🧠Quote(s) of the week:
'The main reason people don’t buy Bitcoin is because they don’t understand that money printing causes inflation, that inflation is time theft, and that time theft is slow murder.
The main reason people are not buying Bitcoin is because they think they’re late:
- You can’t be late to a perfect battery
- It does not have a CEO or foundation
- We’re at less than 1% global adoption
- It’s the only asset that is decentralized' - Bitcoin for Freedom
🧡Bitcoin news🧡
Oranje🇳🇱 into the semi finals and Nostr is vibin'.
1st of July:
➡️'Bitcoin ATMs surge from 10K in Oct 2020 to over 38K globally, with continued growth expected.' -Bitcoin News
➡️More than 65% of all Bitcoin in circulation has been held for more than 1 year.
2nd of July:
The German government! Their Industrial Production YoY plunges to -6.7% (est. -4.3%) and every nuclear power plant is shut down. So what is the stupidest thing to do? Sell your Bitcoin!
German Government sends another 282 Bitcoin worth $18 million to exchanges.
German parliament member Joana Cotar says the government selling Bitcoin is “not sensible.”
Urges “holding BTC as a strategic reserve currency.”
3rd of July:
➡️ Trump sparks talks of Bitcoin as a strategic reserve asset.
FORBES: “That game theory would only accelerate if the United States… were the first developed country to begin accumulating bitcoin as a strategic reserve asset. This decision would fast-track the global acceptance of Bitcoin as a long-term savings instrument and a form of digital gold. In this scenario, the United States would enjoy the greatest windfall in profit among OECD countries as a result of holding first-mover advantage.”
Every nation will recognize Bitcoin as a strategic reserve asset.
Some will be first...like El Salvador.
➡️The largest US Bitcoin miner Riot Platforms increased their hash rate by 50% in just one month. Currently, the world's largest Bitcoin mining facility is being built in Texas by Riot Platforms.
200 MW of the 1 GW total capacity is already operational.
5th of July:
➡️MT GOX has started Bitcoin repayments to creditors.
'MtGox distributions are considered a price risk for Bitcoin and indeed they are. But it's a one-time risk and if prices must drop to absorb supply (certainly possible) that supply will be transferred to much stronger hands. Once completed, supply risk is virtually eliminated.'
➡️'Celsius is going after over 5000 people who withdrew their money from Celsius within 90 days of their bankruptcy.
Imagine withdrawing your funds from a crypto exchange that has been lying about their reserves and they declare bankruptcy days after you escaped.
And now you’re being sued.
All the more reason to withdraw sooner rather than later.' -Bitfinexed
Just don't have your corn on centralized exchanges or services like Celcius. Once again:
NOT YOUR KEYS, NOT YOUR COINS!🔑
➡️El Salvador keeps buying one Bitcoin a day, undeterred. By purchasing Bitcoin I am confident that El Salvador will become one of the fastest developing countries thanks to deflation of their currency and having Bitcoin as their new national currency.
➡️'Bitcoin's all-time longest winning streak has just ended. 427 days without a 25% drawdown. Beat the 2012 record by 63 days. Pretty incredible run we've had and well overdue for a correction.' - Charles Edwards
💸Traditional Finance / Macro:
👉🏽 No news
🏦Banks:
👉🏽
🌎Macro/Geopolitics:
On the 1st of July:
👉The yen's 12-year crash against the dollar continues. The Japanese currency buys half the amount of dollars it did in 2012. This is what currency collapse looks like.
On the 2nd of July:
(Picture 1)
👉WW1 and WW2 were discrete events with a defined goal. The main question is, what the actual fuck are they spending on?
And it is not only in the US, put the deficits and debt bubble on a country like Germany or Europe in general and you would have a bigger problem. Wonder why the world has a problem? Government deficits relative to GDP are out of control.
Regarding the spending problem:
'Annual US government spending reached a MASSIVE $6.5 trillion in May, just $1.1 trillion below the March 2021 record.
The government's total outlays have DOUBLED in just a decade.
To put this into perspective, this is more than the size of most world economies except the US and China.
Meanwhile, the US budget deficit hit $1.7 trillion, or 6.2% of GDP over the last 12 months.
In the past, such levels of spending have only occurred during major crises.' -TKL
Meanwhile, Chair Powell says the U.S. deficit is better fixed sooner rather than later.
'The U.S. government deficit is unsustainable, Chair Powell said in Europe, while avoiding comment on fiscal policy, as usual. The subject arose as markets brace for the possibility of the same party controlling the Executive branch and both houses of Congress after the November election, a combination that investors typically see as an open door to higher spending. "The U.S. is running a very large deficit at a time when we are at full employment," Powell said. "This is something that should be a top-level issue" for elected officials. "In the longer run we will have to do something sooner or later and sooner would be better than later," he said.'
Meanwhile, US debt increases by $109B in 1 day. Just to give you one more stat:
It took 165 years for the US to accumulate its first $1 trillion of debt. Now, the US amasses $1 trillion in debt every 150 days.
👉'US manufacturing activity fell to 48.5 points in June, the third consecutive month of contraction.
The latest reading of the ISM manufacturing PMI index missed expectations of 49.1 points.
The decline has been primarily driven by contracting employment, production, and new orders.
Overall, US manufacturing has shrunk in 19 of the last 20 months, the longest streak since the 2008 Financial Crisis.
Is the economy slowing down?'- TKL
👉Eurozone core inflation unexpectedly sticky: Headline CPI slows to +2.5% in June from 2.6% in May, in line with forecasts. However, core inflation is at 2.9% – a notch higher than forecasted. Experts had expected it to cool to 2.8%.
👉Last week I already mentioned that Javier Milei slashed Argentina's annual inflation by 95% in just seven months. Monthly inflation has fallen from 25.5% to 4.2% since he took office.
From a 1355% inflation rate to a surplus budget, his economic policies have transformed the economy.
This week Argentina's President Milei says the nation will no longer print money: We are going to the zero issuance stage....what we aim for is that the broad monetary base does not vary."
Inflation in Argentina was 64% in the first 4 months of 2024.
Who could have guessed that cutting government spending and not printing was going to reduce inflation...Who could have guessed...
Now don't get me wrong it is a great move by Milei but it's still only as good as the honesty of governments (always lying and always finding a reason to print more). That's why only money that CANNOT be debased matters. Bitcoin!
👉'With Biden 2.0 no longer an option, the Treasury has also stopped pretending and the US government jumped by $109 billion in one day - the biggest one-day increase since Oct '23 - to a record $34.831 trillion. And now the debt starts to really move again.' - Zerohedge
Funny stat:
'Since Jan 1, 2000:
2 Money Supply (USD) has increased by an average of:
- $81M PER HOUR
- $1.9B/day
- $700B/year
$17T increase in 24yrs (8,948 days)
THERE IS NO LIMIT TO HOW MUCH FIAT MONEY CENTRAL BANKS WILL CREATE.' -DenverBitcoin
On the 3rd of July:
👉'Italy's real wage misery: inflation-adjusted wages in 2023 were 4.4% lower than in 1990. Even real wages in Greece performed a little better.' -Phillip Heimberger
I wonder if this is a contributing factor to Meloni's win.
Before joining the Eurozone Greece, Italy & Co. were staying competitive by continually devaluing their currencies. Now the only avenues left are reduction of real wages or productivity growth.
👉'Secured Overnight Financing Rate (SOFR) jumps to 5.4%, the highest level in history
*The SOFR is the benchmark interest rate that measures the cost of borrowing cash overnight.' -CarlBMenger
On the 5th of July:
👉'BOTH May and April jobs report numbers were just revised lower by a combined 111,000 jobs.
The May jobs report was revised from 272,000 to 218,000 while the April jobs report was revised from 165,000 to 108,000.
This means that 10 out of the last 15 monthly jobs reports have been revised lower.
On a net basis, the US economy really only added 95,000 jobs this month.
Meanwhile, the unemployment rate is now at 4.1% since December 2021.
The labor market is slowing down rapidly. The US economy really only added a net 95,000 jobs in June...
...until that number is revised lower next month after all the headlines say the labor market is thriving.
The labor market is declining.' - TKL
Jobs look OK if the government just hires everyone.
41% of jobs added since 2019 were by the government burning taxpayer dollars.
On the 6th of July:
👉'That‘s the most scary chart I have seen in a while. Unfunded pension entitlements in major European countries are between 300% and 500% of GDP. Mixed with collapsing demographics it’s a recipe for debt disaster.' - Michael A. Arouet
(Picture 2)
🎁If you have made it this far I would like to give you a little gift:
Is the Bitcoin Cycle Broken? With @therationalroot
They discuss:
- BitcoinSpiral Chart 3D & cycle alignment
- ETF flows & supply dynamics
- Liquid supply & the HODL model
- Power law, S2F, & the price multiplier effect
https://www.youtube.com/watch?v=6kcq5mevS6M
Credit: I have used multiple sources!
My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.⠀⠀⠀⠀
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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