‘Noderunners’ the number one Bitcoin only community in the Netherlands and almost every month you can find a Bitcoin meetup somewhere in the country. Checkout meetup.com
🧠Quote(s) of the week:
"What people consider money changes over time as innovation alters the incentives of holding one form vs. another. Choose the hardest money or get demonetized."
- Anilsaidso
"This is a paradigm shift at the base layer of money. You need to take the time to understand Bitcoin, the biggest asymmetric bet in history, a CDS on the failure of sovereign currencies, as Greg Foss points out. A technological innovation that will rival the printing press. - In my opinion, one of the most important inventions ever. A monetary fire alarm that works." - Lawrence Lepard
🧡Bitcoin news:
➡️BlackRock's CEO, Larry Fink, expects Bitcoin to transcend every international currency due to broad-based worldwide demand! He turned 180 degrees on his past opinions on Bitcoin.
➡️Former SEC Chairman Jay Clayton "Companies whose reputation in the market matters think the protections around the Bitcoin market are sufficient that they're willing to put their name on it. This is an incredible development. Not one that I expected, but it's pretty remarkable".
➡️$7.3 Trillion asset manager Vanguard bought $640 million in bitcoin mining stocks (Riot and Marathon). Vanguard is the second biggest fund manager in the world, after BlackRock.
Last week I shared a tweet by "British Hodl", see also weekly recap stories. His explanation of this topic is spot on!
➡️$4.5 trillion Fidelity filed a second amendment to their spot Bitcoin ETF application.
Gradually, then suddenly. I love how game theory works.
Bullish momentum in Bitcoin is quietly building up.
✔️Institutional support
✔️Media narrative shifting
✔️Price +100% off bear-market lows
➡️Roughly 30% of the Bitcoin supply is now held with holders 5 years or longer. >10Y = 14.8%
7Y-10Y = 5.6%
5Y - 7Y = 8.7%
➡️Over the last 8 years, Bitcoin mining has become 5,814% more efficient.
➡️Bitcoin hash rate reaches a new all-time high of 395 EH/s
➡️Bitcoin approaching a new all-time high in Egypt. In recent months we have seen an all-time high in Lebanon, Turkey, and for example Argentina. Bitcoin is fiat debasement insurance! The West will experience this sooner than later.
➡️Mashinsky Former CEO of bankrupt lending firm Celsius has been arrested in NY.
I will use Steve Lubka's post:
"A look at some of the highlights from the Celsius court filings: ⠀⠀⠀⠀⠀⠀⠀⠀
1) Celsius used customer Bitcoin to make purchases of CEL resulting in hundreds of millions of dollar hole Another example of illegal rehypothecation of BTC in 2021
2) Celsius engaged in directional trades on shitcoins using *customer assets*
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3) Celsius literally shorted BTC outright in 2019 using subaccounts called 'Directional1' and 'Directional2'
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4) CEL tokens on the balance sheet were the only thing that made Celsius able to cover withdrawals in theory, which it could not
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5) CEL purchasing to prop up the price was done with customer assets
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6) Mashinsky literally sent out an email saying 'Our job is to protect CEL'
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7) Even from the start, the CEL scheme was flagrant. Loans were issued against 117 CEL Mashinsky never bought, and he was then permitted to sell the CEL which was the very collateral for the loan itself, *to repay the loan* ⠀⠀⠀⠀⠀⠀⠀⠀
8) Celsius rates were determined based on marketing concerns, not business operations
9) This resulted in them paying out far more in rewards than they ever earned! 120% of revenue was paid out to clients"
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Crypto staking on for example “yields” are no different than Celsius, Gemini Earn, & BlockFi.
That's why I hate to see that big platforms here in the Netherlands are promoting exchanges like Bitvavo.
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Anyway, Alex Mashinsky bailed out for $40 million, and CelsiusNetwork agrees to pay a $4.7 billion settlement. Ask yourself how can a bankrupt company agree to pay a $4.7 billion settlement.
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➡️Europe's first Bitcoin ETF to launch this month - Financial Times
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➡️Balance on Exchanges just reached a 5-year low of 2,250,825.538 BTC.
That means that only 11.5% of the Bitcoin supply is left on exchanges.
"Bitcoin continues to fly off exchanges into self-custody at an unprecedented rate. With 70% of all Bitcoin not moved in a year, despite the longest bear market on record and nearly 60% not moved in 2 years or more, a supply crisis is imminent. Are you prepared?"
➡️Ripple wins the verdict that XRP is not a security, and the judge also rules that institutional sales of XRP by Ripple were securities, per Bloomberg.
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XRP = Not a security. 99% of XRP tokens were sold as securities. That’s the issue dumb ducks.
Years of waiting for the “big day” and even “when it comes” with a major pump it remains at over a 99% loss against Bitcoin. Bitcoin only, don't play fiat / CrYpTo games
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💸Traditional Finance / Macro:
⠀⠀⠀⠀⠀⠀⠀⠀
👉🏽US June CPI inflation falls to 3.0%, below expectations of 3.1%.
Core CPI inflation fell to 4.8%, below expectations of 5.0%. This is the first time Core CPI has come in below 5.0% since Dec 2021.
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Later in the week, PPI came in. PPI inflation fell to 0.1% in June, below expectations of 0.4%. Core PPI inflation fell to 2.4% in June, below expectations of 2.6 the first time%. This is PPI inflation has come in below 1.0% since January 2021.
This is the smallest pace since Aug 2020 and is down from the all-time high of 11.7% YoY from March 2022 in a promising sign for CPI. Yet another sign that inflation is falling quickly. What comes next is deflation.
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🌎Macro/Geopolitics:
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👉🏽In just the first 6 months of 2023, the federal deficit was nearly $1 TRILLION Only 6 months, not even during a recession The deficit is up 607% YoY!
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This is what the United States is entering. At $32T of Federal debt, that means if rates stay at 5% the U.S. will eventually have to pay $1.6T a year in interest alone to service the debt. That doesn’t even include principal payments.
Total 🇺🇸US government tax revenue in June fell by a massive 9.2%, from $461 billion to $418 billion.
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On a TTM basis, tax receipts are down by 7.3%. This is the biggest drop since June 2020 when the US was in a complete lockdown.
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One word: UNSTAINABLE
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"Sum this all together and we have:
1. Rapidly rising US debt levels
2. Rapidly rising interest rates
3. Interest expense that will soon equal ~25% of government revenue
Debt crisis is an understatement.🥴"
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👉🏽Swedish inflation (CPIF) prints at almost 12% annualized.
"Expect European central banks to stay hawkish over the summer, pushing up their currencies until inflation collapses." -Jeroen Blokland
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👉🏽US Treasury Secretary Janet Yellen says sending billions of dollars to Ukraine is the "single best" way to boost the global economy. Source https://watcher.guru/news/janet-yellen-sending-billions-to-ukraine-single-best-for-global-economy
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I kid you NOT! She really said that! I think she is still on the shrooms. If you have no clue what I am talking about.
⠀⠀⠀⠀
Source:
“Magic mushrooms may have been to blame for Treasury Secretary Janet Yellen’s mortifying bow before a Chinese official last week.
Yellen, 76, gobbled four portions of Jian shou qing, a type of wild mushroom when she dropped in at a casual Beijing restaurant soon after she arrived there on July 6, Chinese state media reported in an effusive story that took care to praise the secretary’s chopstick skills. But the funky fungi are known in their native province of Yunnan for their unpredictable psychedelic effects.” CNN
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I will end this weekly recap the same way as last week with a quote by Ray Dalio:
"Billionaire investor Ray Dalio said last month that U.S. government bonds are becoming risky as the country falls deeper into its debt crisis."
Credit: I have used multiple sources!
My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: nostr:npub1sqzr42dj8vx32yd5jcvvl3ytux45kl0etgf6y2ymjvmd7lqmuwmqk9vk7v is especially suited for beginners or people that want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post & video for more info.
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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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Matt Odell: "If short-term price movements shake you out of Bitcoin, you never had a chance." - "Stay humble & stack sats"
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Do you want to know more about this? Check out my daily stories.
Is this post helpful to you? If so, please share it!🧡
If you have any questions, let me know in the comments or send me a DM!⬇️
Weekly recap:
🧠Quote of the week:
"The virtue of Bitcoin's decentralized nature is that power should not be monopolized. This prevents the undue influence of any one corporation or government over economic activity. In particular, preventing arbitrary money production protects the people’s property, their savings." - Pierre Rochard
🧡Bitcoin news:
➡️The SEC suing Binance & Coinbase of Breaking US Securities Rules.
I tried to pretend to be shocked, I am not!
Next to that, the SEC confirmed that Solana, Cardano, and 99% of other cryptos are securities. The majority of altcoins are already delisted from platforms like Robinhood. This means when exchanges like Bitvavo here in Europe or Coinbase in the U.S. are forced to delist them, most people will have no option but to swap their shitcoins for Bitcoin.
What do we learn from this?
Don't F around with shitcoins. Get your Bitcoin off all centralized exchanges! If you have any Bitcoin in Binance etc., move it out. Not worth the risk. You should have done this yesterday.
Don't use centralized exchanges! Please use a Bitcoin-only platform.
"The SEC is suing 2 of the largest crypto exchanges in the world, and Bitcoin is still up 8x from its previous bear market low in 2018/19. If you’re not paying attention, you probably should be." - Joe Burnett
The sooner everyone accepts the fact that Bitcoin is the king and detaches themselves from the fantasy called altcoins, the sooner we can start making history!🧡
➡️On the 6th, 96,446 unique Bitcoin addresses withdrew from exchanges. An all-time high. And $1.2 billion Bitcoin was taken off exchanges.
➡️Bitcoin Network Hashrate & emissions are, for the first time decoupling & in divergence. Now where are the so-called experts who said emissions only go up with hashrate?
I quote Daniel Batten: "Without fanfare, Bitcoin has become arguably the 1st global industry where network growth rockets while emissions plummet The data says: Policymakers should consider Bitcoin an example to other industries; institutional investors should feel comfortable with its ESG status."
Talking about hashrate:
"A massive boom Bitcoin hash rate since China banned Bitcoin mining:
The network hash rate is currently around 370 EH/s compared to 100 EH/s after China's attempt to ban Bitcoin mining in May 2021. The China ban serves as an excellent example of what happens when you try to attack the Bitcoin mining network; it just gets stronger."
—Mark Harvey
The Bitcoin hashrate will continue to grow until the cost to mine a block is nearly the value of the bitcoin in that block, then it will grow/migrate to cheaper and cheaper energy until all stranded and wasted energy sources are in use. It's that simple!
➡️Daniel Batten, ESG Analyst, climate technology investor, and activist, released his latest research in which there is strong reason to believe that the Bitcoin network’s true energy consumption is at least 23.7% less than CBECI suggests. See for more info in my post on the 9th of June.
➡️Over 400 small businesses in the Philippines are now accepting Bitcoin.
Pouch.ph, a Bitcoin payment firm launched in 2021, has announced that it enables over 400 small businesses to accept and process Bitcoin payments in the Philippines. According to a press release shared with Bitcoin Magazine, the platform aims to tap into the vast pool of merchants in the country, ranging from mom-and-pop stores to boutique hotels.
➡️ARK Invest released a report suggesting Bitcoin will likely scale into a multi-trillion dollar market. "The more uncertainty and volatility in the global economies, the more our confidence in Bitcoin increases. It's a hedge against inflation", explains Cathie Wood.
➡️Prime Trust got absorbed by BitGo...stability instead of bankruptcy?
Prime Trust had been the subject of some speculation with people online suggesting the firm was facing bankruptcy.
BitGo signed a term sheet to acquire the equity of Prime Core Technologies, Inc., the parent company of Prime Trust, bringing business continuity, long-term stability, and regulated, secure solutions to valued Prime Trust clients. This acquisition makes BitGo the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms. Keep in mind, this is just a letter of intent and not an actual acquisition.
Credit: I have used multiple sources!
@21jclp picture credit 
Bitcoin data on emissions and environmental data continue to improve at a rapid pace. Finally, we have an accurate energy consumption model for Bitcoin. Not political propaganda bullshit (Alex de Vries / Cambrigde), just data, and numbers.
Today Daniel Batten, ESG Analyst, climate technology investor, and activist, released his latest research in which there is strong reason to believe that the Bitcoin network’s true energy consumption is at least 23.7% less than CBECI suggests.
I quote Daniel:
"For several years the Cambridge Centre for Alternative Finance (CCAF) has been the most quoted source for Bitcoin energy and power consumption estimates. However, our analysis of CCAF’s Bitcoin power and energy consumption) model (CBECI) shows two issues that result in an overestimation of energy and power consumption.
The Cambridge (CCAF) data on Bitcoin has these issues:
1. energy consumption (20.6% overstated)
2. emission intensity (69.4% overstated)
3. sustainable energy mix (39.9% understated)
4. emissions (106% overstated)"
Daniel and his team have been working with Luxor, Blockware, and over 30 miners over the last few months to build an up-to-date model based on the Network's current miner mix, mining map, and energy sources.
Their analysis led them to the conclusion that for example Blockware has a more up-to-date miner mix and a superior methodology (reflects the real-world ways that miners choose whether to mine with less efficient machines, which is determined primarily by wholesale electricity price, with Bitcoin price being the secondary factor).
They found that both Blockware, Luxor, and Marathon approaches to be based on the more up-to-date data, and a more industry-aware understanding of current mining practices relative to CCAF. They haven’t been granted permission to see the methodologies of Khazzaka, so cannot comment on his model at this time.
Source:
https://batcoinz.com/improving-our-estimate-of-bitcoin-energy-consumption/
1. Emissions and emissions intensity https://batcoinz.com/accurately-dynamically-calculating-bitcoin-network-emissions/…
2. Energy Consumption https://batcoinz.com/improving-our-estimate-of-bitcoin-energy-consumption/…
3. Sustainable energy mix http://Batcoinz.com/BEEST
Bitcoin data on emissions and environmental data continue to improve at a rapid pace. Finally, we have an accurate energy consumption model for Bitcoin. Not political propaganda bullshit (Alex de Vries / Cambrigde), just data, and numbers.
Today Daniel Batten, ESG Analyst, climate technology investor, and activist, released his latest research in which there is strong reason to believe that the Bitcoin network’s true energy consumption is at least 23.7% less than CBECI suggests.
I quote Daniel:
"For several years the Cambridge Centre for Alternative Finance (CCAF) has been the most quoted source for Bitcoin energy and power consumption estimates. However, our analysis of CCAF’s Bitcoin power and energy consumption) model (CBECI) shows two issues that result in an overestimation of energy and power consumption.
The Cambridge (CCAF) data on Bitcoin has these issues:
1. energy consumption (20.6% overstated)
2. emission intensity (69.4% overstated)
3. sustainable energy mix (39.9% understated)
4. emissions (106% overstated)"
Daniel and his team have been working with Luxor, Blockware, and over 30 miners over the last few months to build an up-to-date model based on the Network's current miner mix, mining map, and energy sources.
Their analysis led them to the conclusion that for example Blockware has a more up-to-date miner mix and a superior methodology (reflects the real-world ways that miners choose whether to mine with less efficient machines, which is determined primarily by wholesale electricity price, with Bitcoin price being the secondary factor).
They found that both Blockware, Luxor, and Marathon approaches to be based on the more up-to-date data, and a more industry-aware understanding of current mining practices relative to CCAF. They haven’t been granted permission to see the methodologies of Khazzaka, so cannot comment on his model at this time.
Source:
https://batcoinz.com/improving-our-estimate-of-bitcoin-energy-consumption/
1. Emissions and emissions intensity https://batcoinz.com/accurately-dynamically-calculating-bitcoin-network-emissions/…
2. Energy Consumption https://batcoinz.com/improving-our-estimate-of-bitcoin-energy-consumption/…
3. Sustainable energy mix http://Batcoinz.com/BEEST
Volgende meetup is op 1 juli. Pannenkoekschip te Zwolle :)
Satoshi explained nearly 13 years ago, "Bitcoins have no dividend or potential future dividend, therefore not like a stock. More like a collectible or commodity."
Source: https://bitcointalk.org/index.php?topic=845.msg11403#msg11403
Satoshi’s concision never fails to amaze me. Simple sentences. Consistently with no hyperbole or emotions in them.
First, let's define commodity. A commodity is a subcategory of "goods." Specifically, commodities are goods that have little or no "qualitative variation" across units of them. Coffee beans. Rice. Wheat. Gold. Iron. Every unit is more or less the same as every other. Cars, houses, and computers are not commodities.
Now, let´s define security. Under the Howey Test, a transaction is considered to be a security if it meets the following four criteria: Money is invested. There is an expectation the investor will earn a profit. The investment is in a common enterprise. Profits are generated via the efforts of others.
I quote Erik Voorhees: "I've even more sure that it is NOT security. It's not backed against any promise from anyone to pay anything. Security requires an issuer.
Of all the categories that Bitcoin could fall into, security is not one of them."
The current SEC Chairman and the former SEC Chairman agree that Bitcoin is a commodity like steel, oil, concrete, wheat, silver, or gold.
"To be useful as a general-purpose store of wealth and means of wealth transfer, a collectible had to be embedded in at least one institution with a closed-loop cycle so that the cost of discovering and/or manufacturing the object was amortized over multiple transactions. Furthermore, a collectible was not just any kind of beautiful decorative object. It had to have certain functional properties, such as the security of being wearable on the person, compactness for hiding or burial, and unforgeable costliness. That costliness must have been verifiable by the recipient of the transfer -- using many of the same skills that collectors use to appraise collectibles today" - Nick Szabo "On the Origins of Money"
Notice how Satoshi also used the term "collectible" to describe Bitcoin in 2010.
Bitcoin is precisely designed to work in an adversarial regulatory environment. We don't care what SEC or any gov agency thinks about anything.
Nobody wants to hold fiat or the 2nd hardest money. Get Bitcoin or get demonetized. It's simple like that.
What do we learn from this?
Don’t F around with shitcoins.
If you don’t want to lose your life savings, don’t use a hotwallet.
Use:
Bitcoin only | open source | air gapped wallets.
Enjoy your day ladies & gentlemen 🧡
Stay safe 
“On Bitcoin Pizza Day, Lazlo Hanyecz is credited with performing Bitcoin's first real-world transaction, offering 10,000 BTC to whoever would order him 2 pizzas. But perhaps the true hero is Jeremy Sturdivant (2nd picture), who chose Bitcoin over pizza or $ by accepting Hanyecz's offer.
Jeremy Sturdivant was just 19 when he struck the deal. He answered a message posted on the Bitcointalk chat forum in 2010 from Laszlo Hanyecz.
Sturdivant agreed to the deal and ordered two large supreme pizzas in return for 10,000 Bitcoin, which was worth only about $30 at the time.
He didn't HODL for long though and squandered it all on travel expenses. Today those Bitcoin are worth around US$270M. So, while Bitcoin Pizza Day may be a celebration of the first time it was spent, it's a sober reminder of the value of hodling, because we're all still early.”
Happy Bitcoin Pizza Day everyone!🧡 
Yes! 
🧡 
🤣😁
⚡️beer at our meetup yesterday!
Idea is to have a beertap on venues/festivals and let people buy 🍺 with Bitcoin.
Let the 🍊💊 begin! https://nostr.build/av/476be0bcba081a6b75ad428441c01481c7b3b6c64f9d7699f9ffe5caf1884c32.mov
Yesterday we held our third Bitcoin Meetup in my hometown Zwolle.
You can now already pay with Bitcoin at five locations. For example, doing your groceries at the Spar and paying sats ⚡️!
Checkout the other locations at https://btcmap.org/community/zwolle-bitcoinstad 
Out of context or not…
1 product
1 tweet
Can fuck up your whole business! 
Diversification is key🧡🎯 
Game theory in play. It's so obvious, yet no one is seeing it.
With a Bitcoin standard, this operation could have carried out for a fraction of the price. No police / military escort is required.
A 10-minute job with BTC (that's one confirmation). Now, of course, most of us would spend a little bit more on transaction fees with that amount of money. With the current hash rate, I would wait 3 hours and more confirmations. Still, you only would have paid $30 on the transaction fees.
Using Bitcoin, a lot of money would have been saved from transportation and military expenses. A lot of taxpayer money would have been saved! And I am not even mentioning the energy waste. Storing your wealth in anything other than Bitcoin is like going back to Stone Age.
I quote @VandelayBTC on Twitter:
"The Dutch Central Bank today revealed it spent months executing an operation to move $15 billion, including 200,000 kg of gold bars and coins, requiring police and military support. This would have been 10 minutes+$3.02 on the Bitcoin Standard.
The Dutch Central Bank, DNB, also built an entirely new high-security facility to store the gold in Zeist. 14,166 gold bars and 1,006 boxes of coins started being moved there in October 2020.
Total costs to taxpayers were not revealed. That's something that central bank shills like Alex "Digiconomist" de Vries don't like to see mentioned while spreading FUD about Bitcoin using "too much energy." - because they know this is maximum fiat inefficiency." 
Quote of the week:
"Narratives any time anything happens in Bitcoin:
Altcoiners: See Maxis, your coin sucks
Interventionists: Change the rules
Sidechainers: We can fix this problem
Austrians: The incentives are fine
Maximalists: This is good for BTC
Plebs: Stay humble, stack sats"
---Jimmy Song
🧡Bitcoin news:
➡️ Last week it was all about 'high fees'. Only a week ago, median fees were over 500 sats/VByte. They're now under 25 sats/VByte and appear to still be falling.
BRC-20 token standard = meme coins = straight dogshit.
Tons of people are reporting BRC-20 tokens disappearing from their wallets. Play stupid games…
Meanwhile, Bitcoin is still working. Nothing fundamental about Bitcoin has changed. Bitcoin is still secure, immutable, decentralized, scarce, and produces a new block every 10 minutes.
BRC-20s are a negative sum game for the degens minting and trading. However, it indirectly funds Bitcoin miners and encourages exchanges and companies to more rapidly adopt Lightning.
To sum it up:
1) Bitcoin proves once again invulnerable
2) The knuckleheads get poorer (have less Bitcoin ) - Bitcoin mines get more fund
3) Bitcoin L2s are improving: Lightning and Bitcoin become more adopted, as last week was an incentive for devs to improve L2s (Lightning, Liquid, etc.)
We can do this all day, every day.
Remember:
You can send $10,000,000,000 worth of Bitcoin
Anywhere around the world.
24/7/365 days a year
Without permission or counterparty risk
➡️ 20% of Bitcoin hashrate is still in China. 19 months after China banned Bitcoin, Chinese citizens continue to buy Bitcoin.
➡️ Bitcoin stopped working TWICE in its history 1st in 2010 2nd in 2013
➡️HRF (Human Rights Foundation) gifts 16.5 BTC (~$455,000) via its Bitcoin Development Fund to support 12 projects worldwide.
The Human Rights Foundation keeps shoveling funds to help Bitcoin adoption, ask yourself why that is.
The grants focus on improving Bitcoin scaling, privacy, decentralization, global education, censorship-resistant communication, and community-building efforts, with areas of focus including Africa and Asia.
➡️US Presidential candidate Robert Kennedy Jr: "Your bank account could be frozen because of your politics. That is why I oppose CBDCs. That’s also why I support Bitcoin.
At the moment two leading Presidential Candidates support Bitcoin
• Robert F Kennedy Jr - Dem
• Ron DeSantis - Rep
➡️ Liechtenstein Betting on Bitcoin: „The prime minister of Liechtenstein Daniel Risch said in an interview the Principality is open to investing some of its $2.4B government funds in Bitcoin“
➡️ Bull Bitcoin Launches No KYC Bitcoin Purchases with Cash or Debit. "The fastest, most secure, and cheapest no-KYC method to buy Bitcoin that Canada has ever seen. No ID, credit check, or bank account is required to buy Bitcoin."
➡️ Turkey and Argentina lead the way in Bitcoin/CrYpTo ownership.
Why? Rampant inflation destroying everyone's savings lead to people adopting a system without this issue... Who would have thought? Bitcoin
CPI in Turkey is over 50%, while in Argentina it's over 100%. People are desperate.
➡️ Texas becomes the 1st State, Texas House & Senate have passed House Bill 591, to recognize that Bitcoin mining data centers using formerly flared gas mitigate 63% of carbon emissions.
➡️Bitcoin supply held on exchanges has fallen to 5.84% – the lowest point in the past five and a half years. Roughly 1.1 million BTC has left custodial services since the peak in March 2020, when 3.2 million BTC were sitting on exchange wallets. Approximately ~2 million BTC is still in exchange wallets.
➡️ On average, the US Dollar loses 92% of its value relative to Bitcoin every four years.
➡️Marathon (miner) partners with Zero Two, backed by Abu Dhabi's $853 billion sovereign wealth fund, to create the Middle East's first large-scale immersion Bitcoin mining operation.
💸Traditional Finance / Macro:
Banks:
👉🏽Deposits at JP Morgan Chase, Bank of America & Wells Fargo have shrunk by $465 Billion Year-Over-Year; More than twice the total of 4,000 small regional banks.
The reality is that deposits are leaving ALL banks. Regional AND large banks.
👉🏽Fed emergency bank loans rise to $92.4bn from $81.1bn the prior week as loans from the Bank Term Funding Program (BTFP) rose to a fresh record $83.1bn, while borrowings from Fed’s discount window slightly rose to $9.3bn. But the Fed says banks are very resilient, right....right?
🌐Macro/Geopolitics:
👉🏽U.S. CPI inflation rate falls to 4.9%, which continues the disinflationary trend. If you use the 1980 version of the CPI formula, inflation is actually ~13%.
In the Netherlands, inflation remains sticky as the April CPI came in at 5.2%
Consumer expectations for Eurozone inflation rose "significantly" in March --bolstering the case of ECB officials who say rate hikes may need to persist beyond the summer. Inflation 3 years ahead is seen at 2.9%, further above the 2% goal.
👉🏽The nonpartisan Congressional Budget Office on Friday added more urgency to the fight over the debt limit, now saying there is a "significant risk" the U.S. will default on its debt "at some point in the first two weeks of June."
Treasury Secretary Janet Yellen previously stated: "As every Treasury secretary has known, the only option that leaves our economy in good shape is raising the debt ceiling. Congress must stand behind the basic principle that America pays its bills and that we're not a deadbeat country."
Let me translate:
"As every Treasury secretary has known" = It is an unavoidable fact of life you can't argue with that
"The only option... is raising the debt ceiling" = We need more debt to keep the system from collapsing under the weight of previous debt.
By the way a quick reminder:
Janet Yellen received $7.2 million from banks for a handful of Zoom calls in 2020-21 when much of the nation was locked down & commerce was halted by politicians.
Maybe, just maybe, stop spending $120 billion every week? Maybe allow Congress to cut spending and tell Biden to begin shutting down the government? Just a thought.
U.S. Interest payment is now equal to Defense spending and 30% of the debt has to be refinanced in the next 12 months at today's higher rates!
The debt physically can't be paid back. It's a mathematical impossibility. Eventually, the mainstream will realize this and come to terms that the Fed will utilize its only option; --> To print!
Either they pay off the debt by print, devaluing the dollar...or they don't and foreign holders of US treasuries offload, also causing the dollar to devalue.
Stanley Druckenmiller speaks, I listen.
I quote Druckenmiller on America's Debt Crisis:
"It's Like Watching A Horror Movie Unfold".
“The worst economic outcomes tend to follow too easily engineered asset bubbles”. “I’m sitting here staring in the face of the biggest and broadest asset bubble, forget that I’ve ever seen, but that I’ve ever studied.”
"When you have free money, people do stupid things. When you have free money for 11 years, people do really stupid things. So there's stuff under the hood, it's starting to emerge. ... I would assume there are a lot more bodies coming."
You know the playbook: High sovereign debt levels = financial repression and capital controls.
I have used multiple sources. All credit to them.
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Great analogy by #[1] 🎯🧡 