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BITCOIN BOX SCORE

Exchange Rate: $99,060
Market Capitalization: $1.96T
Hash Rate (90 days): 697.4 EH/s
Transactions (30 days): 15,877,780
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 55.99%

What do these numbers mean?

What would it look like if an asset were monetizing in real-time, rising in value from zero to the seven-largest asset globally in less than 20 years?

It would look a lot like the history of bitcoin.

This week bitcoin hit a new milestone, exceeded $100,000 per bitcoin and briefly hitting a new all-time high of $103,900. But if bitcoin is going where many think it is, this is just the beginning.

Institutional interest continues to accelerate this momentum. BlackRock's iShares Bitcoin Trust (IBIT) exceeded $50 billion in assets under management, reaching this milestone faster than any ETF in history. Such unprecedented growth highlights the strong demand from both new and seasoned investors seeking diversification and stability.

Regulatory shifts are also paving the way for broader adoption. With changes in leadership at the SEC (and other agencies soon) and the potential for more market-friendly policies, the industry anticipates a more collaborative regulatory environment.

Institutions are embracing bitcoin, and individuals worldwide are adopting it for savings, payments, and financial privacy. Innovative strategies are emerging, such as leveraging bitcoin as collateral alongside traditional assets.

Every week brings new milestones and greater momentum. $1,000,000 BTC next?

NEWS

🚨 Marc Andreessen spotlights debanking on Joe Rogan Podcast

Venture capitalist Marc Andreessen brought the issue of innocent Americans losing their bank accounts" into the spotlight during his appearance on the Joe Rogan Experience. He described debanking as excluding individuals or companies from financial services due to their political views or participation in disfavored industries like bitcoin and crypto. Andreessen criticized regulators including the CFPB for allegedly pressuring banks to cut off such groups, shielding the government from accountability.

Andreessen pointed to bitcoin companies as frequent victims, claiming many have been “systematically debanked” in recent years. He also linked the practice to historical examples like Operation Choke Point, which targeted legal but politically sensitive industries during the Obama administration.

In response to Andreessen’s statement Lightspark CEO David Marcus shared how the US government killed Libra, and it ultimately led him to start a bitcoin company:

Why It Matters

The rise of debanking highlights the need for decentralized solutions like bitcoin that operate outside traditional financial systems. Bitcoin offers a way to store and transfer value free from centralized control – an antidote to the creeping "soft totalitarianism" Andreessen warns about.

Jerome Powell: bitcoin competes with gold

Federal Reserve Chairman Jerome Powell told CNBC that bitcoin is “a competitor for gold.” Comparing bitcoin to the centuries-old store of value, Powell acknowledged its role as a digital asset with growing appeal. “People use bitcoin as a speculative asset — it’s like gold. It’s just like gold, only it’s virtual, it’s digital. People are not using it as a form of payment or as a store of value. It’s highly volatile. It's not a competitor for the dollar, it's really a competitor for gold," Powell stated.

Though the gold comparison is significant, contra Powell it is worth noting:

Still, the recognition from the head of the Federal Reserve highlights bitcoin’s growing stature on the global stage. Gold’s market cap currently exceeds bitcoin’s by more than nine times. If bitcoin were to reach gold’s market cap, its price would soar to over $900,000 per coin – a leap from current levels.

🏢 Commercial Mortgage Crisis Nears 2008 Levels

Delinquency rates for office-linked commercial mortgage-backed securities (CMBS) surged to 10.4% in November 2024, approaching the 10.7% peak of the 2008 financial crisis. This rapid increase reflects soaring vacancy rates, falling rents, and property values plummeting by up to 70%.

Aggressive lending during the low-interest rate era, rigid zoning laws, and the remote work shift have left office spaces largely unprofitable. Efforts like office-to-residential conversions and loan restructurings have done little to address the 902 million square feet of vacant office space nationwide.

Ripple effects

While the financial risks are spread globally, smaller banks with heavy commercial real estate exposure remain vulnerable. This crisis highlights the lasting impacts of monetary policy and the structural shifts in work patterns, with ripple effects that could strain the broader economy.

📈 Trump taps Paul Atkins as SEC Chair, David Sacks as “Crypto Czar”

President-elect Donald Trump has named Paul Atkins, a former SEC commissioner and current CEO of Patomak Global Partners, as his pick to lead the Securities and Exchange Commission (SEC). Atkins, who served under President George W. Bush from 2002 to 2008, brings deep regulatory experience and connections within the securities world.

Trump praised Atkins as a “proven leader” who understands the importance of innovation, including bitcoin and altcoins, to the U.S. economy. Unlike Trump’s more disruptive appointments, Atkins represents an establishment choice (but not hostile to the industry he regulates) likely to maintain continuity at the agency.

Atkins will succeed outgoing SEC Chair Gary Gensler, whose tenure was marked by aggressive enforcement actions against bitcoin and crypto companies. His appointment signals a highly likely shift in how the SEC interacts with the industry.

Trump also named David Sacks, an outspoken Silicon Valley billionaire, to “AI and Crypto Czar,” responsible for guiding policy in two of the most important areas for innovation and economic growth. Expect to hear more about Sacks’s positions on bitcoin in the coming weeks.

BITCOIN ADOPTION CONTINUES

MicroStrategy's $23 billion Bitcoin investment has yielded $17 billion in unrealized profits, with its treasury surpassing $40 billion after Bitcoin hit $100,000.

Semler Scientific announced it now holds 1,873 BTC after purchasing 303 BTC for $29.3 million, achieving a 78.7% BTC Yield as a key performance indicator.

A viral Nayib Bukele bitcoin meme spurred Guatemala's government and central bank to explore bitcoin's potential and consider crafting better policies for the asset.

Institutional analysts predict bitcoin to surpass $124,000 by year-end 2024, with targets as high as $150,000 fueled by institutional demand and bullish market sentiment.

Heatbit founder Alex Busarov created a quiet space heater that mines bitcoin – decentralizing hashrate and demonstrating the potential for integrating bitcoin mining into everyday appliances.

HOW BITCOIN WORKS

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

The path to bitcoin adoption in America: Restriction, paralysis, or assimilation?

Avik Roy’s essay in The Satoshi Papers explores three scenarios for how the U.S. might respond to a world where bitcoin emerges as a dominant monetary force amid an inevitable fiscal crisis. Each scenario offers insights into the potential paths the United States could take as it grapples with its unsustainable debt and unhinged monetary policy.

1. Restriction: The U.S. government could aggressively clamp down on bitcoin to preserve the dollar’s dominance. Historical measures, such as gold confiscation in the 1930s and price controls under Nixon, highlight how governments have tried to restrict alternatives to fiat currency. Policies such as forcing bitcoin conversion to dollars, high taxation on gains, or capital controls could hinder bitcoin’s growth domestically. However, such measures risk undermining trust in the dollar and U.S. institutions, and could accelerate capital flight to more bitcoin-friendly jurisdictions.

2. Paralysis: Political polarization and bureaucratic inertia could leave the U.S. incapable of effectively addressing its fiscal crisis or regulating bitcoin. While this scenario may allow bitcoin to thrive as a parallel system, the broader economy would remain stagnant, mired in debt and dysfunction. Bitcoin owners might benefit individually, but the country as a whole would experience economic malaise.

3. Assimilation: In the most optimistic scenario, the U.S. embraces bitcoin, integrating it into its monetary system. Similar to El Salvador’s adoption of bitcoin or Argentina’s recent moves toward monetary reform, this path could stabilize the U.S. economy. Pegging the dollar to bitcoin, collateralizing federal programs with bitcoin reserves, and fostering a bitcoin-backed financial system could restore trust in U.S. fiscal policy while positioning America as a leader in the global sound money movement.

These scenarios underline the critical choices: Will the U.S. resist, flounder, or lead in the bitcoin era?

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 higher than bitcoin by market cap?

1. Silver

2. Meta Platforms (Facebook)

3. Amazon

4. Saudi Aramco

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

3. Amazon

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