The 95 theses that started a revolution. 🤝

Jefferson (1788): He knew. “Paper is poverty, it is only the ghost of money, and not money itself.”

Feeling the same way. https://primal.net/e/

🤝 https://primal.net/e/

Nothing new under the sun… https://primal.net/e/

We’ve known about it for a long time… Juan de Mariana (1605, School of Salamanca): “As much as is taken away from the coin in weight or quality, so much accrues to the benefit of the prince. Now I see that metals can change their value without work and without furnaces.”

Moat established, more to come. Accumulation has *accelerated* with increasing BTC prices. Strong evidence of a flywheel effect.

This place is so much better than X. Exclusive country club vs. overstuffed buffet restaurant. Thank you for your attention to this matter.

$68M raised without common ATM, highest since July. Looks pretty strong.

Hold firm. The big money is in the waiting. 🚀

Probably sound advice. Let these things season for 6-12 months and consider only once the market has worked in a few cycles of price discovery.

Gold looking 👌 Bitcoin usually follows.

Sennholz (1985): Keep it simple. Hold bitcoin. Zoom out. “The paper standard is self-destructive.”

Evola, embodied.

Strategy looking good, too. $68M raised from prefs alone last week, largest raise since July. $3.5B annual run rate. No common ATM.

Down the PIPE. But the bitcoin survives and things will smooth out over time. Rough of course for those who touched it in the 20s and even10s just a few weeks ago.

Up only 🫡 Bitcoin *is* the most saleable good and for that reason will be global money. We’re past the point of no return. More and more institutions are waking up to this.

ETF demand is insatiable. Now holding 1.3M BTC ($150B). Great overview from @HODL15Capital

Yes, please do.

Mises (1949): Crack-up booms are fiat’s final act. “But then finally the masses wake up. They become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly. A breakdown occurs. The crack-up boom appears. Everybody is anxious to swap his money against ‘real’ goods, no matter whether he needs them or not, no matter how much money he has to pay for them. Within a very short time, within a few weeks or even days, the things which were used as money are no longer used as media of exchange. They become scrap paper.”

Excellent.

Fritz Machlup (1931): Credit expansion *always* leaks into assets. Bitcoin will continue to benefit greatly. “As soon as credit expansion sets in, practically every credit becomes a stock-exchange credit. Whoever receives additional funds makes use of them in such a way that stock-exchange quotations are strengthened. It is therefore absurd to believe that one can expand credit effectively while at the same time preventing its use on the stock exchange.” “Wherever credit is created beyond the amount hoarded, the additional means of payment will press on the stock exchange. They can create no new productive capacity; they can only raise the prices of securities already outstanding.”

Once the world wakes up to the ‘pristine collateral’ part, we’re unstoppable. Won’t be long.

Carl Menger (1871): Bitcoin is the most saleable good. It will be global money. “It is the most saleable commodities which primitive men gradually learned to use as a common medium of exchange; and, out of the several commodities which were found to be pre-eminently saleable, the one which was found to be the most saleable of all eventually became money.”