Back from a rainy Hong Kong 🌧️—just recorded with Fernando on the Bitcoin Libertarian podcast . We covered: 1️⃣ My upcoming book — 🔖Broken Prices: The Road to Sound Money Get first-release updates: soundmoneyroad.com 2️⃣ Why prices feel “broken” The tug-of-war between Technological Deflation and Monetary Expansion (with the Ford F-Series as a simple example). 3️⃣ Real estate in Hong Kong and globally. 4️⃣ Saving is hard—what the future of saving could look like. 5️⃣ Inheritance scenario—what Fernando might do if/when he gets a house. 6️⃣ Bitcoin-treasury companies—how to think about them. If this resonates, follow for more. Watch here: https://www.youtube.com/watch?v=G9SGlf3g9VU

The Dark Side of the Bitcoin Rush ⛈️ After years of meetups, conferences, and working with Bitcoiners, my conviction in this community has only grown. When you can truly save—without fear of confiscation—people become more independent and future-oriented. The result is an unusually optimistic, hopeful culture 🌈 . Lately, though, something has shifted. What few say out loud is this: we’ve drifted into a free-for-all where the scoreboard is: “how much Bitcoin you have on the other side of this monetary revolution”. Some of the original ethos—freedom, privacy, mutual support—has been eroded by a Bitcoin-rush mindset. With a fixed supply and only a small portion left to be mined, the pressure is on: Everyone is racing to accumulate as much ‘cheap’ Bitcoin as possible today—before the world catches up to this monetary revolution. You can already see the symptoms: reputations monetized in short-sighted ways, low-effort products and courses, paid shills, rug pulls—and on the labor side, underpaying people desperate to work “in Bitcoin.” Do real due diligence. Understand incentives. Protect your time and your keys. Don’t be the sucker at the table. What changes have you noticed in the culture since 2024–2025?

The fight over Bitcoin boils down to first principles: Austrian-leaning/Bitcoin-maxi folks see value as subjective—discovered by markets. Fiat loyalists treat value as something to be engineered by central planning—via policy, subsidies, bailouts.

That’s right 👌🏻🔥

On Bitcoin Treasury Companies: The Case Study of NAKA (NASDAQ: NAKA) Yesterday, one of the most prominent Bitcoin treasury companies, $NAKA (NASDAQ: NAKA), plummeted 55% 📉 . This amplified its dismal one-month performance to -80% and marked a staggering 97% decline from its peak on May 22, 2025. WHAT HAPPENED? 1️⃣ It began with an intensive marketing campaign, perfectly timed to capitalize on the "Bitcoin treasury companies" wave. 2️⃣ The stock price rose on very low volume before skyrocketing to over $30 per share in May 2025. There are unconfirmed allegations of wash trading—price manipulation by individuals connected to the company—which would have been straightforward to execute given the low volume-to-market-cap ratio at the time. 3️⃣ $NAKA sold a significant amount of equity (equivalent to over 80% of its fully diluted market cap) in mid-2025 at $1.12 USD per share. 4️⃣ Investors who acquired this equity at $1.12 were positioned for a massive 20x profit when the market price exceeded $20. Savvy investors hedged this enormous profit by shorting the stock. 5️⃣ Eventually, these shares began unlocking—allowing them to be sold on the open market—after 90 days, right around now. 6️⃣ The stock price collapsed, with the $1.12 level acting like a magnet pulling it downward. This has left many retail investors, who bought shares in the $10-30 range during the hype, feeling rug-pulled. However, if private equity holders are sitting on substantial profits relative to the current public stock price, there's a strong likelihood they'll take those gains, triggering market collapses. Several other Bitcoin treasury companies face similar large unlocks in the near future (e.g., as noted by @Pledditor on X regarding $ASST). You can try to make an extra buck on Bitcoin treasury companies, OR you could simply buy Bitcoin, hold it in self-custody, and relax. 🌈 Further Reading: 🔶 Who bought $NAKA private equity?, from @Pledditor: https://x.com/Pledditor/status/1967631555469402175 🔶 Great research from @bigmagicdao, from early June 2025: https://x.com/bigmagicdao/status/1929924199881289962 #BitcoinTreasury #Bitcoin #Crypto #StockMarket #Investing

Can stablecoin issuers save the US dollar? Andrew Tate claims that pushing Bitcoin to $1M could “save the dollar” by forcing stablecoin issuers to buy U.S. government debt. Let’s break down whether that idea holds up. 🟢 What are stablecoins? Stablecoins are digital dollars on blockchain rails, backed by real U.S. dollars or government debt. Two issuers dominate: Tether (USDT) and Circle (USDC). Together they’ve issued nearly $250B, with around $200B parked in U.S. Treasuries. Tether alone is now among the top 20 holders of U.S. government debt. 🟢 Does the dollar even need saving? The dollar is still the world’s reserve currency, but the balance sheet is ugly. U.S. debt is 120%+ of GDP. Historically, crossing 130% often precedes default within a decade (Reinhart, Rogoff). In 2024, for the first time ever, the U.S. government spent more on interest than on the military. That’s a classic red flag for declining empires. So yes, the dollar is strong globally, but structurally fragile. 🟢 Bitcoin and stablecoins move together When Bitcoin rallies, stablecoin issuance explodes. Bigger BTC market cap → bigger positions, more collateral, more reserves. Today, Bitcoin’s market cap is about $2.2T, almost 10x the stablecoin market. If Bitcoin hit $1M, stablecoins could plausibly grow 10x too — to around $2.5T. That means perhaps $2T flowing into U.S. Treasuries. Massive. But here’s where Tate’s theory breaks down 👇 🟢 Three problems 🔶 Structural deficits 💸 In 2024 alone, the U.S. issued $2T of new debt. Even if stablecoins pumped overnight, that covers just one year of overspending. The last budget surplus was in 2001. The U.S. isn’t fixing its deficits — it’s doubling down. 🔶 Better yields elsewhere 💰 Stablecoins can earn 2–3x Treasury yields just by being lent out in Bitcoin markets — without taking price risk on Bitcoin itself. In bull runs, these rates have spiked to 25–50%. Faced with that, why would investors settle for 4% from Treasuries? 🔶 Bitcoin escape velocity 🚀 Pushing BTC to $1M risks unleashing it beyond anyone’s control. Suddenly, everyday people would find their net worth multiplied. Merchants would be incentivized to accept Bitcoin directly, kickstarting circular economies. At that point, Bitcoin stops “saving” the dollar and starts replacing it. 🟢 The takeaway Stablecoins delay the dollar’s reckoning by buying Treasuries in the short term. But they can’t save it. America’s problem isn’t a lack of buyers — it’s a lack of fiscal discipline. And the more Bitcoin grows, the more obvious that problem becomes.