One of the laziest arguments used against bitcoin: "It has no intrinsic value!" This critique misunderstands what Ben Graham meant by "intrinsic value" and incorrectly assumes it only applies where cash flows can be found. Graham defined intrinsic value as the value justified by the facts and prospects of an asset. In plain terms: once the market fully understands an asset, what will it be worth in the future, and how much purchasing power will it afford me? Cash flows are one way to estimate that for a business. Gold has answered the same questions for 5,000 years without producing a dime of cash flow. Bitcoin's price has always been structurally disconnected from its intrinsic value for a simple reason. Well under 1% of the world deeply understands its monetary properties. The majority of people who have heard of bitcoin don't even know there will only ever be 21 million. Markets can only price what participants understand. At ~50% off the highs, bitcoin trades at ~4% of gold, an asset it improves upon in every monetary dimension. That gap is education, and every price drawdown in bitcoin's history has minted the next class of students who close it. As education spreads, adoption follows, and price converges toward the value of the best savings technology ever created.

One home for your bitcoin. Earn, buy, borrow, and pass it on. Secured by three independent institutions and controlled only by you. Bitcoin for generations.

The 30-year Treasury yield just hit a 2004 high, and bitcoin rallied 31% into it. The turn came Aug 19, the day Treasury doubled its long-end buybacks. The bond market is calling the bluff. Bitcoin is pricing the bigger intervention to come.

Bitcoin has historically sold off into rate hikes. This week it moved up. @BackslashBTC sees the hike as ceremonial and will not tame inflation. It buys Warsh and the Fed credibility before something breaks and they are forced to ease. @backslashbtc on Final Settlement.

"That's why Onramp has become part of how I think about protecting my family's bitcoin for generations." Co-founder of @BitcoinNewsCom, @_Rob_Wallace, on Multi-Institution Custody, insurance through Lloyd's of London, and an inheritance plan built in from day one.

Bitcoin added $437B from Aug 18 to Sep 23, more than two thirds of the $640B added across the whole market. Seven assets took 94% of it, out of more than 21,000. It rallied through a hawkish Fed and the Clarity Act failing. ETF flows turned positive. (via @Bloomberg)

Saving used to mean saving. You could store the product of your labor in money without being forced into stocks, bonds, real estate or increasingly complex financial products just to preserve its purchasing power. Today, standing still means getting run over. Bitcoin offers something remarkably simple. Bitcoin owners can simply save again.

i keep seeing that people are tossing in the towel after years of self custody and parking their BTC in an ETF or single custodian one set of major trade offs for another you should know, there's a third way

The gap between buying & securing bitcoin is where mistakes happen. With Onramp, it doesn’t exist. Every buy can settle directly into your Multi-Institution Custody vault. Nothing to copy, nothing to get wrong. Pair with zero-cost DCA. Save in bitcoin, securely, on autopilot.

The US Treasury is buying back its own long bonds and the 30-year still printed its highest yield since 2004. Most allocators have never owned gold, let alone bitcoin, because they still trust that there's a way out. The market is telling you otherwise. [@BackslashBTC on TLT]

Save a dollar at the start of 2020. Six years later it buys about 78 cents' worth of stuff. Save it in bitcoin instead and it buys $8.78 worth. You didn't need to trade, time anything, or follow a single headline. Focus on your craft, save in the right unit, and you came out ahead of nearly everyone. This week, on The Last Trade... ⚡️ Bitcoin ETFs log their biggest inflow day of 2026 ⚡️ BlackRock publishes research on AI agents needing machine-native money ⚡️ Howard Marks says the problem is the dollar, then stops one step short of the answer ⚡️ More attacks on crypto holders, single points of failure, plus the FBI data leak ⚡️Why every outcome of the AI buildout ends with printing dollars [@MTanguma @macrojack21 @BackslashBTC]

ATTN: Listeners of The Last Trade. I cordially invite you to @OnrampBitcoin "After Hours" on Sept. 30th in Philadelphia. Please join us a week from today for drinks and good conversation. RSVP below 👇 I heard if enough people attend that @MTanguma will be flying in to join

For 140 years Americans could save in dollars and lose nothing. It was ordinary from Jefferson to FDR. Then the dollar lost its anchor, and it has lost 97% of its purchasing power since. Bitcoin makes saving ordinary again.

ETF flows flipped positive for the year. The average holder is back above water. BlackRock is bull posting about bitcoin and AI. Live shortly with the fellas @MTanguma @macrojack21

The Last Trade - LIVE nitter.net/i/broadcasts/1yxBePQMP…

The Last Trade LIVE... ⚡️ BTC $85K and climbing ⚡️ ETF flows flip positive ⚡️ Howard Marks vs. laws of economics ⚡️ FBI leak, bitcoin attack map ⚡️ AI's $3.1T hidden tab & more! TAP IN 🔊

The 2024 subsidy halving cut bitcoin's issuance to half of gold's. Today it runs at 0.82% a year against gold's 1.7%, CPI's reported 2.7%, and M2's 6.0%. Debasement is the tax no one votes on. Gold kept it low. Bitcoin ends it on a fixed schedule.

Signal vs. Noise - LIVE nitter.net/i/broadcasts/1dGYlaROW…