Updating the post below, since it was popular with readers. The ability to use BTC as collateral continues to grow. This is important for any asset and it should be watched, because it increases utility and inherent value. Coinbase recently added to its “borrow” product that lets customers borrow cash using their BTC as collateral. There are now three options. See the screenshot below (taken today). Recap: You deposit BTC as collateral and get USDC, which is immediately convertible to USD, then a quick transfer to your linked bank account. Attractive rates. You can choose to repay the loan whenever you want, at which point you get your BTC back (so you retain any future price appreciation). That’s a very attractive option for various types of borrowers ranging from individuals to small businesses. I’ve been surprised by how many people -- even veterans of the BTC space -- don’t seem to be aware of how easy this process has become, or that it even exists. But make no mistake: This is huge financial innovation. And Coinbase definitely isn’t alone -- other companies also offer this product. Keep watching as BTC collateral usage grows. Over the long term, it’s important.

Know a guy who managed a couple of top desks on Wall Street for many years. He’s always had a casual interest in BTC and has never seen it as anything more than an inflation hedge. A few weeks ago, he asked me about it in the context of AI. Always watch these types of emerging investment frameworks as they start to get traction. (@jvisserlabs has lots of readers in the financial industry and a big part of this growing awareness comes from his work.)

Below was posted three years ago at BTC 25k: "One of the keys back then was to watch the longer term charts (weekly and especially monthly) for when price levels that were previously lost were quietly regained. This led to huge profits for traders who were still in the game and paying attention, because it indicated the continuation of a long-term secular trend." This continues to apply. If you believe BTC is repeating the long-term fundamental and technical cycle of the tech sector that started in the mid-1990s (and longtime readers know I believe this) then you want to see that same type of price pattern: levels that were previously lost getting quietly regained (amid terrible sentiment), best viewed on monthly charts. And after the past couple weeks, that’s exactly what we’re now seeing with BTC -- and have been seeing since this post three years ago. There are a thousand ways to look at technicals and charts. I like to keep it simple, especially if you're pairing technicals with an underlying story that's a long-term new paradigm. By the way, over the past couple years, I've probably gotten more "thanks"-type private messages about this post than any other I've made over the past decade. You can see the number of views on it. Glad the historical perspective (and gray hair) helped some readers.

The US (and the West in general) realistically has one way out of its debt situation: a combination of growth and inflation. If policy hinders growth, inflation becomes even more of a necessity -- which ultimately makes protection like BTC even more attractive. Keep this in mind as you increasingly see politically motivated anti-growth hysteria spread (AI, digital assets etc). The inflation part of the solution becomes even more important and inevitable.

A message I got after the post below: "Hi. Would love to have some recommendations for a solo traveler from NYC to El Salvador for the Summit + Bitcoin Histórico. This will be my first time there. Thanks!" Another: "Just saw your most recent post. Recommended places to stay in El Salvador? Just wife and I." A bunch of other messages like these. Feel free to ask me for tips and recommendations.

After my trips to El Salvador, I’ve gotten lots of questions about the best times to visit. There’s probably never been a better time than this November, especially for anyone interested in El Salvador’s emergence as a technology and AI hub: November 10: Bitcoin Capital Summit November 11-12: Bitcoin Histórico November 18-19: EmTech AI Conference November 19-20: Global Bitcoin Circular Economies Summit Bitcoin Histórico is the big one and I highly recommend it. But they should all be interesting. The Circular Economies Summit will take place in El Zonte (Bitcoin Beach). I’ve been there several times. El Zonte is an important place in the history of Bitcoin, and anyone who’s into BTC should try to visit. It’s also a great vacation spot. These events in November will be valuable networking opportunities for investors interested in El Salvador, or anyone looking to start a business or just move there. You’ll also hear about young tech-focused Salvadorans, who are incredibly impressive. This is a very easy nonstop flight from New York and other cities. Feel free to message me for recommendations on hotels and restaurants in San Salvador and Bitcoin Beach. I’ll post links to these events in the comment section...

An Important effect of BTC’s recent surge is the reaffirming of it in institutional managers’ minds as debasement protection. This has always been a core investment thesis for BTC, but that perception had lapsed recently. Perceptions like this are important on Wall Street, because once established during important market events, they can last for many years and even entire careers. As a sell-side market maker in the 1990s, I still vividly remember how the assets on our desk performed during various episodes including the Asian financial crisis -- and for years after, I would instinctively look at those assets during similar market environments. If the debasement trade continues to become a focus for institutional managers, I think BTC’s recent surge has laid the groundwork for huge outperformance by it as a go-to asset for protection.

Adding to my post below from yesterday. See these new comments from Ray Dalio, which he posted a few hours ago: "I expect non-government-produced monies like gold and Bitcoin to do relatively well." "I suggest...overweighting gold and a bit of Bitcoin."

Not a stretch to say that in the past couple days, BTC has been on the screens of more institutional managers than it has in a long time. That's because it's starting (emphasis on that word) to trade exactly the way you'd expect it to based on the market's increasing focus on debt. This scenario has always been a core thesis for BTC. Whenever news starts to validate a long-held investment thesis for an asset, and price starts to reflect this, traders should be paying attention.

Adding to the post below from yesterday. It’s important to understand Paul Tudor Jones’ history with BTC. He was a big buyer of IBIT in previous years, reporting 8 million shares (then valued at $427 million) at the end of 2024. He became a seller during 2025, eventually owning just 576,523 shares at the end of the year. His timing in BTC has been great. Then, in early 2026, he stopped selling. Yesterday’s filing showed his first notable buying of IBIT since his prescient accumulation in 2024. Yes, that buying was small relative to his total assets (and he also has IBIT puts/calls). But it’s the transition from seller, to holder, to buyer that's potentially important -- especially for a macro-based investor like PTJ. The key will be to watch what he does in the next few quarters. Was this the start of a new sustained accumulation? We’ll see. Watch his filings and, importantly, any public comments about inflation, gold or BTC. Required viewing on Paul Tudor Jones and BTC from earlier this year...keep this in mind as you watch his buy/sell activity:

In a filing today, Harvard University reported owning 3,044,612 shares of IBIT as of June 30, valued at $101 million. That's unchanged from the previous quarter. Harvard also continues to have a large position in gold. In today's filing, it reported IAU valued at $149 million, and GLD valued at $22 million as of June 30. In the filing, Harvard also disclosed a SpaceX position valued at $2.2 billion. Filing:

In a filing this afternoon, Tudor Investment (Paul Tudor Jones) reported owning 688,529 shares of IBIT as of June 30, valued at $22.9 million. That's an increase from 579,083 shares reported for the previous quarter. Remember: No one knows inflation cycles and their historical patterns better than PTJ. Filing: