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I've been saying an era is about to end for Bitcoin —for the past couple of years, your edge was most people didn't get it but this is would not last forever.
To uncover investment opportunities, you need to identify assets that are misunderstood.
— Chris (@ChrisMMillas) November 14, 2024
The size of the opportunity is in direct proportion to the degree that an asset is misunderstood.
Both Bitcoin and MicroStrategy are two of the *most* misunderstood assets in the world…
We are officially at the beginning of the end.
Price appreciation and nation-state adoption will likely act like forcing functions for adoption.
This is not a perfect metaphor, but it's a useful one. The concept of a forcing function exists across several different domains and is usually meant to mean:
- an external influence or input that drives or changes a system's behavior
- elements that make it easy to do the right thing or hard to do the wrong thing.
To clarify: neither price appreciation nor nation-state adoption change Bitcoin itself —they're not a forcing function for Bitcoin— but rather they are accelerants for the rate of adoption and position size as more people, institutions and nation states fill compelled to stake an initial claim.
Allow me to illustrate.
BREAKING: MicroStrategy acquires 51,780 BTC for $4.6 billion, achieving a BTC Yield of 20.4% QTD and 41.8% YTD.
— Bitcoin News (@BitcoinNewsCom) November 18, 2024
They now HODL 331,200 $BTC acquired for $16.5 billion at ~$49K per bitcoin. pic.twitter.com/C5ZmdK9p2d
Microstrategy is kicking every corporation's ass so utterly they will be forced to stop and make a conscious decision of whether to adopt some part of his playbook —the upcoming Microsoft vote is the first example. Sooner or later every profitable corporation will be forced to have this conversation
Tradfi media is finally realizing they’ve been asleep through the stock market’s biggest story of the past four years. pic.twitter.com/f3I3jIJZEz
— Bitcoin News (@BitcoinNewsCom) November 17, 2024
NEW‼️- Michael Saylor on MSTR outperforming NVDA:
— Neil Jacobs (@NeilJacobs) November 15, 2024
“Now we’re CRUSHING them. This is not even FUNNY anymore.”
🔥🔥🔥 pic.twitter.com/f7mVPlFQU6
A growing number of "small", nimble companies are already waking up to the playbook. Last week Solidion joined Semler Scientific, Metaplanet and a handful of others in deploying a BTC strategy.
JUST IN: 🇺🇸 Public-listed company Solidion Technology announces a strategic #Bitcoin allocation for corporate strategy.
— Bitcoin Magazine (@BitcoinMagazine) November 15, 2024
It's happening 🙌 pic.twitter.com/ryQmfuq3DL
The BTC ETFs —the most successful ETFs ever launched— recently stated most of the money they were seeing came from retail investors.
BREAKING: Bitcoin ETF, $IBIT, becomes the fastest ETF in history to hit $40 billion in assets under management.
— The Kobeissi Letter (@KobeissiLetter) November 15, 2024
It took $IBIT just 211 days to hit the $40 billion threshold.
By comparison, the second fastest ETF took 1,253 days to hit $40 billion, or ~6 TIMES longer.#Bitcoin… pic.twitter.com/RY0LW16WxE
But the latest corporate filings revealed that's no longer the case. Household name financial institutions are taking positions.
🚨 Massive Bitcoin ETF filing day!
— Julian Fahrer (@Julian__Fahrer) November 15, 2024
13F disclosures just *today* from:
- Cantor Fitzgerald
- Citadel
- Royal Bank of Canada
- Goldman Sachs
- Morgan Stanley
- State of Wisconsin Investment Board
- Bank of America
- UBS
- HSBC
- Macquarie Bank
TSUNAMI of demand incoming 🌊 pic.twitter.com/9XwwBfJlvC
Savvy early adopters among them are doubling (and quadrupling) down. The long-hypothesized wave of institutional adoption has undeniably begun.
Paul Tudor Jones’ latest 13F filing reveals he owns $159.9 million of IBIT (4,428,230 shares), a 409% increase from June’s 869,565 shares.
— Bitcoin News (@BitcoinNewsCom) November 17, 2024
This made Bitcoin the third-largest non-options position in Tudor’s portfolio, behind SPY ($208M) and NVDA ($166M).
Via @MacroScope17 pic.twitter.com/b0pZDSMr3D
On the nation-state level most of the world just shrugged when El Salvador adopted Bitcoin. The globalist machinery tried (unsuccessfully) to bully them out of the decision but no one else paid too much attention. Similar thing happened when Bhutan revealed its Bitcoin strategy, mostly crickets.
But as the US gets cozy with Bitcoin —which is very much happening now— it will ignite a new geopolitical arms race.
$16 trillion in debt… gone.
— Cynthia Lummis 🦬 (@CynthiaMLummis) November 14, 2024
IF we have the will, this is the way. Pass the Bitcoin Act. https://t.co/S9WXqZgs3V
The verdict from the experts is the President has the authority to establish the SBR without Congress and implement a fairly large acquisition program (tens of billions of $). To go bigger we’ll need Congress, but we can start right away at a MicroStrategy-esque scale.
— David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey) November 15, 2024
States are already leading the way.
Pennsylvania proposes investing up to 10% of state funds in #Bitcoin to diversify assets and combat inflation. If passed, PA would be the first state to directly hold #BTC 🚀
— BTC Times (@btc) November 14, 2024
CC: @SatoshiActFund 👏https://t.co/YNXKZ48Gb8
Regardless of who winds up as Treasury Secretary, the tweet below represents a powerful endorsement for Bitcoin from one of the leading political actors in the US stage (who is personally seriously invested in Bitcoin by the way).
Nov ‘24: a Kennedy who is about to oversee 27% of US Federal spending gives bitcoin his strongest possible endorsement—for individual liberty, to balance the budget, and to save the dollar. 🕊️⚖️🦅 pic.twitter.com/hnO1Ry5vd9
— Tuur Demeester (@TuurDemeester) November 17, 2024
The idea is already in the air…
JUST IN: 🇵🇱 Polish presidential candidate Sławomir Mentzen pledges to adopt a strategic #Bitcoin reserve if elected. pic.twitter.com/p90NDnbzQb
— Bitcoin Magazine (@BitcoinMagazine) November 17, 2024
Narrow Gap
The window hasn't closed yet, there are still pockets of Bitcoin Derangement Syndrome among opinion makers.
Unsurprisingly, Central Banks —whose relevance is diminished by the ongoing survival of Bitcoin— keep pushing their bad takes trying to misinform the public through different-flavored but equally lame strategies.
Australia's Central Bank claims to not understand bitcoin but declares it useless anyway because they didn't make it.
NEW: 🇦🇺 Australia’s Sky News has segment on the RBA Governor calling Bitcoin “garbage.”
— Bitcoin News (@BitcoinNewsCom) November 15, 2024
They state that they do not understand Bitcoin but agree that if a currency is not issued as by a Central Bank it cannot be considered money 🤔
pic.twitter.com/VibMFEAg7w
The European Central Bank, which recently published a call-to-arms encouraging people to ask for restrictive legislation, softened the wording slightly after the election. Deliciously, the Euro is down 80% against BTC since the ECBs premature obituary of Bitcoin.
The ECB called for Bitcoin's death at $16K. Instead of being "one last gasp" it was the generational bottom. The Euro is down -80% against Bitcoin since this post. It would be unsurprising if this post truly marked the top for the Euro. If the ECB fails to pivot from their policy… https://t.co/vLOeZcG4Z2 pic.twitter.com/oH55KhSzsq
— Charles Edwards (@caprioleio) November 15, 2024
It's understandable Central Banks would oppose that which could kill them.
But what about people like James?
In the 13 years I’ve written about Bitcoin, its price has ranged from less than one penny to over £72,400.
— James Ball (@jamesrbuk) November 16, 2024
What hasn’t changed is this: it was useless then, and it’s useless now. Bitcoin sucks for everything, and a high price doesn’t change that. https://t.co/YPmKfn0pwd
"What the fans still can’t say is what any of it is supposed to be for, or what it actually does. Bitcoin is a thing you buy if you want to make money, duh."
This kind of opinion was wrong but easier to forgive 10 years ago.
But declaring Bitcoin worthless the same week it has became the world's 8th largest asset takes extraordinary levels of hubris and denial.
#Bitcoin is currently the 8th most valuable asset in the world, having just passed silver and about the pass Saudi Aramco, the largest energy company in the world, and you still think it is worthless? I strongly suggest you revisit your thesis. pic.twitter.com/fVpkqqHqEi
— James Lavish (@jameslavish) November 17, 2024
While I don't understand why people willingly commit reputational suicide, I'm very grateful for posts like James'.
I would have thought it was fairly self-evident that an asset rising to be worth more than all the silver ever mined must have some value beyond speculation.
People like James shout "the market is wrong" but fail to provide good arguments, succeeding only in showing a level of ignorance that should —if they had any common sense— prevent them from publishing public opinions on the subject.
The Bottom Line
Is there speculation in Bitcoin? Absolutely, tons of it.
Does that drive up its price? Up and down, no doubt about it.
But the reason it sustains a high price —unlike shitcoins— is that it actually fills an important need which makes people reluctant to sell it.
Speculative demand can drive up the price of bitcoin, but only growing reserve demand can keep it there.
— Bitstein (@bitstein) November 16, 2024
The "bitcoin is useless" skeptics focus too much on the speculative trading and not enough on why reserve demand grows and sustains the exponential price increases. pic.twitter.com/ttHt4o3SlK
A major reason of why people don't want to sell is they've learned a very old lesson. The problem does not lie with this or that currency.
Fiat as a whole is a crappy operating system for money.
As Voltaire said in 1727 every single currency in history has without fail gone to zero. Since the early 1700s over 500 fiat currencies have become worthless, pieces of paper with dead people on them that no longer buy anything. A large majority of them due to hyperinflation.
— Ben Rickert (@Ben__Rickert) November 16, 2024
Since one of its serious shortcomings is a lack of transparency. It's difficult to tell just how sick the patient is.
For example, the tweets below suggests some Central Banks have much less real gold (the metal they hold in storage) than they have "paper gold" (the number on their balance sheets).
I was at the New York Fed in 1990 when Drexel Burnham Lambert failed. It was famous for Michel Milken and Junk Bonds, but it was peer margin calls on gold swaps that brought it down. I had to explain to a European central banker the gold he swapped out to Drexel would never be… https://t.co/4VRuUdZmYH
— Kathleen Tyson (@Kathleen_Tyson_) November 14, 2024
But the system is sufficiently broken now that only the stubbornly blind —therewill be some straight through the end— can ignore the cracks.
BREAKING: The US Pentagon has failed its 7th audit in a row, unable to fully account for its $824 billion budget.
— The Kobeissi Letter (@KobeissiLetter) November 16, 2024
Last year, the Pentagon couldn’t properly account for a whopping 63% of its $3.8 trillion in assets.
This year, there was a $200 BILLION gap between assets and… pic.twitter.com/m21jtrtISs
Remember, it always feels like you're too late. Bitcoin always feels too expensive. But the heavy rails are still being laid down, this is just the beginning.
OPTIONS ON #BITCOIN ETFs HAVE BEEN CLEARED FOR LISTING!!!!
— BRITISH HODL ❤️🔥🐂❤️🔥 (@BritishHodl) November 18, 2024
Only a few days until the whole derivatives market can come play too!
For perspective, this is a market with $875 BILLION to $2.7 TRILLION per DAY of liquidity.
You're not late and when you look 10 years from now, you'll see Bitcoin was never cheaper.
Zoom in. Only 1,003,525 addresses have more than 1 BTC
— Birdflip (@birdfIip) November 15, 2024
It’s a big deal to have .1 BTC today pic.twitter.com/PdC4zgJ06O

Bitcoin News
Ammo
One of the good things about lazy enemies is they make the same tired old arguments. So many common "objections" now have well-crafted responses that can cite not just research and well-articulated opinions but also real-world examples.
At the Bitcoin Amsterdam conference, I was asked
— Daniel Batten (@DSBatten) November 15, 2024
"How best to respond to the 'Bitcoin uses too much energy' attack vector?"
I outlined 5 simple talking points that any Bitcoiner can use to snap this absurd yet pervasive attack arrow in two. pic.twitter.com/4MozHojAfL

Krypto News
"Crypto" can be lethal to your portfolio
Slow Death
Will Ethereum rally to make a comeback? I honestly don't care.
Ethereum is dying a slow death. The company broke rule number one: don’t lie to your customers. https://t.co/2A5VuTjjec
— Tuur Demeester (@TuurDemeester) November 15, 2024
I've been kind of a polite long-term Ethereum bear, but the post-election new low in ETHBTC is even more brutal than I expected.
— Lyn Alden (@LynAldenContact) November 17, 2024
An administration that is open for crypto securities wins the election.
ETHBTC jumps, then falls. New lows after good news.
Oof.

Fiat News
True
The macro conditions Trump is inheriting —some of which he tee'd up himself in his first term— will not be waved away with a magic wand. Team Trump will have a lot of heavy lifting to do to avoid a catastrophe.
J Powell has handed Trump a ticking time bomb
— Porter Stansberry (@porterstansb) November 14, 2024
By prematurely cutting rates by 50 bps ahead of the election, even with inflation still running hot, the Fed has set the stage for an inflationary resurgence
The latest October inflation data released this morning confirms the… pic.twitter.com/SsYtXHgcAk
Actually, probably more than one catastrophe.
President Trump won a clear mandate to end the war in Ukraine. So what does Biden do in his final two months in office? Massively escalate it. Is his goal to hand Trump the worst situation possible? pic.twitter.com/T247E88xCX
— David Sacks (@DavidSacks) November 17, 2024
Grabbing Rug
The rich are taking profits from their stock holdings. Are you?
All of the richest billionaires are selling the market ATHs while all of the poorest and going all-in right now. People will never learn. Follow the money for F sake. pic.twitter.com/4CYAg929aJ
— Kevin Malone (@Malone_Wealth) November 14, 2024
I've mentioned skepticism about Nvidia's valuation several times now.
"Mark-to-market" accounting (same that Enron used), creative inventory practices, financial troubles for one of its top customers, a request for SEC protection and now problems with one of its flagship chips.
Nvidia is like one of those girls that score high in the hot/crazy matrix. Stay away from the kitchen if you don't like the heat.
Now that the “breaking news” of $NVDA having serious issues with BlackWell you will appreciate the meaning of this “critical audit matter” paragraph in its 10-K even more https://t.co/k0yYP2hboi
— JustDario 🏊♂️ (@DarioCpx) November 17, 2024

Dystopian News
Every Dollar
The vehemence with which the US has sent money it doesn't have to Ukraine can be simply explained. In fact you only need one word.
BREAKING: Secretary of State Antony Blinken announces "every dollar we have at our disposal will be pushed [to Ukraine] between now and January 20th" when Trump takes office. pic.twitter.com/7m6VLLfTlI
— Eric Daugherty (@EricLDaugh) November 14, 2024
Corruption.
Let me explain war profiteering this way. pic.twitter.com/bPvyOk5yXF
— 🇺🇸Lionel🇺🇸 (@LionelMedia) November 17, 2024
Know too much
The man who created the prediction market which most accurately reflected Trump's final result found out the establishment was not amused.
The FBI just raided this 26-year-old's apartment.
— eye zen hour (@eyezenhour) November 14, 2024
His crime? Building a website predicting Trump's win better than every poll in the world.
They tried to shut him down. Instead, they made him a legend.
Here's why it made him more unstoppable than ever:🧵 pic.twitter.com/avLGzPMOt2
Fact Checked
The NY Times makes RFK's point by "debunking" him.
This is beyond absurd. The @nytimes says @RobertKennedyJr “was wrong” about Froot Loops having too many artificial ingredients compared to its Canadian version, and then goes on to explain the artificial colorings and preservatives in the U.S. vs the Canadian version.… https://t.co/33UNfLBd3P
— Bill Ackman (@BillAckman) November 17, 2024

Hopeful News
HHS
RFK becoming head of Health and Human Services is a huge deal and bodes well for the future of the country.
I don't think folks outside government have any idea how big a deal this is. HHS has the SINGLE LARGEST BUDGET of ANY DEPARTMENT in the ENTIRE federal government. Even more money than the Pentagon. $2 trillion a year now under RFK's top dog accountability. https://t.co/un7o24JZmg pic.twitter.com/Z6oTJlfiP0
— Mike Benz (@MikeBenzCyber) November 14, 2024
With @RobertKennedyJr taking over as the head of the HHS the big pharma AND big media companies already on the ropes should be scared.
— Marty Bent (@MartyBent) November 14, 2024
Big pharma spent $18 BILLION in advertising last year. The second-largest ad spender by industry.
If RFK makes advertising big pharma products… pic.twitter.com/HZ7RddLJwn
DOGE
Elon co-heading the Department of Government Efficiency will possibly be the wildest ride of the upcoming administration.
Not only is Elon an efficiency nut-job (if you haven't read his biography you have no idea of what levels we're talking about), he has also been on the receiving end of government agency f*ckery on countless occasions across his tenures at PayPal, Tesla and SpaceX.
This might be the best thing you hear today. pic.twitter.com/bh3KJKTwRn
— Insurrection Barbie (@DefiyantlyFree) November 17, 2024
Stable Genius
Proof is in the pudding. I don't understand all that Terrence Howard is saying lately —even though I've done my time with hardcore geometry nerds— but I hope he keeps pumping out real-world applications for his ideas. We need more of these kinds of nuts.
Now Terrence Howard is pissing off the drone community by inventing new forms of flight 🤣 pic.twitter.com/TW851iIAjy
— Jay Anderson (@TheProjectUnity) November 16, 2024
Fresh
I hope this turns out to be real, inexpensive fresh-water production out of sea water is a civilization changer.
Chinese scientists at Shanghai Jiao Tong, working with MIT, engineered a new desalination device. It turns seawater into drinkable water at a rate higher than any other device. The system is passive, & solar-powered.
— Jason Smith - 上官杰文 (@ShangguanJiewen) November 13, 2024
A system the size of a small suitcase meets the daily needs of… pic.twitter.com/fEcCM1Fd54

Price News
Bitcoin Surfing
Bitcoin caught some wind and spent all of last week gliding above the Board ($74k), let's see if it catches some thermals.

Dip Fishing
We are in unknown waters, I'm not saying BTC will never be under $73k again but I am saying if you wait for $73k you may have to capitulate above $100k

Calm Chart
November is proud and green. Because this graph plotted on a logarithmic axis, it doesn't do full justice to what just happened, so also I published the linear version of this chart below this one.

Look at that beaut.

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