Gold is repricing trust. Below is the updated debt-to-gold ratio. For 100+ years it climbed almost in one direction as fiat replaced discipline. As @LynAldenContact has shown, gold couldn’t keep up with the telegraph — money had to move faster than metal. As @saifedean explains, WWI accelerated the break from sound money and ushered in the debt-laden fiat century. The ratio just turned — but not because debt fell.

Back page of today’s WSJ.

Europe and the U.S. are taking very different paths toward tokenized finance. Europe is putting the central bank directly into the settlement architecture. The U.S. is largely letting private institutions build the rails while regulators set the rules. Same technological revolution. Two very different theories about who should build the financial infrastructure. Anyone care to guess which will produce more innovation?

I laughed aloud at IAEA's prediction that SMRs will provide up to 28% of new nuclear capacity by 2060. My estimate for SMRs in 2060 is more like 10%. And only 5% for conventional LWRs. I expect at least 70% of the new-capacity supply to come from factory mass-produced XMRs that are assembled rather than constructed on-site. cc @AaloAtomics

When’s the last time we had a real major buyer of BTC be revealed? Has it really been since Tesla in Jan 2021? How long until even one ultra HNWI, SWF, pension fund, etc. discloses a multi billion $ direct position? I don’t think we’re as late to the Bitcoin trade as people say.

I love that Bitcoin doesn't stop trading at 4pm.

Law schools are simultaneously banning AI from some classrooms and requiring students to learn how to use it. Education now has two jobs: ensure development of critical thinking without AI, then teach you to think better with it. Skip the first and AI becomes a crutch. Skip the second and you enter the workforce unnecessarily handicapped.

Why isn't financial education taught every year in school? It is by far the most important topic to cover.

These are the three publications going out the next three days for those looking to benefit from the AI Crypto Macro Nexus point we are at now. This will explain Why Now. If you waited too long to understand AI, don't repeat the same thing with the rails needed to support the new agentic economy as the swarms have arrived.

Don't miss my brand new show with Jordi Visser. @jvisserlabs says he sees Bitcoin differently than anyone he knows, and that includes Saylor. He agrees it will serve as the collateral of the system, but he disagrees about what gets it there. We get into the latest AI warnings, whether the data center spending ends the way 2008 did, what actually starts Bitcoin's next bull run, and why he thinks worrying is waste of energy. Let us know what you think in the comments. Timestamps: 00:00 Trailer 00:56 Was the AI safety scare coordinated? 6:24 Who really benefits from regulation 9:49 Why the government can't let prices fall 15:18 Is the data center boom another housing bubble? 21:05 Why so few people own so much 26:40 What comes next for Bitcoin and digital money 32:36 The $184 trillion nobody talks about 43:40 The one thing he says survives everything 54:52 Why worrying is the worst investing habit

Individuals are buying bitcoin at the fastest pace in years. Bitcoiners, we are so back.

1/ For those who have been asking, next week is the beginning of my weekly crypto video and research. The first question is WHY NOW? Because crypto has reached an important transition: from investing primarily in the promise of future adoption to investing in measurable economic activity. And AI agents are the catalyst.

In 2020, the US printed $6 trillion. The average American salary is $60,000 (that’s 100 million years of human labor stolen in a single year through currency debasement). If each person works roughly 50 productive years across their lifetime, that single instance of money printing (aka currency counterfeiting) equals 2 million human lifetimes’ worth of labor energy. You should figure it out, before it’s too late:

The following senators voted “NO” on CLARITY cloture and are up for reelection in Nov; vote against @CoryBooker @SenatorCollins @SenatorHick @SenatorLujan @SenMarkey @SenJeffMerkley @ossoff @SenJackReed @MarkWarner

Bitcoin was literally built for this moment

It pains me to see a large percent of all Bitcoin & digital assets stored on closed source hardware. Tomorrow we are making it easier than ever to switch to open source.

There are a lot of Bitcoin accounts on X. These are 10 I think you should be following right now: @bensig — Ben Sigman Ben is on fire. One post hit 5M views this month. He’s also putting together Bitcoin Alpha with me for the third time. @sminston_with — Sminston His quant takes are moving him into pole position. Amazing charts. Second to none. @peruvian_bull — Roberto Rios My favorite macro voice these days. Consistently sees things others miss. He’ll be at Bitcoin Alpha. @LukeGromen — Luke Gromen Took plenty of arrows for selling most of his BTC around $95K, but his recent work has been excellent — especially on the private-credit bubble. @ProofOfMoney — Terence Michael My favorite Bitcoin host. Bitcoin Today is consistently one of the best Bitcoin shows out there. He’ll be at Bitcoin Alpha. @1basemoney — Matthew Mežinskis Amazing charts, especially on global money-supply growth. Keynoted Bitcoin Alpha last year. @Werkman — Ben Werkman Arguably one of the strongest voices on the Bitcoin treasury side right now. @dmweisberger — David Weisberger One of the sharpest voices on Bitcoin market structure. Deep experience in liquidity, exchanges, execution, ETFs and institutional plumbing. @LynAldenContact — Lyn Alden One of the best macro thinkers in Bitcoin. Exceptional on liquidity, fiscal dominance, debt and the monetary system. @jameslavish — James Lavish One of my favorite voices on rates, credit and Bitcoin. Especially strong on what’s happening beneath the surface in bond and credit markets. Follow all 10.

Thanks a lot, now i need to add a new line in my DCF calculation! How do i do that?!!!

Consumers have their own trade policy! Canadian consumers are buying fewer American products. Grocery chains are responding by finding new suppliers and changing what’s on their shelves. Economists spend a lot of time modeling tariffs. But change what consumers are willing to buy, and supply chains eventually change what they’re willing to sell.

US debt is at the highest level in history. Cost of rent is at the highest level in history. Food prices are at the highest level in history. College tuition is at the highest level in history. Vehicle prices are at the highest level in history. Health insurance is at the highest level in history. Cost of childcare is at the highest level in history. Home prices are at the highest level in history. The money supply is at the highest level in history. This is what happens to prices when the currency is broken.