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 do these numbers mean?

Bitcoiners,

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:

• Spiraling global and national debt, with interest payments now exceeding even healthcare.

• Inflation out of control. Cars are 30% more expensive in the past 3 years. Average family monthly expenses are up $709 in the past 2 years. Average home prices are now 560% of median income.

• Wage stagnation. The median male income in 1985 netted 5,450 per year after expenses. Today it’s a net negative, at –$12,344.

• Increased fragility of the dollar, with Big Oil and sovereign nations looking for the exits, evidenced by a major oil transaction being settled in rupees for the first time ever.

• The arrogant assumption by elits that they will simply impose Central Bank Digital Currencies (CBDCs) on their terms whenever they’re ready.

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.

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?

Though approval of a spot ETF might prove positive for bitcoin's dollar exchange rate, it is important to remember that a bitcoin ETF is no substitute for holding real bitcoin.

Pro-bitcoin candidates turn up the heat on central banks worldwide 🔥

Javier Milei, a libertarian pro-bitcoin candidate advocating for the end of the central bank, won Argentina's primary presidential election with 30.5% of the votes, narrowly surpassing other major party candidates.

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

Trezor announced the launch of the coinjoin feature for its Model One wallet, expanding upon its earlier success with the Model T to boost transaction privacy for all users.

“I think the demand will be greater than the daily supply of bitcoin, so the clearing price [...] is over $150,000, could even be $180,000,” Tom Lee of Fundstrat Global Advisors recently told CNBC anchors.

BitGo raised $100 million in its Series C round, reaching a $1.75 billion valuation, with plans to enhance its global cryptocurrency custody and infrastructure solutions and pursue strategic acquisitions.

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.

Thibaud Marechal and Gustavo Flores unveiled Coinjoins.org, an open-source initiative dedicated to educating Bitcoin users about the nuances of collaborative transaction privacy.

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.

Ready to get started with bitcoin? Coinbits is the best option. It's fast, safe, and free to create your account.

COIN CHECK

When and where was the world’s first bitcoin conference?

1. 2011, New York City

2. 2009, San Francisco

3. 2013, New York City

4. 2010, Seattle

Check your answer at the end of the page.

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ANSWER

1. 2011, New York City

The world's first bitcoin conference was held in New York City at the Roosevelt Hotel in 2011. Fifty attendees gathered to discuss network security and other developments – and met for dinner afterward at a local restaurant, where they paid for the meal using bitcoin.

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