@ Felipe

🧠Quote(s) of the week:

"When you’re in the ivory tower, you think the term 'ivory tower' is a silly misrepresentation of your very normal life; when you’re no longer in the ivory tower, you realize how willfully out of touch you were with the world." -Jesse Myers

🧡Bitcoin news🧡

On the 9th of December:

➡️Jetking Infotrain, a 77-year-old Indian company with a $5M mkt cap & $2M in annual sales, has become the first pubco in India to adopt the Bitcoin Treasury Strategy. The microcap says that BTC will be the Primary Treasury Reserve Asset.

➡️Last week we had much discussion on Bitcoin Encryption vs. Google Willow Quantum.

One of the best breakdowns on this topic are the following tweets:

https://x.com/itsolelehmann/status/1868007913899598205

https://x.com/bensig/status/1866235429982523705

Satoshi’s thoughts on handling a “massive breakthrough attack,” such as quantum computing rendering SHA-256 encryption ineffective in protecting the Bitcoin network.

Quantum computing BTC FUD goes back almost as far as Bitcoin itself.

➡️'MicroStrategy has acquired 21,550 BTC for ~$2.1 billion at ~$98,783 per Bitcoin and has achieved a BTC Yield of 43.2% QTD and 68.7% YTD. As of 12/8/2024, we hodl 423,650 Bitcoin acquired for ~$25.6 billion at ~$60,324 per Bitcoin.' - MicroStrategy

On the 10th of December:

➡️'Microsoft shareholders reject the proposal for a strategic Bitcoin reserve. In 5 years, they’ll understand. Everyone buys Bitcoin at the price they deserve. Bitcoin doesn’t wait. It simply transfers wealth to those who see.' -Saylor Only 0.55% of shareholders voted in favor of Microsoft's Bitcoin investment proposal. Stupid

➡️Ray Dalio finally gets Bitcoin. It was inevitable. 'Today in Abu Dhabi he said:

"I want to steer away from debt assets like bonds and debt, and have some hard money like gold and bitcoin." He used to encourage people to buy gold more than BTC. But six-figure Bitcoin changes everything. Five-figure Bitcoin happened when BTC was still a plaything for tech folks, libertarians, and high-risk investors. It still seemed like an experiment. But six-figure Bitcoin has the support of BlackRock and literal nation-states. $100K Bitcoin represents a phase shift. Bitcoin is vastly more investible for big money today.

It's gone from embarrassing to own to aspirational to own. And if you don't own some before it hits 7 figures, you're a laggard.' - Stack Hodler

Source

➡️Bloomberg Intelligence shows MicroStrategy will be announced as a new member of the Nasdaq 100 this Friday.

On the 11th of December:

➡️Vancouver City Council considered today: "Preserving of the City's Purchasing Power Through Diversification of Financial Reserves - Becoming A Bitcoin Friendly City."

➡️'This is our first cycle where institutions are providing the Bitcoin market with a bid in the hundreds of millions daily. Simply a matter of time before things get explosive.' -Bitcoin News

➡️Billionaire founder of Interactive Brokers, Thomas Peterffy, says people should allocate "2% to 3% of their net worth into Bitcoin.

On the 12th of December:

➡️BlackRock says that Bitcoin at $2 TRILLION market cap offers a similar risk profile to the Magnificent 7 (Apple, Amazon, Tesla, Nvidia, Meta, Google, MSFT) BlackRock says a 2% allocation to Bitcoin is "reasonable". If the average portfolio soon contains 2% Bitcoin and total global wealth is ~$900T, then Bitcoin will soon become an $18T (2%) asset worth $857,000 per coin. And remember that is only at a 2% allocation.

➡️Long-term Bitcoin holders have started selling, except for those who have held for more than seven years, reducing their overall holding from over 60% to around 50%.

➡️'ETFs have been buying 4,500 BTC per day in the last weeks, and Microstrategy has been buying around 3,000 BTC per day. Only 450 new BTC are being mined per day. Weak hands will run out of BTC. What do you think will happen then?' -Bitcoin For Freedom

➡️State Rep. Giovanni Capriglione officially files for a Strategic Bitcoin Reserve for the state of Texas. The 8th largest economy in the world, Texas, now has a live bill to build a ‘Strategic Bitcoin Reserve’.

'Many do not realize that 4 states in the USA count for 4 of the 15 largest economies in the world. Russia's economy is smaller than California and Texas and is barely bigger than New York & Florida. Strategic Bitcoin Reserve' at the state level in the USA would be huge!' - Dennis Porter

➡️Australian Pension fund giant, AMP, buys $27m Bitcoin to become nation's first major pension fund to buy the asset - Australian Financial Review

➡️The amount of Bitcoin on exchanges has fallen from 2.72M in January to 2.2M today.

➡️Chinese company Nano Labs just bought $36 MILLION worth of Bitcoin. This is corporate game theory in action. The funny part is that the Chinese government forbids its citizens to buy Bitcoin.

On the 13th of December:

➡️SAYLOR'S Bitcoin playbook is catching on: - Mara Holdings: +$1.7b Bitcoin in the last month - Riot Platforms: $510m Bitcoin today - Hut8: raising $500m (using some to buy - Semler Scientific: $147.1m Bitcoin since May

More than $2b in Bitcoin was acquired in the last 5 weeks using fiat arbitrage.' -Bitcoin Archive

➡️We are all competing for $45m in Bitcoin mined daily. Now look at the U.S. Bitcoin ETF inflows by day in $ millions: (see the daily bid picture above.) Bitcoin for Freedom: '1.09M BTCs are left to be mined over the next 116 years. The Spot ETFs have already bought 1.3M BTCs. $898T of global wealth is still not in Bitcoin. This is the most asymmetric upside in history. People will say you were lucky, but you understood money before everyone else.' Go figure.

➡️You can't make this up. Japan is considering a strategic Bitcoin reserve. The person who proposed it is named SATOSHI! haha Japanese MP Satoshi Hamada urges the Japanese government to create a Strategic Bitcoin Reserve

➡️Daniel Batten: 'In the last 7 weeks, a German Telco, A Japanese Utility, now an HK Autotrader - all independently realized that Bitcoin mining is the solution to wasted renewable energy that threatens to hold back the energy transition'

➡️47% of hedge funds now invest in digital assets like Bitcoin and shitcoins, up from 21% in 2021 - PwC survey

➡️Bitcoin to hit $1 MILLION and surpass gold’s $19 trillion market cap by 2029 - Bitwise Why 2029? It aligns with the next cycle peak—and Bitcoin’s 20th anniversary.

➡️The Bitcoin network processed $2.2 trillion worth of BTC transactions in November 2024.

➡️'Addresses holding 100-1000 BTC, which have been the main accumulators of Bitcoin since late 2020 and whose buying and selling activity is highly correlated with BTC price movements, have distributed ~11K BTC in the last week.' -Bitcoin News

On the 14th of December:

➡️Vanguard says Bitcoin has “no appropriate role” in pension funds because it is "risky and lacks intrinsic value".

Why Vanguard is wrong about Bitcoin: https://x.com/DSBatten/status/1868044284164755673

And oh by the way: 'Vanguard missed the most successful ETF launch in HISTORY by not joining the Bitcoin revolution. Spot Bitcoin ETFs have +$112 BILLION AUM in less than 1 year.' -Bitcoin Archive

But no worry! 'The Vanguard Group owns 11.3% of MicroStrategy, the 3rd largest of all holders. Somehow they find issues with Bitcoin. What this tells you is worse than Vanguard not liking Bitcoin. It tells you that they are either liars, charlatans who haven't done their research, or both.' -Gabor Gurbacs Tales are as old as time... FUD and BUY.

➡️Fidelity's Bitcoin ETF is about to overtake Grayscale's GBTC for total assets.

➡️MicroStrategy is joining the Nasdaq 100 $QQQ.

➡️Miner Reserves dropped to the lowest level in Bitcoin history. (foto)

➡️Trump Confirms Bitcoin Reserve Plans…$15 Trillion Price Boom Predicted - Forbes Rumors are circulating that Donald Trump may be planning on implementing a strategic Bitcoin reserve as soon as his first day in office citing the Dollar Stabilization Act as a means to protect the US Dollar as the reserve currency of the world.

➡️Not only the price is going nuts, but look at Bitcoin hashrate.

On the 15th of December:

➡️The age of Bitcoin treasuries has begun. FASB! As of today the U.S. Financial Accounting Standards Board (FASB) now allows companies to value Bitcoin at current market prices. The rule, fully effective in 2025, aims to improve transparency and could drive more businesses to adopt Bitcoin as a reserve asset. Previously, companies could only value BTC at the price they bought, NOT the gains. The corporate adoption wave is coming!

➡️Mara acquired 11,774 Bitcoin for $1.1B, increasing its total to 40,435 Bitcoin (~$3.92B), and became the first public miner to surpass a 50 EH/s hashrate. Conviction & ruthless!

On the 16th of December:

➡️President Bukele shares a screenshot highlighting El Salvador’s $362 million in unrealized Bitcoin profits.

➡️'Assume the US Treasury starts buying 1M Bitcoin over 5 years at a starting price of $250k. Assume US debt grows at 5% (vs. last 10 years 8% CAGR) & BTC price compounds at 25%. In such a scenario, the US Strategic BTC Reserve would hold assets equivalent to 44% of debt by 2050.' -Matthew Sigel

➡️Semler Scientific has acquired 211 BTC for ~$21.5 million at ~$101,890 per Bitcoin and has generated a BTC Yield of 67.0% QTD and 92.8% since adopting our BTC treasury strategy in May.  As of 12/15/24, we held 2,084 Bitcoins acquired for ~$168.6 million at ~$80,916 per Bitcoin.

➡️The last 30 days have seen more than 3 BILLION DOLLARS per day entering the Bitcoin network.

➡️MicroStrategy has acquired 15,350 BTC for ~$1.5 billion at ~$100,386 per Bitcoin and has achieved a BTC Yield of 46.4% QTD and 72.4% YTD. As of 12/15/2024, we hodl 439,000 Bitcoin acquired for ~$27.1 billion at ~$61,725 per bitcoin.

➡️Bitcoin mining is helping Europe's energy transition, according to Forbes.  Mining helps stabilize the continent's grids by using excess energy and, by integrating with renewable energy, is becoming a key player in the energy landscape. The narrative is changing.

💸Traditional Finance / Macro:

On the 13th of December:

👉🏽The S&P 500 is now equal to the 2021 bubble peak on a price-to-sales ratio, making it officially the most expensive market of the modern era.

On the 16th of December:

👉🏽Buffett’s cash allocation is at 30% of Berkshire Hathaway’s total assets. Such an elevated cash position has NEVER been seen since 1990.

🏦Banks: 

👉🏽 'European banks are insolvent and a new liquidity crisis could arrive at any time. This press strategy, from the Dutch Banking Federation and Defense Minister, sounds like a move to "prebunk" criticism of the banks and replace it with a story with an outside scapegoat.' - Tuur Demeester

🌎Macro/Geopolitics:

On the 11th of December:

👉🏽Electricity prices in Germany, Austria, Denmark, and the Netherlands are insanely high (850-936 €/MWh). Good luck trying to have any energy-intensive production with such prices! Unless something is done about this energy-intensive production will relocate. Which is the reason for the de-industrialization of Germany. 'Even during the energy crisis of 2022, day-ahead prices have never been so high. The difference with France, Poland, and the Nordics is striking.' Julien Jomaux

👉🏽MILEI: ARGENTINA ENDS DEFICIT FOR THE FIRST TIME IN 123 YEARS

"The deficit was the root of all our evils—without it, there’s no debt, no emission, no inflation. Today, we have a sustained fiscal surplus, free of default, for the first time in 123 years. This historic achievement came from the greatest adjustment in history and reducing monetary emissions to zero. A year ago, a degenerate printed 13% of GDP to win an election, fueling inflation. Today, monetary emission is a thing of the past."

"Argentina is poised to become a global hub for artificial intelligence, attracting major investments from the world’s top companies. AI’s energy demands will drive a global resurgence in nuclear energy, and Argentina won’t be left behind. We’ll launch a nuclear plan focused on new reactors and research into modular technologies, maintaining top safety and efficiency standards. Dr. Reidel will present this plan soon, positioning Argentina at the forefront of AI and nuclear innovation."

It's amazing what a country can do when they cut all their waste and get out of debt. All the world needed was a couple of examples - El Salvador, and Argentina - to show how national dysfunction can be fixed. It just requires courage to break from the sleepwalking, virtue-signaling world. Who is next!?

On the 12th of December:

👉🏽'November PPI inflation RISES to 3.0%, above expectations of 2.6%. Core PPI inflation RISES to 3.4%, above expectations of 3.2%. Both PPI and CPI inflation are now rising with Core inflation clearly above 3.0%. The Fed's job is still far from done here.' -TKL But sure... cut rates... what could go wrong!?

Meanwhile, China is panicking:

👉🏽'Today, China announced that a WIDESPREAD economic stimulus is coming in 2025, including raising their deficit. Currently, parts of China's real estate sector are down -80% from their high and at 2008 levels. Is China entering a recession?' -TKL

China has been in recession, its property markets are in depression. China forbids its citizens from holding Bitcoin. I wonder why?

👉🏽Germany spent $1 Trillion for its energy revamp with the following results: 1. It cannot assure constant energy supply to its industry and needs to import electricity 2. It causes several times more CO2 per kWh than France $1T for ruining both its economy and environment. Legends' -Michael A Arouet

On the 13th of December:

👉🏽'US Federal government spending hit a whopping $669 BILLION in November. As a result, the 6-month average of government expenditures rose to ~$600 billion, near the highest since 2020-2021 when the most aggressive economic stimulus in history was conducted. At the same time, government receipts have dropped to ~$380 billion, materially widening the budget gap. Government spending has now exceeded government revenues for 17 straight years. Over this period, the total US debt has skyrocketed by $27.0 trillion, to a record $36.2 trillion. Fiscal spending is out of control.' -TKL Unfuckingsustainable!!!!

To make it even worse:

'The US budget deficit spiked by a massive $367 billion in November 2024. This was $14 billion above the median expectation of $353 billion. For the first 2 months of the Fiscal Year 2025, the total deficit now stands at $624 BILLION, the highest on record. This is up a staggering 64% from the $380 billion seen last year and above 2020 pandemic levels. To put this into perspective, the budget gap was 3 TIMES lower on average during the 2013-2017 period. At this pace, the US deficit could reach $3.5 TRILLION for the first time in history. To put this into perspective, during pandemic-era stimulus, the deficit hit $3.1 trillion. The government is running deficits as if a major crisis has arrived. The debt crisis is worsening.' -TKL

We have the highest budget deficit on record—way higher than during the pandemic. This is why we have inflation, everyone. It is not because of corporate greed, price gouging, or whatever. Simply put… the government spends way more than it has, then devalues your dollar by printing more. And the strong and roaring US economy has been government-funded. Stocks are climbing a spectral staircase.

👉🏽1. Stocks: all-time highs

1. Home Prices: all-time highs

2. Bitcoin: all-time highs

3. National Debt: all-time highs

4. Core CPI Inflation: >3% for 43 straight months, the longest run of high inflation since the early 1990s

5. Fed: cutting rates again next week

I want to end this week's Weekly Recap with a mindblowing piece by Philipp Heimberger:

“In the years since 1982, developing countries have transferred an estimated $4200 billion in interest payments to their creditors in Europe and North America, far outstripping the official-sector development aid these countries received during the same period.“

'Why Not  Default? Political Economy of Sovereign Debt' - Put that on your Christmas booklist.

Countries that we call “developing countries” today have always been either colonies of the West or they have always been debtors of the West and these two have been the most prominent reasons behind their economic mess. US dollar-denominated debt, it's almost as if it was designed to be insurmountable. A mass default by the global south would be an epic milestone signaling the demise of colonialist relations. Our international financial system can be described as a "Marshall Plan in reverse," in which the poorest countries finance the richest.

And you wonder why Bitcoin is financial inclusion & financial empowerment!

🎁If you have made it this far I would like to give you a little gift:

Some fountain of Jeff Booth's wisdom: Repricing the World in Bitcoin

TLDR: Jeff Booth cheat sheet in case no one has the time:

1) Prices fall to the marginal cost of production.

2) The world is being repriced in Bitcoin.

3) Bitcoin only needs to remain decentralized and secure to eat everything.

4) People in the fiat system find it very hard to conceive of the scale & effects of the new system (that is, they measure Bitcoin in fiat terms and typically sell their BTC when it goes up a bit).

https://www.youtube.com/watch?v=GR2R4dX-Kqw

Credit: I have used multiple sources!

My savings account: Bitcoin The tool I recommend for setting up a Bitcoin savings plan: PocketBitcoin especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Use the code BITCOINFRIDAY

Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple.⠀⠀⠀⠀ ⠀ ⠀⠀⠀

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⭐ Many thanks⭐

Felipe -Bitcoin Friday!

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