CEO @Swan | Host of OUTSIDE MONEY | Investor in 60+ tech startups | Follow for Bitcoin, investing, markets, macro, and geopolitics | Truth, family and 🏀
In 1933, the U.S. government forced Americans to surrender their gold.
When Bitcoin becomes important enough, the easiest coins for the government to grab will be the enormous pools held by regulated custodians.
That’s what Bitcoiners mean when we warn about a "6102 Attack," and it’s a major reason why self-custody matters.
In today’s OUTSIDE MONEY.
Warsh Just Made Fed Speeches Fun Again!
At Jackson Hole yesterday, Kevin Warsh said he doesn’t believe in forward guidance.
Markets immediately invented some for him anyway.
Bitcoin crossed $80,000.
So is it cheap, expensive, or fairly valued?
Nobody actually knows.
And the reason why gets to the heart of what makes Bitcoin different from almost every asset Wall Street tries to value.
PRIVATE CREDIT didn’t eliminate credit risk after 2008.
It changed who sees the problem first.
Lenders know if borrowers are in trouble long before defaults or write-downs show up in the numbers everyone else can see.
Down the rabbit hole we go…
THE "FED PUT" ISN’T A CONSPIRACY.
IT’S MATH.
The Fed doesn’t really have a put under the stock market.
It has one under the debt system.
And once you understand why, you understand a lot more about where the dollar is headed, and why many choose to store value in hard assets.
The podcast for today's Café is up - search for Cafe Bitcoin in your podcast app.
@Bquittem and @NuclearBitcoinr on nuclear energy, SMRs, and Bitcoin mining.
Tomorrow with @parkeralewis. Set a reminder to get a notification when we start 👇
THE SOVEREIGN REVOLUTION
I believe Bitcoin is the beginning of the Sixth Technological Revolution in the framework of @pmarca's favorite economist, @CarlotaPrzPerez.
Tell me why I'm wrong!
"Stablecoins" are just centralized fiat credit, with some "blockchain woo"-derived legal arbitrage on top to get some more freedom in the secondary markets. They will be regulated, inflated and confiscated to death, inevitably, may it be in a few weeks or a few years.
It's not bad to use a temporary work-around, if and when it serves some practical purpose. But it's bad to forget fundamentals and get sucked into unsustainable delusions.
Bitcoin was, is, and will always be the real deal. Decentralized, inflation-resistance, confiscation-resistance digital cash.
Today's Café Bitcoin with @FossGregfoss is up on the podcast feed.
Just search Café Bitcoin in your podcast app.
I'll be on tomorrow morning - see you all at 10 am ET.
Set a reminder to get a notification when we start!