Parker Lewis
Head of Business Development at Zaprite, Author of Gradually, Then Suddenly
Bitcoin's path to much higher prices runs through education: reaching 20 times today's purchasing power probably takes five times as many people understanding why bitcoin stores value. Bitcoin-backed credit, which @MitchellAskew sees driving adoption, makes no sense to people who don't grasp that. As more people learn and save in bitcoin, the price signal draws the next wave, who buy and then do the work; existing holders borrowing against their coins add only a fraction, not a multiple. x.com x.com x.comÂ
Bitcoin's supply and institutional buyer base are tightening, while an AI-hacking challenge failed to breach its security. A wallet funded with 100 BTC remained untouched after months of public challenge; fewer than 900,000 BTC remain to be mined, and Fidelity bought $24.5 million for its ETF. Senator Hagerty says the US will hold its 200,000 BTC and wants to buy more. x.com x.com x.com x.comÂ
Historic debt levels and currency debasement make Bitcoin's role as a store of value more important than ever, countering Jason Calacanis's call to sell it. x.comÂ
Bitcoin's inability to reverse hacks makes decentralization a weakness as AI threats outpace security. Tether halted $1.8B from the Binance hack, showing the value of intervention; exploits take minutes, patches days or weeks. AI may be a greater threat to crypto than quantum, which Bitcoin has made effectively no progress on. New highs look increasingly distant without a Core-governed quantum-proof roadmap; quantum alone leaves today's elliptic curves under five years. x.comÂ
Bitcoin is surging because the US is heading toward Weimar Republic-style money printing that the public has learned to stomach. Per The Kobeissi Letter, the Fed has bought $237 billion of Treasuries since December, lifting its holdings to $4.4 trillion and total assets to $6.7 trillion, effectively propping up the Treasury market. x.comÂ
Government will never stop printing money, which should make bitcoin, gold and land do well for two decades. x.comÂ
Bitcoin remains unappealing because there are no cash flows behind it. It still has two real merits: it can potentially hedge against inflation, and it cannot be printed, since creating it takes real, expensive energy, which grounds it in physical reality. x.comÂ
Bitcoin and gold should benefit because money printing is now unavoidable. Since COVID, the US is past the point of no return, and any plan other than printing risks total collapse and civil or global war. x.comÂ
Bitcoin benefits as the risk of creating gold through alchemy has entered public consciousness. That perceived threat to gold's scarcity supports a long Bitcoin position as a persistent theme. x.comÂ
Bitcoin's fixed supply is a flaw, not an advantage, because it replaces arbitrary fiat over-issuance with an equally arbitrary fixed quantity. Under a gold standard, the market decides supply: gold is minted into money when circulating money is short, melted into jewelry or shipped abroad when prices are too high, and mining rises as deflation cuts costs. Jewelry demand is the source of gold's value. Bitcoin repeats the mistake of Robert Peel's 1844 attempt to fix the circulating medium. x.com … Show more
Bitcoin's near-term macro backdrop is not yet favorable because the Fed balance sheet is stuck at $6.75 trillion, so patience is warranted. The Fed will eventually have to step in for debt markets. ETF inflows leave time for October to turn positive, while Bitwise raised its 2036 target to $1.6 million and says institutions may allocate 1% to 5% as adoption and debasement-hedge demand rise. A U.S. Strategic Bitcoin Reserve may start buying very soon once crypto rules are settled. x.com x.com … Show more