Good Morning, Bitcoin is your latest news roundup delivering key stories, project updates, new releases, guides, research, and all things related to Bitcoin and freedom tech.

[![Good Morning, Bitcoin - Tuesday, May 20th, 2025](https://www.nobsbitcoin.com/content/images/2025/05/image-8.png)](https://mempool.space/)

News
----

*   **Wallet of Satoshi teases a comeback in the US market with a non-custodial product.** According to an [announcement on X](https://xcancel.com/walletofsatoshi/status/1923875750165479768), the widely popular custodial Lightning wallet is preparing to re-enter the United States market with a non-custodial wallet. It is unclear whether the product will be open-source, but the project has clarified that "there will be no KYC on any Wallet of Satoshi, ever!" Wallet of Satoshi [ceased](https://www.nobsbitcoin.com/wallet-of-satoshi-stops-serving-us-customers/) serving customers in the United States in November 2023.

[![Good Morning, Bitcoin - Tuesday, May 20th, 2025](https://www.nobsbitcoin.com/content/images/2025/05/image-5.png)](https://xcancel.com/walletofsatoshi/status/1923875750165479768)

*   **Vulnerability disclosure: Remote crash due to addr message spam in Bitcoin Core versions before v29.** Bitcoin Core developer _Antoine Poinsot_ [disclosed](https://gnusha.org/pi/bitcoindev/EYvwAFPNEfsQ8cVwiK-8v6ovJU43Vy-ylARiDQ_1XBXAgg_ZqWIpB6m51fAIRtI-rfTmMGvGLrOe5Utl5y9uaHySELpya2ojC7yGsXnP90s=@protonmail.com/T/#u#mc3e78110ae4b67757a616e3c7492ce1cc56858c1) an integer overflow bug that crashes a node if spammed with addr messages over an extended period. A fix was released on April 14, 2025, in [Bitcoin Core v29.0.](https://www.nobsbitcoin.com/bitcoin-core-v29-0/) The issue is rated Low severity.
*   **Coinbase Know Your Customer (KYC) data leak.** The U.S. Department of Justice, including its Criminal Division in Washington, is [investigating](https://www.theblock.co/post/354935/doj-launches-criminal-investigation-into-coinbase-cyberattack-bloomberg) a cyberattack on Coinbase. The incident involved cybercriminals attempting to [extort $20 millio](https://www.bleepingcomputer.com/news/security/coinbase-discloses-breach-faces-up-to-400-million-in-losses/)n from Coinbase to prevent stolen customer data from being leaked online. Although the data breach affected less than 1% of the exchange's users, Coinbase now faces [at least six lawsuits](https://www.tradingview.com/news/cointelegraph:e50cbbb4d094b:0-coinbase-hit-with-wave-of-lawsuits-over-customer-data-breaches/) following the revelation that some customer support agents were bribed as part of the extortion scheme.
*   **Fold has launched Bitcoin Gift Cards**, [enabling users](https://investor.foldapp.com/news-releases/news-release-details/fold-introduces-most-convenient-way-buy-and-share-bitcoin-new) to purchase bitcoin for personal use or as gifts, redeemable via the Fold app. These cards are currently available on Fold’s [website](https://foldapp.com/bitcoin-gift-card) and are planned to expand to major retailers nationwide later this year.

> "Our mission is to make bitcoin simple and approachable for everyone. The Bitcoin Gift Card brings bitcoin to millions of Americans in a familiar way. Available at the places people already shop, the Bitcoin Gift Card is the best way to gift bitcoin to others," said Will Reeves, Chairman and CEO of Fold.

*   **Corporate treasuries hold nearly 1.1 million BTC**, representing about 5.5% of the total circulating supply (1,082,164 BTC), per [BitcoinTreasuries.net](https://bitcointreasuries.net/entities/tether-holdings) data. Recent purchases include Strategy adding [7,390 BTC](https://btctimes.com/strategy-acquires-7-390-bitcoin-as-class-action-lawsuit-filed/) (total: 576,230 BTC), Metplanet acquiring [1,004 BTC](https://contents.xj-storage.jp/xcontents/33500/b701fd66/1080/4ce0/9206/7989fd6ade07/140120250519557359.pdf) (total: 7,800 BTC), Tether holding over 100,521 BTC, and XXI Capital, led by _Jack Mallers_, starting with 31,500 BTC.
    *   Meanwhile, a group of investors [has filed](https://www.theblock.co/post/354851/strategy-and-co-founder-michael-saylor-faces-class-action-lawsuit-involving-alleged-federal-securities-law-violations) a class action lawsuit against Strategy and its executive _Michael Saylor_. The lawsuit alleges that Strategy made overly optimistic projections using fair value accounting under new FASB rules while downplaying potential losses.
*   **The U.S. Senate voted to advance the GENIUS stablecoin bill** for further debate before a final vote to pass it. Meanwhile, the House is crafting its own stablecoin legislation to establish a regulatory framework for stablecoins and their issuers in the U.S, [reports](https://www.coindesk.com/policy/2025/05/19/senate-advances-stablecoin-bill-clearing-the-way-for-final-passage) _CoinDesk._
*   **French 'crypto' entrepreneurs get priority access to emergency police services.** French Minister of the Interior, _Bruno Retailleau,_ [agreed](https://protos.com/french-government-gives-crypto-entrepreneurs-priority-police-line/) on measures to enhance security for 'crypto' professionals during a meeting on Friday. This follows a [failed kidnapping](https://www.coindesk.com/business/2025/05/15/crypto-exchange-ceos-daughter-grandson-targeted-in-paris-kidnap-attempt) attempt on Tuesday targeting the family of a cryptocurrency exchange CEO, and two other kidnappings earlier this year.
*   **Brussels Court declares tracking-based ads illegal in EU.** The Brussels Court of Appeal [ruled](https://therecord.media/eu-court-rules-tracking-based-ads-illegal) tracking-based online ads illegal in the EU due to an inadequate consent model. Major tech firms like Microsoft, Amazon, Google, and X are affected by the decision, as their consent pop-ups fail to protect privacy in real-time bidding, writes _The Record_.
*   **Telegram shares data on 22,777 users in Q1 2025**, a [significant increase](https://www.404media.co/telegram-gave-authorities-data-on-more-than-20-000-users/) from the 5,826 users' data shared during the same period in 2024. This significant increase follows the arrest of CEO and founder _Pavel Durov_ [last year](https://www.nobsbitcoin.com/telegram-founder-pavel-durov-charged-on-12-criminal-counts-in-france/).
*   **An Australian judge has ruled that Bitcoin is money**, [potentially exempting](https://www.afr.com/wealth/personal-finance/this-court-case-could-make-your-bitcoin-profits-tax-free-20250430-p5lvft) it from capital gains tax in the country. If upheld on appeal, this interim decision could lead to taxpayer refunds worth up to $1 billion, per tax lawyer _Adrian Cartland_.

Use the tools
-------------

*   [**Bitcoin Safe v1.3.0**](https://www.nobsbitcoin.com/bitcoin-safe-v1-3-0/) a secure and user-friendly Bitcoin savings wallet for beginners and advanced users, introduces an interactive chart, Child Pays For Parent (CPFP) support, testnet4 compatibility, preconfigured testnet demo wallets, various bug fixes, and other improvements.
*   [**BlueWallet v7.1.8**](https://github.com/BlueWallet/BlueWallet/releases) brings numerous bug fixes, dependency updates, and a new search feature for addresses and transactions.
*   [**Aqua Wallet v0.3.0**](https://github.com/AquaWallet/aqua-wallet/releases/tag/v0.3.0) is out, offering beta testing for the reloadable Dolphin card ([in partnership with Visa](https://btctimes.com/aqua-pushes-forward-with-visa-as-moonpay-partners-with-mastercard/)) for spending bitcoin and Liquid BTC. It also includes a new Optical Character Recognition (OCR) text scanner to read text addresses like QR codes, colored numbers on addresses for better readability, a reduced minimum for spending and swapping Liquid Bitcoin to 100 sats, plus other fixes and enhancements.

![Good Morning, Bitcoin - Tuesday, May 20th, 2025](https://www.nobsbitcoin.com/content/images/2025/05/image-7.png)

Source: [Aqua wallet.](https://xcancel.com/AquaBitcoin/status/1923169207346225655/photo/1)

*   The latest firmware updates for [**COLDCARD Mk4 v5.4.3 and Q v1.3.3**](https://xcancel.com/COLDCARDwallet/status/1922658877562360154) are now available, featuring the latest enhancements and bug fixes.
*   [**Nunchuk Android v1.9.68.1**](https://github.com/nunchuk-io/nunchuk-android/releases/tag/android.1.68.1) and [**iOS v1.9.79**](https://apps.apple.com/us/app/nunchuk-bitcoin-wallet/id1563190073) introduce support for custom blockchain explorers, wallet archiving, re-ordering wallets on the home screen via long-press, and an anti-fee sniping setting.
*   [**BDK-cli v1.0.0**](https://github.com/bitcoindevkit/bdk-cli/releases/tag/v1.0.0), a CLI wallet library and REPL tool to demo and test the BDK library, now uses bdk\_wallet 1.0.0 and integrates Kyoto, utilizing the Kyoto protocol for compact block filters. It sets SQLite as the default database and discontinues support for sled.
*   [**publsp**](https://github.com/smallworlnd/publsp) is a new command-line tool designed for Lightning node runners or Lightning Service Providers (LSPs) to advertise liquidity offers over Nostr.

> "LSPs advertise liquidity as addressable Kind 39735 events. Clients just pull and evaluate all those structured events, then NIP-17 DM an LSP of their choice to coordinate a liquidity purchase," [writes](https://njump.me/nevent1qqsrpdcdjyw2yz4fp3aas7mr24e7f6sxe2n3wexjwpu09ev5pgm3z2qpp4mhxue69uhkummn9ekx7mqzypwe8ymf9knyvku79g55ygmz0g5hue5dk99xy7s4jup8v4dev2nly7wfa0j) developer _smallworlnd._

*   [**Lightning Blinder**](https://github.com/supertestnet/lightning_blinder) by _Super Testnet_ is a proof-of-concept privacy tool for the Lightning Network. It enables users to mislead Lightning Service Providers (LSPs) by making it appear as though one wallet is the sender or recipient, masking the original wallet. Explore and try it out [here](https://supertestnet.github.io/lightning_blinder/).

*   [**Mempal v1.5.3**](https://github.com/aeonBTC/Mempal/releases/tag/v1.5.3), a Bitcoin mempool monitoring and notification app for Android, now includes a swipe-down feature to refresh the dashboard, a custom time option for widget auto-update frequency, and a


LND v0.19.0-beta: RBF Cooperative Close, Improved Payment Reliability & More

The Lightning Network Daemon (LND) is a complete implementation of a Lightning Network node developed by Lightning Labs.

[Contribute to keep No Bullshit Bitcoin news going.](https://geyser.fund/project/nobsbitcoin)

*   The newest LND release brings upgrades that empower developers with better on-chain management, significantly boost backend scalability for expanding services, and ensure a more seamless and dependable payment experience.

> "We are excited to announce the release of LND v0.19.0 beta! This new release focuses on making LND more secure, scalable, and reliable for powering global bitcoin and stablecoin transactions," was announced in a blog post.

*   Some highlights of this release include a Replace-By-Fee Cooperative Close for flexible channel closure fees, migration of invoices to SQL for faster startups, enhanced payment reliability through improved pathfinding, transaction sweeper improvements, the addition of Testnet4 support for stable testing, among other things.

> "As always, we are grateful for the ongoing support of our external contributors across development, review, and testing. A total of 51 developers contributed to this release. For the complete list of changes included in this release, check out the [full release notes](https://github.com/lightningnetwork/lnd/releases/tag/v0.19.0-beta)."

What's new
----------

*   [**New RBF cooperative close flow**](https://github.com/lightningnetwork/lnd/pull/9610)**.** It uses RBF to enable either side to increase their fee rate using their _own_ channel funds. Channel peers must support the `option_simple_close` for this new protocol to work. This new feature can be activated with a new config flag: `--protocol.rbf-coop-close`.
    *   This feature isn't compatible with older LND versions; fee bumping with them uses CPFP. It already works with Eclair v0.12.0 or up, and should work with other implementations as they roll out support for this protocol. The protocol currently does not support Taproot channels and Taproot asset channels.
*   **Support for archiving channel backups** **in a specific folder for future reference.** It comes with a new config option, `disable-backup-archive` (default: `false`), to control whether previous backups are archived.
*   [**Support**](https://github.com/lightningnetwork/lnd/pull/8390) **for** [**experimental endorsement**](https://github.com/lightning/blips/pull/27) **signal relay.** Deployed experimentally to assist ongoing channel jamming research, it has _no impact_ on routing.
*   **Initial support for** [**quiescence**](https://github.com/lightningnetwork/lnd/pull/8270)**.** This protocol gadget is required for upcoming Dynamic Commitments and Splicing features.
*   **Historical Sync**: Fixed [a race condition](https://github.com/lightningnetwork/lnd/pull/9424) blocking initial sync due to syncer's internal state handling.
*   **Max Fee Rate** is [now respected](https://github.com/lightningnetwork/lnd/pull/9491) during cooperative close initiation for both parties, not just the remote party.
*   Lots of other [**bug fixes**](https://github.com/lightningnetwork/lnd/blob/master/docs/release-notes/release-notes-0.19.0.md#bug-fixes).
*   **Performance Improvements:**
    *   Limit outbound [gossip traffic bandwidth](https://github.com/lightningnetwork/lnd/pull/9607) with --gossip.msg-rate-bytes and --gossip.msg-rate-burst. Set burst to the maximum bytes transmittable without rate limiting, and rate to the ongoing permitted rate.

*   Ability to use ZSTD for log rotation.
*   [Remove redundant iteration](https://github.com/lightningnetwork/lnd/pull/9496) over a node's persisted channels when updating the graph cache with a new node or node update.

*   **Functional Enhancements:**
    *   [Add pagination](https://github.com/lightningnetwork/lnd/pull/8998) for wallet transactions.
    *   [Make](https://github.com/lightningnetwork/lnd/pull/9562) `MaxWaitNumBlocksFundingConf` configurable for faster test timeouts, with a default of 2016 blocks for production.
    *   Change sweeper to [attempt sweeps](https://github.com/lightningnetwork/lnd/pull/9627) if the budget is partially covered, preventing delays and high fees.
    *   [Validate](https://github.com/lightningnetwork/lnd/pull/9603) MPP parameters before payment to avoid path finding loops and timeouts.
*   **Functional Updates:**
    *   Enable [log compression](https://github.com/lightningnetwork/lnd/pull/9017) with ZSTD using the logging.file.compressor argument.
    *   [Enhance SCB file](https://github.com/lightningnetwork/lnd/pull/8183) with more data for last-resort rescue when a peer is unavailable.
    *   Update channel.backup file at shutdown in LND.
    *   Introduce [chainio subsystem](https://github.com/lightningnetwork/lnd/pull/9315) to sync subsystems with the current best block, fixing delays in HTLC sweeping due to block height discrepancies in ChainArbitrator, UtxoSweeper, and TxPublisher. Click [here](https://github.com/lightningnetwork/lnd/blob/master/chainio/README.md) to learn more.
    *   Sweeper now uses [configured budget values](https://github.com/lightningnetwork/lnd/pull/9274) for HTLCs with `--sweeper.budget.deadlinehtlcratio` and `--sweeper.budget.deadlinehtlc`.
    *   Consider blockbeat dispatcher height [when checking](https://github.com/lightningnetwork/lnd/pull/9501) if lnd is synced to chain.
    *   Allocate restricted slots for peers via [\--num-restricted-slots](https://github.com/lightningnetwork/lnd/pull/9458).
    *   Added support for bitcoin [testnet4](https://github.com/lightningnetwork/lnd/pull/9620).
    *   [Removed](https://github.com/lightningnetwork/lnd/pull/9621) x/exp/maps dependency.
    *   Add [\--no-disconnect-on-pong-failure option](https://github.com/lightningnetwork/lnd/pull/9801) (default: false) to manage peer disconnection on pong failure or mismatch.
*   **RPC Additions and Updates.** Some RPCs that previously returned an empty response now provide a [short status message](https://github.com/lightningnetwork/lnd/pull/7762) to help command line users confirm successful execution or background initiation. The following CLI commands no longer return an empty response ({}):

    *   `lncli wallet releaseoutput` (`WalletKit.ReleaseOutput` RPC)
    *   `lncli wallet accounts import-pubkey` (`WalletKit.ImportPublicKey` RPC)
    *   `lncli wallet labeltx` (`WalletKit.LabelTransaction` RPC)
    *   `lncli sendcustom` (`Lightning.SendCustomMessage` RPC)
    *   `lncli connect` (`Lightning.ConnectPeer` RPC)
    *   `lncli disconnect` (`Lightning.DisconnectPeer` RPC)
    *   `lncli stop` (`Lightning.Stop` RPC)
    *   `lncli deletepayments` (`Lightning.DeleteAllPaymentsResponse` RPC)
    *   `lncli abandonchannel` (`Lightning.AbandonChannel` RPC)
    *   `lncli restorechanbackup` (`Lightning.RestoreChannelBackups` RPC)
    *   `lncli verifychanbackup` (`Lightning.VerifyChanBackup` RPC)

    *   The ForwardInterceptor's MODIFY option now [merges](https://github.com/lightningnetwork/lnd/pull/9240) custom range TLVs with existing HTLC records, overwriting conflicting values with API-supplied ones.
    *   [Make](https://github.com/lightningnetwork/lnd/pull/9405) ProofMatureDelta in gossip configurable via --gossip.announcement-conf, defaulting to 6.
    *   [Add LockedIn boolean field](https://github.com/lightningnetwork/lnd/pull/9602) to lnrpc.HTLC to show if an HTLC is locked in by the remote peer.
    *   [Allow custom lock ID and duration in FundPsbt](https://github.com/lightningnetwork/lnd/pull/9724) RPC.
    *   Extend [lnrpc.RPCMiddlewareRequest](https://github.com/lightningnetwork/lnd/pull/9739) to include [gRPC metadata](https://grpc.io/docs/guides/metadata) pairs from the initial request's context.Context.
    *   [Updated](https://github.com/lightningnetwork/lnd/pull/9772) `PendingSweeps` to return all registered outputs in the RPC response, regardless of future locktime, enabling planning for upcoming sweeps and custom aggregation logic. Added `MaturityHeight` field to `PendingSweep` for absolute locktime value.
    *   [Add BumpForceCloseFee RPC endpoint](https://github.com/lightningnetwork/lnd/pull/8843), moving lncli functionality to LND for broader accessibility.
    *   Enhance walletrpc.FundPsbt with an option to [set fees as sat\_per\_kw](https://github.com/lightningnetwork/lnd/pull/9013) for greater precision.
    *   [Add a new option in walletrpc.FundPsbt](https://github.com/lightningnetwork/lnd/pull/8600) to specify the maximum fee-to-output amounts ratio.
    *   [Sort](https://github.com/lightningnetwork/lnd/pull/9337) lnrpc.Invoice.Htlcs by InvoiceHTLC.HtlcIndex in the list invoices RPC response.
    *   Set a [default 60-second timeout](https://github.com/lightningnetwork/lnd/pull/9359) for routerrpc.SendPaymentV2 when timeout\_seconds is unset or 0.
    *   Include [custom\_channel\_data for custom channels](https://github.com/lightningnetwork/lnd/pull/9504) in lnrpc.ClosedChannels response.
*   **lncli updates and additions:**
    *   Allow [pre-generated macaroon root key](https://github.com/lightningnetwork/lnd/pull/9172) in lncli create and lncli createwatchonly for deterministic macaroon generation.
    *   [Add --sat\_per\_kw flag](https://github.com/lightningnetwork/lnd/pull/9013) to lncli wallet fundpsbt for precise fee rate specification.
    *   Include [\--max\_fee\_ratio argument](https://github.com/lightningnetwork/lnd/pull/8600) in lncli wallet fundpsbt to set maximum fee-to-output amounts ratio.
    *   [Enhance](https://github.com/lightningnetwork/lnd/pull/9390) lncli listchannels and lncli closedchannels output with human-readable short channel ID and BOLT02 channel ID; rename chan\_id to scid for accuracy.
    *   Initiate cooperative close flow in [coop close case](https://github.com/lightningnetwork/lnd/pull/9491) even with active HTLCs, disabling the channel for new HTLCs and starting the flow when no HTLCs remain.
    *   Introduce macaroon constraint for [IP range-based access restriction](https://github.com/lightningnetwork/lnd/pull/9546), expanding beyond spe


Tuur Demeester reveals why Bitcoin is evolving into the world’s default collateral and explains how much BTC investors may need to retire securely in an inflationary era.

Key Takeaways
-------------

![TFTC - Bitcoin Expert REVEALS The Exact Amount of BTC You Need to Retire | Tuur Demeester](https://www.tftc.io/content/images/2025/08/Tuur-Demeester.webp)

Tuur Demeester argues that Bitcoin is entering a new phase as pristine collateral, driving longer and less volatile cycles while drawing capital away from bonds, real estate, and gold. Inflation running 10–15%, deficits above Great Depression levels, and rising institutional adoption make Bitcoin both a hedge and a generational wealth vehicle. He recommends allocations ranging from 5% as “insurance” to 20–50% for those seeking early retirement, stressing discipline in holding through volatility and secure custody via multi-sig. With millennials priced out of housing and sovereign adoption rising, Bitcoin is steadily evolving into the cornerstone of a fairer, more resilient monetary order.

Best Quotes
-----------

“Bitcoin as pristine collateral really sees its day.”

“As an asset class matures, it should get less volatile over time and we should have longer cycles.”

“Real inflation rates are somewhere between 10 and 15% for the dollar.”

“Adding just a little bit of Bitcoin all of a sudden changes the behavior of your entire portfolio.”

“Think about an amount that no matter what, you can hold for five years, even if it crashes 80 or 90%.”

“It’s very easy to imagine another 4x from here, or even a 10x.”

“If you’re a millennial priced out of housing, why not rent and own Bitcoin instead?”

“One kilogram of gold has been Bitcoin’s resistance for years. Eleven kilograms is the next magnet.”

“With AI, social hacks are increasing by an order of magnitude. Multi-sig isn’t optional anymore.”

“Bitcoin retools monetary energy into a force for peace, scarce, incorruptible money that protects families across time.”

Conclusion
----------

Demeester’s analysis frames Bitcoin as more than a speculative asset, it is becoming the system’s default collateral and a practical hedge against fiat debasement. Whether used to preserve wealth, accelerate retirement, or provide financial freedom in nations under monetary stress, Bitcoin’s trajectory reflects growing institutional trust and individual adoption. With longer cycles, stronger fundamentals, and increasing global relevance, it is steadily transforming into the backbone of a new monetary era.

Timestamps
----------

0:00 - Intro
1:09 - Proto Rig and bull markets
5:33 - Tuur's new report
7:59 - On chain data
11:01 - Change in cycles and Mark Hart principles
17:05 - Bitkey & Opportunity Cost
18:44 - Pristine collateral
22:16 - Global macro
25:08 - Bitcoin/gold
31:25 - Unchained
32:11 - BTC treasury companies
41:25 - Bitcoin/commodities
49:57 - Real estate/commodities
54:12 - Banking consolidation & bitcoin backing
1:17:34 - Allocation strategies

Transcript
----------

(00:00) If you're thinking about reducing the age of retirement, you could consider 20 to 50% of your assets invested in Bitcoin. If you have more risk appetite, you can still stay in Bitcoin. You go to the treasury companies. It turns into a mania. And we had new treasury companies launching, buying stock in other treasury companies.
(00:18) And it's very easy to imagine another 4x from here or even a 10x. People are like, "No, Bitcoin couldn't be worth more than all the gold in the world." And of course, you and I think, well, of course it can. The money printing is not going away. It's probably likely to increase from here. Those are numbers higher than the Great Depression. You can see that we're in a bull market.
(00:33) If you look at what the whales are doing, they are moving some coins. As an asset class matures, it should get less volatile over time and we should have longer cycles. This is the cycle where Bitcoin has pristine collateral really sees its day. With the Bitcoin strategy companies, we're seeing that kind of on steroids.
(00:53) You used to be able to borrow $40 for every $100 worth of Micro Strategy stock. Now all of a sudden, you have to put up 20x overcolateralization. Now, if we have another crash, everybody is assuming bailouts, stagflation, that that's the decade that we're in. It's like a dead horse. Like, you can pump adrenaline into it all you want, but it's dead.
(01:14) How do you compete with Bitcoin, you know? It's just tur turo. Oh, how the tables have turned. You're sitting in a a seat that I dearly miss. Oh, yes. You're the one who's being grilled today. I don't I don't know if I could take a grilling today. It's been a long travel day. It's a good one. Yeah. And and I got Logan here in my corner, so he he's going to like slip me those uh those questions, the uncomfortable questions to ask.
(01:38) You you'll find that he's not very helpful in that regard. He's uh he he he just puts that I'm kidding, Logan. I'm kidding. Very helpful. If you have if you have hard-hitting questions for me that you want to pass to Tur, make sure you do it. He's he's already doing it in like sign language. We we got this thing going.
(01:56) H it's a great way to end a week. I'm happy that uh I know my flight was a little delayed. Uh as I was telling you, might as well tell the audience audience too. I'm getting back from Georgia where Blocks uh proto team, their proto mining team unveiled their Bitcoin mining rig called the rig and their fleet software.
(02:17) It was a really good event. really good day for Bitcoin I think as somebody's been in the mining industry and I think it's been a bullish week overall uh not only the proto mining event but we had Baltic Honeybadger conference where the ARC second layer protocol is being tested out um with the BTC pay server merchants went swimmingly. Wow, that's awesome. I've heard great things about ARC.
(02:42) So yeah, I'm I'm curious to learn more. Yeah. So, this is like on the tech side. Obviously, a lot of people are focused on Bitcoin treasury companies, what's happening on Capitol Hill, which I'm sure we'll touch on in this discussion, but just like set up this discussion, like I'm incredibly bullish, uh, particularly having seen what I saw this week in person and observing what was going on in other parts of the world.
(03:12) and not my bullish for the those reasons, but you've done something that you haven't done and you're how long you've been writing reports for Adamant. Did you start in 2012 or 2013? I I chose the adamant name back in early 2015. So, the first report was Yeah. like April 2015 or something. Okay. So, it's 10 years. Yep. Yep. and and historically whenever you've written a report, it's been in the depths of the bare market and you have a a very uh phenomenal way of releasing your reports right when the price seems to hit a hit a local bottom. Yeah, I start writing when I feel sick and I usually publish right around the
(03:49) time when I'm starting to feel better and uh that that's worked out well. um sick in the sense that I feel like I'm so bullish and that the the market is just so despondent and just doesn't care anymore and that that's usually the motivation. But yeah, so this time around it felt like I it is a little bit similar only in the sense that I think I still I disagree with the market.
(04:23) I'm just seeing a lot of people that are like, well, they're just not very bullish, you know, and I I'm like, what what's happening? Like you guys, retail is like nowhere to be seen. I think like I'm starting to feel like some friends and family like for the first time now that we're really at new all-time highs, but but that's not a exuberance uh indicator to me. That's just the beginning of public participation to me.
(04:49) So, felt like a good time to, you know, uh, revise the report cuz it's been 2 years since, uh, my last report, uh, which I think was like, what was it? April, April or May 2023. Mhm. I think it was like $27,000 Bitcoin. And the one of the one of the price targets was like, hey, we think this is going to go to 120,000 and beyond.
(05:12) So, now we hit 120. So, that also felt like a good time to to um yeah, just look at the report again and and reissue it. Uh it's not a complete rewrite, but the significant parts I I just, you know, I I like pulled out entire things and I I plugged in new parts that were just completely updated. Yeah.
(05:37) So, let's jump into it cuz I feel like I have the same feeling where even though we're what $7,000 give or take away from all-time highs which were hit earlier this week, people are somewhat bearish in my mind. I don't think I think uh despite the fact that Bitcoin is up massively over the last two years since you uh wrote the original version of this report, we're up 100% 103% in the last year.
(06:04) And if you go back to May 2023 when you wrote the first version, we were hovering around 26,000. So up almost 5x from there, a 6 6x uh 6 1/2x from there. So a 6 and a half return and yet people are still bearish which is fascinating um considering all the tailwinds that we have at our backs right now.
(06:34) But you wrote a 23page report um released it with adamant and unchained. And so what did you feel was most necessary to revise and remind people of at this point in the cycle? Yeah, the the revising I felt like the global macro picture has changed, you know, not fundamentally, but the numbers are different. Uh I think it's more clear where we're going. I think inflation is really ahead.
(07:01) It's already happening. I think we're real inflation rates are somewhere between 10 and 15% for the dollar. So it means like you know we have a every year it's losing 10 to 15% in value. Um and uh and and at the same time we have a lot more regulatory clarity. So we have a very kind of pro- Bitcoin administration which uh was not the case back when I wrote the report.
(07:27) Uh I don't think the ETFs had even dropped yet when No, they hadn't when uh the report was published. And then I think the nation state ado


White Paper Studio uses Bitcoin-backed financing to give investors steady returns while enabling indie filmmakers to create original stories free from compromise.

Key Takeaways
-------------

![TFTC - How a MicroStrategy CopyCat is Using Bitcoin to Disrupt this $86B Industry | Ali Webb & Carlos Flores](https://www.tftc.io/content/images/2025/08/Ali-Webb-and-Carlos-Flores.jpg)

Carlos and Ali, founders of Forager and White Paper Studio, are using a Bitcoin-backed financing model to solve indie filmmakers’ biggest challenge, access to capital, while protecting creative independence. Inspired by Michael Saylor’s treasury strategy, they allocate a portion of raised funds into Bitcoin, using its growth over multi-year terms to repay investors 5–10% in dollars, attracting capital that wouldn’t normally touch film. This model shields artists from investor influence, supports original storytelling in an industry dominated by safe bets and sequels, and promotes transparency by making treasury and repayment performance public. They see AI as a useful tool for concepting but believe human creativity remains irreplaceable, envisioning a future where fully human-made films become a premium choice, funded by smarter, Bitcoin-enabled capital.

Best Quotes
-----------

_“Putting Bitcoin on our balance sheet… is the one thing that’s actually preserving our hard work in the long run.”_

_“We are in charge of repaying the investor with our Bitcoin strategy and you guys can just focus on the art… They have no say over the creative.”_

_“Our early investors didn’t even care so much about the films… They could just park it here and get a better yield.”_

_“There’s less funds going around for risky original IP… It feels like a race to the bottom.”_

_“There’s no children’s movies these days that actually have real people… It’s all animated stuff.”_

_“There was a cool trend of betting on artists with great vision… That kind of risk-taking doesn’t exist as much anymore.”_

_“It’s a great tool… but it’s not a magic bullet.”_

_“An entirely human production in the future might be like shooting on film now… something authentic and special.”_

Conclusion
----------

White Paper Studio’s Bitcoin-backed funding model could quietly transform independent film financing, offering investors steady returns while freeing creators from the commercial constraints of traditional funding. By combining financial resilience, creative autonomy, and transparency, it challenges Hollywood’s risk-averse culture and supports the revival of bold, original storytelling. In a time of AI disruption and shrinking budgets, it shows how Bitcoin can preserve and empower human creativity, potentially sparking a renewed era of risk-taking and authenticity in cinema.

Timestamps
----------

0:00 - Intro
0:36 - The story of Forager
8:11 - Small world for Marty
10:48 - Whtppr and the indie film capital problem
19:04 - Bitkey & Opportunity Cost
20:43 - Mechanics of the bitcoin fund
27:36 - Defining success for Whtppr
30:25 - Unchained
31:12 - Bringing back what’s been lost
42:12 - Upcoming short films
44:34 - AI content
56:46 - Wrapping

Transcript
----------

(00:00) We took a lot of inspiration from Sailor. Our early investors, they didn't even care so much about the films. They were just kind of like, "Oh, I have mutual funds giving me this. I could just park it here and I get a better yield." It is causing the industry to contract. Putting Bitcoin on our balance sheet for a germ, it is the one thing that's actually preserving our hard work in the long run because we still need great films that are telling human stories that are made by people with people.
(00:26) Film is perhaps one of the riskiest business you can get into as an investor. Carlos and Alli, welcome to the show. Thanks for having me. Thank you, Marty. This is uh I'm I'm happy to be speaking with you guys cuz it's a budding theme on this show.
(00:50) very small theme but a budding one and one that excites me because I think it's a a signal that that Bitcoin is breaking out of the bubbles, the community bubbles that have existed in my 12 years following. It seems that what you guys are doing at Forager really validates Bitcoin being used as a tool by by anybody, not just cipher punks or people that care about sound money, but what you guys are doing at Forager in the world of entertainment.
(01:20) and Carlos, we were just talking before you we hit record that you heard my discussion with Johnny Vance um from Total Twins and Angel Studio and reached out and as I was also telling you I have a friend a very very close friend and we've been talking about this idea quite a bit the intersection of Bitcoin and entertainment in attempt to get better art into the world and let smaller um artists, content creators, whatever you want to define them as uh get their work into the world and actually give them a chance to compete with the the mega studios of the world.
(01:56) So before we jump into the the broader discussion of this intersection, why don't we start with a couple introductions just um how you guys got to where you are, what you're doing at Forager, and um what uh what got you to the to thinking about Bitcoin specifically? Sure.
(02:20) Um, Carl, I can give my intro then I'll let you take it. Um, so I went to film school. I majored in screenwriting and then I found my way to New York. I landed in advertising. So it was not where I expected to be after film school. You know, right out of film school, I'm thinking, okay, I'm going to go and I'm going to work for a studio.
(02:38) I'm going to be on set. I'm going to, you know, live the dream. And I found that being on set and everything that I had imagined about film making, once I did get my feet wet into some live action production for commercials was not super aligned with the way that I uh prefer to to live my life and to structure my life.
(03:06) I'm very routine oriented and I really enjoyed how how the tech side of postp production was evolving and could make so many more things possible than you know just what it is captured on set. Now so much respect for what happens on set. I just was not of that same you know mindset and stamina to be working those kinds of hours.
(03:30) Um, and so I found my way into the post-production side of advertising and um, worked as an EP at a couple of different post houses. And along the way, I met Carlos um, and we decided to start forager together after working together for some time and I was getting ready to move into the freelance world, which he had been occupying for um, his entire career up until that point um, before moving from New York to Portland.
(04:03) So that was what um gave the idea to start Forager as a remote collective of post-prouction artists. Uh we saw at the time that there was a real need to give a platform for individuals in the post space who were not represented by legacy post houses for any number of reasons. You know they enjoyed being freelance. They liked the autonomy, having their own brand, and they just needed that production support which I could bring um to the team and which we've built alongside the producers at Forager along the way.
(04:35) Um and different already different tech was available to us at that time at like Slack and and Frame.io that made it possible to collaborate in real time from anywhere. Um, so we launched Forager with this unique perspective on bringing together the best talent no matter where they were located. Um, so we're pioneers in that sense because it was still um different to say that we didn't have um a a brick and mortar place to go to for clients to go to to supervise.
(05:10) And then that was January 2019, a year later it became the norm during co for everyone to work remotely. So, a little bit ahead of the game there. Um, and we've taken everything we've learned from from building this um this network of great creative and um Charles will, you know, give his intro and how we started building Bitcoin into the picture as well along the way. Yeah. Uh, yeah.
(05:37) Essentially, exactly what Ali said. I think Bitcoin surprisingly entered our radar very early on almost by uh yeah almost by chance uh because uh we started the company 2019. the pandemic hit 2020 and we were down of course as everyone else for for a little bit and at that moment I was uh starting to just research you know what stocks to buy like any like every person back then and I stumbled upon Bitcoin in the at the moment just from like an interview that I saw on YouTube and um and yeah I bought it personally not knowing much just kind of like bought it personally as an opportunity Uh Alli and I are good friends. So I I
(06:23) talked Alli into buying some personally as well. Uh and we were so small and informal. We were like, you know, it why not buy it and put it on forers balance sheet. Uh and this was before uh even a sailor had appeared on uh on X. It was like I think June 2020 when we first bought and we were small. We just bought I think one to begin with.
(06:49) Um and yeah, then uh we we saw the whole strategy thing happening. We were like, "Oh, this is going to be a thing." So we we started buying more. Um still a humble treasury. Uh but um but yeah, of course, we rode the whole thing up to the 60K.
(07:08) Then we felt a little silly when, you know, it it went all the way down in the bare market. Uh but that was kind of like our uh introduction to Bitcoin. like we buy by by buying it almost naively at first not knowing much but then you see this thing going up. We learned what it was. We got orange filled in the process and uh and we thankfully held it for this whole time and it was only in um earlier this year where we were like dealing with some uh liquidity crunches that we were like you know we have built this treasury.
(07:40) we want to maintain it and uh and we thought what if we were to uh leverage that treasury in order to raise some funds so we can uh survive and like you know get through this uh rocky period and so we did that but we also announced to the wor


Marty's Bent
------------

![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/08/Screenshot-2025-08-17-at-11.48.05---AM.png)

![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/08/image.png)

![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/08/martybent_a_group_of_wall_street_fund_managers_out_to_a_fancy_l_d398d7c0-f870-4a61-83c8-a82967e1f9b0.png)

Global fund managers are still woefully underweight bitcoin exposure. A recent Bank of America survey, shared and dissected by Zerohedge over the weekend, found that only 9% of managers that responded have any exposure to bitcoin, with 75% reporting that they have zero exposure to the best performing asset of the last 16 years. The weighted average of exposure across the funds that were surveyed is 0.3% of their total assets. In comparison, 48% of the same cohort has an allocation to gold with a 2.2% weighted average allocation.

Read another way: you are still very early.

For some reason, large asset managers are completely missing the monetary revolution unfolding right before their eyes. I want to point out two things with this fact in mind; despite this, the bitcoin ETFs have had the most successful launch in ETF history by breaking speed to _x_ AUM records with ease, and comping the exposure to bitcoin these managers should have to gold is a mistake.

The first point highlights the fact that much of the price movement over the past year has actually been more retail driven than many expect. This time around it's just retail investors with brokerage accounts that were waiting for the proper vehicles to get exposure. Many ETF analysts have estimated that bitcoin ETF flows have been dominated by this type of investor, with up to 75% of the flows since these ETFs launched coming from this cohort. This makes sense when you consider the fact that many wealth managers still have non-solicitation rules in place, which means they can't actively market bitcoin ETFs to their clients, they can only allocate when a client demands it.

That is changing as we speak and you can bet your ass that a flood of managers will be hitting the pavement hard to sell products that get their clients exposure to the best performing asset of all time. It basically sells itself. The flows from this marketing campaign will likely be material.

On the second point, I think it is important to not anchor to the allocations of their total portfolios that the managers surveyed by Bank of America have to gold, or the fact that it was only 48% of managers surveyed. Since bitcoin is still in its monetization phase, more risk-averse managers will likely have a lower overall allocation because it's easier to make up for a lack of exposure with outsized performance, which bitcoin can provide against gold at this point of its lifecycle. Conversely, there will be managers who like risk and want to clobber their peers with out performance, so they could allocate more than their peers would deem appropriate. Lastly, gold has been around for thousands of years and is analog bitcoin. I think it is important to recognize that bitcoin is a digital beast that comes with different and superior properties to gold that can create a lot more value on top of the network.

Smart contracts, liquid collateral, payments infrastructure, and a tight connection with the energy sector, among many other things.

It will be interesting to see when these managers actually wake up and recognize that they need to begin taking bitcoin seriously. As we said last year, for the first 15-years of bitcoin's existence the associated career risk was with being allocated to it at all. We are now firmly living in a period where that career risk has flipped. If you're not allocated you will be called an idiot. Those who move sooner will be deemed less stupid than the laggards.

### Bitcoin's Path to Gold Parity: The Next Major Milestone

Tuur Demeester presents a compelling case for Bitcoin reaching gold parity at 11 kilograms per coin. He highlights how Bitcoin has been consolidating at the 1 kilogram level for nearly five years, following a historical pattern of breaking through psychological gold ratios - first at 1 ounce, then 100 grams, and now approaching the next major milestone. This isn't just about round numbers; it represents a fundamental shift in how markets value digital scarcity versus physical assets.

> "Gold parity could be the next magnet. It doesn't mean it's gonna stick there, but at least it'll be the psychological pull for this cycle." - [Tuur Demeester](https://x.com/TuurDemeester?ref=tftc.io)

The convergence of the $1 million price target with gold parity creates a powerful narrative. As Tuur emphasizes, Bitcoin's superior properties - instant global transferability, perfect divisibility, and programmable features - position it to eventually surpass gold's $13 trillion market cap. This psychological barrier represents the market's final admission that digital monetary technology has superseded precious metals.

Check out the [full podcast here](https://youtu.be/bi9iMEetMK4?ref=tftc.io) for more on treasury companies as collateral, stagflation's impact on real estate, and Bitcoin's extended cycle dynamics.

* * *

### Headlines of the Day

Vancouver Proposes Bitcoin Miners to Heat Pool - via [X](https://x.com/TFTC21/status/1957540402598469953?ref=tftc.io)

China Merchants Bank Launches 24/7 Bitcoin Trading - via [X](https://x.com/TFTC21/status/1957517462666375526?ref=tftc.io)

WiseLink Adopts Bitcoin Treasury Strategy - via [X](https://x.com/BitcoinNewsCom/status/1957509300034670839?ref=tftc.io)

Reborn Coffee Explores Bitcoin Treasury Integration - via [X](https://x.com/TFTC21/status/1957507462980116854?ref=tftc.io)

Volkswagen Singapore Accepts Bitcoin Payments - via [X](https://x.com/TFTC21/status/1957496146504679501?ref=tftc.io)

US Treasury Secretary Praises Stablecoins - via [X](https://x.com/WatcherGuru/status/1957492114960367891?ref=tftc.io)

* * *

How to Position for the Bitcoin Boom: 2025 Edition
--------------------------------------------------

Over 10,000 investors downloaded the original report calling for $120k when bitcoin was just $27k. With that price level now achieved, Tuur is back with the 2025 edition—refreshed for the bull run with new data and insights—**including Adamant Research’s latest price outlook**.

The bull run is heating up—now is the time to take it seriously.

You’ll also get exclusive access to an HD recording of Tuur Demeester’s new 30-minute video presentation, **_Charting Our Way Through Chaos_**, breaking down why this boom might be only just beginning—and what forces could push it to the next level.

[Read the first-ever mid-cycle report from Adamant Research](https://unchnd.co/45ssBVy?ref=tftc.io)

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/08/D1--9-.png)](https://unchnd.co/45ssBVy?ref=tftc.io)

[Download Here](https://unchnd.co/45ssBVy?ref=tftc.io)

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $200M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at_ [ten31.vc/invest](https://ten31.vc/invest?ref=tftc.io)_._

* * *

**Final thought...**

The "screw em" mentality is a good one to have.

* * *

_Download our free browser extension, **Opportunity Cost**:_ [https://www.opportunitycost.app/](https://www.opportunitycost.app/?ref=tftc.io) start thinking in SATS today.

_Get this newsletter sent to your inbox daily:_ [_https://www.tftc.io/bitcoin-brief/_](https://www.tftc.io/bitcoin-brief/)

_Subscribe to our YouTube channels and follow us on Nostr and X:_

 @media screen and (max-width: 480px) { .mobile-padding { padding: 10px 0 !important; } .social-container { width: 100% !important; max-width: 260px !important; } .social-icon { padding: 0 !important; } .social-icon img { height: 32px !important; width: 32px !important; } .icon-cell { padding: 0 4px !important; } } .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } .moz-text-html .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } /\* Helps with rendering in various email clients \*/ body { margin: 0 !important; padding: 0 !important; -webkit-text-size-adjust: 100% !important; -ms-text-size-adjust: 100% !important; } img { -ms-interpolation-mode: bicubic; } /\* Prevents Gmail from changing the text color in email threads \*/ .im { color: inherit !important; }

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)


Chris Alfano shows how Bitcoin mining monetizes stranded gas, reduces flaring, and enables more oil production.

Key Takeaways
-------------

![Center of Hash - Bitcoin Offtake Unlocks Oil Production | Chris Alfano](https://www.tftc.io/content/images/2025/08/Chris-Alfano.jpg)

Chris Alfano, CEO of 360 Energy, explains how Bitcoin mining has become a powerful tool for oil producers to monetize stranded natural gas, reduce flaring, and unlock additional oil production. What began as a vertically integrated mining venture evolved into a services business that deploys gas-to-Bitcoin infrastructure for upstream producers. In regions like the Permian Basin, where oversupply and poor pipeline contracts push gas prices to near zero or negative, Bitcoin mining offers a far more lucrative outlet, up to $13.50 per MCF compared to $1–3 on the pipeline. For large companies, the main value lies in keeping oil flowing without violating flaring restrictions, while smaller independents may chase Bitcoin economics directly. By offering flexibility, optionality, and higher margins, mining is reframing how natural gas assets are valued in the U.S. and beyond.

Best Quotes
-----------

“We realized that Bitcoin mining isn’t just a means to an end for oil and gas, it’s the other way around.”

“Henry Hub might pay $3.50 an MCF, but mining Bitcoin at the wellhead is $13.50 an MCF.”

“If a pipeline shuts down, producers can be stranded overnight. Our systems give them optionality.”

“For a big producer, it’s not really about the Bitcoin economics. They’ll pay us rent to capture gas, because without us, they’d have to shut in a million dollars a day of oil production.”

“Bitcoin mining is solving real-world problems. You can’t put an AI data center in the middle of an oil field and power it with stranded gas.”

“Only about half a percent of U.S. gas is flared, but that alone is two gigawatts of mining capacity.”

Conclusion
----------

This episode illustrates how Bitcoin mining is becoming integral to energy markets, not as a replacement but as a solution to inefficiencies in oil and gas. By transforming waste gas into productive energy, it reduces emissions, sustains oil production, and generates higher returns than conventional sales. Alfano’s approach positions 360 Energy less as a mining company and more as an oilfield services provider using Bitcoin as a tool, showing that mining’s future lies in solving industrial problems while making Bitcoin’s network more resilient and distributed.

Timestamps
----------

00:00 - Chris Alfano's Background and 360 Energy Strategy
02:18 - From SaaS to Bitcoin Mining: The 2020 Rabbit Hole Journey
05:56 - Evolution from Self-Mining to Oil Field Services Business
08:40 - US Natural Gas Markets and Regional Opportunities
14:52 - Gas Pricing Differentials: Henry Hub vs Waha Dynamics
23:48 - Stranded Gas vs Pipeline-Connected Mining Opportunities
29:32 - Three Value Props: Environmental, Oil, and Economic
33:13 - Case Study: Unlocking Stranded Oil Wells in Texas Gulf
37:20 - Bitcoin Economics vs Liability Reduction Models
43:13 - Mining Infrastructure: Generators, Data Centers, Servers
52:26 - Managing Bitcoin and Natural Gas Price Volatility
01:00:55 - Site Evaluation: Decline Curves and Operational Complexity
01:07:17 - Explaining Bitcoin Sustainability to Energy Customers
01:17:36 - Bitcoin Mining Philosophy and Ecosystem Role
01:24:39 - Strategic Focus and Future Growth Plans

Transcript
----------

(00:05) Chris Alana, welcome to the center of hash. Parker Lewis, it's great to be here. Yeah. Um, before we get into the the topic of the day, we we co-work here out of uh Bitcoin Park. It's mid July in the Texas summer. How's the summer been? It's been hot, good, rainy.
(00:30) you know, we've uh done some family trips and stuff like that. So, tried to get out of it. We're heading to California end of this week. So, upstream mining isn't impacted by the 4CP here in Texas. No natural gas mining. No grid, no 4CP, no curtailment. SMU footballs on the horizon. Uh on the horizon and Ryzen, they say you uh you were at Happy Valley for that. I was disastrous.
(00:56) That was a uh not our best not our best effort. Cool experience though. Our expectations is high this expectations are high. Coach is uh saying big things. He's uh good to target for other schools. So got to keep him happy at SMU. But you know, good transfer giving giving Texas a run for the money as best team in Texas.
(01:19) I'll be uh very pleased if we make it to another playoff. That might not happen again in quite some time, but that's what I said last year with Will Cole when we were sitting here in the summer looking at the team. But, you know, we should be better this year than we were last year. So, very pumped. Well, uh hopefully hash price is higher and come football season in a month.
(01:38) That would be nice. Got to get the uh ordinal people back selling uh their JPEGs. That's controversial. We'll talk about that towards the end, but um we we'll use that as a segue into um the topic of the day. So, in the in in the first couple episodes, we've discussed mining at a very broad high level, and today we're going to go deep on a specific energy strategy and mining strategy.
(02:06) Um Chris is the co-founder and CEO of 360 Energy. Um, Chris, just give a little bit about your background and what 360 does and kind of what defines your strategy. Yeah. Yeah. So 360 energy right before 360 uh I went to SMU if it wasn't obvious before um studied finance and economics there and started a company 2016 with a hedge fund manager in Dallas uh called Keyman Intelligence and uh built that company for four years.
(02:45) Sold that company in 2020 and started 360 and uh what did that company do that we did uh SAS solutions for private credit hedge funds. So we would uh standardize a bunch of the reporting data from you know these these CLOs's have 300 positions in private credit. Um so a bunch of companies that aren't publicly traded don't adhere to GAP and so uh what we would do is aggregate all the data that all of those portfolio positions would report.
(03:15) So like their financials um sims credit agreements everything like that. We'd aggregate that all into uh uh our platform and we'd standardize it. Um, so customers of ours, like other hedge funds, CLOS's would have access to the platform. They'd log in, they'd be able to see all their borrowers uh be able to see kind of standard financial data uh across um their whole portfolio, right? If uh different borrowers report in different ways and even same borrowers quarter to quarter.
(03:44) So yeah, it was just a tool to make analysts more efficient at actually analyzing, kind of get them out of the monkey labor of having to spread financials and figure out where pieces of information were. So it's just kind of like a a database with standardization for uh everything to do with their portfolio positions.
(04:04) And how'd you get from there to 360? Well, sold the company. um moved down to Austin, was out of a job at that point, kind of figuring out what I wanted to do next. Co happened. So, I'm a Bitcoin class of 2020 going down the rabbit hole at that point, kind of right after the company. Um, and obviously fell in love with Bitcoin for many of the same reasons everyone else does.
(04:28) And being a finance guy, being a tech guy, uh, really made a lot of sense in my mind. So, wanted to start another company. was kind of sick of doing software stuff. Um,orked around Austin. Uh, met a great guy named Mike Hamilton. Kind of told me all about this Bitcoin mining thing. Um, sounded really cool.
(04:46) And so kind of started going down the Bitcoin mining rabbit hole. Uh, as anyone does, you try to figure out, okay, you know, I can basically plug in a Bitcoin miner anywhere, but how do I do it, you know, cheaply for a long term, uh, to kind of protect the downside, protect the margin, all that stuff.
(05:05) So, um, for us that was looking at grid, looking at solar, looking at many different, you know, potential options to power our miners. Kind of settled on natural gas as something that's very abundant in Texas and something that's relatively cheap. Uh, we wanted to take it a step further and and actually vertically integrate the natural gas into the Bitcoin mining as a way of kind of controlling that future, having, you know, decade at a single location, having complete operational control.
(05:31) And so, uh, built a team with Sean Milmo, my co-founder, and a few other guys, um, that had a lot more oil and gas background than I did to, uh, stand up 360 Energy. And at that time, uh, the the company's objective was self mining through the ownership and operation of the natural gas assets. So, we went out and bought some uh, old producing uh, gas wells in the Barnett Shale, right outside of Fort Worth, just 20 minutes north of of downtown Fort Worth. And that's really how we got our start.
(06:02) Um, so took over those wells, put our first Bitcoin mine out there in late 21. Um, and started, you know, mining, uh, at probably the worst possible time to be mining and buying infrastructure and stuff like that. And, um, but yeah, that was that was really what it was all about was, you know, how do we bind these old relatively unattractive natural gas assets to traditional oil and gas people? um and turn that into something much more profitable, much more valuable through Bitcoin mining.
(06:33) Uh two questions. What what initially So you mentioned in 2020, what made you go down the Bitcoin rabbit hole just quickly? And then second, um you started out vertically integrated owning the assets, but that's evolved a bit. Yes. Okay. Yeah. I mean, the rabbit hole was a function of time um and a function of just kind of the macroeconomic conditions in the US, right? Uh knowing enough to know uh a ton of money printing is probably not good. Um and seeing all the free money that was going out there, uh was concerning. And so,
(07:14) and also, you know, I'


Bitcoin’s 21 million supply secures value by enforcing scarcity, tying money to energy, and preventing inflation or tampering.

Key Takeaways
-------------

![Center of Hash - Why Bitcoin’s 21 Million Supply is Perfect | Phil Geiger](https://www.tftc.io/content/images/2025/08/Phil-Geiger.webp)

Bitcoin’s fixed supply of 21 million coins is the foundation of its value, tying digital scarcity to real-world energy use through proof-of-work. Mining isn’t wasteful, it enforces monetary integrity by ensuring issuance, transaction finality, and decentralization. The difficulty adjustment creates a self-regulating system that always maintains profit incentives, while shrinking subsidies transition security costs to transaction fees through a competitive fee market. Attempts to introduce inflation would destroy Bitcoin’s core value proposition, as its strength lies in neutrality, permissionless participation, and unchangeable scarcity.

Best Quotes
-----------

“Wall Street thinks it’s dipping a toe into Bitcoin, but really it’s crossing the event horizon into a black hole.”

“Bitcoin is the very first form of money that is absolutely scarce with a fixed supply of 21 million. Nobody can create more Bitcoin.”

“Mining isn’t its own industry, it’s a tool for energy producers, like a demand-response battery that monetizes excess power.”

“The only external resource Bitcoin requires is electricity. Security scales linearly with value through the difficulty adjustment.”

“A good form of money has to be neutral. With Bitcoin, as long as you have energy and internet, you can participate without asking permission.”

“Block space is scarce by design. The bidding process for transactions ensures a fee market will always exist.”

“Inflation can never be a solution. The entire reason Bitcoin has value is because its supply is fixed at 21 million.”

“Centralization isn’t binary, it’s a spectrum. Bitcoin must decentralize in every way possible: users, nodes, miners, and ownership distribution.”

“If there’s ever a fork or bug, rational actors will always choose the version that preserves the fixed supply. That’s the social consensus.”

“Decades of economic theory debated what good money should be. Bitcoin makes it a market test, opt in voluntarily, and the consensus is clear.”

Conclusion
----------

The discussion reinforces that Bitcoin’s power lies in its immutability: 21 million is non-negotiable. Energy expenditure secures the network, decentralization distributes trust, and economic incentives ensure survival without inflation or external intervention. While risks like mining pool centralization exist, Bitcoin’s permissionless structure and market-driven consensus provide resilience. Ultimately, Bitcoin succeeds because it replaces trust in institutions with incorruptible rules, aligning all participants around one unshakable principle: absolute scarcity.

Timestamps
----------

0:00 - Paper Bitcoin Summer & Wall Street's Bitcoin Black Hole
3:28 - Bitcoin as Shock Therapy for Zombie Markets
5:14 - Introduction to Bitcoin's Economic Incentives
8:30 - Why Bitcoin's Energy Use Solves Money Printing
10:43 - Energy Demand from Block Processing & Coin Issuance
16:12 - Permissionless Energy Sales to Bitcoin Network
21:54 - The Always-Profitable Mining Mechanism
27:03 - Difficulty Adjustment & Self-Regulating Markets
32:29 - Bitcoin's Closed System Independence
40:27 - From Mining Subsidy to Transaction Fee Market
46:15 - Block Space Scarcity Creates Fee Competition
53:29 - Why Inflation Can Never Fix Bitcoin

Transcript
----------

(00:04) Bill Gyer. Paper Bitcoin summer. Summer of Phil. Which one is it? Well, every summer is summer of Phil. So, this summer I think is paper Bitcoin summer. Um, I'm I'm enjoying it quite a bit. I think it's a really unique time in Bitcoin, the Bitcoinification of Wall Street, if you will.
(00:29) It's not my my favorite topic in the world is the financialization all that, but it is pretty wild to me to see the explosion of paper Bitcoin summer. Yeah, I should have known. Yeah, I wrote the piece Bitcoin is the great defantization that there there would be some financialization of of Bitcoin before fiat ends and then true defancialization happens. But I wouldn't say I was wrong about that.
(00:56) That's just, you know, after Pierre wrote speculative attack in 2014, we should have we should have known that this was inevitable. And uh maybe that wasn't going to take this form, but it's also perfectly logical. So, I love it. Wall Street and all the kind of financial markets around the world, they feel or they feel like they're they're dipping their toe into Bitcoin right now, but Bitcoin is a black hole.
(01:15) And so, actually, they're kind of crossing the event horizon uh without even realizing it. So, I'm I'm a huge fan of all of these different products, but yeah, I think it is it is a a short time period where Bitcoin is going to be rapidly financializing before, you know, to your point, to your paper, things rapidly defancialize.
(01:33) Yeah. I I love that it's d drawing people in like Jim Chanos and that there's probably a bunch of people in Tradfi that are looking at it saying that ah this is all a scam and and what they don't realize is that the bottomless pit of fiat and the arbitragees in the fiat world is actually what's creating it.
(01:57) Um so you know if that capital was going to go to somewhere better to go to Bitcoin than some zombie company that was going to be extended just by the fiat system. Absolutely. And I was looking at a chart uh I think it was Crucius's chart of you know Bitcoin at uh $2 trillion as an asset class and then uh the different financial markets that are you know 100x the size of Bitcoin and somebody plotted all of the different uh Michael Sailor you know preferred stock products that he's launching and how it taps into these different markets. Uh and I think that's really fascinating. It's Yeah, it's just Wall Street, you know, getting
(02:31) sucked into the Bitcoin black hole. They think they're in charge, but, you know, we'll see. Yeah, it was it was interesting. I listened there was a podcast that Michael Sailor did where he was in person. the like I don't I didn't recognize guys who were interviewing him but when he he basically gave a 30inut explanation of how they they they basically unintentionally stumbled into this whole dynamic and that it was also and he connected the ideas of why Bitcoin's volatility was particularly attractive to these markets
(03:04) and and that um that it really wasn't a grand, you know, it wasn't an idea that he had when he started getting, you know, interested in Bitcoin and got orange spilled. It was something that they issued a convertible bond and then through that process realized that there was this whole arbitrage opportunity to suck in and tap more capital. So, totally.
(03:27) And I think what Bitcoin is doing right now to a lot of markets around the world, and I think you've spoken about it, you've written about this, a lot of markets are kind of zombie markets, right? they're they're running out of steam and that's why the money printing has to just continually happen because it's just like they can't they can't get the growth that they need and Bitcoin is like a shock to the system, right? It's like an EKG, right? If the if the patient is is flatlining and dying like as soon as you give a little Bitcoin exposure to a market, you see like rapid uh rapid adoption and and
(03:59) you know, not even adoption, but just like attention, short sellers, people going long, like all kinds of focus just goes right there to Bitcoin. I think it's really cool. Yeah. And that that's one thing that he also talks about with that the short sellers serve a purpose for him that they will then be buyers of his stock when they need him to be buyers of the stock.
(04:25) And so I think that uh and and that will be what we you know not that specifically but talking about the incentives of Bitcoin that create all that frenzy that ultimately create the demand for is what we we'll talk about today. And appreciate you coming on the show. This is episode four. The the first episode will actually be released next week.
(04:43) So by the time this one comes out people have gotten to listen to a few. But this this podcast is focused on mining and energy and all and the convergence of Bitcoin. and the money side of it. And the the first few episodes were were talking about mining in kind of a broad sense. The last episode we went deep on a specific strategy um in the mining ecosystem, specifically upstream natural gas, mining off of upstream natural gas.
(05:11) You're not a Bitcoin miner, are you? I'm not. You're not. I've I've done it just uh as a hobby just on a computer just to to try it out, see how it works. But unfortunately, I I rationalize myself out of becoming a Bitcoin miner. And maybe we can talk about that today. I did the same. Um but you're what you at least in my opinion what I would consider you as an expert in the economic incentives.
(05:35) Neither of us are economists, but we understand the economics of Bitcoin very well. And I think that one of the things that is easily lost in the Bitcoin mining sphere, particularly for people who are legacy energy professionals that see Bitcoin solving problems in the energy sphere, that those make sense.
(06:06) But then when they zoom out and then relook at Bitcoin and what is creating all of this demand for power, they then get reloc. So I think um and this won't be the only discussion on the incentives of Bitcoin, but I think uh or not, I think you had written an article back when we were still both at Unchained. I also think that you were my my first hire at Unchained potentially. Yeah. I mean I I I got the job, you know, in 2019.
(06:32) I just DM'd you on Twitter. I think I actually had heard you on either it was either what Bitcoin did or TFTC uh and just reached out to you and that rest is history. Yeah, we we were very close to hiring somebody else and the


Operation British Freedom may be a necessary military endeavor if things continue at this pace.

Marty's Bent
------------

![England Has Gone Mad](https://www.tftc.io/content/images/2025/08/martybent_a_british_police_officer_holding_his_billy_club_with__c09ed852-25f5-4801-b71c-246739dbe046-1.png)

If you're not paying attention to what is currently unfolding in England, you probably should be. The country is devolving into a complete dystopian hellscape as the government attempts to stifle speech as backlash against immigration policy, the handling of Pakistani rape gangs, inflation and an overall material decline in quality of life pushes British citizens to the edge.

Over the last couple of years the government has instituted hate speech laws that have led to British citizens being thrown in cages for speaking their minds. These efforts have escalated this Summer in the form of "Age Verification" requirements across the internet in an attempt to "save the children" from the dangers of being able to access information that is not government approved. In reality, age verification requirements aren't in place to protect the children, they're in place to identify every individual using the internet so that they can be tracked and easily brought to heel if they step out of line.

This is a gross infringement on the inalienable human right to speak your mind anonymously or pseudo-anonymously. There is no way to hold governments to account if you can't speak your mind openly and anonymously. Ideas should be able to stand on their own merit, no matter who is speaking them. Bringing ideas into a conversation anonymously is the best way to ensure that an idea stands on merit and is not accepted because of the individual that is sharing the idea. Conversely, if the idea is so good that people broadly agree with it and that idea happens to be in conflict with the narrative that authorities are spinning the only way they can stifle it and ensure that they get their way is to uncover who is behind the idea and make an example of them by throwing them in a cage. Ultimately, to send a chilling effect that prevents others from spreading the idea.

This is completely anti-human, authoritarian bullshit that should be met with vehement push back. Privacy is a human right and people should be able to anonymously hold their government to account if they so choose.

The British government is doubling down. Yesterday, England's "Children's Commissioner" (holy Orwellian naming!) joined the BBC to put forth the argument that age verification requirements should be levied on VPN providers. For those who are unaware, VPNs allow individuals to use the internet without doxxing their IP addresses to the websites and apps they visit. If you were to force VPNs to collect age verification information it would render their very valuable services moot. Any self-respecting and customer-conscious VPN provider would have to immediately reject any attempts by the UK government to force these verification requirements on them.

These age restriction requirements that the UK government is thrusting on companies is nothing more than lazy bullying tactics that turn companies into forced surveillance companies. honeypots and snitches that do nothing but harm their end users and empower a central government that has gone mad with power as it attempts to silence critics.

VPNs are critical to being able to browse the internet privately, which is an inalienable human right.

I pray that the people of England have the intestinal fortitude to fight back against these heinous encroachments on civil liberties and put their government in place.

### Supply Shock Could Drive Unprecedented Price Discovery

Tuur Demeester laid out a compelling case for why bitcoin faces an unprecedented supply squeeze. He explained how treasury companies like MicroStrategy are accumulating massive positions without any intention to sell, while long-term holders aren't moving their coins despite new all-time highs. The on-chain data he presented shows whales holding steady, with no significant distribution events exceeding 100,000 coins this cycle - a stark contrast to previous bull markets where we'd see 400,000 coin movements.

> "If you have more risk appetite, you can still stay in bitcoin. You go to the treasury companies" - [Tuur Demeester](https://x.com/TuurDemeester?ref=tftc.io)

I found his point about collateralized lending particularly fascinating. As Bitcoin becomes pristine collateral for multi-year structured credit products, these coins effectively disappear from liquid markets. Combine this with ETF flows creating persistent one-way demand and tax-advantaged strategies that discourage selling, and we're witnessing multiple forces simultaneously constraining supply. This isn't your typical four-year cycle anymore.

Check out the [full podcast here](https://youtu.be/bi9iMEetMK4?ref=tftc.io) for more on elongated cycles, gold parity targets and nation-state adoption strategies.

* * *

### Headlines of the Day

Trump Blasts Powell for Destroying Housing Market - via [X](https://x.com/WatcherGuru/status/1957936265489445276?ref=tftc.io)

SEC Chair to Implement Crypto Reforms Quickly - via [X](https://x.com/TFTC21/status/1957905605500563706?ref=tftc.io)

Harvard Economists Wrong by Six Figures - via [X](https://x.com/TFTC21/status/1957904767210119583?ref=tftc.io)

* * *

### Obscura – The World’s Best VPN Built by Bitcoiners

Created by Carl Dong (former Bitcoin Core contributor), unlike other VPNs, it _can’t_ log your activity by design, delivering verifiable privacy you can trust.

[![England Has Gone Mad](https://www.tftc.io/content/images/2025/08/Obsura-3.png)](https://obscura.net/?ref=tftc.io)

[USE CODE TFTC25](https://obscura.net/?ref=tftc.io)

**Outsmarts internet censorship**: works even on the most restrictive Wi-Fi networks where other VPNs fail.
**Pay with bitcoin over Lightning:** better privacy and low fees.
**No email required:** accounts are generated like bitcoin wallets.
**No trade-offs**: browse freely with fast, reliable speeds.

**Exclusive Deal for TFTC Listeners:**
Sign up at [obscura.net](https://obscura.net/?ref=tftc.io) and use code **TFTC25** for **25% off your first 12 months**.

Now available on **macOS, iOS, and WireGuard**, with more platforms coming soon — so your privacy travels with you wherever you go.

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $200M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at_ [ten31.vc/invest](https://ten31.vc/invest?ref=tftc.io)_._

* * *

**Final thought...**

The relationship between big pharma companies, schools and the federal and state governments is absolutely abhorrent.

* * *

_Download our free browser extension, **Opportunity Cost**:_ [https://www.opportunitycost.app/](https://www.opportunitycost.app/?ref=tftc.io) start thinking in SATS today.

_Get this newsletter sent to your inbox daily:_ [_https://www.tftc.io/bitcoin-brief/_](https://www.tftc.io/bitcoin-brief/)

_Subscribe to our YouTube channels and follow us on Nostr and X:_

 @media screen and (max-width: 480px) { .mobile-padding { padding: 10px 0 !important; } .social-container { width: 100% !important; max-width: 260px !important; } .social-icon { padding: 0 !important; } .social-icon img { height: 32px !important; width: 32px !important; } .icon-cell { padding: 0 4px !important; } } .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } .moz-text-html .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } /\* Helps with rendering in various email clients \*/ body { margin: 0 !important; padding: 0 !important; -webkit-text-size-adjust: 100% !important; -ms-text-size-adjust: 100% !important; } img { -ms-interpolation-mode: bicubic; } /\* Prevents Gmail from changing the text color in email threads \*/ .im { color: inherit !important; }

[![England Has Gone Mad](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![England Has Gone Mad](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![England Has Gone Mad](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![England Has Gone Mad](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)


Marty's Bent
------------

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-1.png)

via [StockMarket.News](https://x.com/_Investinq/status/1958554460566806750?ref=tftc.io)

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/martybent_a_well_dressed_man_driving_past_data_centers_in_the_d_31472b71-a9ee-4b2a-8705-c3c1f0f6ef40.png)

While everyone and their mother is focused on Jackson Hole in anticipation of Federal Reserve Chairman Jerome Powell's speech later this morning I want to draw your attention to the chart above. The financial system is more levered than it has ever been at the same time that the pressure on Jerome Powell and the Fed to lower interest rates and inflation is starting to rear its head again.

If I'm being honest, I'm not sure exactly how to read this. My intuition says that leverage is high because of the stealth stimulus that has been entering the market over the course of the last few years via the Treasury hammering issuance on the short end of the yield curve. Yes, in nominal terms margin debt is at an all time high, but if you look at it in real terms it is still below 2021 levels. Though, it is quickly approaching those levels.

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-2.png)

via [StockMarket.News](https://x.com/_Investinq/status/1958554530322264345?ref=tftc.io)

The question lingering in my mind is whether or not we see a melt up in financial assets and leverage alongside with it, or will gravity come into play at some point in the short to medium-term and force a material correction? When you consider the Trump administration's focus on AI - it has been explicitly identified as a national security issue that necessitates a "win at all costs" response, coupled with the strong desire to keep the Republican majority in the House and the Senate in next year's mid-term elections, the prospect of a melt up scenario seems somewhat likely. One thing is certain, the Trump administration is certainly going to try.

When they do inevitably try, we will see if we are truly moving into new territory because all of the indicators that signal a market top are getting very red and very loud. Just take a look at cyclically-adjusted P/E ratios.

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-3.png)

via Simon White, Bloomberg

Regardless of what ultimately happens, this is fundamentally bullish for bitcoin in the medium to long-term. If we get the melt up scenario, bitcoin will benefit massively as individuals, investors, institutions and idiots alike seek safe haven in hard assets. If gravity comes into play, bitcoin is likely to correct a bit before the dust settles. At which point, many people will be starkly reminded of the insanity of the incumbent financial and monetary systems yet again and a new wave of bitcoin adopters will enter the market. Joining the steadfast hodlers who understand what they own.

Stay vigilant out there, freaks.

### Bitcoin's Energy Consumption is Not Waste

Phil Geiger makes a compelling case on Parker Lewis's Center of Hash that Bitcoin's energy consumption serves a vital purpose - it's the first monetary system to solve the problem of money printing through absolute scarcity. As Phil explains, Bitcoin's 21 million supply cap represents humanity's first truly fixed monetary supply, making it fundamentally different from every other form of money that can be debased. This scarcity only works because it's secured by real-world energy consumption, creating an unbreakable link between the digital and physical realms.

> "Money is the most fundamental form of communication that humans have. You can use money to communicate value across different cultures without even speaking the same language." - [Phil Geiger](https://x.com/phil_geiger?lang=en&ref=tftc.io)

Phil contrasts Bitcoin with other cryptocurrencies, arguing their energy use is wasteful because they don't solve any fundamental problem. Bitcoin's energy consumption directly secures the network against manipulation and enforces the monetary policy that makes it valuable. Parker reinforces this throughout, noting how this direct use of energy for monetary security is unprecedented - unlike gold mining or Federal Reserve operations, Bitcoin creates an explicit, measurable relationship between energy and monetary integrity.

Check out the [full podcast here](https://youtu.be/bi9iMEetMK4?ref=tftc.io) for more on mining pool centralization, fee market dynamics and Bitcoin's self-regulating difficulty adjustment.

* * *

### Headlines of the Day

DOJ Won't Target Decentralized Crypto Developers - via [X](https://x.com/WatcherGuru/status/1958607763249991972?ref=tftc.io)

DOJ Demands Fed Fire Governor Lisa Cook - via [X](https://x.com/WatcherGuru/status/1958595395514237300?ref=tftc.io)

Pennsylvania Introduces Bitcoin Ownership Ban Bill - via [X](https://x.com/TFTC21/status/1958606584567013859?ref=tftc.io)

Buenos Aires Accepts Bitcoin for City Payments - via [X](https://x.com/TFTC21/status/1958571300261437924?ref=tftc.io)

Treasury Proposes Digital IDs for DeFi Transactions - via [X](https://x.com/TFTC21/status/1958563270908170411?ref=tftc.io)

* * *

### Obscura – The World’s Best VPN Built by Bitcoiners

Created by Carl Dong (former Bitcoin Core contributor), unlike other VPNs, it _can’t_ log your activity by design, delivering verifiable privacy you can trust.

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/Obsura-3.png)](https://obscura.net/?ref=tftc.io)

[USE CODE TFTC25](https://obscura.net/?ref=tftc.io)

**Outsmarts internet censorship**: works even on the most restrictive Wi-Fi networks where other VPNs fail.
**Pay with bitcoin over Lightning:** better privacy and low fees.
**No email required:** accounts are generated like bitcoin wallets.
**No trade-offs**: browse freely with fast, reliable speeds.

**Exclusive Deal for TFTC Listeners:**
Sign up at [obscura.net](https://obscura.net/?ref=tftc.io) and use code **TFTC25** for **25% off your first 12 months**.

Now available on **macOS, iOS, and WireGuard**, with more platforms coming soon — so your privacy travels with you wherever you go.

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $200M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at_ [ten31.vc/invest](https://ten31.vc/invest?ref=tftc.io)_._

* * *

**Final thought...**

The hurricane swells are epic on the East Coast right now.

Enjoy your weekend, freaks.

* * *

_Download our free browser extension, **Opportunity Cost**:_ [https://www.opportunitycost.app/](https://www.opportunitycost.app/?ref=tftc.io) start thinking in SATS today.

_Get this newsletter sent to your inbox daily:_ [_https://www.tftc.io/bitcoin-brief/_](https://www.tftc.io/bitcoin-brief/)

_Subscribe to our YouTube channels and follow us on Nostr and X:_

 @media screen and (max-width: 480px) { .mobile-padding { padding: 10px 0 !important; } .social-container { width: 100% !important; max-width: 260px !important; } .social-icon { padding: 0 !important; } .social-icon img { height: 32px !important; width: 32px !important; } .icon-cell { padding: 0 4px !important; } } .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } .moz-text-html .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } /\* Helps with rendering in various email clients \*/ body { margin: 0 !important; padding: 0 !important; -webkit-text-size-adjust: 100% !important; -ms-text-size-adjust: 100% !important; } img { -ms-interpolation-mode: bicubic; } /\* Prevents Gmail from changing the text color in email threads \*/ .im { color: inherit !important; }

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)


Trump’s Fed clashes and rising deficits expose a politicized system, while Bitcoin stands as the only independent policy.

Key Takeaways
-------------

![Bitcoin Alpha - Trump & The Fed Just Triggered a Massive Bitcoin Move – 26 Days Left!](https://www.tftc.io/content/images/2025/08/Bitcoin-Alpha-E010.jpg)

Trump’s public theatrics against the Fed, including pressuring Powell, targeting governors, and appointing Stephen Myron, show how monetary policy is now fully political. With U.S. interest costs surpassing $1 trillion and deficits at $2 trillion, the idea of an independent Fed is collapsing into a Treasury-Fed merger resembling a wartime economy. In this environment, Bitcoin stands alone as the only independent monetary policy, immune to political coercion, while institutions like Harvard signal its growing legitimacy by allocating to ETFs. At the same time, private innovation continues, Block’s new modular mining rig challenges the hardware duopoly and shows how Bitcoin infrastructure can advance regardless of state theatrics.

Best Quotes
-----------

“The global monetary system should not be beholden to the whims of theatrics between a sitting president and the Fed chair.”

“Bitcoin is the only truly independent monetary policy in the world right now, governed by math and physics, not politics.”

“Trump’s clearing house at the Fed shows us: meet the new boss, same as the old boss, different context, same consolidation of power.”

“There’s no Bitcoin CEO for the White House to bully. The U.S. government has to pay the market price like everyone else.”

“Harvard’s $100M ETF buy is a seismic signal. In the endowment world, Harvard is the BlackRock of higher education.”

“If Proto’s rigs really last 10 years with modular upgrades, that saves miners 20% on fleet refresh. That’s massive.”

Conclusion
----------

The U.S. is drifting toward empire-style finance, where deficits, consolidation of power, and politicized Fed decisions undermine any pretense of independence. Bitcoin remains the only monetary system resistant to manipulation, offering certainty in contrast to political chaos. Institutional adoption and hardware innovation show that while governments tighten control, Bitcoin continues to grow outside their grasp, positioning itself as the neutral anchor for the future.

Transcript
----------

(00:00) The following is forformational and entertainment purposes only and should not be construed as financial advice. This discussion is a presentation by 1031, the leading institutional investor focused on the Bitcoin ecosystem. 1031 has over 10 years of experience in Bitcoin and has deployed nearly $150 million into the leading opportunities in the space. To learn more, visit 1031.vc.
(00:25) And uh it looks like it's about 3.1 billion. went up a little bit or a lot. Uh, so the 2.7 is now 3.1. I'm not aware of that. Yeah, it just came out. Yeah, I haven't heard that from anybody. Yeah, it just came out. Our about 3.1 as well. 31 3.2. This came from us. Yes. I don't know who does that. You're including the Martin renovation. You just added entire capital. Yeah, you just you just added in a third building is what that is.
(01:02) That's a third building. No, but it's it's a building that's being built. No, it's been it was built five years ago. We finished Martin 5 years ago. It's part of the overall work. It's not new. So, we're going to take a look. We're going to see what's happening. Uh, and it's got a long way.
(01:23) Do you expect any more additional costs? Don't expect them. Uh we're we're ready for them, but we we have a little bit of a reserve that we'll we may use, but no, we don't expect to be finished in 2027. Um I must admit, I saw a bunch of the clips on X and other parts of the internet. Never saw that part of the conversation. Didn't realize he was calling out line items of the renovation to him in person.
(01:48) Yeah. I I uh I gotta say some of the best whatever you think of Trump um and there there's a lot that can be said about Trump, the man has delivered some of the most iconic political moments of certainly this century. And I think that's that's a top fiverr for me without a doubt. It's so entertaining.
(02:12) I mean, I've I said before uh that I would have paid to see like big brother White House or something like when Joe Biden was in the the the White House just to like see what he was doing on a dayto-day basis. But I would probably pay more to see like big brother White House and just watch Trump all day. Brought in Tim Scott as the muscle to be like, "No, no, it's 3.1." Yeah. Right.
(02:37) who by the way doesn't have a hard hat on. Like the hard hats really make the whole thing that they're standing there in these hard hats and Tim Scott's right next to them with no hard hat. What's the what's the wardrobe choices? Like I mean the the theatrics behind it is uh you know it's something to behold. This is the setup for that.
(02:54) Like they're like okay we're going to we're going to put you on TV and just humiliate you in front of TV. So like get ready here here it comes. And we skip the part where he slaps his back at the end and says, "This guy's this guy's about to go lower interest rates." Um, some some really, you know, some some middle school uh hallway bully power games uh going on here.
(03:17) Well, it reminds me of the one there was one where he was in the was it was it the White House lawn where there was a lot of uh I think they were construction workers hanging around the background and uh they were going after Pal again or was that a different was that someone else? Yeah, we got uh I got lamb I think I talked about this I forget if it was here or RHR but I brought it up.
(03:41) We had cold opened with it on RHR and I made the uncou statement of why is uh why is Donald Trump asking construction workers about interest rate policy? It's probably not their core focus and had a bunch of construction workers on the YouTube comments saying, "Hey, I'm in construction and I understand interest rates." But yeah, that was a that was a scene as well.
(04:06) The fact that the fact that we can't even fully remember all the details of all the different times Trump has publicly uh limbasted or tried to humiliate or otherwise uh viciously critique the Fed chair. I think shows uh is a good indication of where we are right now with uh monetary policy in the US and its relationship to uh the rest of the government, the Treasury Department, etc.
(04:26) Yeah, it's a and just the news cycle, right? Because like when was this? This was It feels like forever ago. We put out our artisal alpha, you know, once every few weeks or once every month or we'll just see. But this seems like it was forever ago. I know it was it occurred since the last time we did Bitcoin Alpha. It was like, you know, a few a few days or maybe a week after the last episode of this.
(04:57) And I I remember um being very frustrated because I knew as soon as I saw it like that's the ultimate cold open and we just missed the chance to do it on the last one. So uh here we are back again and uh even though it's a few weeks old I think it's still it stands the test of time. It does and John I think you used the perfect word earlier theatrics.
(05:15) Uh and I think it's an incredible juosition of the world that we operate in and why we operate in this world. Many don't realize the global monetary system should not be beholden to the whims of the theatrics between a sitting president and sitting chairman of the Federal Reserve. That is essentially what we just witnessed was bullying tactics.
(05:39) For those who don't recall, they were there at the construction site as the government was trying to find a roundabout way to fire pal. Um, and I think at one point they were trying to pull the technicality of the Federal Reserve wasting money, taxpayer money with that that renovation they were doing on the reserve building in DC.
(05:58) Uh, theatrics, it's been happening between Powell and Trump since before Trump was even elected. And we're in the middle or tail end of the summer doldrums. I think this is like really the peak summer doldrums, but it ends next week. We've got Jerome Pal and others in Jackson Hole, Wyoming for their annual event.
(06:24) There will be no interest rate policy decisions made this month outside of some very extreme market volatility which doesn't look like it's going to materialize, but it's it's a pretty boring week. I think markets are down, Bitcoin's down, and I think it's just due to the overall uncertainty of the result of the theatrics that we've been seeing play out over the last 16 months.
(06:44) Yeah, I mean it's the theatrics word, you know, to stick with that. Um, I I do think is relevant to just kind of consider, you know, the the nature of where we are with the system. I think it's in some ways like instructive um for, you know, you could say Trump is violating norms and many people have made that um that case both in this in this term and his prior term.
(07:11) um and he's not, you know, respecting the the system and the way it's set up. Um, but I think it's it's interesting and notable that we this pulls back the curtain a little bit on the fact that this is a system where you know I think we have a it's easy to have a view especially coming from say mainstream academia from your college classroom um from working whether it's on Wall Street or corporate America a bunch of different kind of white collar jobs it's it's kind of very easy to imagine that the the men behind the curtain have uh
(07:42) have it all figured out And um you know they have all the dials properly calibrated and um you know they're they're sitting up there on uh you know Mount uh whatever Mount Olympus or Mount Marin Mariner Eckles building as the case may be in this in this situation and you know dispassionately evaluating every all the data flow that they're getting um and just making the the right decision at all the time or as right as possible based on the data they have with no kind