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📈 Why gold and bitcoin are ripping 👀

📈 Why gold and bitcoin are ripping 👀

PLUS: The quick summary of SBF's trial

Alex M.
October 20, 2023

GM everyone. This is 2036. We scroll for gems all day so you don’t have to.

Today is Favorite Friday, where we serve up the resources we most enjoyed this week 🍲.

So if you're looking for content to dig into this weekend, this is your list...

1/ The Bitcoin Network State - Balaji Srinivasan

“The three most terrifying words in the English language are - Balaji was right.”

Balaji Srinivasan is one of the most respected voices in crypto.

Marc Andreessen calls him one of only three lateral thinkers he knows.

This week, Balaji spoke at Bitcoin Amsterdam 2023 about the future of bitcoin and where it could go from here.

It’s a short, fascinating talk that’ll probably challenge some of your beliefs.

2/ The Techno-Optimist Manifesto - Marc Andreessen

Speaking of Marc Andreesen, he released the Techno-Optimist Manifesto this week.

It’s good.

I suspect this essay will become a classic like his Why AI Will Save The World.

3/ Every Angel is Terrifying

This 20-minute film is in complete opposition, or maybe perfect alignment with Marc’s essay above.

It’s different from most things I share. But it’s incredibly thought-provoking.

It was published by Praxis - a company building a futuristic city in the Mediterranean, and written by Riva Tez, a crypto VC.

It’s impossible to do it justice with a summary, but here’s one quote from it-

“Great books teach us that history’s heroes were individuals who rebelled against authority and yet we are educated into blind obedience.”

This kind of ties into both Marc Andreesen’s essay and this Tweet:

Crypto combines two of today's biggest trends.
1. Return to commodity-like money
2. Religious-like online communities
Fade it at your own peril.
— Mippo 🟪 (@MikeIppolito_)
6:30 PM • Oct 18, 2023

If you enjoy the film, you’ll enjoy this interview with Riva Tez.

JUST IN: 🇺🇸 FED Chair Jerome Powell says the current fiscal path we're on is unsustainable.
— Watcher.Guru (@WatcherGuru)
5:17 PM • Oct 19, 2023

The market is starting to price in the Fed's overtightening and weakening economics. Combined with geopolitical tensions + war, the need for QE in the future is increasing rapidly.
This is causing insurance assets (Gold, Bitcoin) to absolutely rip in unison.
— Charles Edwards (@caprioleio)
3:54 AM • Oct 20, 2023

Hear me out: The Fed is done & may actually have to cut rates sooner than anybody expects.
Here's why:
The US government's torrid debt spree ($600B+) in just the past month alone has exacerbated the move in yields due to supply/demand imbalances.
As inflation has been coming… twitter.com/i/web/status/1…
— Sven Henrich (@NorthmanTrader)
10:38 AM • Oct 19, 2023

Even I cannot believe how quickly #Bitcoin is trading w/ gold here, vs stocks. Unprecedented. In March BTC traded down with stocks before catching up w/ gold. It's moving even earlier now.
The take below was spicy because BTC was slightly down on the day. I reiterate it.
— Quinn Thompson (@qthomp)
2:35 AM • Oct 20, 2023

This is one of the most telling charts in crypto.
Short-term $BTC holder supply keeps diminishing, whilst long-term holder supply is increasing.
We're witnessing a mass transfer of wealth from the weak to the strong hands.
— Miles Deutscher (@milesdeutscher)
2:24 AM • Oct 20, 2023

to those who haven’t followed the sbf trial, the summary is basically this:
while it was pretty clear when ftx collapsed that sbf and others had knowingly commingled customer funds, it wasn’t clear when this had started and how much of it just ”kinda happened”
following this… twitter.com/i/web/status/1…
— Eric Wall, reportedly (@ercwl)
5:28 PM • Oct 19, 2023

Behold the pure, unadulterated evil that is bitcoin:
Treasury Sanctions "Hamas Operatives and Financial Facilitators" and reveals the historic fund flow via bitcoin to the tune of- drumroll - $2,000
Just ignore the hundreds of millions in cold hard USD cash used to fund Hamas.… twitter.com/i/web/status/1…
— zerohedge (@zerohedge)
12:58 PM • Oct 18, 2023

Feeding my family in a high interest rate environment
— Ramp Capital (@RampCapitalLLC)
3:18 AM • Oct 20, 2023

(gotta click, but it’s 100% worth it 🤣)

📈 Why gold and bitcoin are ripping 👀

PLUS: The quick summary of SBF's trial

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