BITCOIN BOX SCORE
Exchange Rate: $26,795
Market Capitalization: $521.0B
Hash Rate (90 days): 376.4 EH/s
Transactions (30 days): 13,725,682
Network Fees (day): 6 sat/vB
Bitcoin Dominance: 50.06%
What's your personal insurance policy?
The worldwide centralization of power in the hands of governments and large corporations (but we repeat ourselves) does not bode well for liberty or prosperity.
During the fiat experiment over the past 50 years, the world economy has shifted. When the experiment started, capitalism and socialism competed for mindshare, but both aspired to the same end, which was to maximize the life opportunities afforded to all.
Since then, a cabal of elites have compromised the international monetary system and established a sort of modern feudalism where we are asked to trade our natural rights for “safety” – as measured by dollars that can be printed and distributed as elites decide.
These elites now use printed money to maintain their power by pulling the strings of institutions. The transformation is so far along that we are seeing the effects manifest as bizarre, unpredictable episodes in culture, politics, and even public health.
Readers of this newsletter are familiar with the thesis of bitcoiners – most of these problems can be traced back to the fiat money printer. Consider the following, and ask yourself whether the traditional institutions that offer “safety,” like Social Security, Medicare, insurance policies, or even savings accounts denominated in dollars will survive in the long term:
In an era where traditional financial safety nets appear increasingly compromised, bitcoin stands as both a hedge against centralized power and a bulwark against currency debasement.
In this fast changing world, owning bitcoin is no longer an "investment strategy." It is a crucial safeguard for one's financial future.
With that, let's dive into the news.
San Francisco real estate market flashing warning signs 🚨
Lendlease, an Australian developer, halted construction on its $1.2 billion Hayes Point high-rise project in San Francisco. One of the oldest business in the city, a 160-year-old department store named Gumps, wrote an open letter to the city threatening to leave. Commercial real estate is facing challenges across the United States, but especially in cities like San Francisco with a deadly combination of high crime, high taxes, and a workforce that can do their job from anywhere.
More trouble for CRE markets?
The commercial real estate sector faces a looming crisis due to declining office and retail demand, coupled with high-interest rates and an impending debt maturity wall of trillions in the coming years, as industry leaders equate the situation to a "Category 5 hurricane.”
Strap in for more turbulence ahead.
Grayscale hiring up to prepare for bitcoin ETFs 👨⚖️
Grayscale Investments is expanding its ETF team amid anticipation of an imminent decision in its lawsuit against the SEC over converting the Grayscale Bitcoin Trust into a spot bitcoin ETF.
While the SEC has historically cited market manipulation concerns when denying spot bitcoin ETF applications, a win for Grayscale could force the agency to reconsider its stance, especially as other major firms like BlackRock, Fidelity, and ARK Investment Management have also submitted applications for their own bitcoin ETFs.
Does this matter to bitcoiners?
Pro-bitcoin candidates turn up the heat on central banks worldwide 🔥
Combined with recent pro-bitcoin statements from American presidential candidates RFK Jr., Ron DeSantis, and Vivek Ramaswamy, bitcoin is emerging as a political litmus test for candidates to assess their willingness to advocate for an alternative to government central banking. All candidates have criticized the Federal Reserve throughout the campaign trail.
BITCOIN ADOPTION CONTINUES
Bitcoin developer and entrepreneur Jimmy Song released a new book, "Fiat Ruins Everything," which delves into the degradation of money and advocates bitcoin as a solution to mend the flawed financial incentives and promises a hopeful future.
HOW BITCOIN WORKS
Learn one key idea about bitcoin each week. This week:
Bitcoin is a moonshot
The world was buzzing recently with news about the possible discovery of a superconductor. It's now looking like the superconductor might've been just hype – but everyone can still hope for eventual success and the technological-driven societal gains that will follow.
When disappointment looms, as with the recent failure of the superconductor experiments, it's important to remember that we had the incredible privilege to live through the phenomenal success of bitcoin – a moonshot to transform the world for the better by creating incorruptible money
Satoshi Nakamoto, the enigmatic genius (or geniuses) behind bitcoin, stands as a beacon of going against the odds. Satoshi's endeavor was not just to introduce a new form of currency but to fundamentally alter how we perceive and use money. They achieved this by addressing a pervasive problem from its very foundations.
Satoshi's approach to bitcoin, rooted in decentralization, ensures the ability to transact without financial transactions without intermediaries, providing autonomy to anyone that uses the network.
This was no minor tweak to existing systems but a radical departure from traditional paradigms.
While many moonshot projects falter and fail, becoming mere footnotes in annals, bitcoin shines as a success. It has since blown past everyone’s early expectations to emerge as a game-changing upgrade to money.
For every skeptic mourning the unrealized promises of one technology, bitcoin is a reminder that improbable successes can and do happen. The breakthrough of bitcoin will inspire a new generation of innovators to see that no problem is too big or too hard to solve.
That’s all for this week, folks! When you signed up for this newsletter, we promised to act as your personal guide and help you understand what’s happening in the world of bitcoin. What did you think of today’s newsletter? Reply to this email and let us know what you’d like to see more of.