🧠Quote of the week:

“Why is it that 5 000 units of our currency is worth one unit of your currency, where we are the ones with the actual gold reserves? It’s quite evident, in fact, that the aid is not coming from the West to Africa, but from Africa to the Western world.” Mallence Bart-Williams

Bitcoin news🧡

➡️If you are intrigued by the Quote of the Week, please have a look at: bitcoinmagazine.com/culture/bitcoin-a-currency-of-decolonization

Oh by the way:

“France has the fourth largest gold reserves, 2.436 tons without a single gold mine in France. Mali, which was occupied by France, does not have any gold reserves in its banks, although it has 860 gold mines and produces 50 tons per year. How did France get all that gold?”

Again read the Bitcoin Magazine article by Alex Gladstein.

➡️Last week I mentioned:

Bitcoin: digital commodity (private property)

Everything else: digital securities aka shitcoins

Richard Heart, shitcoin HEX, is sued by the SEC for securities fraud.

I quote Jameson Lopp:

“Over the past 2 years, HEX has lost an astounding 98.8% of its market cap: $83 billion. Richard says he tried to save people from BlockFi, Celsius, and such… but according to my math, HEX lost more value than all of those bankruptcies combined!”

Just don’t play around with altcoins. If you invest in a VC-funded token with a pre-mine an ICO, and an executive team, is most definitely NOT a commodity. It’s a security. Bitcoin is the innovation. Bitcoin is a digital commodity (private property). Know the difference.

➡️ US Presidential candidate Ron DeSantis: “Biden’s war on Bitcoin and cryptocurrency will come to an end when I become president.”

I will reshare my opinion: Be wary of politicians who promise to give you exactly what you want. Politicians are just politicians! Bitcoin doesn’t need politicians, politicians need Bitcoin (and votes). Don’t lose the plot. And stop larping! Stay humble & stack sats.

➡️ MicroStrategy enters into an agreement to sell $750 MILLION worth of Class A Stock in order to buy more Bitcoin. In July, MicroStrategy acquired an additional 467 BTC for $14.4 million and now holds 152,800 BTC and counting. Sjeeezzzz talking about conviction.

➡️Michael Saylor on CNBC: There is Universal consensus around the world that Bitcoin is:

– A decentralized global asset that has value

– Has no issuer

– Is the Gold Standard of digital commodities

➡️ Coinbase finally considering adding Lightning. Funny isn’t it?! Now that their security-scammy-shitcoin casino is at risk. Let’s switch to the alpha dog, Bitcoin!

➡️ “In closing, Bitcoin appears to provide a number of benefits across an ESG framework.” KPMG published a report on all of the ways Bitcoin and PoW check the boxes on ESG mandates! advisory.kpmg.us/articles/2023/bitcoin-role-esg-imperative.html

I quote Daniel Batten on this topic:

“KPMG approach to writing a Bitcoin research paper Talk to

– Grid operators who understand Bitcoin

– Energy experts who understand Bitcoin

– Renewable energy and Methane mitigation operators who understand Bitcoin

Greenpeace USA’s approach to writing a Bitcoin research paper

Cite articles by

– Journalists who do not understand Bitcoin

– Academics who do not understand Bitcoin

– Other environmental organizations who do not understand Bitcoin”

The only thing I can say, sources matter!

➡️ Bitcoin hashrate geographical distribution at an all-time high

➡️ Payment company Block Inc. reported $1.87bn of gross profit in Q2 2023, a +27% year over year. Among the %5.5. of total net revenue of $2.4bn came from Bitcoin.

➡️ Ethereum is down 27% against Bitcoin since becoming ‘ultrasound money.’

More ETH news: An academic paper investigates how Ethereum is a criminal’s first choice for cybercrime:

“We identify more than 1.78 million transactions that are externally verified to be linked to cybercrime, corresponding to an aggregate amount of $1.65 billion of funds lost.

In a first step, our analysis shows that the FTC understates the amount of abducted funds on the Ethereum blockchain by a staggering factor of 16.”

Yikes! Just stay humble & stack sats!

➡️Genesis Digital Assets is expanding its U.S. operations, having announced the opening of three new Bitcoin mining data centers in South Carolina.

Founder Kim: “Given its abundance of clean electricity from hydro and nuclear energy sources, we consider South Carolina one of the country’s most exciting states.” He added that it’s among the most “pro-innovation states.” Source Decrypt

➡️ Now that the news is out that Australia is heading toward a totally cashless society. May I remind you that almost in everything in life you need trust. Governments need trust, Bankers need trust, and Shitcoins require trust. The only thing that is trustless is Bitcoin. Bitcoin will eliminate the need for bankers.

Now why is there a war on cash? I quote Ronin Dojo on Twitter:

“Because it is difficult to track, to confiscate, to impose regs/tax on. It is censorship resistant and you have full custody. No third party to ‘clear tx’ and quick settlement. Thankfully we have Bitcoin and P2p digital cash is here to say.”

If you aren’t paying attention, you probably should be. Have a look at platforms like Peach Bitcoin.

🏦Banks:

👉🏽 I quote Joe Consorti: “The Fed’s BTFP facility is $105.6 billion in size. Unrealized losses on US Treasuries total $1.1 trillion. That means roughly 1/10th of duration losses caused by the Fed’s rate hikes are being papered over. That’s a pretty big band-aid.”

🌎Macro/Geopolitics:

👉🏽United States ratings were cut to AA+ from AAA by Fitch. “The downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA-rated peers over the last two decades.”

Meanwhile Jeanet Yellen: “Fitch’s decision is puzzling in light of the economic strength we see in the United States. I strongly disagree with Fitch’s decision, and I believe it is entirely unwarranted.”

The economy is very fine! Everything is just fine!

Now there are only 10! The number of AAA-rated countries is extremely limited. 9 countries receive an AAA rating from all three major rating agencies (Fitch, Moody’s S&P)

👉🏽”The US saw 340 bankruptcies in the first 6 months of 2023. This is more than the first half of 2020 when the US went into a full lockdown. It’s the highest number of first-half bankruptcies since 2010.” – GangesPost

The numbers speak for themselves I would say. If you thought the last 3 years were hard?

Let’s see what will happen in 2024/2025. Why? Well, the Fed economists recently released research inferring that 37% of all U.S. companies are in financial distress. That’s more than a third of all U.S. companies that might default in the coming months if interest rates don’t come down according to market expectations. As we know from last week’s Weekly Recap, the Fed raised interest rates to the highest level in 22yrs.

👉🏽The Treasury’s new guidance is that they want to borrow $1.85 trillion during the second half of this year. Apparently, that’s what happens when you remove all debt ceiling limits.

Repeat after me: “DEBT SPIRAL!”

“The US Treasury boosted its estimate for federal borrowing for the current quarter as it addresses a deteriorating fiscal deficit and keeps replenishing its cash buffer. The Treasury Department increased its net borrowing estimate for the July through September quarter to $1 trillion, well up from the $733 billion amount it had predicted in early May.” – Bloomberg

“Total US debt levels are expected to rise from 98% of GDP in 2023 to 118% of GDP in 2033. By 2053, Debt-to-GDP in the US is expected to hit an alarming 195%.”

Politicians spending like drug addicts and throughout history, we’ve seen societies crippled by their own debt. Will the US be the next one?

Let Bitcoin be your insurance for the upcoming bankruptcy of the US and the devaluation of the dollar. If you have no clue what is happening now I encourage you to read the book “When Money Dies” by Adam Fergusson (British historian).

👉🏽Average 30-year mortgage in the US just hit 7.32% — its highest since 2000.

👉🏽The Bank of Japan had to intervene twice last week to slow gains in government bond yields, underscoring its determination to curb sharp moves in rates. The BoJ announced they will print more yen to buy $2.1 billion in bonds. This comes just days after they decided to take a shift away from decades of massive monetary stimulus by allowing the 10-year bond to rise up to 1.0%.

👉🏽IMF staff and the Argentine Authorities Reach Staff-Level Agreement on the Fifth and Sixth Reviews of the Extended Fund Facility Arrangement.

Once again, Argentinean people getting screwed!

“The 46 million Argentines have lost over 96% of their value against the USD in only 5 years.

2018:1 USD = 20 Argentine Pesos.

2023: 1 USD = 545 Argentine Pesos.

Fiat economists still can’t explain why Bitcoin has increased by 3500% since 2020 in Argentina!”

Bitcoin has hit multiple new ATH in Argentina and this is after the IMF restricts banks from dealing in Bitcoin as a condition of their loan restructuring.

The IMF cartel is so scared of Bitcoin, they paid $44-$45 billion to stop people in Argentina from using it. Inflation was 55% at the time of the loan. Currently, inflation in Argentina reached 114%.

And it’s not only Argentina, but also Venezuela, Lebanon, and for example Turkey. 166 million souls are rekt by their governments.

I will end this weekly recap with the following TLDR by Eric Weiss:

* US doesn’t have the $ to pay its debt

* US credit rating downgraded

* US will print more USD

* USD inflation will continue * Bad for holders of USD

*Good for HODLers of Bitcoin

Credit: I have used multiple sources!

My savings account: Bitcoin

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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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