"Owning bitcoins is one of the few asymmetric bets that people across the entire world can participate in."
The Bullish Case for Bitcoin is now published as a single shareable article:
Once you discover how incompetently and misleadingly the media writes about a topic you are familiar with, you cannot help suspecting they write about all topics in this way.
.
@SenWarren
has a net worth of $12 million dollars, yet has never built a product or service that anyone has ever used and her salary comes directly from the pockets of taxpayers.
Remind me again, who is freeloading?
When I worked at Google, as an engineer on Google News, I was asked to write code to censor news articles in China (circa 2006). I refused and they took me off the project and put someone else on it.
Doesn't surprise me Google is back at it. "Don't be Evil" is a Google myth.
1/ There was a much more important fraud than SBF's embezzlement that took place in 2022. It was a fraud (allegedly) perpetrated by one of the oldest companies in the space,
@DCGco
and its CEO,
@BarrySilbert
.
Time for a thread 👇
I wanted express my thanks to Michael Saylor for writing the foreword to my new book. What most people don't realize is he was also kind enough to model for the cover art.
.
@brian_armstrong
- heads need to roll in your infrastructure team. Coinbase's inability to consistently provide liquidity when
#Bitcoin
rallies is appalling. This happens literally every cycle and makes Coinbase seem as incompetent as MtGox was. You should fix this ASAP.
Citi downgraded MicroStrategy because of its plan to accumulate a significant amount of
#Bitcoin
in its corporate treasury.
Never forget this is one of the ratings agencies that rated subprime mortgages AAA right before the housing market crashed and destroyed the global economy
When I joined Google almost 20 years ago it felt like having a front-row seat on history (the history of technology).
I feel the same way, perhaps even stronger, witnessing the
#Bitcoin
revolution and being a tiny part of it.
Bill Maher: “It’s been explained to me, and I still don’t understand it.”
Satoshi Nakamoto: "If you don't believe me or don't get it, I don't have time to try to convince you, sorry."
In the 2017
#Bitcoin
bull market, corrections found demand after drops from 30-40%
In the current bull market demand seems to appear after corrections between 15-20%.
This is probably indicative of a difference in buyers: retail (2017) vs institutional (today).
$600 today only has the purchasing power that $85 had in 1970, yet
@SecYellen
wants every transaction above this paltry sum to be reported to the government.
This is an major attack on the financial privacy of U.S. citizens that a Chinese government would be proud of.
Shame!
A
#Bitcoin
ETF approval is essentially the biggest IPO in history (1trillion dollar asset) except there isn't a huge host of insiders looking to dump on the market.
As someone who was part of Google when it IPO'd I can tell you, this is a much bigger deal.
1/ We are in the early stages of a new
#Bitcoin
bull market. Let's explore what we know about such bull markets based on observations from the four major hype cycles that Bitcoin has already undergone. A thread 👇
In a way, China banning
#Bitcoin
mining would be great. Mining would just move to less authoritarian countries and we'd be done with China-banning FUD once and for all.
This comes from the man who made his billions investing in companies responsible for two of the most disastrous epidemics of the last half a century: obesity and diabetes.
After a rapid dump of 3 billion dollars worth of
#Bitcoin
onto the market, its price stands at $30,000.
This, friends, is what the path to hyperbitcoinization looks like.
Not even gold would show this kind of resilience.
I didn't think I could get more bullish about
#Bitcoin
but then I listened to President
@nayibbukele
talk about making it legal tender in his country on Twitter spaces in front of an audience of over 20,000 enraptured people around the world.
Most people don't understand how difficult it is to hold something that has gone up 10x, let alone 100 or 1000x.
It takes extreme conviction, internal fortitude, and patience.
#Bitcoin
greatly rewards those who have these qualities.
An unrealized gains tax is basically a wealth tax in a world where the only asset that is not taxed is dollars, which won’t get taxed but will get continually debased. So no matter how you store your wealth it is extracted by the State.
1/ .
@lexfridman
I'm a fan of your podcast, especially episodes where you've interviewed
@elonmusk
but in your latest interview you asked him to explain why he prefers Dogecoin to
#Bitcoin
and there are serious errors in his answer you didn't challenge him on 👇🧵
They say the new unrealized gains tax will only apply to billionaires and is only a small %.
They said the same about the income tax when it was created in 1913 and now it applies to everyone and it's almost 40%.
An unrealized gain tax will be used on everyone eventually.
Launch day 🚀
The Bullish Case for
#Bitcoin
paperback and hardcover are now available for purchase on Kickstarter, including signed copies (see link below)!
Get yourself a copy and maybe one for your skeptical friend or relative ♥️
Prediction: Microsoft will be the first big tech company to add
#Bitcoin
to its treasury.
@satyanadella
, more than the other CEOs, has shown an ability to think long term and strategically. He's flying under the radar.
First they came to change block size.
Now it's PoW they're trying to undermine.
Finally it will be the 21m supply cap.
#Bitcoin
is stronger than all the vested interests that have tried to undermine it and it will prevail, immutable and unspoiled.
Why was
#Bitcoin
very temporarily rejected at 40k? Simple: some whale wanted to diversify. This is a GOOD thing. Their supply has now been distributed and the process of monetization has advanced further. This is how everyone eventually gets some BTC.
The fatal conceit of many traders is to believe they can outsmart a complex and volatile market by jumping in and out of positions, when the greatest trade of their lives is staring them right in the face:
- Long
#Bitcoin
- No leverage
- Move to cold storage
- Do nothing
1/ 10 years ago today (Fri 6:10pm 2008-10-31 UTC) Satoshi Nakamoto announced the creation of
#Bitcoin
to the cryptography mailing list. Satoshi's creation is the most important innovation to money (itself the most important good in any society) in a thousand years.
A thread 👇
.
@PeterSchiff
may be the greatest
#Bitcoin
counter-indicator in history. When he's gloating about Bitcoin dropping, you know it's a great buying opportunity.
Oh you think Michael Saylor is done buying
#Bitcoin
? His company only has 90,000 bitcoins. No one could possibly be satisfied with 90k when the possibility of 100,000 BTC is staring them in the face every day.
This week I'm following
@jack
. At a time when most CEOs in the cryptocurrency space are drawn to the short-termist fee collecting game by listing a legion of useless alt-coins at the expense of the public, Jack's long term focus on
#Bitcoin
is commendable. Follow him!
Once you discover how incompetently the US Congress handled legislating the
#Bitcoin
ecosystem, you cannot help suspecting they legislate all complex issues in this way.
Perhaps the biggest mistake made by new investors entering the "crypto" market is to feel they are late to
#Bitcoin
and instead invest in speculative garbage that won't exist in a few years in the vain hope of "catching up".
We are all *very early* to
#Bitcoin
.
Dogecoin is a dead project. There has been almost no development activity for years (see chart). Buying it like buying a computer running IBM's abandoned operating system OS/2 from the early 90s.
Good luck with that.
1/ 10 years ago today, in an unknown location, a mysterious figure whose identity is still unknown, tapped a key on his keyboard, spurring his CPU into action.
In doing so, Satoshi reified his vision for a decentralized digital cash that he'd published 3 months earlier.
- Taproot is about to lock in
- Saylor is about to smash bears with a $500,000,000 market buy of
#Bitcoin
- El Salvador just made Bitcoin legal tender
And you're bearish?
Blackrock 's ETF just swallowed 13,000 BTC in one day. And its daily demand is growing.
Thankfully mining can keep up with this demand, producing ... <checks notes> ... 900 BTC a day?!?! Down to 450 a day in a few weeks?!?!
$500k per
#Bitcoin
gets you to market cap equivalence with gold.
But Bitcoin is superior to gold along all the attributes that make for a good store of value.
500k should be viewed as a long term floor, not a long term ceiling.