🎉🎉

The US Treasury continues trying to auction fresh bills, notes, and bonds at lower yields "because inflation is trending lower."

The stealth (never publicly discussed) hope is to let inflation run a little hot while issuing lower yielding Treasurys... which will help inflate away burgeoning US debt.

Buyers of US Treasurys continue not believing the narrative. Auctions are increasingly ugly (see nostr:npub1cj94enk44kn5mvrcma4sp7jnlsgnn4em7rk3dh3jt4fzyqs3m02s560efa and others' recent posts).

Federal Reserve intervention coming shortly, I think.

#QE next may be closer than some think.

The more you value your time, the more you should appreciate (and accumulate) #Bitcoin.

I haven't spoken or written much lately about liquidity, since we're still in wait-and-see mode.

But I remain of the opinion that the late Spring/early summer liquidity "doldrums" will resolve with a fresh liquidity package from global central banks.... Being led, of course, by the Federal Reserve.

This change of trajectory will provide fuel for the upcoming true bull market in risk assets and--especially—#bitcoin.

At that point, I plan on officially converting from Dr. Bullcrab to Dr. Bull.

Just a guess, of course. Carry on. 🍻

Why does the government have ongoing inflation targets?

"By a continuing process of inflation, the government can confiscate, secretly and unobserved, an important part of the wealth of their citizens."

- John Maynard Keynes

Let's clear up some monetary concepts, since many popular economists and commentators continue to mix them up.

Store of value (SoV):

The ability of an asset to maintain the owner's purchasing power over time. The greater the ability to do so over a longer period of time, the better SoV the asset has.

Medium of Exchange (MoE):

The ease of which an asset can be exchanged for goods and services, anywhere, and at any time.

Unit of Account (UoA):

Pertains to the short-term volatility of a monetary good. The higher the short-term volatility, the more difficult it is to use the monetary asset to price goods and services. (For instance, think of a small grocery store owner needing to put price tags on all of its food items. The more volatile the UoA, the more frequently he/she must adjust the prices, which is quite burdensome.)

With these definitions in mind:

- The US dollar is a poor SoV (but better than most/all other fiat currencies); an excellent MoE (the best in the world, in fact); and a very good UoA.

- In 2024, #Bitcoin is an excellent SoV (the best in the world, in fact); a poor (but slowly improving) MoE, and a poor UoA (given its extreme volatility).

FWIW, I expect Bitcoin to maintain its #1 SoV ranking indefinitely, while seeing slow improvements over the coming decade regarding its MoE and UoA capabilities.

Hope this helps. 🍻

Less than 1,000 blocks until the next #Bitcoin epoch. 🔥

"Plots set in the future are about what people fear in the present. They're not about the future at all. The future is just the ultimate monster in the closet, the great unknown."

- Lionel Shriver, The Mandibles, Ch. 5

(An interesting quote from a dystopian book set in the future.)

Started The Mandibles today.

I’ll keep you posted.

The next time a normie or degen crypto trader asks you when you will take profits on your #bitcoin holdings, ask them when they will take profits on their bank savings account trade.

It's an illogical question once you understand money.

Pro tip: Ignore the irrelevant. Rarely, if ever, engage with it.

Solid take nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle nostr:note1ne5m2l5vdmuv0gmj9w9xwz0hvvxfae9m8ehhadvx60v9hce9s5jsuq8jsp

😂

Government: We will take your purchasing power.

Bitcoiners: No.

I don’t. Why?

Indeed.

Too much drama.

Next block.

The #BitcoinHalving = Creative destruction of #Bitcoin miners.

It is ruthless, but is very healthy for the network.

The halving helps ensure long-term viability and increased network strength.

This is great example of free market economics in action.

Unlike centrally-controlled markets, like we see today in China, the EU, Japan, the US, and most/all other nations.

Everybody's talking about everybody else today.

Here's what I'm thinking about: 838,493

"Not bitcoin mining wastes energy."

- nostr:npub1trr5r2nrpsk6xkjk5a7p6pfcryyt6yzsflwjmz6r7uj7lfkjxxtq78hdpu