The bond market is putting its pressure on the next 2 years, not the next 30. Roughly one month of change in yields: • 2 year: up 48 basis points • 5 year: up 41 • 10 year: up 23 • 30 year: up 1 Bear flattening. Short rates rising faster than long ones. Policy response = money printer. $BTC "That means increased liquidity. That means Bitcoin, historically, NGU." @AdamBLiv

He probably bought 10 $BTC while walking home from a park. He started seeing Bitcoin as a commodity instead of a security. The panic that everyone else would figure it out within 30 minutes. "Of course you realize it takes people a long time to figure it out." - @BritishHodl

The U.S. dollar comes before the average person. @BritishHodl Control of the money printer is why he dismisses fears about higher interest rates. "We're talking about the survival of the United States dollar here." - @BritishHodl $BTC

Himes vs Bessent on the $10B buyback. Rep. Himes pressed Treasury Secretary Bessent on 10-year buybacks that were followed by a higher 10-year yield. - About $10 billion spent - 4.8% on the 10-year when the operation started - 5.04% today, a 20-year high - 20 basis point rise "You can ask me a question. You can't tell me how to answer it."

Brian Harrington says Bitcoin $BTC is starting to replace the S&P 500 as the benchmark for growth. The index has too much dead weight, while AI is making the gap between strong and weak companies even wider. For a company to earn investor capital, the choice becomes simpler: grow faster than the benchmark or return cash through dividends. “Bitcoin is becoming the new standard growth index of the world.” - @BrainHarrington

Brian Harrington sees Bitcoin adoption happening in stages. Most people can’t handle Bitcoin’s volatility, so Bitcoin-related income products may be the easier entry point. After getting paid for 18 months and watching Bitcoin rise, owning the underlying starts to feel more normal. From there, perks for Bitcoin holders could make direct ownership even more attractive. “I definitely think that path will happen.” - @BrainHarrington $STRC $SATA $BTC

Brian Harrington says digital credit starts with a simple premise: Bitcoin is better money than fiat. Bitcoin $BTC has a fixed supply. Dollars do not. The bigger test is whether Bitcoin-backed companies can earn more trust to meet their obligations than Treasuries, the asset traditionally treated as risk-free. “That battle, that decision is taking the guts out of fiat money.” - @BrainHarrington $STRC $SATA

Jeff Walton explains why capital quality matters so much for insurance companies. The amount of leverage an insurer can take on depends heavily on how rating agencies treat the assets on its balance sheet. - AAA investment-grade debt: ~95% capital credit - Equity: ~45% capital credit - Insurance portfolios: roughly 85% bonds and 15% equities That gap helps explain why assets get structured and tranched to unlock different pools of capital. “It all comes into capital construction... and that’s why there’s a focus on structuring and unlocking different pools of capital.” - @PunterJeff