BITCOIN BOX SCORE

Exchange Rate: $64,060
Market Capitalization: $1.28T
Hash Rate (90 days): 941.4 EH/s
Transactions (30 days): 20,253,364
Network Fees (economy): 1 sat/vB
Bitcoin Dominance: 59.11%

What do these numbers mean?

Bitcoin is a radical technology because, more than any other reason, it strips central planners of the ability to control and manipulate money. That is key to bitcoin's value proposition, and every political group in power proves it in its own unique way. Or as Jeff Park demonstrates:

This week's iteration came from the Fed itself. June delivered the biggest monthly CPI drop in six years. A day earlier, oil spiked 9% on renewed conflict with Iran, and Wall Street began pricing rate hikes – running the dusty old playbook of a Fed that has long transformed into something unrecognizable. Chair Kevin Warsh rejects the old framework, calling the inflation-versus-jobs trade-off "a cruel choice." The new Fed ignores where inflation comes from and watches only whether it spreads. Mark Moss outlines the new dynamic in a brilliant new video:

Core inflation printed flat in June, 2.6% year over year and falling. It isn't spreading. Whether the oil premium unwinds or the war drags on, both paths end in easier money.

Meanwhile, the AI trade is cracking. Micron is down nearly 20% this month, and hundreds of billions of dollars have been shed across semiconductor tickers, while bitcoin quietly strengthens: ETF flows flipped positive, Japan reclassified bitcoin as a financial asset, and institutions keep stacking it.

One asset reprices liquidity fastest and answers to no committee. Rules written by men get rewritten. Rules enforced by math do not.

NEWS

Galaxy Digital puts its name on Texas Tech's stadium in a 15-year, $75 million deal

Galaxy Digital signed a 15-year naming-rights agreement with Texas Tech Athletics, renaming the Red Raiders' football venue Galaxy Stadium starting this season in a deal reportedly worth about $75 million. The agreement anchors a broader partnership built around Galaxy's Helios campus 60 miles from Lubbock, where the firm holds 1.6 gigawatts of approved capacity and is investing billions of dollars in the West Texas buildout.

From mining rigs to midfield

A company that built its business on bitcoin just took AT&T's name off a college football stadium because bitcoin-funded energy infrastructure is now large enough to put its logo on the 50-yard line. Adoption doesn't get more Main Street than Saturday football.

Polymarket traders cut CLARITY Act odds to a record low

Polymarket bettors now give the CLARITY Act a 32% chance of becoming law this year, down from 82% in February, as Senate negotiations remain stuck on a bipartisan ethics provision. With the August recess approaching and no deal on ethics language after Thursday's White House meeting, traders are losing patience.

Bitcoin never needed a bill

As we have written before, market structure legislation matters significantly more for exchanges, token issuers, and their lawyers than bitcoiners themselves. Bitcoin's protocol took shape in 2009 and it cannot be changed with a “floor vote.” While the cryptocurrency industry lobbies the U.S. Senate to gain permission for what it wants to do, bitcoin's monetary policy remains in force, uninterrupted, block after block. NYDIG adds more color:

Foundry puts BIP-110 to a miner vote as signaling flatlines below 1%

Foundry, which controls roughly a third of network hashrate, will let its mining clients vote (weighted by hashrate) on whether the pool should signal for BIP-110, the proposed soft fork restricting non-monetary data on the network. "No" is the pool's default position. Ocean Mining VP Jason Hughes gives the proposal less than a 5% chance of activating, noting that just 0.6% of blocks signaled support over the past 60 days ahead of the early-August signaling window at block 961,632.

Governance without governors

Whatever you think of BIP-110, watch how this is being decided: no CEO, no foundation, no emergency multisig – just miners, nodes, and users openly negotiating consensus in public.

Lyn Alden and Jeff Booth launch orange juice, a $40 million bitcoin treasury built on cash flow

Orange Juice, founded by the partners of ego death capital including Lyn Alden and Jeff Booth, raised $40 million to acquire cash-flowing American businesses and route their retained earnings into a bitcoin treasury, with billionaire Ricardo Salinas anchoring the round. The permanent-capital structure is a direct answer to the pure-play treasury companies Alden has criticized as "persistently reliant on external capital."

Treasury model 2.0?

"Cashflow is king, and you cannot count on governments to protect the value of your money," says Salinas. Earnings in, bitcoin out, no dilution flywheel – this is what a treasury company looks like when it's built to survive a bear market.

BITCOIN ADOPTION CONTINUES

Japan passed a law reclassifying bitcoin as a financial asset under its securities framework, cutting the top tax rate on gains from 55% to 20% and clearing a path for spot bitcoin ETFs.

Taiwanese legislator Ko Ju-Chun put 80% odds on Taiwan establishing a strategic bitcoin reserve within five years, calling bitcoin "blockade insurance" for an island whose $602 billion in reserves sits mostly in dollars.

US spot bitcoin ETFs drew $368 million across three straight sessions, flipping July's flows back to positive after nearly $7 billion of outflows in May and June.

Sweden's B Treasury Capital will list the country's first bitcoin-backed preferred stock on Stockholm's Spotlight exchange on July 20, paying a 10% annual dividend to income-mandate investors.

A solo miner running a $150 Bitaxe device beat 1-in-6.5-million odds to solve a block and collect the full 3.138 bitcoin reward, worth roughly $200,000.

JPMorgan turned more constructive on Strategy, citing its expanded $3 billion cash reserve and resilient institutional demand for bitcoin futures.

HOW BITCOIN WORKS

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

What kind of trillion is bitcoin?

Economist Peter C. Earle observes that we now live in "Trillionistan" – a world where trillion-dollar market caps, deficits, and AI buildouts are so common they no longer sound shocking. His core insight is that not all trillions are created equal. A trillion bucks built through entrepreneurial discovery is fundamentally different from a trillion conjured through monetary expansion or political can-kicking. The zeros tell you the scale, but they don't tell you the story.

Two forces built Trillionistan at once: genuine wealth creation and a steadily shrinking measuring stick. Companies really do serve billions of customers now, the total addressable market of space technology, humanoid robots, and AI are incomprehensibly large. But the dollar also buys far less than it once did, so nominal records get easier to set every year. In 1901, U.S. Steel became the world's first billion-dollar company and stunned the world. Today, a billion-dollar lottery jackpot barely makes the news.

Bitcoin is a trillion-dollar asset and is destined to multiply that number many times over, which confuses people – a single bitcoin "costs too much." That's unit bias: mistaking the price of one unit for the story behind it. So what kind of trillion is bitcoin's? The honest kind. Its market cap is the world's continuously revised estimate of the value of money no one can print. There are no earnings to inflate, no shares to issue, no supply response at any price. Every other trillion in Trillionistan is measured in a unit that shrinks. Bitcoin is the unit that doesn't.

Bitcoin also pioneered something Trillionistan is only beginning to appreciate: it was the first asset class to monetize massive amounts of energy, converting raw electricity into security and final settlement. AI data centers are performing the same conversion for intelligence today. Robotics will likely do it for labor next.

And as fiat units keep contracting, a quadrillion-dollar bitcoin isn't as insane as you might first assume. Japan's government debt crossed one quadrillion yen years ago. The foundations of Quadrillionistan are already being laid.

COIN CHECK

In 1720, with collapsing confidence in his paper livre bill, what did John Law's government do to force the French public to keep holding his depreciating banknotes?

A. Raised interest rates to defend the livre's value
B. Redeemed all banknotes in silver at face value
C. Made it illegal to own more than 500 livres in gold or silver coin, enforced by house searches and paid informants
D. Sold the Mississippi Company to the Bank of England to raise hard money

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

Answer: C. In February 1720, Law's government made it illegal for French citizens to hold more than 500 livres in gold or silver, banned the purchase of jewelry and precious stones as an inflation hedge, and rewarded informants who reported their neighbors – with police empowered to search private homes and confiscate hoarded coin. Within months the system collapsed anyway, and Law fled France by the end of the year.

Law understood something every central planner since has rediscovered: paper money that must compete with hard money loses. His solution was to outlaw the competition, and it bought him only a few months. Bitcoin is the hard money that cannot be confiscated by house search. It is secured by keys you can carry in your head, sent over borders at the speed of light, and seized by no edict. When paper money has failed in the past, there has not always been an easy exit. Now the exit is available to all – twelve words that encode the private key of a bitcoin wallet that no central authority can stop.

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