the economy.

6. The Business Cycle Theory: Business cycles are primarily caused by fluctuations in the money supply, particularly through credit expansion by central banks. He emphasized the importance of maintaining a stable monetary system to avoid economic instability.

Read Mises, study Bitcoin!🧡

Study, learn, hodl, decouple.
#bitcoin 🧡
▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It’s that simple.🎯
⠀⠀⠀⠀⠀⠀⠀⠀
Do you think this post is helpful to you? If so, please share it and support my work with sats. 🧡

Felipe - BitcoinFriday

#zap 🧡 #nostr #BTC #Bitcoin #plebchain #grownostr #stacksats #bitcoineducation #adoption

"FIAT = politics for growing your own currency and its dominance at the expense of others.
BITCOIN = a movement for growing a currency and its dominance at the expense of no one else, but through synergy and spontaneous emergence.

They are not the same.
They are the opposite."
― Arnold Hubach

➡️El Salvador offers 5,000 free passports to highly skilled scientists, engineers, doctors, artists, and philosophers from abroad.
This will grant them full citizen status, including voting rights.

Nayib Bukele, President of El Salvador:
'We're offering 5,000 free passports (equivalent to $5 billion in our passport program) to highly skilled scientists, engineers, doctors, artists, and philosophers from abroad.

This represents less than 0.1% of our population, so granting them full citizen status, including voting rights, poses no issue.

Despite the small number, their contributions will have a huge impact on our society and the future of our country.

Plus, we will facilitate their relocation by ensuring 0% taxes and tariffs on moving families and assets. This includes commercial value items like equipment, software, and intellectual property.'

➡️On-chain data from GlassNode reveals that approximately 1.876 million Bitcoin, or 9.5% of the total supply, have been acquired above $60,000.

➡️ 'The satoshi millionaires continue to gain ground, now holding over 17% of the total supply. Stay humble and stack sats.' - Wicked

➡️Bitcoin has been a profitable investment 99.92% of the days since its launch on January 3, 2009.
This means there have only been a tiny handful of days, just six to be exact, where investing in Bitcoin wouldn't have turned a profit.

➡️Bitcoin miner Bitfarms invests $240M to acquire 28,000 Bitmain T21 miners.

➡️Talking about mining.
'In the last four years, emission intensity has fallen by 348g/kWh.
That's 29x faster than the banking sector is greening its emission intensity.
No industry has ever dropped its emission intensity so fast. It happened primarily because Bitcoin sustainable energy mix rose 56%.' -Daniel Batten

➡️Kingdom of Bhutan to increase mining capacity 6x ahead of the Bitcoin halving to 600 megawatts.

➡️On the first of April:
'Exactly 11 years ago, Bitcoin broke a $1 billion market cap for the 1st time.
1000x later, economists are still "mystified".
Mainstream economists are mystified because they can’t deal with reality most of the time.
At $1.3+ Trillion, Bitcoin's market capitalization exceeds the top 4 largest banks in the world, COMBINED. No wonder banksters are afraid.

➡️"Financial planning firm Burkett Financial Services, reported owning 602 shares of BlackRock's Bitcoin ETF as of March 31. This kicks off what is expected to be a HUGE month of SEC filings by firms that own
Bitcoin ETFs."- Bitcoin Archive

➡️Coinbase integrating Lightning.
Bitcoin on lightning rails isn't just the future - it's here! Coinbase has over 100 million users. Better late than never Coinbase, it only took them like 7 years. Oh well, it's great news to see more adoption of the Lightning Network.

➡️"The State of Louisiana (with a unanimous 103-0 vote) Passes a Bill To Protect Your 'Fundamental Bitcoin Rights' out of the State House.
Louisiana is taking decisive steps to safeguard the freedom of Bitcoin-related activities within the state.
Upon enactment, this legislation will explicitly ensure protection for:

-The guaranteed right to purchase Bitcoin.
-Your freedom for Bitcoin mining.
-The right to self-custody of your digital assets.
-The freedom to operate a full node." - Dennis Porter

➡️$932 Billion asset manager DWS launches physical Bitcoin ETC in Germany.
DWS partners with Galaxy Digital to offer the "Xtrackers Galaxy Physical Bitcoin ETC" in Germany.
The product is 1:1 "physically backed" utilizing two cryptocurrency custodians, Zodia Custody and Coinbase
Source: https://bitcoinmagazine.com/markets/900-billion-dws-launches-physical-bitcoin-etc-in-germany

Not sure about the 'physically backed' part, but still kinda bullish.

Bitcoin ETF news:

➡️Eric Balchunas reports that BlackRock has updated its Bitcoin ETF prospectus, adding Citadel, Goldman Sachs, UBS, and Citigroup. This marks a major shift: big firms are now eager and comfortable with public association with Bitcoin.

➡️Australia's first Bitcoin ETF to go live this year, says asset manager Monochrome

➡️Morgan Stanley and UBS Reportedly Competing to Launch First Bitcoin ETF.
Reports suggest that Morgan Stanley appears poised to edge out UBS in this race, with insider sources indicating that an announcement could be imminent.

➡️Korea to approve Bitcoin ETFs if pro-Bitcoin opposition wins election in 4 days – Bloomberg
"We're going to allow the ETFs, domestic or overseas."
More than 6 million South Koreans — over 10% of the population own Bitcoin or crypto.

➡️ Bitcoin spot ETFs have siphoned over 4% of the total supply of Bitcoin since January 11, according to analysis from IntoTheBlock.

What can you expect this week in the traditional financial market?
Main highlight ahead:
In the US, we have CPI, the FOMC minutes, and PPI. In Europe, it’s the euro area Sentix, ECB policy meeting, and UK GDP. And in Asia, we have the China and India CPI and RBNZ meeting.

👉🏽 'The US stock market now accounts for a massive ~45% of total global market cap.
Since 2008, the US share has risen by ~15% to its largest since 2004.
The US equity market size is now larger than India, China, Australia, Switzerland, Germany, Canada, UK, France, and Japan COMBINED.
US stocks also account for almost 65% and more than 70% of the MSCI ACWI and the MSCI World indexes, respectively.
To put this in perspective, Nvidia, alone exceeds the GDP of all but 11 countries in the world. The top 10% of S&P 500 stocks now account for 75% of the index's market cap.
This is an even higher percentage than the peak of the Dot-com bubble.' - TKL

👉🏽Gold price surged over $2300 an ounce, a new record high.
Since February 14th, gold is up an incredible $300/oz or 15% in less than 2 months.
Even as 3 interest rate cuts have been removed from market forecasts, gold is pushing higher.
Geopolitical tensions and renewed inflation worries have been the primary drivers.

👉🏽"This week, France reported a 5.5% budget deficit for 2023 and that it won't be able to push the deficit to below 3% of GDP until at least 2027. Italy will post a 7% deficit for 2023, not declining to less than 3% until at least 2026. In the US, the budget deficit for 2023 will be over 6% and remain above 5% until 2027, after which it will start to increase again.

Meanwhile, there is no recession, economic momentum (using the Citi global economic surprise index as a proxy) is improving, and global #nflation remains nearly two percentage points above the pre-COVID average.

And yet, central banks around the globe are ready to cut rates. Imagine what will happen when we do get a recession, inflation drops and governments accumulate even more debt. Or will this time be different?"

As Lyn Alden would say: Fiscal dominance.
Fiscal dominance at the end of a long-term debt cycle. We are accelerating debasement to offset the deflationary effects of technology on debt markets.
And will it be different this time? No, I don't think so. Do you really think they can bring down deficits? Why will they be able to do so in 2026 or 2027? As always they will kick the can down the road.

Explanation of Fiscal Dominance:
The Fed has no choice. If rates (more on that below) are not cut we get a financial crisis. There is too much government debt!

We now live in an era of Fiscal Dominance.

The term "fiscal dominance" refers to a situation in which the government's fiscal policy (Deficits of 6% and Debt to GDP at WWII levels) significantly influences or dominates the monetary policy set by the central bank.

This occurs when a government's debt level is so high that it restricts the central bank's ability to control inflation through monetary policy tools, such as setting interest rates.

If rates don’t come down, and the value of the USD does not come down then there is a very high probability that the US will experience a failed bond auction.

Or....they can cut government spending but we all know that's not going to happen, innit?

Now scroll back up and read that part again on France & Italy's deficit.
Remember what I shared last week?
The last time France didn't have a budget deficit: 1974

👉🏽Last week I already mentioned that the US debt outlook isn't looking good and rather unsustainable.
(please read that part again in last week's Weekly Recap)

On the 1st of April after finishing that Weekly Recap Bloomberg released an article with the title:

A Million Simulations, One Verdict for US Economy: Debt Danger Ahead"

Bloomberg Economics ran a million forecast simulations on the US debt outlook. 88% of them show borrowing on an unsustainable path.
''In the end, it may take a crisis — perhaps a disorderly rout in the Treasuries market triggered by sovereign US credit-rating downgrades, or a panic over the depletion of the Medicare or Social Security trust funds — to force action.''

Remember the Treasury chief (Janet Yellen) herself acknowledged in a Feb. 8 hearing that “in an extreme case” there could be a possibility of borrowing reaching levels that buyers wouldn’t be willing to purchase everything the government sought to sell.

Even with a miracle, they get it done in the treasury market, but they still won't fix the deficit. (again read last week's Weekly Recap - segment Macro/Geopolitics)

'Medicare is $79 trillion underfunded & Social Security $15 trillion underfunded. With another $29 trillion in various other underfunded liabilities, for a total of $123 trillion. Plus $34 trillion of debt.
That's not enough to cause a panic & force action?'
These are just the facts.
https://usadebtclock.com
Please read the full article here: https://archive.ph/lOvx6

👉🏽Talking about the treasury market:
Federal Reserve's Jerome Powell says no interest rate cuts until inflation improves.
The 10-year note yield is now trading at its highest level since November 2023, at 4.39%
Stronger-than-expected inflation data and rising oil prices have added to inflation worries over the last month.
The 10-year note yield is now just 11 basis points away from crossing 4.50%.
Meanwhile, less than 3 interest rate cuts are now expected in 2024.
Higher for longer has quickly returned.'- TKL

In plain English: It is forecasting extended inflation and possibly stagflation.
The Fed knows that lowering interest rates leads to the re-steepening of yield curves, which leads to recession and stock price drawdowns.
So they wind down QT (and possibly restart QE) to kick the can until after the election. (I have discussed this scenario now for a year, and it looks like this will be the playbook.)
Higher for longer, until something breaks. In the meantime, stocks, assets, and Bitcoin will rise.

👉🏽Now that we know that the rates will remain higher what could go wrong?
'Currently, there is roughly $6 TRILLION of Commercial Real Estate (CRE) debt in the US.
Banks hold a whopping $3 trillion, or 50%, of this outstanding debt.
This year, ~$929 billion, or one-sixth of this debt is set to be refinanced, according to Goldman Sachs.
Rates on these loans are set to double or even triple since they were taken.
All while many of these CRE projects are bankrupt or cash flow negative.' (Picture 2)

Ergo: There's simply too much debt all around, and all of it arising from too many years of easy monetary policy. Let's see which regional bank or market player will bite the dust next.

What do I mean by there is simply too much debt all around?
'U.S. debt always goes up. The only time it decreased in the post-war era was for an 18-month stretch around 2009. That's when private debt growth slowed down and public debt growth took over.
It's almost at $100 trillion.' - Lyn Alden
(Picture 3)

👉🏽"Total wealth held by the top 1% of Americans is now at a record $44.6 trillion.
This means that the top 1% of Americans now control 30% of all wealth in the US.
In Q4 2023 alone, the top 1% saw their net worth increase by $2 trillion as the stock market soared.
Since 2020, the wealth of the top 1% has risen by almost $15 trillion.
That's a ~50% increase in just three years all as affordability has hit record lows.
The wealth gap is widening."- TKL (picture 4)

To the extent the stock market and other assets rising in price creates this wealth gap (since a small percentage of Americans, but also here in Europe, own stocks and other assets), Fed intervention meant to support the price of these assets is a large part of that wealth gap. Sound money is essential to defending freedom. If you look at the chart...please compare that with the chart of the US debt chart. I will give you a hint, it is almost as vertical.
Our world is quickly being divided into those who own assets, and those who pay asset owners. In general (our history) that's not a good thing, as inequality continues to rise.

👉🏽Eurozone inflation cools, setting the stage for June rate cut: Headline CPI slowed to 2.4% YoY in March from 2.6% in Feb below the consensus forecast of 2.5%. Core CPI slowed to 2.9% from 3.1%, again below economists' expectations to reach the lowest level in >2yrs. But there were signs that inflationary pressures have yet to ease in labor-intensive parts: Service Price inflation +4.0% YoY, same as the 4 preceding months. (via DJ)

👉🏽The US Dollar is down 11% against gold and down 40% against bitcoin in 2024.

👉🏽All of the headlines focused on how the "US added 303,000 jobs in March."
However, if you dig further into the data, ALL of the job gains came from part-time jobs, according to ZeroHedge.
Last month, the US added a whopping 691,000 part-time jobs while LOSING 6,000 full-time jobs.
The worst part?
Over the last year, the number of full-time jobs is DOWN 1.347 million.
Meanwhile, the number of part-time jobs is up by 1.888 million, according to ZeroHedge.
To make it even worse: 71,000 govt jobs were added. 0 manufacturing jobs added.
Now ask yourself in a well-functioning economy do people hold one or more than one job?
What we see overall is a massive disconnect between data and reality.

"We constantly hear from politicians and pundits that Bitcoin has no use case. In the next video, Peter McCormack & Alex Gladstein cover *dozens of specific, critical Bitcoin use cases* across global commerce, human rights, and energy.
They discuss:
- Bitcoin for commerce, freedom, & power
- Broken money for billions
- Why Bitcoin is bad for dictators
- How Bitcoin fixes wasted power

https://www.youtube.com/watch?v=TI3Xcei8d_I

“If you take savings, commerce, freedom, and power, that’s the bedrock of civilization; so if you don’t have these things…you’re living in a very poor country.” - Alex Gladstein

Do you think this post is helpful to you? If so, please share it and support my work with sats.
#zap 🧡 #weeklyrecap #nostr #plebchain #BTC #Bitcoin #grownostr #stacksats #bitcoineducation #adoption

https://m.primal.net/Hseu.jpg
https://m.primal.net/Hsez.jpg
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Bitcoin is the:

Math class you never had.
History class you never had.
Finance class you never had.
Physics class you never had.
Economics class you never had.
Philosophy class you never had.

― The Bitcoin Therapist

➡️Last week I showed you guys with data and charts how the US, the world reserve currency, our current system, is leading our society to 'death'.
This is not something new. The Dutch eventually lost their reserve currency status and after that the British (Empire). Why? Too much debt.
Our current system needs to consume to pay off our debt. It's that simple...
If you look at last week's Government Debt chart you will notice that this doesn't include the debt of households & businesses, the nature of the money multiplier & fractional reserve banking means the total outstanding debt in the world is much higher.

Again, high-time preference culture and borrowing from our future will lead to the death of society. As we have seen in the past...

Unless we have something that will rise out of the ashes...

Bitcoin.

➡️Tether has added another 8,888.88888888 Bitcoin to their reserves, bringing their total treasury to 75,354 BTC. This is consistent with Tether's Treasury Reserve Strategy of saving 15% of profits in Bitcoin.

➡️Bitmain has unveiled the Antminer S21 Pro, the newest iteration of its flagship Bitcoin mining ASIC.
Boasting a hash rate of 234 TH/s and an energy efficiency ratio of 15.0 J/TH, the Antminer S21 Pro “has the ability to deal with more challenging environments.”

➡️"The daily DCAers who started stacking Bitcoin at the all-time high in late 2021 now have a lower cost basis than the daily DCAers who started stacking at the bear market low in late 2022.
Proving once again that with Bitcoin, time in the market beats timing the market." - Wicked (picture 2)
Ergo: get off zero. The biggest mistake you can make is being on the sidelines as Bitcoin is the greatest savings technology ever devised.

➡️On the 30th of March someone bought or transferred $1.1 Billion worth of Bitcoin at $70K.
https://www.blockchain.com/explorer/transactions/btc/fe60e8baae112517b6e1708c6e7414386ff3ceaeb10f51091adb806ed8d068a5
1.1 Billion...I wish I had cash like that available. Oh by the way the fee was only 17 dollars. Classic!

➡️Bitcoin closed its 7th straight green month for the first time in history.

➡️Coinbase Bitcoin reserves hit a 9-year low on the 26th of March.

➡️Cryptocurrency exchange Kucoin and two of its founders criminally charged with bank secrecy act violations and unlicensed money transmission offenses.

➡️On the 28th of March it was exactly 27 years ago, Adam Back invented Proof-of-Work, the bedrock of Bitcoin. It's how Satoshi harnessed time and energy to create the best money in human history.

Bitcoin ETF news:
➡️Two months in, Bitcoin ETFs have ~$60B AUM
Gold ETFs had $60B AUM after 15 years.

However, you can't really compare both assets with each other as the USD had a completely different value back then. Still an impressive growth for the Bitcoin ETFs. The move from analog to digital is always exponential.

➡️Here's a look at the Top 30 ranked by assets in the first 50 days on the market. Went global for this so this is out of 11,338 funds. Four BTC ETFs made the list.
Out of 11,338 global funds, the two with the largest AUM in history after 50 trading days are both Bitcoin ETFs, and it isn’t particularly close. (Picture 3)

One thing to consider this is not adjusted for inflation.

At this rate, BlackRock could overtake Grayscale's Bitcoin stack by this month's halving.
Blackrock's spot Bitcoin ETF IBIT holdings have now surpassed 252,011 BTC ($18B)
"I’m pleasantly surprised and I’d never have predicted it before we filed it that we were going to see this type of retail demand," says Blackrock CEO Larry Fink.

➡️WisdomTree gained approval to purchase spot Bitcoin ETFs for its $206 million and $117 million funds.

➡️Bitwise CIO Matt Hougan: 3% is the new 1%
He reports professional investors' potential Bitcoin allocation has shifted from 1% to 3%+ since 2018, primarily due to ETFs mitigating "going to zero" risk.
For wealth investors, 3%+ is the new norm.

➡️ Rumours that Morgan Stanley will approve Bitcoin ETFs on their platform in the next 2 weeks are getting stronger.
Early this month Morgan Stanley filed with the SEC that 12 of their funds may buy Bitcoin ETFs, and last week they sent Bitcoin compliance & education materials out to all advisors.
Morgan Stanley has $1.5 Trillion in assets under management.

➡️Hong Kong Bitcoin ETFs are expected to be approved in Q2
Including the ability to withdraw Bitcoin (No paper bitcoins!). (source: https://finance.yahoo.com/news/hong-kong-likely-allow-kind-162521543.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr&guccounter=1&guce_referrer=aHR0cHM6Ly90LmNvLw&guce_referrer_sig=AQAAADQ9lwMOgCrUeYU0wXFR-I3VLIKK-KPVw7jOrmT28h7AkgQov2AuXnkaTT2jaFgNCEnYB4HKsdsctI_6_qKwmpCImH9bSY7Urg2Jc31A2ESgCz8C3zt7ijbuasbFwUFkEscFEHe_VrX4FeEzOtzzvr61eM2d_A9C4_TQql_qEu0l)

➡️SBF sentenced to 25 years in jail.
Judge Kaplan: you are sentenced… for a total of 300 months [25 years]."
This is blasphemy as SBF stole billions of customers' money, and lied in court.
Ross Ulbricht created a website and is still serving 2 life sentences in prison.
Injustice at its finest.

A double life sentence + 40 years with no chance of parole.
Ross was sentenced at the age of 29.
On the 28th of March, he turned 40.
His “crime” was building a website where people could trade freely without government permission.
In the process, he introduced the world to Bitcoin.
http://FreeRoss.org
If you want to know more about Ross read this excellent thread by Pete Rizzo:
https://threadreaderapp.com/thread/1774052843562889450.html?utm_campaign=topunroll

Just to make one thing clear. He's definitely a legend. Ross Ulbricht's story is remarkable and complex, highlighting the early days of Bitcoin and the challenges faced by its pioneers. But making a black market is not something good, he got what he deserved. But the sentence is way too harsh.

➡️Since 2022, someone has consistently bought 100 Bitcoin at any price.
They now hold 53,733 Bitcoin worth $4 billion, making them the 13th largest Bitcoin holder.

➡️The latest Bitcoin difficulty adjustment came in on the morning of the 28th of March at -0.98%
There is only one more difficulty adjustment before the halving.
Everything is lining up perfectly for the halving to occur on 4/20.

What can you expect this week in the traditional financial market?
Main highlight ahead:
In the US, we have ISM, payroll reports, and communication from key Fed officials. In Europe, we have PMI, inflation, and unemployment data. In Asia we start the week with a central bank meeting in India, the Bank of Japan Tankan survey, and PMI and inflation releases across the region.

👉🏽"If US government debt averages 4% across the weighted duration spectrum, that would be about $1.4 trillion in annual interest expense.

At $50 trillion in debt (which will get us there quickly), it’ll be $2 trillion in annual interest expense." -Lyn Alden

The US Government currently makes about $12.2B while spending $17.7B per day. That's overspending by $5.5B per day, which will add up to a total of $2T of overspending for the year.
Drowning in debt. Totally normal phenomenon and sound finance, right? This is why US interest rates can't rise much more and also why they should. More on this topic the great thread by Bob Elliott
https://twitter.com/BobEUnlimited/status/1772229788737913036

Remember we are not in a pandemic, we’re not in a World War, and the US is in an allegedly healthy economy. When any of those changes, debt will skyrocket.
With US national debt up $10 trillion since the pandemic, and roughly sixfold the 2008 crisis. The Treasury issued $7 trillion of debt in just 3 months. (Picture 4)

That matches the worst of Covid -- no pandemic needed. And it's double the previous record that had stood for 231 years.
Again I don't want to be doom and gloom, but these are just the facts. Issuing more t-bills at an accelerating pace is a precondition to becoming a banana republic. This is the type of thing you see emerging markets do, not the issuer of the world's reserve currency and neutral reserve asset.

Just to make it even worse, the US Bond Market has now been in a drawdown for 44 months, by far the longest bond bear market in history.

👉🏽"Since 1800, 51 out of 52 countries who have reached a 130% Debt-to-GDP ratio have defaulted.
According to the US CBO itself, debt-to-GDP in the US is on track to hit 130% for the first time by 2033.
In 2007, debt-to-GDP in the US was just 60% and it has quickly doubled since then.
Currently, debt-to-GDP is at ~124% which is HIGHER than the peak of World War 2, at 119%.
Since 2020, debt-to-GDP is up a whopping 20% after the government's massive borrowing spree.
Simply put, this is unsustainable." -TKL (picture 5)

As you can see in the picture the red line is based on the 'optimist' forecast by the CBO.

As mentioned at the start of this week's 'Weekly Recap' the world is changing that hasn't happened before in our lifetimes but has many times in history.
Please watch the following video by Ray Dalio in which he explains the 500 years of economic rise and downturns of nations brilliantly.
https://www.youtube.com/watch?si=de7o5anFfpSmqVno&v=xguam0TKMw8&feature=youtu.be👉🏽The Federal Reserve’s expenses exceeded its earnings in 2023 by $114.3 billion — its largest operating loss ever. Source: https://archive.ph/7rcCv
"In plain English: The Fed printed $114B (net) out of thin air & handed it to banks, essentially to bribe them not to lend excess reserves into the economy."- Luke Gromen

👉🏽"Since 2008 the monetary base expanded during times of Fed intervention and shrunk during times of QT.
Markets bottomed in October 2022 as the shrinking of the monetary base ended.
It has expanded since then. Hence the question:
What's this then?" - Sven Henrich (picture 6)

Answer: Fiscal dominance.

👉🏽 SWIFT is planning the launch of a new central bank digital currency platform in 12-24 months. (source: Reuters)

Kinda funny innit? The world banks are on the brink of collapse (DEBT) and switch everyone over to their new CBDC in 2024-2025 and stop printing physical cash. According to the central bank's white papers (BoE, ECB), they are planning to release CBDCs in 2025. It's not like they are hiding it. It's just that nobody is bothering at the moment.
I don't know about you but I stick with my 12-24 words!
CBDC is financial slavery.

👉🏽Now let's put another phrase in the mix. Financial Colonialism...
"Over the next two years, low-income countries need to refinance about $60 billion of external debt each year, about three times the average in the decade through 2020. More in this blog:"
https://www.imf.org/en/Blogs/Articles/2024/01/24/how-to-ease-rising-external-debt-service-pressures-in-low-income-countries

Low-income countries never seem to be able to pay back their debts. This might be the reason why they got to be low-income in the first place, innit?

Anyway, low-income countries need to mine Bitcoin (Africa, South America, etc) and escape the debt slavery by the central bankers / IMF / World Bank.

👉🏽"Core PCE inflation, the inflation measure the Federal Reserve looks at most, declined to 2.78% in February. This marks the slowest pace of core inflation in nearly two years. Given that the Fed needs little to start cutting rates from levels that should be highly restrictive, assuming a neutral rate of 2.50%, markets price a 70% chance of the first rate cut in June. Hence, equities up, gold up, yields down." - Jeroen Blokland

👉🏽Commodity prices across the board seem to be permanently elevated.
Cocoa prices have skyrocketed to nearly $10,000, a fresh all-time high.
In 2024 alone, Cocoa prices are up 130% and outperforming most assets.
To put this in perspective, Nvidia, one of the hottest stocks in the world, is up ~30% LESS than Cocoa in 2024.

Cocoa prices are at record highs due to the:
* Weather damage in West Africa
* Supply constraints
* Increased demand
* Poor farmer returns
* EU rules impacting supply

First, it was Orange Juice and Olive Oil, now it's Cocoa prices exploding.

Commodity prices are outperforming many hedge funds.
The days of low oil prices are gone and consumers are feeling the pain.
The purchasing power of the US Dollar is down over 20% in just 4 years.

👉🏽France's public sector deficit for 2023 climbed to 5.5% of GDP, or €154bn, statistics agency INSEE said, undermining President Macron’s credibility as an econ reformer capable of resolving the country’s fiscal challenges. The earlier official govt deficit est was 4.9% of GDP.
The last time France didn't have a budget deficit: 1974

👉🏽Palestinian banks could be cut off from the Israeli banking system starting next week following.
The decision made by Israel's finance minister to isolate Palestinian Authority banks would paralyze the Palestinian economy. Anyway, Bitcoin fixed this! (source: https://www.middleeasteye.net/news/israel-may-cut-off-palestinian-banks-global-banking-system-next-week?utm_source=twitter&utm_medium=social&utm_campaign=Social_Traffic&utm_content=ap_6ej2zdsxqj

👉🏽65 million AT&T customers have had their personal data leaked on the dark web. Yikes! That's a lot of social security numbers on the dark web.

👉🏽"Warren Buffett, the billionaire head of Berkshire Hathaway, will probably go down as the greatest investor in history... Berkshire shares have seen an average annual return of 20.0%..."

Meanwhile: https://twitter.com/Snowden/status/1774577333820629449

Just some members of Congress outperforming the greatest investor in history. we are surely fortunate to be represented by such extraordinary talents." - Edward Snowden (picture 7)

🎁If you have made it this far I would like to give you a little gift:
Lyn is one of my favorite macroeconomists. The interview below is her most recent interview about U.S. fiscal dominance, China, energy, tech, and Broken Money.
https://www.youtube.com/watch?v=jVFkv7fezxE
Anyway, that's it for today.
Only invest in Bitcoin what you can’t afford to have gradually stolen from you by the government.

Credit: I have used multiple sources!

My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple.
⠀⠀⠀⠀⠀⠀⠀⠀
Do you think this post is helpful to you? If so, please share it and support my work with sats. #zap 🧡 #weeklyrecap #nostr #plebchain #BTC #Bitcoin #zap🧡 #plebchain #grownostr #stacksats #bitcoineducation #adoption https://image.nostr.build/d8ac0f0c9873133171bcf92a57968834a5c93fd976b0997d0cfaf782922d0683.jpg https://image.nostr.build/0c7cfe47f22fcbb376f6bbeb2d9991aaad8f8d348150489e013bb875a18259cc.jpg https://image.nostr.build/16886d81d38a3b02e63219e75467d1e50378574f2f7498b785bd319d0ad74bf3.jpg https://image.nostr.build/3f8320485c99079666c891cf2e72e99c392079fb1c9e198c512dae3996604ccf.jpg https://image.nostr.build/71468c2d86409a93c1e65c4abe66655632b23a5b31e02f17eab72b6d1d7ac9f7.jpg https://image.nostr.build/9b575616ff05c23da9a27f5249bb4dcb8e2a4b03b87f838560c8ef140bcdaa48.jpg https://image.nostr.build/a1fee15fe7b9878554d9981d816193cafd51233b9f854d76d32e7d7b1f1c5292.jpg

 Good morning Nostr💜🧡

Study, learn, hodl, decouple.
#bitcoin                🧡
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My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It’s that simple.🎯
⠀⠀⠀⠀⠀⠀⠀⠀
Do you think this post is helpful to you? If so, please share it and support my work with sats. 🧡

Felipe - BitcoinFriday

#zap                  🧡   #nostr                    #BTC                   #Bitcoin                  #plebchain                     #grownostr    #stacksats #bitcoineducation #adoption https://image.nostr.build/3fba6d44dd2601b1367abdf1a5e0bc869db586a79a4a2cb97f0519e6b7e4e6a1.jpg

"Thanks to human ingenuity and progress, life was meant to become increasingly affordable over time.

Government fiat currency is literally designed to obscure this phenomenon and consistently leech productivity and purchasing power gains from its citizens via inflation (monetary debasement).

As it turns out, Bitcoin fixes this.

And Bitcoin will help usher in the next age of human flourishing.”

― Dr. Jeff Ross

➡️Let me start this weekly recap with some encouragement for the new group of hodlers.
A normal Bitcoin bullrun pullback is 30%. Back in December, we were already on the longest winning streak in Bitcoin's history. There is no bull market without dips.
"If you're new to Bitcoin and jealous of HODLers who bought earlier, don't be.
They went through hell, and now it's your turn.
Last week's dip is nothing. Get used to it.
Learn to manage your emotions.
And if you are stressing out day and night, sell until it no longer stresses you out.
Buy Bitcoin with money you won't need for +4 years.
Bitcoin is a long-term hold, not a short-term trade."

➡️Last weekend we received the news that anonymous 'crypto' wallets are now illegal in the EU. WRONG!

I have shared my view on Instagram, so let me repeat it here.
In short:
Unhosted to unhosted is still legal.
Unhosted to hosted will require KYC.

The draft bill/legislation isn't 'live' yet. There will be a final vote on the matter on the 22nd of April. It will go into force three years (!) after publication in the EU’s journal. No earlier than 2027/2028. It’s ugly legislation, as is the direction the EU is heading in, but the current draft bill isn’t as dramatic as some media state it is.

I will quote Freddie New on this matter:
"This needs to be taken seriously but, as always, it's crucial to read the text of the actual legislation. TLDR Self-custody is not illegal:

1. This is a prohibition of anonymity, not of Bitcoin. If you can prove eg through signing a message, that you control the keys to an address, it is not anonymous and is then linked to you. I understand that
Trezor and Swiss Bitcoin Pay are already working on UX to enable this.

2. The most apparent effect will be increased customer due diligence before you transfer in and out of self-custody.

3. Your coins in self custody, and self-custody itself, are unaffected. The wording clearly states, in bold, "The prohibition does not apply to providers of hardware and software or providers of self-hosted wallets insofar as they do not possess access to or control over those crypto asset wallets."

Don't panic - read the actual source:
https://data.consilium.europa.eu/doc/document/ST-6220-2024-REV-1/en/pdf

For the Dutch readers, please read Peter Slagter's thread for more info:
https://twitter.com/pesla/status/1771509534487380158

For all readers, please read the excellent thread by Patrick Hansen:
https://twitter.com/paddi_hansen/status/1771929859704389954

But let me make one thing very clear. What makes the EU regulators think they have any right to know anything about any transaction you have made?
"It prohibition of privacy, one of Bitcoins core values. So on a deeper level, IT IS being made illegal. Just because they cannot make it practically illegal, they make its ideological fundaments illegal."

So no, it isn't as alarming as most people on Twitter and Instagram put online. Point blank misinformation, but from a privacy point of view, I do think it's alarming. A private key is a secret. Only the most tyrannical governments demand you reveal all your secrets to them.

But I also view this as really the EU just codifying for Bitcoin. It's a recognition that it is real, here to stay and not a tulip. Bitcoin is private property. Decentralized digital property is a new concept. In the long term, as always, governments will be the ones who need to adapt. The change may be radical.

➡️"Average Bitcoin transaction fees have not increased in Bitcoin terms over the past decade, despite system utilization increasing"- Pierre Rochard
(Picture 2)

➡️MicroStrategy acquire an additional 9,245 BTC for $623 million.
They now HODL 214,246 Bitcoin at an average price of $35,160 per bitcoin.
On top of that MicroStrategy also raised $600m for 7 years with a tiny 0.875% interest rate.
$100m more than the initial announcement.

➡️On the day we received the news that the Bank of Japan raised interest rates for the first time in 17 years (see for more info on that topic segment Macro & Geopolitics), we also received the news that the world's biggest pension fund, Japan's $1.4 Trillion Government Pension Investment fund, is looking into buying Bitcoin. They are exploring (asking for more information) about Bitcoin as a 'diversification tool. ".

Now ask yourself:
"What happens when EVERY pension fund in the world wants Bitcoin?
Every government?
Every central bank?
Keep in mind Bitcoin is hovering around 2021's all-time high...
Even adjusted for inflation we should be around $80,000.
If you haven't bought yet and you're waiting for a dip, you're gambling.
I hope it happens because I'll buy more.
But if it doesn't?
You'll lose 50-75% of your purchasing power."
Bitcoin is the only way pensions will be able to fill their funding gaps in the coming decade.

➡️$840B global bank Standard Charted says "The gold analogy remains a good starting point for estimating the ‘correct’ Bitcoin price level".

Gold market cap = $14 Trillion
Bitcoin market cap = $1.4 Trillion
Bitcoin at $680,000 would equal Gold's market cap.

Now this is just an analogy, not a guaranteed forecast.

➡️Are you ready for the Bitcoin halving or do you need to stack more Bitcoin? Approximately on the 20th of April, the halving will take place.

➡️ "Despite Bitcoin being up 128% over the last 12 months and down 13% in the last ~8 days, 67.6% of coins have not moved in over a year." https://unchained.com/hodlwaves?utm_source=twitter&utm_campaign=3-20-2024

"The percentage of coins not moving remains elevated compared to previous cycles.
IMO, this is a sign Bitcoin remains in the early stages of a bull market.
The fact that this volatility hasn't shaken many coins, is very promising. Supply is tight.
If history repeats, coins will only move at vastly higher prices."- Joe Burnett

➡️Bitcoin ETF news from last week:
On the 18th/19th of March: Biggest outflow from Grayscale yet.
On a day when GBTC saw record liquidations (to meet bankruptcy obligations of Genesis and others) and when Bitcoin tumbled, Blackrock's IBIT saw a surge of inflows. ETF demand is relentless and price indiscriminate."
GBTC has not had ONE DAY of net inflows since it converted to a spot ETF.

On the 18th of March, they recorded $643 million in outflows—the single biggest individual ETF outflow in nearly 15 years.
The second biggest?
Also GBTC, on January 22nd when it had a $641mm outflow.
They have shed ~37% of their Bitcoin since launch, with about ~385,000 BTC left to dump.

On the 23rd of March: "Nearly $1 billion of net outflows this week for the spot Bitcoin ETF."

➡️BlackRock Head of Digital says "For our clients, Bitcoin is overwhelmingly the number one focus".

➡️Argentina's high inflation (276%) is driving citizens to Bitcoin as a hedge, with exchanges reporting the highest weekly Bitcoin purchase volume in 20 months (picture 3)

➡️Bitcoin supply on exchanges hit 4-year lows, dropping almost 40%, with no slowing signals ahead of the upcoming halving, according to CryptoQuant

➡️Many Bitcoin miners are moving rigs out of the US to Africa and South America ahead of the halving, per Bloomberg.
600K S19 machines are on the move due to cheaper energy. These rigs, once costing $11,500 each, may be worth only $350 after the halving.

➡️Bitcoin is a worldwide problem," says Iceland Prime Minister Katrín Jakobsdóttir.
"With its abundant, CO2-neutral, and virtually free geothermal energy source, Iceland could build the largest and most prosperous empire humankind has ever seen - just by mining Bitcoin.
But no, I know shit about Bitcoin, BuT iTs BaD FoR tHe EnViRoNmEnT because WEF said so."

She is left-green (the worst possible combination).
Source FT interview: https://archive.ph/f2phT

➡️SEC is investigating the Ethereum Foundation and wants to define Ethereum as a security.
Yeah, nobody saw that coming...right?
"Whether ETH is legally classified as a security or not, it's a worthless distraction compared to Bitcoin. And remember, when you buy an altcoin, you become the exit liquidity for preminers and centralized controllers of the altcoin.
When you buy Bitcoin, you become financially self-sovereign."

What can you expect this week in the traditional financial market?
Main highlight ahead:
In the US, we have the PCE deflator, consumer confidence, and durable goods orders. In Europe, it’s the euro area consumer confidence, money supply, and French, Italian, and Spanish flash inflation. In Asia, we have the Japan and Australian CPI.

👉🏽Let's start with some charts and some explanations.
132,000 households versus 66,000,000 households.
35 years worth of data.
2 parties (red or blue), 1 central bank (the Fed), 1 result: Ever wider disparity.
(Picture 5)
Nothing stops this train and nothing will change if we don't get to the underlying issue:
developing monetary policy.
Just look at what happens when you add M2.
(Picture 4)

What does M2 stand for:
The M2 money supply is a broader measure of the money stock within an economy, which includes all components of the M1 money supply along with additional types of financial assets. M1 money supply represents the most liquid forms of money, such as physical currency (coins and banknotes) and demand deposits (checking accounts). M2 money supply, on the other hand, encompasses M1 money supply and adds near money or less liquid financial assets, such as savings deposits, time deposits (under $100,000), and money market mutual funds.

M2 is mostly used as a classification for money supply in the eurozone and America;

Central banks and monetary authorities closely monitor M2 money supply as part of their monetary policy framework. By adjusting interest rates, open market operations, and reserve requirements, central banks can influence the growth rate of M2 money supply to achieve their objectives, such as price stability and sustainable economic growth

To sum it up we call this the Cantillon effect.
"The logic of the Cantillon effect is incontrovertible. Of course, money printing will create winners and losers. If it didn’t, the government and run-of-the-mill counterfeiters wouldn’t have an incentive to run their printing presses.

The data confirms Cantillon’s insight from the 1730s. Measures of money printing and bank credit expansion are highly correlated with a variety of measures of economic inequality. While any healthy economy would have some inequality, it’s certain that putting the government in charge of the money supply has exacerbated it."

Source/more info:
https://mises.org/mises-wire/four-charts-show-cantillon-effects

Whilst at it, read the following article: https://www.zerohedge.com/personal-finance/insanity-our-world-driven-money-printing

👉🏽On the 19th of March Fed Chair J. Powell: "Appropriate to slow pace of asset runoff soon."

Translated: The Reverse Repo is getting to a level that will cause The Fed to compete with the Treasury for liquidity, so we will soon end QT.

US inflation is almost at an acceptable level.

The Fed needs to taper QT once the RRF is drained and as that reserve level approaches $2.5T, the key level he has indicated before. Once below that, they worry about another repo spike a la 2019. QT must stop to allow the Treasury room to keep floating more debt.

What does this all mean for Bitcoin (assets in general), a massive tailwind as this all is a liquidity game.
What does 'runoff' mean? QT
What does 'reverse repo' mean? It is basically banks' money coming back out of lockup at the Fed and into banks' hands. Kind of like QE.

Remember 'history doesn't repeat itself, but it often rhymes.'
"Bernanke (2008): QE is temporary and the Fed’s balance sheet will soon be lower than when we started.
Powell (2024): It’s appropriate to slow the pace of QT fairly soon"
(Picture 6)
$20 trillion fed balance sheet incoming.

Global government debt is a record $82 trillion:
up $20 trillion since Covid
up $50 trillion since Lehman
... and up 7x this century in under 25 years!

The US debt-to-GDP ratio stands at 123.7%, near the all-time record of 126.2% reached in 2020
It is estimated by the Congressional Budget Office that in 2034 it will reach 130.6%.
Since 1800, 51 out of 52 countries with a ratio above 130% have defaulted
(Picture 7)

Anyway, if you want to know more about the Fed meeting from last week I highly recommend James Lavish's thread:
https://twitter.com/jameslavish/status/1770495805067264230

👉🏽"POWELL: DON'T SEE CRACKS IN THE LABOR MARKET
what cracks? All new jobs since 2018 have gone to immigrants, and 250,000 illegals enter the country every month." -Zerohedge

Since November, the US has lost 1.8 million full-time jobs.
In the last 12 months, the US labor market has seen a 921,000 increase in part-time jobs while the full-time jobs count declined by 284,000
Headlines: The US has been adding jobs for 38 straight months.
Yikes!

👉🏽 On the 19th of March Japan raised their interest rates for 1st time in 17 years (2007) amid higher inflation & rising wages. BoJ also scrapped its complex yield curve control program while pledging to continue buying long-term govt bonds as needed. It also ended its purchases of ETFs. Nikkei gained 0.7%, 10y Japanese yields dropped 3bps to 0.73%.
By raising rates BoJ is putting pressure on other central banks. Likely we will see rate cuts & restart of QE in the near future by the Fed, and probably also the ECB.
Remember Japan holds over $1.1 Trillion in just US debt alone. The BoJ will become net sellers of this debt very soon. At a time when the US needs more net buyers of its debt.

Great thread by MacroAlf on the implications for global markets:
https://twitter.com/MacroAlf/status/1769991687504384463

👉🏽Last week I already mentioned:
"KPMG study among the 350 CFOs of the largest German subsidiaries of international groups shows that there is record-high skepticism with respect to Germany as an investment destination..."

Not only on the Bitcoin - unhosted wallet part the EU seems to be allergic to new and better tech.

The boss of Dow Inc. said the price of electricity in Europe is so high that there are doubts about the long-term future of some of the chemical company’s industrial customers in the region.
Source: https://archive.ph/V6r0r
The decision to close German nuclear power plants will go into history books as the biggest economic, geopolitical, and environmental mistake since WWII.

"In this context: Salzgitter AG estimates that reducing CO2 emissions in the European steel industry to 95% requires 400TWh of additional power annually. This is >2/3 of what Germany currently produces in total.
Source: The long road to green steel | Economy | DW | 07/26/2019" - Swen Roschlau
(Picture 8)

👉🏽China has started blocking the use of Intel and AMD chips in government computers.
US sanctions stopped sales of advanced chips to China, so they quickly developed their own technology.

👉🏽Every generation has its own bubble. Human nature does not change, only the bubbles change. (Picture 9)
"Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes." ~ Jesse Livermore

https://youtu.be/48r0VO9m1yc?si=tN0woyKHj8BLr5Pb

Free knowledge!

My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple.
⠀⠀⠀⠀⠀⠀⠀⠀
Do you think this post is helpful to you? If so, please share it and support my work with sats. #zap 🧡 #weeklyrecap #nostr #plebchain #BTC #Bitcoin #zap🧡 #plebchain #grownostr #stacksats #bitcoineducation #adoption https://image.nostr.build/d5475d5e872c9adbb31cc567822de572cd5e02d3044e0b4d07144eb737b7c1bd.jpg https://image.nostr.build/c34294c8e3bc5516f42a209aa9934745c596c1b7887e8bc3009e4e89097d75a7.jpg https://image.nostr.build/ae3fb6027edc672422fff2f6d3335398e9937a98ab491f884674f34047275a18.jpg https://image.nostr.build/a56d695a64a06093413bc0675771772e590fabbeff64173d0a259756fe3290f9.jpg https://image.nostr.build/f4f7d0871877f4ef566bdf51e95f89474a641505b7902c8218c701fdfa73666a.jpg https://image.nostr.build/e008d9990e789a1631354b7206c06b5676d1d4216d8df24d4764c2bc91b10901.jpg https://image.nostr.build/18db31932248e41c8e806bb62e03127082f6030382d1dd4402065c12147f8ebc.jpg https://image.nostr.build/aba646b9ee71569140f9ac978585961c704c6fef47f24f8956887c92a1f843ee.jpg https://image.nostr.build/8b807c3a8f32d1f55bc299dddb549b3f53789f396704f6f8f991ea31a0450203.jpg

 GOOD MORNING NOSTR, YOU DO NOT NEED TWITTER OR OTHER SLAVE TECH TO LIVE A FULFILLED LIFE. 

OPT O...

 Good morning / good afternoon 🧡💜

 Great way to start
the day.🧡

Study, learn, hodl, decouple.
#bitcoin               🧡
▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It’s that simple.🎯
⠀⠀⠀⠀⠀⠀⠀⠀
Do you think this post is helpful to you? If so, please share it and support my work with sats. 🧡

Felipe - BitcoinFriday

#zap                 🧡   #nostr                   #BTC                  #Bitcoin                 #plebchain                    #grownostr    #stacksats #bitcoineducation #adoption https://image.nostr.build/78ff416029ca11edde4e2ec0486ac861e351db4320b76d13bf99f358ebd8c6ba.jpg

“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.”

― Alexander Fraser Tytler

➡️On the 16th of March, we received the news that $88m leveraged Bitcoin positions were liquidated in 24 hours.
Losing money in a bull market…REKT.

➡️"The first Bisq 2 beta release is now available. Interested?
Watch http://bisq.network/bisq-2 and:

1. run Bisq 2;
2. trade with Bisq Easy (or lurk while others do);
3. give feedback in the new p2p group chat." - Bisq

I always recommend Bisq as one of the primary peer-to-peer market on-ramps to Bitcoin (for the more advanced users). So I am very excited to see the roadmap and look forward to the development and use of version 2. (picture 4)

➡️"If Bitcoin was a country, it would rank somewhere between 10-20 in population size.
Something tells me we're going to enter the top 10 very soon." - Sam Wouters (picture 2)
Source: https://river.com/learn/how-many-people-use-bitcoin/

➡️The US government is still holding seized Bitcoin equivalent to ~1% of the total supply with a 2.4X unrealized profit. They haven’t sold any since July 2023 when Bitcoin was $30K.

➡️The Bitcoin network is projected to settle $17.5 trillion worth of BTC this year.

➡️Bitcoin Network Difficulty sets a new ALL-TIME HIGH of 83.95 T
This is nearly double the reading from one year ago (43.55 T) The global competition to mine
Bitcoin continues to heat up.

➡️New Record Bitcoin Hashrate 600,000,000,000,000,000,000x per second

➡️Wealth advisor platform Cetera just approved Bitcoin ETFs to be offered to clients.
It has $475 billion in assets under administration and $190 billion in assets under management.

➡️ $7.2 trillion Vanguard CEO Tim Buckley says they're not going to offer spot Bitcoin ETFs "unless the asset class changes."
"Bitcoin is just too volatile and it's not a store of value."

➡️“Mr. 100” bought 810 of the 900 newly mined Bitcoin on the 14th of March, so the ETFs had to find other willing sellers.

➡️On the 13th of March, we had the first $1B inflow day into the Bitcoin Bitcoin ETFs. Madness! And BlackRock's Bitcoin ETF total inflows overtook Grayscale's total outflows for the first time! You are simply not bullish enough.

Really... you are not bullish enough: https://www.zerohedge.com/crypto/bitcoin-has-6-months-until-etf-liquidity-crisis

➡️Last week I mentioned that VanECK announced they cut their management fee to ZERO until March 2025. Their Bitcoin ETF doing HUGE trading volume a day after.
https://twitter.com/BTC_Archive/status/1767596983026364663

➡️"Blackrock Bitcoin Inflows
34.6K Last Week
31.4K The Week Before
34.3K The Week Before That

Any wild guesses about how much they buy this week?"

➡️ El Salvador will be able to pay off the IMF if Bitcoin hits $100K, and never have to talk to them again.
They’ll probably be the most attractive country in the world to go live in just because they embraced
Bitcoin,” says billionaire Tim Draper.

More news on El Salvador: El Salvador voted to drop their income tax from 30% to 0% for money transfers and international investments.

Oh, by the way, El Salvador’s President, Nayib Bukele :
“Your TAX money is NOT funding your government.
Your government is funded by printing money out of thin air.
So, if your central bank is printing money to fund the government, then WHY do we need to pay taxes?"

Now to make things extra special...

On the 15th of March, Nayib Bukele announced that they decided to transfer a big chunk of our Bitcoin to a cold wallet and store that cold wallet in a physical vault within our national territory.
You can call it our first Bitcoin piggy bank. It's not much, but it's honest work.
https://twitter.com/nayibbukele/status/1768425845163503738

Pretty incredible to see a President tweeting about Bitcoin nation-state self-custody. And what do plebs do? El Salvador released its Bitcoin cold wallet address & you psychopaths are sending donations. Classic.

Just a thought...If El Salvador can be transparent with their reserves why can’t the United States government or the ECB/Central Banks?
Why can’t we see the gold?

➡️El Salvador President Nayib Bukele says the country will purchase one Bitcoin every day until it becomes unaffordable with fiat currencies.

➡️ On the 12th of March @Relai 🇨🇭 rolled out their lightning functionality within the app.
100,000 Relai users now have access to ultra-fast and cheap Bitcoin transactions.
Why Lightning? "The Lightning Network has quickly emerged as the go-to scaling solution for the Bitcoin network. Not only is it great to use Bitcoin in everyday situations, such as paying for a cup of coffee or goods in a shop, but it’s also incredibly fast and much cheaper compared to on-chain transactions."

Relai: "We do this by working closely with two amazing Bitcoin companies! One is our node and implementation provider, Blockstream. We use their Core Lightning implementation, which allows us to be flexible with other Lightning setups as well as using their node. Our second partner is Breez, with their SDK. This provides us access to a wide range of Lightning Service Providers (LSPs) and partners in the network."
Just update your app. To use Lightning, you need to update to the latest version 2.8.1.
Not using Relai at the moment? Download the app https://relai.app/, use the code CRYPTOFRIDAY, and get a 0.5% fee reduction on your weekly/monthly Bitcoin purchases.

➡️Michael Saylor says Bitcoin is going to "eat" gold and has all the great attributes of gold.
All the reasons why Bitcoin will demonetize Gold:
"-Gold was the money of the analog world, and Bitcoin is the money of the Digital World, it is superior in every way for a digital age.
-Precious metal markets have been highly manipulated for a long time.
-Elastic Supply unlike Bitcoin's inelastic supply
-Alleged rehypothecation of precious metal paper contracts (The paper price of Gold) artificially increasing supply.
-Price action has been slow and tedious, with low gains for the last 10 years.
-Much Harder to store and secure
-Much Harder to Transport
-Can be counterfeited in some circumstances
-Unprogrammable
-Centralised"

➡️Bitcoin’s allocation in investor portfolios is 3.7 times greater than that of gold, according to JP Morgan analysts.

➡️On the 11th of March, "Bitcoin just bumped silver to become the 8th most valuable asset in the world.
All else held equal...
at $105K, it jumps Saudi Aramco,
at $137K, it enters the top 3,

and at $153K, Bitcoin becomes the second most valuable asset in the world." - James Lavish

➡️The new Biden budget proposal plans to bring in more than $2.3 billion in the next five years by taxing bitcoin miners.
Biden expects the Bitcoin mining industry to 10x in the United States over the next decade, this would imply a $6 million price target for Bitcoin. Even more bullish than the wash trading line item.
American dynamism and energy abundance will make this possible!

The 30% tax is just absurd. This must be stopped at all costs.
First read the following tweet: https://twitter.com/BitcoinPierre/status/1767371855512432900

Talking about Biden, check out their budget for fiscal year 2025 below, segment macro.

➡️In ~32 days, Bitcoin becomes the hardest asset known to man, with its supply growth rate dropping to half that of gold. This will be Bitcoin's biggest and most important Halving ever. Are you ready?

➡️Merryn Webb, a Senior Columnist at Bloomberg, REFUSES to interview Adam Back, one of the few people ACTUALLY cited in the Bitcoin whitepaper, simply because he has LASER EYES in his X (formerly Twitter) profile picture.

Mainstream media at his finest! (picture 5)

➡️Just a reminder that the FTX bankruptcy estate has 58 million Solana tokens to sell, which is over 13% of the total Solana supply, or about 8.5 billion dollars in today's prices.

➡️The owner of the largest exhibition venue in the Middle East, Abu Dhabi’s ADNEC Group, is to launch the region's first Bitcoin MENA Conference set to take place December 9-10 2024.

What can you expect this week in the traditional financial market?
Main highlight ahead:
In the US, we have the Federal Reserve meeting and press conference with Fed Chair Powell. In the UK, we have the Bank of England meeting and CPI data, and in Europe, the latest ZEW surveys and several ECB speakers. In Asia we start the week with a key policy meeting at the Bank of Japan, more central bank meetings in Indonesia, Taiwan, and Australia, and monthly activity data for China.

🏦Banks:
👉🏽Powell: ‘There will be bank failures’ caused by commercial real estate losses
But not the really big banks, he promises, those will be fine.'
https://thehill.com/business/4516758-powell-there-will-be-bank-failures-caused-by-commercial-real-estate-losses/

👉🏽"BIDEN UNVEILS $7.3 TRILLION BUDGET FOR FISCAL YEAR 2025, THE BIDEN BUDGET SEES US DEBT HITTING $45 TRILLION IN A DECADE" was the headline.
Just absurd, that the Biden administration thinks that the US DEBT will hit $45 trillion in a decade.
None of their models now or in the past, and recent years came through. We're at nearly $35 trillion now with a new trillion added every 100 days.

You know what is even more absurd and I quote Brian Sullivan: "DC strategist email note this morning lays it out well.
The budget deficit will grow another $16 TRILLION over the next 10 years. That *with* the proposed massive tax hikes.
Without them, the deficit will grow by $19 trillion.
That's why you will hear the "deficit is being reduced by $3 trillion" over the decade.
No family budget or business could exist with this kind of math."

Balaji: "Linear extrapolation gives $50 trillion.
Exponential is more like $70 trillion.
And Bitcoin remains at 21 million."
(picture 3)
Source: https://fred.stlouisfed.org/series/GFDEBTN

Oh, just to make things worse, it took 63% of all personal income taxes in Feb to pay the interest on the debt - no roads, no military, no schools, no social security - JUST INTEREST.

👉🏽On the 12th of March US CPI came in.
The 'hot' CPI prints show that headline inflation is sticky around the 3% level.

"On a 3-month annualized basis, Supercore inflation jumped a whopping 6.9% in February.
Core services less shelter inflation is a key metric that the Fed follows, also known as Supercore inflation.
In January, this metric jumped by 0.7% month-over-month, the biggest jump since September 2022.
In February, it was up another 0.5% month-over-month after multiple increases in 2023.
All while real wage growth is turning negative again.
In general February CPI inflation rate RISES to 3.2%, above expectations of 3.1%.
Core CPI inflation fell to 3.8%, ABOVE expectations of 3.7%.
This is the 35th consecutive month with inflation above 3% and the second straight increase.
The fight against inflation is far from over." -TKL

👉🏽"Prediction markets are officially expecting LESS than 3 interest rate cuts in 2024.
After CPI inflation increased for the 2nd straight month, prediction markets saw 65 bps of rate cuts in 2024, according to Kahlsi.
This is equivalent to ~2.6 rate cuts and down SHARPLY from 6 rate cuts seen just 2 months ago.
It's also the first time this year that markets see LESS rate cuts than Fed guidance.
Core inflation is still at 3.8%, nearly DOUBLE the Fed's long-term target.
Could we see ZERO rate cuts in 2024?" -TKL

Still up only, especially in a year when we have a presidential election in the US.

Do you want to know more about the rates bit, please read the following tweet by Luke Gromen:
https://twitter.com/LukeGromen/status/1767556897626898876

👉🏽"For the first time in history, interest payments on non-mortgage debt in the US are equivalent to interest on mortgage debt, at $575 billion.
Exactly 3 years ago, interest on non-mortgage debt was at $250 billion.
This marks a 130% increase in household interest expense on non-mortgage items over just 3 years.
Furthermore, 3 years ago interest on non-mortgage debt was HALF of interest on mortgage debt.
Americans are "fighting" inflation with high interest-rate debt.
36% of US adults have more credit card debt than money in a savings account.
Also, the average American household owes $7,951 in credit card debt.
As rates rise, the pain of this debt is getting even worse.
How is this sustainable?" - TKL

👉🏽"ECB plans to roll out digital Euro CBDC starting in 2025. They claim it’ll be “private,” but it will not be, given Lagarde already wants to throw you in jail for a 1000+ euro anonymous cash payment.

Study Bitcoin & opt out of this totalitarian surveillance token." -WalkerAmerica
https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp240313~f632c531ac.en.pdf?c399660b02271b5ec70ef86e839a8c64

👉🏽"KPMG study among the 350 CFOs of the largest German subsidiaries of international groups shows that there is record-high skepticism with respect to Germany as an investment destination

Foreign investors are pessimistic and the attractiveness of the country is at risk: 46% of respondents believe that other countries and regions are growing faster than Germany and intend to prioritize investments there in the next five years

Energy transition, digitalization, upgrades, and infrastructure have opened up great business opportunities for international companies, but
all location factors are deteriorating with increasing momentum." - Nikolay Kolarov

In the past year, I have spoken on the deindustrialization of Germany multiple times. Everyone is aware of German deindustrialization by now, unfortunately, industrial production in other major European countries is not looking much better.
(picture 6)
(picture 7)

👉🏽Goldman points out that the Turkish central bank is about to lose control as "FX position deteriorates sharply". Is the Turkish lira on the verge of terminal collapse?

Another great What Bitcoin Did podcast.
The Perfect Bitcoin Allocation with Raphael Zagury
- Bitcoin vs real estate
- How ETFs changed everything
- Valuing Bitcoin
- The best portfolio allocation
https://www.youtube.com/watch?v=hqsGIRhFkvM

Anyway, that's it for today.
Only invest in Bitcoin what you can’t afford to have gradually stolen from you by the government.

 I am not sure how you want to incorporate Lightning in that metric?

"The internet reorganized the world and started the transition from the Analog Age to the Digital Age.
Bitcoin is the logical next step and has already begun repricing the world.

This potent combination will have (is already having) significant implications for individuals, families, businesses, and even nation-states.

Long-standing power structures are shifting before our very eyes... And this is just the beginning.
The seeds for the coming Age of Legends have already sprouted.

Cling to the old ways and methods and social hierarchies and currencies if you want to, but it's much more interesting to help build a better tomorrow for humanity.

Bitcoin is Better Money for a Better World." - Dr. Jeff Ross

➡️El Salvador is up $74 million (+60%) and now $200M on their Bitcoin holdings.
Their GDP is ~$30B and growing at 2% a 10x in Bitcoin would add 7% nearly quadruple GDP growth
Emerging economies are going to see this and say wtf are we doing? Hello, game theory!

➡️Arkham claims to have identified Tesla and SpaceX's on-chain Bitcoin holdings.
"We believe Tesla currently has 11.51K (BTC $780M) across 68 addresses and SpaceX has 8.29K BTC ($560M) across 28 addresses, consistent with the financial statements of Tesla and SpaceX.”

➡️Bitcoin privacy summarized:
1. Without KYC data your Bitcoin is pseudonymous.
2. Coinjoin, like Whirlpool, enables you to obscure your activity.
3. Running a node (over Tor) gives you protection at the network level, and eliminates trusted 3rd parties.

➡️The latest Brave Wallet desktop update (v1.63) introduces all main Bitcoin address formats, including Legacy, Nested SegWit, Native SegWit, and Taproot.
Great step by Brave and I would recommend each and everyone to use Brave as your standard browser. The logical next step would be to incorporate Lightning into their wallet.

➡️37 days to the Bitcoin halving when BTC inflation drops to less than half that of gold which makes it the hardest money in the history of humanity.
On top of that Bitcoin:
"ETFs are buying 10k Bitcoin per day and only 900 are mined. They get the rest from weak hands, pRoFiT takers, and people who broke even from the last bull run. These people will soon be empty. Then the ETFs will bid for the BTC held by laser-eyed 80 IQ psychopaths. Good luck!" Bitcoin for Freedom
Are you ready?

➡️Do you remember how the ETC posted on Twitter that Bitcoin has failed to become a global decentralized digital currency, instead falling victim to fraud and manipulation?

The recent approval of an ETF doesn’t change the fact that Bitcoin is costly, slow, and inconvenient.
No, you don't remember it, and neither do I....haha
(picture 2)

➡️The state of Louisiana becomes the eleventh state to officially introduce a bill to protect fundamental Bitcoin rights.

This bill, sponsored by @WrightLouisiana, protects:
Your right to buy, sell, and trade Bitcoin
Your right to mine & validate
Your right to self-custody Bitcoin
Your right to run a full node

The momentum for Bitcoin is building at an impressive pace, with Louisiana stepping into the spotlight as the eleventh state to introduce legislation aimed at protecting Bitcoin users' fundamental rights.

➡️Stanford Endowment has bought Bitcoin at 45k.
In February, pitched IBIT to Blyth Fund, the student-run fund which manages a portion of Stanford's Endowment.
Bitcoin is now ~7% of the portfolio.
The thesis, which tried to remain as objectively bullish as possible while catering to an audience of skeptics, revolved around 3 key factors:
-ETF Inflows
-Cyclicality of Bitcoin
-Schelling Point For Monetary Chaos + War
Here's the pitch (25min) that convinced them to buy:
https://twitter.com/kolelee_/status/1764745867435921745

➡️The whole world’s getting repriced in terms of Bitcoin…and there’ll only ever be 21 million…which means everything’s still overvalued by about 330x.
https://twitter.com/w_s_bitcoin/status/1764661974074286093

This means Bitcoin is undervalued by 330x.

➡️"The Senator who said “Bitcoin can open the doors of corruption in El Salvador," was just indicted on 18 counts for obstruction of justice.

Federal Prosecutors seized $100,000 in gold bars and $480,000 in hidden cash from his home.

Quelle dommage…" - RaderHits

➡️Germany's largest stock exchange Deutsche Börse has launched a Bitcoin and crypto trading platform for institutions.

➡️On the 5th of March: "The ten Bitcoin ETFs did $10b in volume today, smashing the previous record set last Wed. Volatility and volume go hand in hand with ETFs so not totally surprised. That said these are bananas numbers for ETfs under 2mo old."
Although this sounds great, five companies (AAPL, MSFT, GOOGL, AMZN, and META) are hoarding a combined $517B of cash.
A mere 1.67% of that is equivalent to the $8.5B of total net inflows into the Bitcoin ETFs, so far.
Ask yourself what will happen if Blackrock advisors are talking to these five companies to allocate 1-5% into Bitcoin via IBIT.

We are not there yet, and I quote Joe Carlasara:
"The bigger the realized market cap of Bitcoin, the MORE attractive it becomes to big money.
Countless players still view the Bitcoin market as too small to merit attention. This changes when the market is 3x to 5x larger.
As a fund manager who I speak with regularly said, “If it can sustain itself above $100,000, we might start to nibble.”
Understanding this dynamic is key."

➡️On the 7th of March, we received the news that BlackRock filed with the SEC to purchase spot Bitcoin ETFs for its $15B Global Allocation Fund. Its $36b Strategic Income Opportunities Fund will also buy Bitcoin ETFs, as announced last week.
"Blackrock has $10 Trillion in assets under management.
Another $20 Trillion of funds use their Aladdin platform to make portfolio allocations.
BlackRock has stated that the optimal Bitcoin allocation is 84.9% of a portfolio.
Of course, few will do this, but we now have the world's biggest fund manager telling investors to get off zero.
Ernst & Young estimates that $200 Trillion of Institutional assets could not touch Bitcoin until an ETF was approved. "

➡️On the 8th of March: "BlackRock Bitcoin ETF is set to break $10 BILLION in total flows today.
Fidelity is a strong second place with $6 Billion.
Demand is strong and is set to grow as more investment platforms and banks allow these ETFs onto their platforms." - Bitcoin Archive
Just for some context on the Fidelity bit.
Fidelity Bitcoin ETF smashed through its former record high with $473 million of inflows on the 7th of March.

➡️Today we received the news that VanEck drops Bitcoin ETF fees to ZERO until March 2025! You have no clue what is coming! Hell, game theory!

➡️After the 8th of March, BlackRock passed Microstrategy on Bitcoin owned.
Microstrategy took 3.5 years to reach it, and BlackRock made it in less than 2 months. yikes
Blackrock saw its biggest one-day inflow ever this week, acquiring 12.6K Bitcoin ($842M).
Their total holdings on the 9th of March stood at 196K Bitcoin. (picture 8)

➡️Saylor is a freaking Chad though. MicroStrategy approaching $8 BILLION in profit on their Bitcoin position. And today we received the news that
MicroStrategy acquired an additional 12,000 BTC for $821.7M MSTR now hodls 205,000 BTC acquired for ~$6.91B at an average price of $33,706 per Bitcoin.

Pretty crazy stats:
The New 9 have flipped GBTC.
IBIT has flipped MSTR.
In general, "the first two months are officially in the books (it's felt like six) and the ten bitcoin ETFs now have over $55b in assets with exactly double that in volume at $110b. If these were the numbers at the end of the year I'd call them a success. To do it in eight weeks is simply absurd." - Eric Balchunas
Wall Street is now in Control.

➡️Billionaire entrepreneur, Mark Cuban, calls Bitcoin a great store of value and states that he expects the price to go up due to supply and demand. It wasn’t long ago he claimed Bitcoin was worthless.

Just remember, their change in tone didn't happen by accident. The narrative is changing.

➡️“OurBitcoin price target is now well above $1M by 2030, and with our new expectations for institutional involvement, the incremental price that we assume for institutions actually has more than doubled," says ARK Invest CEO Cathie Wood

➡️Bitcoin miners recorded the second-highest daily revenue ever at $75.9M on March 6th, the same day Hut 8 closed a Canadian site due to power issues and high energy costs, according to CryptoQuant head of research Julio Moreno.

➡️Bitcoin miners are returning to the market after bear market hibernation, burning record energy and buying $1B worth of mining equipment despite the impending halving, according to Bloomberg.

➡️The only thing rising faster than U.S. debt is the Bitcoin hash rate.
Hash is the real thing! Everything else is just noise.

➡️Bitcoin is demonetising Gold ETFs as the 'Store of Value' narrative takes hold.
Bitcoin ETFs are taking in billions, while Gold ETFs are bleeding assets.
Bitcoin ETFs are catching up to Gold ETFs for assets.
$54 for BTC
$96b for Gold
(picture 3)
Bitcoin ETF volume surpasses $100 BILLION
This exceeds total flows into all physical gold ETFs over the past five years

What can you expect this week in the traditional financial market?
Main highlight ahead:
In the US, we have CPI, retail sales, and PPI. In Europe, it’s the euro area industrial production, Sweden and Norway CPI, and UK labor market data. In Asia, we have India and China's CPI and the PBOC’s MLF rate decision.

"The S&P 500 has hit a record 5180 and is now up an incredible 26% in just 4 months.
Since the October 2023 low, the S&P 500 has added nearly 1,100 points.
In just 88 trading days, the S&P 500 has added $9 TRILLION in market cap.
That's an average of $102 billion per trading day for 88 days straight.
Since the March 2020 pandemic low, the S&P 500 is up 137%." - TKL

👉🏽"Nvidia, the 3rd biggest company in the world, fell 10% in 30 minutes on the 8th of March.
That's a company with $2.3 trillion in market cap trading like a penny stock.
Is it weird that this feels completely normal now?" - TKL

🏦Banks:

👉🏽"New York Community Bank stock crashes 20%+ after reporting "material weakness in internal controls."
The weakness is reportedly related to loan review resulting from ineffective oversight and risk assessment.
NYCB is the same bank that acquired the collapse of Signature Bank during the regional bank crisis.
This comes just weeks after the bank posted an unexpected $260 million loss in Q4 2023.
The stock is now at its lowest level since 1997."

On the day I posted last week's Weekly Recap, see the part above, New York Community Bank crashed 42% and has trading halted. Yikes

Last week we received the news that the US payrolls were revised, again! January payrolls revised from 353K to... 229K

How many illegal immigrants were hired in February to make the Bidenomics "beat by 30K then revise it down by 50K next month" quota? Take a guess...

in February 1.2 million foreign-born workers (immigrants, both legal and illegal) found a new job. Meanwhile, 500K native-born American workers lost their jobs. And the bide admin is bragging about 250K jobs last month.

So what does that tell us...the market / financial economy rallies on what turns out to be false data and then rallies some more on the new false data and ignores the corrected data.
Rinse & repeat. Numbers don't mean a thing.

Just to give you some more info:
In the past year, the US has created 921,000 part-time jobs and lost 284,000 full-time jobs.
They just forget to mention this to the public. But Felipe, the headline jobs number says the US has added jobs for 38 straight months.
How is this possible?
Over the last 12 months, these full-time jobs have been replaced by 921,000 part-time jobs, according to Zerohedge.
The true number of workers employed in the United States right now is at its lowest since May 2023.
Last month, payrolls jumped by 275,000 but the total number of individuals employed fell by 184,000.
Just to give you some more details I quote Zerohedge:
"1. In the past year,
the US has lost 284K full-time jobs, these have been replaced with 921K part-time jobs

2. In February alone,
a record 1.2 million foreign-born jobs
were added.

3. In the past three months,
a record (ex-covid crash) 2.4 million native-born jobs have been lost,
including 494K jobs lost in February.

4. Most shocking,
since May 2018, there have been ZERO jobs created for native-born Americans. All jobs in the past 6 years have gone to immigrants, legal and illegal."

The US labor market is strong, right?
Here's a visual representation of the MASSIVE downward revisions in the jobs reports. (picture 4)

👉🏽"Credit card debt is now above the pre-covid trendline. The Savings rate... is not." - Zerohedge
(picture 5)

But hey, they say things like "the economy is strong", and "everything is fine.".
What you see is inflated debt from thin air using fake money. Eventually, UBI & CBDC will be offered in the depths of the crisis.

More on the DEBT bit...
"To put things into perspective: It took Uncle Sam 232 years to accumulate its first $10tn in debt, 9 years to accumulate its second, and 5 years to reach its third. The trip from $33 to $34tn in debt was a short one, requiring only 3 months, from Sep to Dec of 2023, Strategas has calculated."
(picture 6)

👉🏽ECB's Lagarde signals a June rate cut with 2% inflation in sight. Markets agree and price in 97bps cut for 2024.

At the same time in the US, FED chair Jerome Powell: "We are not looking for inflation to go all the way down to 2% but we do need more evidence".
Ergo: Grooming the sheep for 3% thievery,...I mean inflation.
I fully believe that the next decade(s) will be much more inflationary so the government continues to deficit spend 9print money to keep the economy artificially afloat.

👉🏽Gold has hit another record, but the volume of gold ETFs keeps falling. This indicates that demand is not coming from private or institutional investors, but that other players are stocking up on the precious metal. Central banks were a major driver of Gold prices in 2022/2023 and will likely continue to be so in 2024. This is ominous for the (current) monetary system.

👉🏽Meanwhile, in China, massive lines form across China as citizens rush to buy gold in an effort to preserve their wealth amidst a declining economy.
How long until they start finding ways to obtain Bitcoin?

👉🏽A couple of Weekly Recaps I shared some info on the average number of usual weekly hours of work in the main job across Europe.
"In the Netherlands, roughly half of all employees work 35 hours or less, and polls show that even more people would like to work less. The same trend occurs in many other Western countries as well. This is fine as long as you accept that GDP growth will be structurally lower because of this. Yet GDP growth remains one of the key ‘promises’ of every politician and central banker. To realize artificial growth, the same ‘magic’ ingredient is used over and over again. Debt! As a result, debt is now the primary ‘source’ of growth around the globe." - Jeroen Blokland (picture 7)
Now sometimes working less produces more. But that is not the case. Productivity has risen much faster in the US than in the Eurozone. So not only has the US a much stronger demographics than Europe, but also productivity is way better than Europe. Now the real question would be...how great is the quality of that productivity?
Source: https://www.ft.com/content/22089f01-8468-4905-8e36-fd35d2b2293e

A great What Bitcoin Did podcast. And please I urge you to watch the interview on YouTube because of the in-depth charts:
Bitcoin’s Biggest Bull Run with
@therationalroot
- The pace of this bull market
- Bitcoin ETF growth & flows
- What to expect post halving
- The changing dynamics of the market

https://www.youtube.com/watch?v=-fuek7IalU8&t=1818s

“I think we’ll just get to prices from a million to 10 million at some point, and then Bitcoin is going to be such a big currency that it just becomes a better currency than the US dollar obviously…that will also be a gradual transition.”Free knowledge!

Anyway, that's it for today.
Only invest in Bitcoin what you can’t afford to have gradually stolen from you by the government.
Credit: I have used multiple sources!

 “Bitcoiners become more conscientious consumers because they recognize the opportunity cost of parting with their bitcoin today.

They know that every particular purchase (e.g., dishwasher, laptop, holiday, etc.) will eventually become the most expensive one they ever make.” @Anil 

Study, learn, hodl, decouple.
#bitcoin              🧡
▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It’s that simple.🎯
⠀⠀⠀⠀⠀⠀⠀⠀
Do you think this post is helpful to you? If so, please share it and support my work with sats. 🧡

Felipe - BitcoinFriday

#zap                🧡   #nostr                  #BTC                 #Bitcoin                #plebchain                   #grownostr    #stacksats #bitcoineducation #adoption #thepriceoftomorrow https://image.nostr.build/33992ad1a41d055bb416232b05d1d42cc8ceb517832ba0130c036d19ab548dac.jpg

 Forget the numbers, but I agree with the logic, just do the math and follow the trend. Everything priced in BTC is getting cheaper.

Study, learn, hodl, decouple.
#bitcoin             🧡
▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
⠀⠀⠀⠀
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It’s that simple.🎯
⠀⠀⠀⠀⠀⠀⠀⠀
Do you think this post is helpful to you? If so, please share it and support my work with sats. 🧡

Felipe - BitcoinFriday

#zap               🧡   #nostr                 #BTC                #Bitcoin               #plebchain                  #grownostr    #stacksats #bitcoineducation #adoption #thepriceoftomorrow https://image.nostr.build/6986ad280dd1ec9249e340fd9b9d0b22d339f2a7b27469b3bb9a34a4f00ff8ab.jpg

 GOOD MORNING NOSTR, IT IS ALL COMING TOGETHER, KEEP PUSHING FORWARD, NEVER STOP 🫡

 GM freaks 🧡💙

"If the China mining ban and FTX selling billions of dollars of fake Bitcoin in 2021 did suppress the price, then it's likely that the real previous all-time high should have been > $100,000.

That would potentially explain how we're so close to new "highs" already.

If the price was suppressed in 2021, which it undoubtedly was to some extent, then maybe we’re just making normal progress back to the “would have been” all-time high of over $100,000.

It might be possible that bitcoin outperforms the muted returns seen last cycle. At the end of the day, bitcoin is objectively the world’s best money due to its superior monetary properties. 93% of all coins have already been mined and less than 1% of the world has a serious allocation. So get ready, this could get out of control quickly." - Joe Burnett

Very well put and succinct. I think Joe is right, I have been saying that last year also.

➡️Let's start the Weekly Recap with the tweet that made me spit out my coffee:
"Let's be honest
A lot of people did not expect Bitcoin to get back to ATH territory with Fed Funds at 5.33% and the average mortgage rate at 7.27%
It was a speculative, zero-interest rate, easy money phenomenon, they said.
Boy, do we have news for you!" - Alex Gladstein

Just imagine what will happen if they (the FED) will lower rates...just imagine.

➡️11 days ago, the European Central Bank said Bitcoin's fair value is zero.
Yesterday, BTC reached an all-time high vs the Euro.
Bitcoin is up 285% since the European Central Bank said Bitcoin was on "the road to irrelevance".
It was literally the bottom of the bear market.

➡️UK authorities push for regulation to seize your Bitcoin.
„Authorities will be able to retrieve crypto assets directly from exchanges and custodian wallet providers.“ https://www.legislation.gov.uk/uksi/2024/269/made/data.pdf

Get your Bitcoin off exchanges and into cold storage, now!

➡️ Australian bank, Commonwealth Bank, limits users’ ability to buy cryptocurrency as Bitcoin hits new ATH in the country.
"If they can control how you spend your money, it’s not your money."

➡️Balance of Bitcoin on OTC desks hits lowest levels since Q4 2018.