'2024 is the year of Bitcoin mass adoption
- Bitcoin ETFs
- Bitcoin balance sheets
- Bitcoin nation state DCA
- Bitcoin elections' - Tuur Demeester
'Return of a version of "The Delirium of the Milliards":
1924 Berlin was expensive for Germans but very cheap for Americans with their (gold-backed) USDs.
2024 America is expensive for Americans but very cheap for Bitcoiners.' - Luke Gromen
'The US ETFs hold 840,000 Bitcoin ($58B). They have bought this in 4.5 months. During this period the Halving happened, Trump supported it, Yen is collapsing, and M2 has started to increase. If you don’t hold any BTC now I don’t know what to tell you.' -Bitcoin for Freedom
🧡Bitcoin news🧡
21st of May:
➡️'El Salvador crosses $400 million in Bitcoin holdings.
They are now $81 million in profit' - Bitcoin Magazine
The first governments that adopt Bitcoin as a treasury asset will have significant strategic advantages, and El Salvador is leading the pack!
➡️On this day whales accumulated $6.3 Billion worth of Bitcoin.
➡️Bitcoin ETFs bought 3520 BTC ($235m) yesterday (20th of May)
That's 8x ALL the Bitcoin mined. Supply & Demand people.
22nd of May:
➡️'Since adding Bitcoin to their balance sheet, Metaplanet has become the best-performing stock in Japan this week, being halted at a maximum daily gain of +50%for two days in a row.' - Bitcoin News
➡️450 Bitcoin ($31M) is mined every day. ETFs are buying between $200M and $300M of BTC every day. Are you paying attention anon?
For example, Jane Street Group manages 380 Billion Dollars and has 0.1% ($500m) sitting in Bitcoin ETFs. This ONE FIRM could send us to 100k Bitcoin by allocating 2%.
'The US Bitcoin ETFs now hold 850k BTC.
They have added 230k BTC since January 10th.
Only 105k BTC has been mined since then.
That means these ETFs ALONE have taken ALL freshly minted supply off the table, PLUS another 125k coins. They are on average eating double the new supply, every day.' - Hodlonaut
(Picture 1)
➡️The BlackRock Bitcoin ETF sees the biggest inflow in nearly two months with $291 million coming in today.
➡️Jack Dorsey on why Block got into making Bitcoin mining hardware:
"The reason why we want to build this is because it secures the network. It's not just about mining new Bitcoin. It's about validating transactions. And if we have a secure network, we have secure money. And secure money is something that people trust. Businesses can trust. People can trust."
➡️'BlackRock’s Bitcoin ETF officially overtakes Grayscale for the most assets under management.' -Bitcoin Archive
➡️'WisdomTree got FCA approval to list Bitcoin-backed ETPs for professionals on the London Stock Exchange. Launch expected May 28th.' - Bitcoin News
23rd of May:
➡️'Global bank Standard Chartered expects Bitcoin to break new all-time highs by this weekend and $150,000 price target by the end of this year.' - Bitcoin Archive
➡️'Xapo Bank becomes the first fully licensed bank to integrate the Bitcoin Lightning Network for deposits.' - Bitcoin Archive
➡️'In the past month, only ~6% of Bitcoin has moved—a level of HODLing behavior only surpassed once in October 2023, when Bitcoin was $27,000.
Despite being up 160% over the past year, hardly any coins are changing hands.' -Unchained
➡️Moody’s upgrades El Salvador's credit rating to Caa1 from Caa3. The outlook remains stable. This upgrade reflects a significant decrease in credit risks and a lower likelihood of liquidity stress. Other countries will follow the same path, for example Argentina. More on that below, see the news on the 27th of May.
➡️Bitcoin Whales have been on a WILD run.
+15k BTC in one week. (Picture 2)
Bitcoin's price is finding support from two key factors:
Long-term holders are not selling their Bitcoin as much as they were in March.
New whales are actively buying around $60K, suggesting this price point is a key support level. On top of that, we had a massive Bitcoin ETF inflow last week.
➡️"The easier it becomes to buy Bitcoin, the greater potential for financial disaster," says UK magazine The Spectator. (Picture 3+4)
Yes, that's the whole point! This reminds me of an anti-electricity cartoon from the past century: Same vibe, different day!
I am 100% sure they will blame the next financial disaster on Bitcoin / CrYpTo.
24th of May:
➡️Kenya and Marathon Digital Holdings signed a historic deal for monetizing underutilized energy across Kenya and jointly developing technology projects.
'A lot of energy is stranded and thus wasted.
It’s becoming more and more apparent to smart policymakers to make use of Bitcoin mining to put it to economic use.
Things like AI, hydrogen production, and so forth can’t go to all the remote bandwidth-constrained sites as well.' - Lyn Alden
'Bitcoin mining's future entails
- The development of more renewable energy that otherwise would have been unprofitable to monetize (geothermal in Kenya's case)
- Economically benefitting entire nation-state
- More geographic diversity of hashrate' -Daniel Batten
Bitcoin Mining is still an undervalued real-world use case of Bitcoin. It allows any excess energy anywhere to be used to produce a top-tier, high-demand, global digital asset that can be sold 24/7/365 anywhere on Earth.
➡️Bitcoin transaction fees are at their lowest since early November 2023, averaging $2.77.
➡️'BlackRock and Fidelity now own a combined 445,429 BTC worth $30.6 billion for their spot Bitcoin ETFs. These ETFs hold 231,029 more bitcoin than MicroStrategy.' - Bitcoin Magazine
➡️'This week an anon donated 3 Bitcoin to the Peer-to-Peer Rights Fund in support of the Samourai Wallet defense fund.' -Bitcoin News
Every contribution, big or small, makes a difference.
Donate here: http://p2prights.org
25th of May:
➡️4 years ago 1 BTC = $8,904
Today 1 BTC = $69,032
That's a 675% increase or 67% CAGR
➡️'Bitcoin hashrate moving average fell over 7% after hitting a peak of 633 Eh/s in the days following the halving.
However, there has been a steep rebound in hashrate moving average this week, rising from 586 Eh/s to 612 Eh/s.' - Bitcoin News
So a large increase in hashrate joins the Bitcoin network with the next difficulty adjustment anticipated to be between +5-11%. Ergo the hashrate is already exponentially rebounding post-halving. (Picture 7)
➡️ Donald Trump says "I will ensure that the future of crypto and Bitcoin will be made in the USA…I will support the right to self-custody to the nation's 50 million crypto holders."
He also mentioned commuting Ross Ulbricht's sentence. "He's already served 11 years. We're going to get him home."
First of all, stop conflating Bitcoin with snake oil. Yes, great news a major US presidential candidate committed to protecting the right to self custody.
May I remind everyone that Trump’s DOJ indicted Julian Assange under the Espionage Act, he didn’t free Ross when he was President, & he didn’t pardon Snowden.
Prove? For example Ross's case: https://www.thedailybeast.com/trump-considers-clemency-for-ross-ulbricht-silk-road-kingpin-convicted-of-drug-and-money-laundering-charges
Bitcoin, he was calling it 'A scam against the dollar': https://www.bbc.com/news/business-57392734.amp
'US BITCOIN ELECTION AGENDA
- Buy 2 million Bitcoin for US national reserves
- Guarantee Bitcoin self-custody rights
- Ban Central Bank Digital Currency
- Free Ross Ulbricht
- Pardon Ed Snowden
- Drop charges against Julian Assange' -Bitcoin Archive
It's crazy to consider how far we've come. Bitcoin is a major topic in the US election. Bitcoin is on the ballot in an increasing number of countries, even the most powerful ones. Other G20 countries have no choice but to follow & discuss Bitcoin. Bitcoin game theory has just started playing out. Gradually then suddenly every country.
'Satoshi was an absolute genius for making the halving year the same as the US presidential election.
I don’t believe it was a coincidence, the man understood incentives!' -BitVolt (Nico)
25th of May:
➡️Spot Bitcoin ETFs See Record Inflows for 9 Consecutive Days
Since the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January, these investment products have seen total net inflows of over $13.43 billion.
➡️Crazy stat: If you bought Bitcoin with your $1,200 stimulus check in 2020 you'd now have over $12,390. That's quite the return on investment innit? But most people didn't. Now compare that stat with the devaluation (purchasing power) of the US dollar over the same period.
27th of May:
➡️Argentina's Securities Commission met El Salvador's Digital Assets Commission to discuss its experience with Bitcoin as a legal tender.
“We want to strengthen ties with El Salvador and consider a collaboration agreement with them,” said CNV president Roberto E. Silva.
➡️'We have current sources within Greenpeace who have been leaking information to us about the 'change the code' campaign because while they believe in
Greenpeace's mission, they are
* not supportive of greenpeaceusa's campaign
* question the ethics of taking money from Ripple's executive chair Chris Larson
* think it is damaging the Greenpeace brand
* think either that there are bigger issues to fight, or that Bitcoin is a positive force for counteracting climate change. -Daniel Batten
Read the full thread here: https://twitter.com/DSBatten/status/1795128278493040830
TLDR: Eventually all will, also Greenpeace, bend the knee to the truth.
💸Traditional Finance / Macro:
24th of May:
👉🏽Nvidia stock, $NVDA, has officially joined the exclusive club of 250,000%+ in all-time returns.
$10,000 invested in Nvidia in 1999 is worth $25.3 million today.
👉🏽'The Group of Seven (G7) Finance Chiefs met in Northern Italy last week. The Discussion Agenda includes:
- Ukraine & The Handling of Russian Financial Assets
- The Role of AI in Finance
- The Global Economic Outlook
- Health Crisis Initiatives
- and International Taxation Policies
Yet, one important topic seems to have been overlooked and is not on the agenda. Again. Global Debt!' -James Lavish
More on the Debt part below segment Marco/Geopolitics.
🏦Banks:
👉🏽 No news
🌎Macro/Geopolitics:
On the 20th of May:
👉🏽'Further evidence that inflation is accelerating: The McChicken at McDonald’s is up 201% between 2019 and 2024.
The average price increase across the 5 following items is 141%:
- Medium French Fries
- McChicken
- Big Mac
- 10 McNuggets
- Cheeseburgers
But hey CPI says we only have like 2-3% inflation right? As it turns out money printing is a huge factor.
My advice, stop eating garbage.
👉🏽A million seconds ago was May 8th
A billion seconds ago was 1993
A trillion seconds ago was 30,000 B.C.
The US national debt is now rising by $1 Trillion every 100 days
Now time is scarce, just like Bitcoin. Money's value changes every day. It's getting worse every day as well.
👉🏽Please check the following tweet by Craig Chapiro. The cliff is imminent, not because we as a Bitcoin community are saying it, no because the current financial system is saying it. Even the best-case scenarios (low likelihood compared to mean/worst-case scenarios) proposed by the CBO (Congressional Budget Office) put debt to GDP ratios at +115% by 2025.
That is if everything going perfectly. So no pandemics, no wars, no problems, nonnada niente. (Never gonna happen). Once debt/GDP exceeds a certain threshold (we already passed that), a self-sustaining debt spiral is created. Just like the Dutch Empire and the UK Empire witnessed once before.
https://twitter.com/ces921/status/1793296740050726972
Now I am not saying the US (empire) will fall shortly. I am just saying, 'that America's debt has risen from $10 trillion to ~$35 trillion in the time since Bitcoin was created.
That's an increase of 250% since Satoshi launched the code to the world.
More US debt was issued in the last few years than in America's first few hundred years.'
We have seen that pattern before...
Again, the cliff is imminent.
On the 22nd of May:
US Senator Cynthia Lummis says "We are building a pro-crypto army in Congress."
Congressman says CBDCs "threaten to destroy the American way of life. Unlike decentralized digital assets such as Bitcoin. The political landscape has changed in the US.
The next US election will be the first Bitcoin / CrYpTo election in history. More on that further on...
Eventually, Bitcoin is a Trojan Horse, Bitcoin is inevitable and the true path to (financial and maybe also privacy) freedom. Politicians will see the light, maybe at first only because they need votes (again more on that down below, the Trump part) but in the end, they will see the light.
On the 23rd of May:
👉🏽CHINA: Gold Trading Explodes 400% Higher!
- China's central bank bought more than 225 tonnes of gold in 2023.
- Gold price broke a 15-year record recently.
👉🏽'The US Composite PMI, reflecting business sentiment across the Manufacturing and Services sector, spiked to 54.4 in May, the highest level in over two years!' -Jeroen Blokland
👉🏽'30-year US Treasuries are on track for their 3rd worst annual return since 1919.
30-year Treasuries have declined by ~15% year to date after a slight gain of ~2% in 2023.
Over the last 105 years, only 2009 and 2022 have been worse for long-term treasuries.
Meanwhile, $TLT, a popular bond-tracking ETF has plummeted by 40% over the last 4 years.
Year to date, $TLT has fallen by another 6% as 4 interest rate cuts have been priced out from market forecasts. No one wants bonds anymore.' -TKL
On the 24th of May:
👉🏽'US national debt hit a new record of $34.6 trillion in April, up by $1.6 trillion since September 2023.
Total US debt has increased by 47% or $11 TRILLION in just 4 years.
In other words, there is now $267,000 of Federal debt for every US taxpayer.
US debt is on track to DOUBLE in just 8 years, rising from $20 trillion in 2017 to $40 trillion in 2025 if the current pace continues.
Meanwhile, annual interest expense could reach $1.6 trillion by the end of the year if the Fed leaves rates unchanged.' -TKL
For the first time in the history of the United States, interest payments will likely overtake defense spending in 2024. Yikes!
More US data:
👉🏽'New Fed data highlights consumer weakness:
52% of US adults could not handle a surprise bill of at least $2,000 using savings in 2023, the highest share since 2020.
42% of these people could not even cover a $1,000 surprise expense, according to a Fed survey.
Shockingly, almost 1 in 5 respondents could only afford an expense of below $100.
17% of surveyed Americans also said they did not pay all their bills in full in the month before the survey.
Meanwhile, 28% of adults financially struggled last year, the largest share in 7 years.' -TKL
On the 25th of May
👉🏽'Canada is having lots of fun with money printing.
The trend from 2000 - 2020 was a 6.89% compound annual growth rate (CAGR).
The trend from 2000 - 2024 is 8.18% CAGR. Your dollars are losing purchasing power faster lately.
Your Canadian dollars are now losing purchasing power 18.73% per year faster than 2000-2020.' - Tom Karadza
CAD is like a melting ice cube! And may I remind you that Canada is a G7 nation!
👉🏽 'The price for unlimited money printing by governments.' - CarlBMenger
(Picture 5) The debt problem is exponential, not linear.
On the 27th of May
👉🏽European Central Bank to cut interest rates in June.
“What we see right now is enough to remove the maximum level of restriction, equal to 4%.
Data over the coming months will help us determine the pace of further easing,” says ECB chief economist Philip Lane.
As mentioned before in my Weekly Recap I think we will see a rate cut by the Fed in Q4 / after the elections. Meanwhile is doing Yield Curve Control with treasury buybacks. Rate cuts are imminent. Ergo, more liquidity, more printing. Prices go up.
🎁If you have made it this far I would like to give you a little gift:
Great interview and worth your time/watching.
'Highly recommend this podcast, specifically to hear Saylor's views on changes to bitcoin, how important extreme conservatism is + how much thought should go into several orders of the derivative consequences & impact for all stakeholders, critical to benefit/risk calculus' -Parker Lewis
WBD817 - Bitcoin is Forever Money with Michael Saylor. They discuss:
- Balancing economics, ethics, & engineering
- Sound money, ossification, & sovereignty
- Funding Bitcoin development
- Bitcoin winning the political war.
https://www.youtube.com/watch?v=lwmyaxpJwocOnly invest in Bitcoin what you can’t afford to have gradually stolen from you by the government.
Credit: I have used multiple sources!
My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 especially suited for beginners or people who 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 (Instagram) & video (YouTube) for more info.⠀⠀⠀⠀
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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