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BITCOIN BOX SCORE

Exchange Rate: $60,330
Market Capitalization: $1.19T
Hash Rate (90 days): 604.8 EH/s
Transactions (30 days): 17,326,218
Network Fees (economy): 6 sat/vB
Bitcoin Dominance: 56.93%

What do these numbers mean?

The cracks in the fiat-based economy are widening, with the latest economic data revealing growing dysfunction. Recent revisions show U.S. job additions were overstated by 818,000, marking the largest revision since the global financial crisis. The unemployment rate has climbed to 4.3%, its highest since 2021. Even more troubling, five out of the last six jobs reports have been revised downward. Many are working multiple jobs just to make ends meet.

When asked about the job report revision, the Commerce Secretary remarked thath she was "not familiar with that," even though the data came from her administration. This was a revealing moment – the problems of the economy are downstream of a crisis of competency of historic proportions.

Unsurprisingly, once considered the bedrock of global stability, the U.S. dollar's purchasing power is down 25% in just four years. And with almost 10 percent of credit card balances now delinquent, which is the highest level they have reached in over a decade, you begin to wonder how much the system can take before it simply cannot take any more.

While all this is going on, some people continue to attack bitcoin and the path forward to a fairer economic system that it allows. They fail to grasp that bitcoin promises a global movement that can constrain the actions of politicians and central bankers, preventing them from further eroding citizens' financial well-being. Whether detractors like it or not, bitcoin is moving forward and gaining momentum.

NEWS

🏠 Record number of U.S. homes now worth $1 million

A new analysis reveals that 8.5% of U.S. homes are now valued at $1 million or more, setting a new record. Inflation drives up the price of assets, including real estate. The steady climb in real estate valuation is a form of inflation, as $1 million is now the entry point for home ownership in many regions. While this is good news for some homeowners, it exacerbates the affordability crisis for new buyers.

Remember – your home isn’t worth more, your dollars are worth less.

The rise in million-dollar homes is another reminder that using dollars as the universal unit for prices is like trying to measure the size of house with an elastic measuring tape. This unreliability causes misallocation of capital in the economy, leading to opportunities for corruption and, eventually, social upheaval. (Of all the politicians wanting to solve the housing affordability crisis, who among them suggests that the Fed print less money?)

BitVM2 advances bitcoin’s programmability

Robin Linus, the creator of the "BitVM" concept, unveiled a significant update, "BitVM2," which promises to bring bitcoin's programmability closer to reality.

The new iteration offers efficiency gains, enhanced security, and a key feature called “permissionless challenging” that allows anyone to question suspicious transactions.

This development, which would enable a "rollup" or auxiliary network on top of bitcoin, could pave the way for bitcoin to support more complex financial applications without altering its core protocol.

No clear link between Trump’s election odds and bitcoin price

It was a nice idea, but analysis of recent data indicates no definitive correlation between bitcoin’s price and likelihood of a second Trump term. Analysis from liquidity provider FalconX shows that bitcoin's price is more influenced by factors like U.S. monetary policy and market liquidity than politics.

See the chart below for details

Yield curve inversion portends recession

The U.S. economy is yet again flashing warning signs as the yield curve, which measures the difference between long-term and short-term interest rates, remains inverted – a condition where short-term rates are higher than long-term rates. Historically, such inversions have preceded recessions, and the current prolonged inversion is raising concerns that a severe economic downturn may be imminent.

BITCOIN ADOPTION CONTINUES

El Salvador launched a bitcoin certification program to train 80,000 civil servants, reinforcing its commitment to integrating bitcoin into the nation's economy and governance.

Gryphon Digital Mining acquired bitcoin mining operations in Louisiana with ultra-low-cost power at $0.01/kWh.

Bitcoin Lightning startup TMRW raised $1.3 million in pre-seed funding to develop a social payment app for fast, low-cost cross-border remittances using the Lightning Network.

Theya now allows U.S. users to purchase bitcoin directly through their app and send it instantly to self-custody via hardware wallets or multisig vaults.

Ark Labs, developer of the bitcoin scaling proposal Ark, secured $2.5 million in pre-seed funding led by Tim Draper, signaling confidence in their approach to enhance bitcoin transactions and self-custody through a Lightning-integrated solution.

Ledn secured a $50 million bitcoin-backed syndicated loan from Sygnum to expand its retail lending operations, marking a milestone in regulated bitcoin-collateralized lending.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

Bitcoin Infinity Day

August 21st is celebrated each year as Bitcoin Infinity Day.

The idea is that 8/21 looks like the infinity symbol “∞” (an “8” turned on its side) divided by 21. People who study bitcoin come to realize that there is no limit on human ingenuity, and so there is no upper limit to the size of the economy. On the other hand, there can only ever be 21 million bitcoin in existence.

Bitcoin may one day be used to denominate all economic value, since it is a reliable measuring stick that cannot be stretched or shrunk (as discussed in the introduction to this newsletter). Therefore, if you want to know the theoretical upper limit to the purchasing power of one bitcoin, you divide infinity by 21,000,000.

This idea is captured by the equation ∞/21M, symbolizing the infinite demand for bitcoin divided by its finite supply. The result is a vision of bitcoin’s value stretching far beyond anything that can be quantified in today’s terms.

The concept traces its roots to August 10, 2021 when Knut Svanholm first suggested the idea. It quickly gained traction as a way to explain bitcoin's unique quality of having an absolutely fixed supply in the face of unbounded demand.

For more on this topic, check out the excellent video "Everything there is, divided by 21 million."

On The Bitcoin Standard Podcast, our own Dave Birnbaum talks about how Coinbits.app is using bitcoin to build an innovative operating system for money. Listen now: Spotify | YouTube | Apple | Fountain

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COIN CHECK

Which asset is more scarce, gold or bitcoin?

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

4. Bitcoin is more scarce than gold because its total supply is capped at a specific number—21 million bitcoins. This limit cannot be changed without the affirmative consensus of millions of people, which makes it impossible to change for all practical purposes.

   In contrast, gold does not have a fixed maximum supply. While it is scarce and requires significant effort to mine, the total amount of gold in the solar system is not definitively known. New deposits can be discovered, both in Earth’s crust and in near-earth asteroids.

   In contrast, bitcoin’s scarcity is precisely quantifiable and enforceable by its network protocol, making it more definitively scarce than gold.

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