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Nothing Stops the Fiat Train
Michael Saylor's role in government, and Bitcoin Banks
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Fiat Will Persist, Unfortunately
So, how will this inform your investment strategy? Will you try to make your money the second time (after first earning it in exchange for labor) by guessing what the Fed will do with interest rates month after month?
Companies and States are Getting the Memo
We may expect every investment portfolio to eventually include Bitcoin, at the very least to provide some of diversification. On the other end of the spectrum, you have companies using whatever means they can to get as much Bitcoin as possible. They've been referred to as "Bitcoin Treasury Companies", but a few raised issues with that naming this past week. Maybe they'll have a new name soon
What are they up to? Perhaps they are aiming to become the future "Bitcoin Banks", as Hal Finney predicted 15 years ago
Saylor and Pakistan
The most famous leader of a Bitcoin Treasury Company / Fiat Arbitrage Company is, of course, Strategy's Michael Saylor. This past week, it was announced that he will be advising the Pakistani government on Bitcoin.
It is unlikely they've hired him to try to figure out IF they should be buying Bitcoin...this can really only mean one thing, and that is that they have interest in aggressively acquiring Bitcoin. Something to keep an eye on.
Have a great week my friends!
✌️ Bill
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PS
If you haven't already, check out Swan's free Welcome to Bitcoin course. In one hour of high quality video content, Natalie Brunell covers the essentials of Bitcoin - the things you need to understand about its role in the world. You can enroll in the course at https://swan.com/welcome, or watch the first 15 minute video on YouTube: https://www.youtube.com/watch?v=sZvhLDWjD_I&t=44s
Another great place to start is a 40 minute video called "What's the Problem", motivated by the notion that we can't understand the solution (ie Bitcoin) if we don't really understand the problem it solves. The video is on YouTube:
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Feeling a little more than casual? Want to dive in deeper?
Here is a list of resources to take the next step with your personal Bitcoin learning journey:
Books:
- The Genesis Book - Bitcoin didn’t come out of nowhere; intellectual movements in economics and cryptography converge after decades of development in each, the result being Bitcoin. This book details Bitcoin’s prehistory, and is my favorite Bitcoin book
- Inventing Bitcoin - a narrative, progressive approach to building Bitcoin as a superior money, one feature at time, to help the reader understand how features of Bitcoin solve problems of money. *FREE* ebook download
- Gradually Then Suddenly - a clear, logical walkthrough, understandable by beginners, of the case for Bitcoin as money - how the technology works conceptually, how and why it will win, and why this is good for the world
- The Price of Tomorrow: Why Deflation is the Key to an Abundant Future - not a book about Bitcoin per se, but this book and this author are some of the most popular in the space. The book explains the roles of technological advancement and inflation/deflation in creating scarcity/abundance in society
- The 7th Property: Bitcoin and the Monetary Revolution - takes an accessible, casual tone to the topics of monetary economics, the history of central banking in the West, and how Bitcoin works
- The Bitcoin Standard: The Decentralized Alternative to Central Banking - the most popular book in Bitcoin, this book takes a relatively academic lens to the same topics as the 7th Property, with a significantly lighter treatment of Bitcoin itself
- A Progressive's Case for Bitcoin: A Path Toward a More Just, Equitable, and Peaceful World - imo not necessarily the best book on the list, but a thorough exploration of the ways that, even apart from what economic theory tells us about sound money's contribution to societal prosperity, Bitcoin makes for a better world
- Check Your Financial Privilege: Inside the Global Bitcoin Revolution - a compilation of essays by Human Rights Foundation's Alex Gladstein about the role that Bitcoin will play in liberating a world where more than 50% of people live under tyrants.
Podcasts:
- What Bitcoin Did - The most popular show with the most popular guests, topics range from developments in Bitcoin, the Bitcoin community, macroeconomics, and politics
- Preston Pysh - Covers the same topics with similar guests as What Bitcoin Did, though a little more technically advanced
- High Hash Rate - Very casual conversations about Bitcoin and Bitcoiners, usually making interesting connections to other areas of life and society. The connection-making is likely facilitated by the fact that the hosts are often high for the show
- Swan Signal - Covers recent developments in Bitcoin, leaning more toward markets and price action
Youtube Channels:
- Bitcoiner University - 10 minute videos deep diving on specific topics in Bitcoin and in relevant current events
- BTC Sessions - Perhaps the most important resource on this list, BTC Sessions does video tutorials on how to use Bitcoin and different Bitcoin tools like hardware wallets, running a Bitcoin node, etc
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