There’s a version of Bitcoin analysis that’s fairly simple: wait for the halving, expect a bull market for the following year or so, expect a bear market for roughly a year after that, repeat. It’s a framework that made sense for most of Bitcoin’s history. I’m not sure it does anymore, and this week I want to explain why, and what I think we should be l…

You may have been hearing about STRC, or Stretch, recently. It’s a product from Strategy, the company formerly known as MicroStrategy, that’s being marketed as a dollar-stable financial instrument paying over 11.5% annually in monthly cash payments, backed by the world’s largest bitcoin treasury. If that sounds almost too good to be true, you’re asking …

Have you ever stopped to ask a very simple question? If humanity discovered fire, invented the wheel, developed agriculture, built machines and now creates intelligent systems, shouldn’t everything be getting easier for everyone? Not just in theory, but materially. Shouldn’t the cost of everything be going down over tim…

🎙️ Bitcoin Has Been the Best Asset in Every Crisis for 8 Years Running

📝 Most people try to “time the market.”

The question behind the idea is simple. Why does the system always seem to require more expansion just to keep functioning? And why, even in periods of apparent stability, do people feel like they are not moving forward? The answer is not found in isolated decisions or temporary conditions. It is rooted in

What’s Happening

Most people think they’ve “made it” once they run a Bitcoin node.

Dear Bitcoiners,

Money is not just a tool.

In February 2020, burglars broke into the South African president’s private game farm and walked off with hundreds of thousands of US dollars in cash that had been stitched into a leather sofa.

I want to show you what the Bitcoin node that I run at home looks like:

Interesting Stuff

A Day in the Life

Welcome to the 37th Edition of The Bitcoin Newsletter

Over the past several months, I’ve been working on something a little different.

Digital Real Estate — Pre-Order Now (Early Access)

FALLINGPRICES.MARKET has already launched, but what matters now is how to understand it.

Three Years Out

December 2017. Bitcoin’s at £15,000.

When most people think about Bitcoin exposure, they think about buying Bitcoin directly. That’s still the cleanest way to do it. But there’s a case, a data-driven one, that Strategy (MSTR) currently offers a different kind of opportunity, one that the numbers suggest is historically rare and worth understanding even if you’ve never considered holding a …

A dollar bill has little intrinsic value.

💡 The Core Question

Bitcoin mining has long been characterised as an energy-intensive industry with a straightforward economic model: buy cheap electricity, convert it into hash rate, earn block rewards. But mining operations are increasingly becoming active participants in electricity markets. Not just as consumers of power, but providers of a service that modern grids ur…