quoting
naddr1qq…l3r7🧠Quote(s) of the week:
‘Most people don’t understand how difficult it is to hold something that has gone up 10x, let alone 100x or 1000x. It takes extreme conviction, internal fortitude, and patience. Bitcoin greatly rewards those who have these qualities.’ - Vijay Boyapati
‘1) You spend 1000+ hours understanding Bitcoin and at the end of it you realize what an incredible godsend it is. You start buying like a madman while telling everybody (even people you don’t care about). You get ridiculed and belittled by almost everyone.
- Thanks to your deep understanding of this incredible invention/discovery you hodl firmly despite the price going down 70%. Then the price goes nowhere for 6 months. Eventually, 3 long years later you had tripled your money. Everyone around you calls you lucky.’ - Bitman_PoW
🧡Bitcoin news🧡
Let me start this week’s Weekly Recap with the following tweet by Sam Baker (macromule):
The US dollar has peaked and will never recover. This is because we can’t save dollars, we only spend them. River’s thesis unveils the past, present, and future of money in society Let’s start with how we got here:
Read the full thread here: https://x.com/macromule/status/1857106408203759674
On the 18th of November:
➡️We are still THIS early to Bitcoin. Enjoy the ride people, buckle up.
Fun fact. Bitcoin now has as many users as the internet did in 1997. You’re still early!
➡️Bitcoin’s blockchain was used to uphold electoral integrity in the latest US Elections. No other cryptocurrency can do this without reproducing the same centralization/trust issues they are trying to solve.
Screven County, Georgia made history on November 5, 2024, when it became the first county in the United States to use the Bitcoin blockchain to safeguard the results of its elections.
➡️Global healthcare group Cosmos Health adopts Bitcoin as a treasury reserve asset.
➡️MicroStrategy demonstrated that you can put $4.6 BILLION into Bitcoin without moving the market.
These signs of market maturity will encourage bigger players like sovereign wealth funds to buy Bitcoin.
At a 0% yield, MicroStrategy’s $1.75bn convertible note is currently priced as being more risk-free than every tenor on the US Treasury curve.
Investors are demanding a negative risk premium from the company that is literally just using their money to smash buy Bitcoin.
On the 19th of November:
➡️Michael Saylor to help Rumble CEO add Bitcoin to its balance sheet. Let’s go!
➡️Bitcoin miner reserves hit new yearly lows.
➡️Shareholder activists have secured Saylor a 3-minute slot to present to the Microsoft board on adding Bitcoin to their treasury.
Sam Callahan: ‘The big story here is how a single small shareholder managed to get the board of one of the largest public companies to consider a Bitcoin strategy—simply by submitting a proposal. I get the sense that the cyberhornets are about to take shareholder activism to a whole new level.’
Microsoft has $523 billion in assets on its balance sheet—which is 28% of Bitcoin’s market cap.
➡️Another All-Time High: Bitcoin mining sustainable energy use hits 56.75%
Up a massive 67.7% in four years (since the same point in the last halving cycle). No other industry has done this. And as of today, no other industry can.
Daniel Batten: ‘By using Bitcoin as a method of transaction you reduce net emissions by avoiding its less sustainable precursor, the banking sector By using Bitcoin as a store of value, you reduce net emissions by avoiding its less sustainable precursor, the gold industry. ’
➡️’Bhutan has mined over $1 billion worth of Bitcoin using its previously stranded hydropower resources. My country, Norway, also has abundant, stranded hydropower. When will we start a national bitcoin mining project?’ - Jaran Mellerud
His country, like mine and the whole EU, is more focused on printing more € to feed their NGOs that the politicians control, and they still don’t care about mining Bitcoin. By the way, that $1 billion worth of Bitcoin is 34% of Buthan’s TOTAL GDP!
➡️’Bitcoin euphoria is here. 99.3% of UTXOs are in profit now. Everyone’s happy. This euphoric phase typically lasts 3–12 months (except the Nov ‘21 bull trap). This started 2 weeks ago. Shorting now could be either catching the top—or shorting at the bottom of a parabolic bull run.’ -Ki Young Ju
➡️Dennis Porter: “I can officially confirm that I have been asked to speak before members of Congress/Parliament in two different nation-states about implementing a ‘Strategic Bitcoin Reserve’. One in Europe. One in LATAM.”
Pro Bitcoin cantor CEO Howard Lutnick names U.S. Secretary of Commerce. He has “hundreds of millions”invested in Bitcoin.
➡️AnchorWatch, a pioneering insurance provider specializing in bitcoin custody, proudly announces its designation as a Lloyd’s of London Coverholder. This milestone solidifies AnchorWatch’s position as a leader in the emerging insured bitcoin custody solutions market. The company will officially open for business in December 2024 with binding authority of up to $100M per customer, helping to secure the wealth of American retail and institutional investors.
Huge news! One small step for Bitcoin, one giant leap for adoption. This will enable a lot more Bitcoin independent holders to exist and help Bitcoin decentralization from centralized (qualified) custodians. I think it’s hard to understate how important this piece of the puzzle will be. Incredible accomplishment by Rob Hamilton and the team of AnchorWatch!
➡️Bitcoin is now worth more than JPMorgan, Visa, and MasterCard COMBINED! The world’s biggest bank and the world’s biggest payment processor. AND…
➡️ It surpasses the Great British Pound (GBT) to become the 5th largest currency in the world.
Or
Bitcoin is now worth more than the Top 3 Global Banks combined: • Bitcoin: \(1.85 trillion • JPMorgan Chase: \)684 billion • Bank of America: \(356 billion • IC Bank of China: \)280 billion
➡️ETH is down 56% relative to BTC from the cycle bottom—over the same time BTC is up 455%. Ain’t that a bitch, REKT!
No financial advice and quoting Samson Mow: “Just a note of caution to all the shitcoin speculators: what is happening to Ethereum now will happen to whatever thing you’re currently excited about. This is how it has always been and this is how it always will be. Sell it and buy Bitcoin while you still can.”
Again no financial advice just some facts. It has been unprofitable to hold ETH over Bitcoin for 2,113 days, which is 62% of its trading history.
Unless you were around in 2016 til mid-2017, or bought the bottom in 2019-20, you would have been better off holding the orange rock.
On the 20th of November:
➡️MicroStrategy is now in the top 100 US publically traded companies. MicroStrategy has now outperformed NVIDIA over a 5-year time frame and it only adopted Bitcoin as a treasury asset 4 years ago. MicroStrategy: 2,749% NVIDIA: 2,683%
And on this day they announced the pricing of convertible senior notes offering. $2.6 billion. 0% coupon. 55% conversion premium. Due 2029.
And MicroStrategy was the 3rd most traded stock yesterday. More than Apple, Microsoft, and Amazon combined.
Here is the kicker. MicroStrategy’s Bitcoin holdings are now worth over $15 BILLION in profit.
➡️Publicly traded biopharmaceutical company Hoth Therapeutics to purchase up to $1M in Bitcoin adopting it as a treasury asset.
➡️ Someone just moved 50 Bitcoins they’ve been HODLing for 12 years. They turned \(200 into \)5,000,000.
➡️Tyrone Ross, 401 Financial CEO: “There is a frustration that the advisors typically cannot discuss [Bitcoin] with clients. They can’t bring it up. They’re admonished not to say anything at all, and they are embarrassed by that. It just makes them look silly.” If your financial advisor cannot even bring up Bitcoin, how the F are they a financial advisor?
Joe Carlasare: “You’re a financial advisor. For years, every time a client asked about Bitcoin, you shut it down. ‘Too risky,’ you said. ‘Not backed by anything. Not a serious investment.’ Maybe you even chuckled at the idiots buying it. Now, the higher-ups at your firm—the ones who set your marching orders—have greenlit Bitcoin ETFs for your clients.
Imagine that call. You’ve got to bring up Bitcoin, unprompted, to the same clients you dismissed and ridiculed for even considering it. You’ve got to explain why their instincts were right all along. And why a 5% allocation makes sense. And then brace yourself for the obvious question: ‘If you missed this, why should I even listen to you? Why do I need you?’
On the 21st of November:
• Gensler announces resignation as SEC Chair • Trump unveils advisory council to set up Strategic Bitcoin Reserve • Bitcoin reaches the $100,000 mark
➡️Satoshi Nakamoto’s 1m Bitcoin is now worth $97.4 BILLION, making him the 12th richest person in the world.
➡️German government sold 50,000 Bitcoin at \(55,000 Bitcoin is up 85% since then. Missed out on a cool \)2.35 BILLION.
➡️Another record volume day for Metaplanet with ¥27 billion ($174.43 million). Good for #23 today in Japan, ahead of Honda and Nintendo. Saylor playbook in action.
➡️Dennis Porter: ‘Texas lawmaker declares “I want Texas to have a Strategic Bitcoin Reserve first”.
Game theory is playing out. Texas has a $2.6 trillion economy and is the 8th largest economy in the world.
Texas launching a Strategic Bitcoin Reserve would send shockwaves across the globe and increase the FOMO of a National Strategic Bitcoin Reserve.’
➡️’If you hold 0.1 Bitcoin:
- There are only 21M coins, placing you among the wealthiest 210M people globally (top 2.63%).
- With 4M+ Bitcoin lost forever, you’re actually in the top 2.13%.
- But here’s the kicker: some own more than 0.1 Bitcoin. Only 4.5M addresses hold more than 0.1 coins, putting you in the top 0.56%.’ -Simply Bitcoin
➡️El Salavdor’s Bitcoin holdings now top over half a billion dollars. Excellent. El Salvador’s President Bukele takes to Instagram to show off the country’s 113% gains on its Bitcoin holdings.
Meanwhile the IMF: “We beg you to stop the adoption of Bitcoin because ultimately we cannot blackmail you anymore to push through our totalitarian undemocratically one world government agenda.” - CarlBMenger
➡️Bitcoin miner MARA just raised $1 BILLION to buy more Bitcoin. Again, Saylor’s playbook is in action.
➡️$9 Trillion Charles Schwab to get into Spot Bitcoin and crypto ETF sales - Bloomberg ‘Schwab CEO Says He “Feels Silly” For Not Buying Crypto; Announces that Schwab Will Enter Spot Crypto Markets.’
➡️Publicly traded AI company Genius Group bought another \(14 million Bitcoin after buying \)10m BTC just 3 days ago.
➡️Bitcoin is on track to close the biggest monthly candle EVER!
On the 22nd of November:
➡️Bitcoin exchange balance continues to drop have reached an all-time low, according to data from CryptoQuant. No one is prepared for what is coming.
➡️Hashrate going absolutely ballistic. The network has never been more secure. Very bullish!
➡️Social media where you can choose your own algorithm, including from a third-party algorithm marketplace or making your own.
Sovereign content discovery. The future is here: Nostr! Primal 2.0 is here: http://primal.net/downloads
Nostr is still in its early adopter phase, just give it a try. I am using Nostr and only Nostr to share my Weekly Recap and earn some Bitcoin, Value4Value, for my content.
➡️Newmarket Capital CEO explains on CNBC how Bitcoin-backed loans reduce their risk. Newmarket manages $2B in assets. Bitcoin collateralized mortgages are clearly coming. I am not going to use this in the upcoming decade. But this will be the future.
➡️’US Bitcoin ETFs now hold a record 1.1 million Bitcoins. The number of Bitcoins held by US ETFs has DOUBLED over the last year. To put this into perspective, there are now ~20 million Bitcoins in circulation out of the total supply of 21.0 million. In other words, ETFs hold 5.5% of all Bitcoins mined.’ -TKL
➡️Germany’s biggest insurance company, and Europe’s 2nd largest insurance company, Allianz SE, bought ~25% of MicroStrategy’s 2031 convertible note. Wait until other global insurance companies figure this out.
➡️ Something that pops up every now and then. Criminals prefer Bitcoin’, or ‘Bitcoin is used by criminals’. blabla
Daniel Batten: ‘Yes, Bitcoin is used by criminals… The 0.3% of cybercriminals who conduct ransomware attacks prefer Bitcoin. The other 99.7% of cybercriminals prefer traditional (fiat) currency.
Source: https://batcoinz.com/do-cybercriminals-prefer-fiat-or-bitcoin-the-data-is-clear/
➡️Senator Lummis says: We have a gold strategic reserve. We have an oil strategic reserve. Bitcoin is digital gold and should be one of our reserve assets. “We could cut our debt by HALF in 20 years with a Bitcoin Strategic Reserve.”
➡️Bitcoin miner MARA buys another $551m Bitcoin.
‘With our 0% convertible note offering:
- We acquired 5,771 BTC so far, at an average price of $95,554 per BTC.
- 35% BTC Yield Per Share
- Total owned BTC: ~33,875 BTC, currently valued at \(3.4B based on a spot BTC price of \)99k.’ -Mara
➡️Trump’s Secretary of Treasury nominee Scott Bessent: “I think everything is on the table with Bitcoin.”
ON BITCOIN: “One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before” Bessent also praised Bitcoin’s ability to cultivate “a market culture in the U.S.” while making users believe in a “system that works for them”
Trump’s favored pick to be the next SEC chair just posted “Make crypto great again” Bitcoin adoption is accelerating.
On the 23rd of November:
➡️’Today the block reward is 3.125 BTC. This costs \(305k. In 2044 the block reward will be 0.0976 BTC. This costs \)9.5k today.’ -Bitcoin For Freedom
On the 24th of November:
➡️Only 1,003,525 addresses have more than 1 Bitcoin.
➡️UK’s The Times discusses whether pensions should invest in Bitcoin. Thomas Shelby’s voice: ‘Welcome to the FOOKING party lads!’
➡️’Cantor Fitzgerald has reportedly struck a deal to invest in Tether, with its $600 million stake representing about 5% ownership, according to the Wall Street Journal. Cantor CEO Howard Lutnick has also been appointed by Trump as Commerce Secretary.’ -Bitcoin News
➡️Bitcoin spot ETFs bought around 34,860 $BTC this week while only 3,150 were mined. Pac-Man mode activated.
On the 25th of November:
➡️MicroStrategy has acquired 55,500 BTC for ~\(5.4 billion at ~\)97,862 per Bitcoin and has achieved a BTC Yield of 35.2% QTD and 59.3% YTD. As of 11/24/2024, they hodl 386,700 Bitcoin acquired for ~\(21.9 billion at ~\)56,761 per Bitcoin.
💸Traditional Finance / Macro:
On the 20th of November:
👉🏽’Total US stock market capitalization has hit \(60 TRILLION for the first time in history. Over the last 4 years, the value of the US market has DOUBLED. By comparison, Asian and European stock markets are worth ~\)18 and $15 trillion, respectively. If this trend continues, the US market will be TWICE as large as Asia and Europe combined as early as next year. To put this into perspective, the US stock market accounts now for 202% of the US GDP, the most on record. The US market is incredibly hot.’ - TKL
On the 23rd of November:
👉🏽’US stock valuations are at 2001 levels: The US stock market’s P/E ratio relative to global stocks reached 1.8x, the highest since the 2000 Dot-Com bubble. In other words, investors now have to pay nearly twice as much for US stocks than for their global counterparts for the same earnings. Over the last 15 years, the relative valuation of US stocks has DOUBLED. Since 2009, the S&P 500 and Nasdaq have returned 447% and 786%, massively beating the MSCI World ex-USA index gain of 52%.’ -TKL
🏦Banks:
👉🏽 No news
🌎Macro/Geopolitics:
On the 18th of November:
‘The Japanese Yen just hit 155 against the Dollar, its weakest level since July. The USD-JPY currency pair has risen 11% over the last 2 months, now near levels where Japan’s Ministry of Finance intervened this year. Japan spent a record 9.8 trillion Yen (\(62 billion) to support the currency in late April and early May. In July, Japan spent an additional 5.5 trillion Yen (\)36 billion) to support its currency. This came after the Japanese Yen hit its lowest level in 38 years.’ - TKL
👉🏽 Ukraine has hit Russia with US long-range missiles - Russian state media This is concerning and unprecedented in the conflict so far. It’s a direct consequence of the Biden administration authorizing US long-range missiles & strikes into Russian territory.
👉🏽Jeroen Blokland: ‘ECB President Lagarde: ‘We can no longer see ourselves as a loose club of independent economies. That perspective is outdated in a world that is fragmenting into geopolitical blocs centered around the largest economies. Today we need to see ourselves as a single, large economy with predominantly shared interests.’ It reads like she has zero notion that the Eurozone members seem to be moving in the exact opposite direction, stifled by centralized biased and unrealistic policies.’ I hope we can select a candidate with a less EU-collective mindset at the next ECB elections. Oh wait, they don’t get elected by public vote!
On the 19th of November:
👉🏽’Gold funds recorded $1.6 BILLION of outflows last week, the most since July 2022. This was also one of the largest weekly outflows over the last decade. Interestingly, this came after the second-largest inflow on record. As a result, gold prices fell ~7% in two weeks in a well-overdue technical correction. Gold prices are still up 24% year-to-date and are on track to record one of its best years this century. Gold markets are poised for a wild 2025.’ -TKL
On the 20th of November:
👉🏽The ECB in its Financial Stability Review sounds the alarm over a return of market concerns over sovereign debt sustainability. These concerns are self-fulfilling, especially when they come from the ECB, which has to provide a credible government bond market backstop.
👉🏽US national debt reaches an all-time high of $36,000,000,000,000. Splendid job US!
‘Since the start of this year, total US debt is now up by a whopping \(2 TRILLION. In other words, the US has added an average of \)6.3 billion of debt PER DAY for the last 316 days in a row. This means that the US government now holds $108,000 in debt for EVERY American. Deficit spending as a % of GDP is currently up to World War 2 levels while the Fed calls for a “soft landing.” We are in desperate need of a change right now, we are on an unsustainable fiscal path.’ -TKL
👉🏽 Last week I mentioned that the US budget deficit jumped by a massive $257 BILLION in October 2024.
By comparison, last October the US budget deficit came in at \(67 billion, marking a 287% year-over-year increase. To put this in perspective, economists expected the October deficit to come in at \)73 billion. This puts the actual budget deficit 252% higher than what economists projected. Just to elaborate on that with a haunting stat: Government spending per capita. \(6,771 to \)26,679 is a pretty big jump.
Source: https://www.federalbudgetinpictures.com/total-government-spending-quadruples/
On the 21st of November:
👉🏽’US bankruptcies in 2024 have officially surpassed 2020 pandemic levels. 570 large US companies have declared bankruptcy year-to-date, the most in 14 years. Over the last 3 months alone, a whopping 182 corporate bankruptcies have been filed. The consumer discretionary sector has been hit the hardest, experiencing 90 large bankruptcies year-to-date. This is followed by 68 filings in industrials and 59 in healthcare. Bankruptcies are surging as if we are in a crisis.’ -TKL
I will repeat the statement by Fed chair Powell once more: ‘In the case of a financial stability event, the Fed can use emergency tools.’ Ergo: print the shit out of it!
👉🏽’Global central banks now own 13% of total gold reserves, the most since the 1990s. This share has DOUBLED over the last 10 years. Over the same period, foreign ownership of US Treasuries has declined from 34% to 24%.
This comes as purchases of Treasuries from overseas have not kept up with massive government debt issuance. At the same time, more countries have been increasingly diversifying their currency reserves by adding more gold. Are foreign governments losing confidence in US Treasuries?’ -TKl
👉🏽Inflation in Argentina stood at 25.5% when Milei came into office on December 10th last year. Since then: January: 20.6% February: 13.9% March: 11% April: 8,8% May: 4.2% June: 4.6% July: 4% August: 4.2% September: 3.5% The figure for October just came in - 2.7%
Now bear in mind these are the monthly changes. The trend is in the right direction, still way too high! But Milei has demonstrated the effectiveness of economic freedom to recover an Argentina ruined by socialism. Governments create inflation! No one else. Deregulation and reducing government spending eventually lead to prosperity.
On the 22nd of November:
👉🏽The EURO plunges below $1.04, the lowest level in 2 years as bets on ECB rate cuts surge following weak econ numbers in Eurozone. The euro has been posting the worst spot returns among major currencies since late October.
👉🏽’ The US government has been hiring an average of 50,000 workers per month for the past 2 years
Which is one of the highest rates in 30 years. This hiring spree has strengthened the labor market, likely delaying a recession. But, high levels of government job creation have rarely prevented recessions.’ - Bravos Research Freaking half of the fucking jobs were just Biden trying to hide a market collapse with debt.
On the 23rd of November:
👉🏽In FY2023, the U.S. Government spent \(6.16. trillion while only bringing in \)4.47 trillion. The last budget surplus was in 2001.
On the 24th of November:
👉🏽Chinese geologists discover 1,000 tons of gold! That’s an extra 0.5% added to the global supply of Gold. There’s a virtually unlimited supply of gold but there will only ever be 21 million Bitcoin.
👉🏽Janet Yellen, head of the US Treasury, has just resigned.
On the 25th of November:
👉🏽In Q3 2024, Japan sold a net \(61.9 billion of Treasuries, the most on record. This was the second consecutive quarter of selling after \)40.5 billion in Q2. At the same time, China dumped \(51.3 billion, the second largest amount ever recorded. China has now sold Treasuries in 6 out of the last 7 quarters and its total holdings fell below \)800 billion for the first time in 16 years. 2 of the world’s biggest foreign holders of US government debt are selling like never before.’ -TKL
Now who is going to buy the massive amount required to fund the enormous deficit? (scroll back up). And it may have something to do with the freezing and seizing of sovereign reserves. Just a thought. Or devil’s advocate. Both need money, as their economy is flawed and desperate in need of some stimulant, and the USD is now at a high. Time to offload some assets at a high, that would make sense.
I want to end this week’s Weekly Recap with a picture and a statement by BitPaine:
‘The average DCA price over the last four years was about \(30,000. If you listened to the maxis, you could have obtained 2.1 BTC at a savings rate of \)43 per day (\(15,700 / y) or 21 BTC at a savings rate of \)430 per day ($157,000 / y). The latter was very accessible for those with high-income professions (or existing savings) willing to save (or redirect) a large proportion of their income/savings. The former was accessible for the median American household. Never before in history was generational wealth accessible for so many. …if you listened to the maxis. Now it is much more difficult.’
🎁If you have made it this far I would like to give you a little gift:
Once in a while, I go back to old videos. In this video, 3-year-old, Lyn Alden is absolutely demolishing Alex de Vries.
https://www.youtube.com/watch?v=6LP8G-oZnEs
Credit: I have used multiple sources!
My savings account: Bitcoin The tool I recommend for setting up a Bitcoin savings plan: PocketBitcoin especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Use the code BITCOINFRIDAY
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node…be your own bank. Not your keys, not your coins. It’s that simple.⠀⠀⠀⠀⠀⠀⠀⠀
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⭐ Many thanks⭐
Felipe -Bitcoin Friday!
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jurjendevries on Nostr: You can watch Netflix which currently costs ≈21k sats for a premium subscription or ...
You can watch Netflix which currently costs ≈21k sats for a premium subscription or spending your evening with great insights collected in a recap by BitcoinFriday (nprofile…5t5c) which is priceless. #v4v #thankufelipe🙏
