👇 English below Kilka dni temu brałem udział w rozmowie z Richard Zalski z Radio WNET oraz z Oskar Pilch w ramach „Pomarańczowego Studia”, audycji poświęconej Bitcoinowi. Tym razem rozmawialiśmy o: 🔸 tym dlaczego Bitcoin? 🔸 tym dlaczego cena Bitcoina rośnie? 🔸 Bitcoinie jako barometrze płynności, 🔸 deflacji technologicznej. Zapraszam do odsłuchania! 🔶 ENG: A few days ago, I took part in a thought-provoking conversation with Richard Zalski from Radio WNET and Oskar Pilch as part of “Orange Studio” show, dedicated to Bitcoin. We talked about: 🔸 why Bitcoin? 🔸 why BTC price "constantly" rises? 🔸 BTC as liquidity barometer, 🔸 technological deflation. The conversation is in Polish, but Google Translate works surprisingly well. More English content coming later this year — stay tuned!

Back from a rainy Hong Kong 🌧️—just recorded with Fernando on the Bitcoin Libertarian podcast @croxroadnews . We covered: 1️⃣ My upcoming book — 🔖Broken Prices: The Road to Sound Money Get first-release updates: soundmoneyroad.com 2️⃣ Why prices feel “broken” The tug-of-war between Technological Deflation and Monetary Expansion (with the Ford F-Series as a simple example). 3️⃣ Real estate in Hong Kong and globally. 4️⃣ Saving is hard—what the future of saving could look like. 5️⃣ Inheritance scenario—what Fernando might do if/when he gets a house. 6️⃣ Bitcoin-treasury companies—how to think about them. If this resonates, follow for more. Watch here:

The Dark Side of the Bitcoin Rush ⛈️ After years of meetups, conferences, and working with Bitcoiners, my conviction in this community has only grown. When you can truly save—without fear of confiscation—people become more independent and future-oriented. The result is an unusually optimistic, hopeful culture 🌈 . Lately, though, something has shifted. What few say out loud is this: we’ve drifted into a free-for-all where the scoreboard is: “how much Bitcoin you have on the other side of this monetary revolution”. Some of the original ethos—freedom, privacy, mutual support—has been eroded by a Bitcoin-rush mindset. With a fixed supply and only a small portion left to be mined, the pressure is on: Everyone is racing to accumulate as much ‘cheap’ Bitcoin as possible today—before the world catches up to this monetary revolution. You can already see the symptoms: reputations monetized in short-sighted ways, low-effort products and courses, paid shills, rug pulls—and on the labor side, underpaying people desperate to work “in Bitcoin.” Do real due diligence. Understand incentives. Protect your time and your keys. Don’t be the sucker at the table. What changes have you noticed in the culture since 2024–2025?

The fight over Bitcoin boils down to first principles: Austrian-leaning/Bitcoin-maxi folks see value as subjective—discovered by markets. Fiat loyalists treat value as something to be engineered by central planning—via policy, subsidies, bailouts.

Can stablecoin issuers save the US dollar? Andrew Tate claims that pushing Bitcoin to $1M could “save the dollar” by forcing stablecoin issuers to buy U.S. government debt. Let’s break down whether that idea holds up. 🟢 What are stablecoins? Stablecoins are digital dollars on blockchain rails, backed by real U.S. dollars or government debt. Two issuers dominate: Tether (USDT) and Circle (USDC). Together they’ve issued nearly $250B, with around $200B parked in U.S. Treasuries. Tether alone is now among the top 20 holders of U.S. government debt. 🟢 Does the dollar even need saving? The dollar is still the world’s reserve currency, but the balance sheet is ugly. U.S. debt is 120%+ of GDP. Historically, crossing 130% often precedes default within a decade (Reinhart, Rogoff). In 2024, for the first time ever, the U.S. government spent more on interest than on the military. That’s a classic red flag for declining empires. So yes, the dollar is strong globally, but structurally fragile. 🟢 Bitcoin and stablecoins move together When Bitcoin rallies, stablecoin issuance explodes. Bigger BTC market cap → bigger positions, more collateral, more reserves. Today, Bitcoin’s market cap is about $2.2T, almost 10x the stablecoin market. If Bitcoin hit $1M, stablecoins could plausibly grow 10x too — to around $2.5T. That means perhaps $2T flowing into U.S. Treasuries. Massive. But here’s where Tate’s theory breaks down 👇 🟢 Three problems 🔶 Structural deficits 💸 In 2024 alone, the U.S. issued $2T of new debt. Even if stablecoins pumped overnight, that covers just one year of overspending. The last budget surplus was in 2001. The U.S. isn’t fixing its deficits — it’s doubling down. 🔶 Better yields elsewhere 💰 Stablecoins can earn 2–3x Treasury yields just by being lent out in Bitcoin markets — without taking price risk on Bitcoin itself. In bull runs, these rates have spiked to 25–50%. Faced with that, why would investors settle for 4% from Treasuries? 🔶 Bitcoin escape velocity 🚀 Pushing BTC to $1M risks unleashing it beyond anyone’s control. Suddenly, everyday people would find their net worth multiplied. Merchants would be incentivized to accept Bitcoin directly, kickstarting circular economies. At that point, Bitcoin stops “saving” the dollar and starts replacing it. 🟢 The takeaway Stablecoins delay the dollar’s reckoning by buying Treasuries in the short term. But they can’t save it. America’s problem isn’t a lack of buyers — it’s a lack of fiscal discipline. And the more Bitcoin grows, the more obvious that problem becomes.

From Declined Cards to Lightning Fast This week, I tried to buy a new internet domain. Normally I use SquareSpace (which took over Google Domains), and it always worked just fine. But this time? My payment didn’t go through. Strange, since I’ve been a customer for over two years. So I double-checked everything: • Card details? ✔ • Billing address? ✔ • Tried three different cards? ✔✔✔ Still nothing. All payments failed. The thing is, legacy payments aren’t just “you → merchant.” There are half a dozen middlemen who can block the transaction at any point: 1. Card issuer (e.g., WISE) 2. Network (e.g., Visa) 3. Payment processor (e.g., Square) 4. Merchant's bank (e.g., Chase) 5. Currency conversion provider 6. The merchant itself (e.g., SquareSpace) Some mismatch in your address, a suspicious flag, or a system hiccup—and you're locked out. After wasting far too much time and energy, I gave up and went to a different provider. One that accepted Bitcoin via Lightning Network. This time, I used a non-custodial Lightning wallet. ✅ No card issuer ✅ No Visa ✅ No bank Just me → the merchant. And it worked instantly. It felt like a small miracle. Or more precisely—a glimpse of the future. It left me with two big questions: 1. What do people without Bitcoin do in this situation? o Apply for another card and try again? o Switch providers until one works? o Or just give up on their idea altogether? 2. Is it just me—or are the wheels starting to fall off the fiat payments wagon? Picture unrelated. Or... is it?

👇 English below Kilka dni temu brałem udział w rozmowie z Richard Zalski z Radio WNET oraz z Radek Pogoda w ramach „Pomarańczowego Studia”, audycji poświęconej Bitcoinowi. Tym razem rozmawialiśmy o własności prywatnej: o zakusach rządów oraz o tym, jak się przed nimi ochronić. Zapraszam do odsłuchania! 🔶 ENG: A few days ago, I took part in a thought-provoking conversation with Richard Zalski from Radio WNET and Radek Pogoda as part of “Orange Studio” show, dedicated to Bitcoin. This time, we talked about private property - how the governments violate it and how to protect ourselves. The conversation is in Polish, but Google Translate works surprisingly well. More English content coming later this year — stay tuned!