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BITCOIN BOX SCORE

Exchange Rate: $99,900
Market Capitalization: $1.98T
Hash Rate (90 days): 759.4 EH/s
Transactions (30 days): 11,205,821
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 57.60%

What do these numbers mean?

In 1997, James Dale Davidson and Lord William Rees-Mogg introduced the world to the concept of "megapolitics" through their book, The Sovereign Individual. According to Davidson and Rees-Mogg, megapolitics "governs the ability of people to impose their will on others" by "raising or lowering the costs and rewards of projecting power."

The four types of megapolitical forces identified by Davidson and Rees-Mogg were topography, climate, microbes, and technology. A particular technology highlighted by the authors is cryptography, which they believed would lead to cybermoney:

Today, sovereign states like El Salvador are using bitcoin strategically to regain self-determination once lost to multilateral organizations like the International Monetary Fund (IMF).

As recently as 5 years ago, El Salvador was an impoverished country with a poor credit rating. This was not primarily the fault of the Salvadorian people, but rather government corruption and financial repression borne of the IMF. (More on this can be found in this eye-opening book).

Since pursuing a bitcoin strategy, El Salvador has seen its credit rating rise to a B/B-/B+ with a stable outlook. Major multinational companies are relocating to El Salvador as the nation continues its astonishing transformation into a hub for technology and innovation.

Across the planet, individuals are also benefitting from bitcoin technology – a megapolitical force that Davidson and Ress-Mogg somehow predicted all the way back in the 1990s – to reclaim their freedom.

NEWS

Tether Group to establish headquarters in El Salvador

Tether, the giant behind the $137 billion USDT stablecoin, announced plans to move its global headquarters to El Salvador, cementing the Central American nation’s bid to become a premier tech hub.

Tether’s relocation follows the company’s recent regulatory approvals in El Salvador, allowing it to operate two newly incorporated subsidiaries for stablecoin activities.

According to CEO Paolo Ardoino, the decision to set up physical headquarters in a country that has embraced bitcoin as legal tender and offers tax incentives for tech firms is a “natural progression” for Tether.

El Salvador’s leadership under President Nayib Bukele has long promoted the country as bitcoin and technology-friendly, attracting a host of companies and accumulating sizable bitcoin holdings.

Follow The Incentives

Tether’s record profits from the first three quarters of 2024 – nearly $8 billion – are equivalent to roughly 20% of El Salvador’s annual GDP, putting into perspective the economic impact of such a heavyweight entering the Salvadorian economy.

El Salvador’s “new home” status also means Tether will enjoy 15-year tax exemptions across income, property, and capital gains tied to the country’s ICT Innovation Law.

Canaan unveils new bitcoin miner and home heater

Hardware manufacturer Canaan has introduced the Avalon Mini 3, a 37.5 TH/s bitcoin miner that doubles as a home heater. The device is an evolution of the firm’s earlier compact Avalon Nano 3 device.

Its high hashrate allows the Avalon Mini 3 to generate enough heat to warm an entire living space, potentially offsetting energy costs by repurposing the natural byproduct of bitcoin mining. Canaan also launched an upgraded version of the Avalon Nano 3, the Avalon Nano 3S, with a modest 6 TH/s capacity for newcomers.

Bitcoin Mining Comes Home

The trend of bitcoin mining for the home is growing. Heatbit, which launched in 2023, offers space heaters that mine bitcoin while warming up to 500 square feet.

Additionally, the Bitaxe community is advancing home mining with Solo Satoshi’s Bitaxe Touch, a compact 1.6 TH/s solution featuring a touchscreen that displays live bitcoin stats. Open Source Miners United is fostering innovation by sharing blueprints and providing grants.

Coinbase to offer “bitcoin-backed” loans, but with a catch

Coinbase unveiled a new loan service that allows U.S. customers to borrow USDC against their bitcoin holdings, with loans capped at $100,000. The catch is that the lending protocol relies on Coinbase’s Base network, Morpho’s lending platform, and a wrapped token called cbBTC.

Critics note that, although wrapped bitcoin products like cbBTC provide a way to access decentralized finance (DeFi) services, they come with centralization trade-offs. Physical bitcoin reserves must sit in a Coinbase-managed wallet, introducing counterparty risk and a single point of failure. Some observers say the product might be better described as “multisig-backed derivatives” on a centralized chain as opposed to the holy grail of afforbadle, trustless bitcoin-backed loans.

Regardless, Coinbase’s offering is one of many innovative bitcoin-enabled financial products that are arriving in the market.

U.S. Congress gears up to carry out bitcoin agenda

Representative Tom Emmer named Vice Chair of Digital Assets Subcommittee, eyes U.S.-led policy

Pro-crypto Congressman Tom Emmer (R-MN) has been appointed vice chair of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, signaling a renewed push for U.S. bitcoin legislation under the incoming Trump administration.

Emmer has repeatedly taken aim at regulators, particularly SEC Chair Gary Gensler, for what he views as excessive hostility to the industry. With President-elect Trump expected to issue major bitcoin-related executive orders soon, Emmer’s new role could help align legislative and executive efforts to protect innovation, block intrusive CBDC proposals, and revive market-structure bills like FIT21.

Senator Lummis warns FDIC staff against destroying ‘Operation Choke Point 2.0’ documents

Senator Cynthia Lummis (R-WY) threatened criminal referrals for FDIC staff allegedly destroying or withholding documents tied to “Operation Choke Point 2.0” – an illegal, multi-agency conspiracy to deny bitcoin enterprises access to banking services.

In a letter to outgoing FDIC Chair Marty Gruenberg, Lummis called the purported document tampering “illegal and unacceptable,” demanding staff preserve all materials related to this sordid episode. Recent court orders have also demanded the FDIC fully disclose its role in the alleged “de-banking” of bitcoin firms

The alleged, illegal destruction of documents would be unsurprising considering the long track record of embarrassments and abuses at the FDIC. Fixing this agency will be akin to cleaning the Augean stables. We wish those charged with the task godspeed.

BITCOIN ADOPTION CONTINUES

Nomura-backed Komainu raised $75 million in bitcoin from Blockstream Capital to fuel global expansion and will welcome Blockstream CEO Adam Back to its board.

A U.S. court approved returning 94,000 stolen bitcoins stemming from a hack of Bitfinex in 2016 worth $9.3 billion.

Italy’s largest bank, Intesa Sanpaolo, purchased $1 million in bitcoin, marking the first bitcoin investment by an Italian bank amid growing institutional interest.

During the recent market dip, MicroStrategy acquired $243 million in bitcoin at $95,972 each, pushing its total holdings beyond 450,000 BTC.

The prison sentence of Silk Road founder Ross Ulbricht is likely to be commuted next week, as long as President-elect Donald Trump honors his promise.

HOW BITCOIN WORKS

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

How multilateral agencies harm poor countries – and how bitcoin can help

For decades, organizations like the IMF and World Bank loaned massive sums of money to developing nations under strict conditions, forcing them to cut public services, devalue currencies, and restructure their economies to favor exports.

In theory, these “structural adjustment” policies are meant to spur growth. But they often trap countries in a cycle of dependency and exploitative debt.

Instead of letting poor countries invest in local priorities like domestic food production, energy production, or healthcare, multilateral lenders push them to grow cash crops and sell natural resources.

Earnings go toward repaying foreign debt while the local population struggles with rising prices, stagnant wages, and limited access to basic services. Authoritarian leaders exploit the loans, pocketing huge sums as citizens sink deeper into poverty.

Meanwhile, rich creditor nations benefit twice. They secure steady repayments and cheap resources from poor countries whose labor costs are kept depressed. When financial crises arise – often triggered by foreign interest-rate hikes – poor countries cannot repay their debts, which in turn triggers more “rescue” loans piled atop old ones. The native population is forced to shoulder more and more debt to which they never agreed in the first place.

Bitcoin offers a way out of this destructive cycle. It is a permissionless asset that governments and multilateral institutions cannot devalue at will. Where fiat loans depend on trust in central authorities and result in endless rollovers of debt, bitcoin’s supply is capped at 21 million coins, which naturally imposes discipline. By using bitcoin, whether to save or transact, regular people in poor nations can build equity in the global economy and sidestep the distortions of predatory authoritarian regimes and exploitive multilateral agencies.

While bitcoin isn’t a magic bullet, it is a powerful tool that people can, and do, learn to use to reclaim their futures. It weakens the grip of international lenders and gives people more control over their own destiny.

COIN CHECK

What is the process of decreasing the block reward called?

1. Hard forking

2. Burning

3. Halving

4. Cutting

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

3. Halving

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