The Bitcoin Business Newsletter | Bitcoin's Resilience Over 15 Years
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Overview of this weeks newsletter
- Key insight
- Top news stories
- Recommended articles & resources
- Recommended shows
- Chart of the week
Key insight
This week’s key insight, by Felipe Muñoz, is a debunking of ongoing negativity and doomerism, as bitcoin OG’s, Mechanic, and Jimmy Song take to the stands.
In a recent article posted on X, Jimmy Song praises bitcoin Maximalists who were early to point out that the broader crypto community didn’t add any new value to the industry. ICOs, non-bitcoin blockchains, DeFi, NFTs, and Web3, “were all vehicles to sucker new people into giving VCs and token founders money”.
Originally used derogatorily, the term “bitcoin maximalism” has transformed from an insult into a badge of honor. Initially, it labeled those who criticized the shortcomings of altcoins. But as time has passed, to be a Bitcoin maximalist is to have been proven right.
Most crypto-token founders come and go, and new names appear all the time. As tokens are debased, projects rebrand to get away from their own history. We need not look further out than Ethereum 2.0 and bitcoin ABC rebranding to eCash.
On the other hand, bitcoin Maximalists' reputation continues to enhance.
“Which is why this current doomerism is so annoying,” says Jimmy Song. People continue to argue an altcoin might surpass bitcoin unless there’s a fork with “better properties” introduced, or that Blackrock and the U.S. government having lots of bitcoins would spell doom for it. But “these arguments have little basis in reality, given what has happened the past 15 years”, Jimmy adds “bitcoin is more than fine, we are winning”.
We live in a world where most of us don’t see the work being done in the trenches, where many believe that technology improves and advances effortlessly and by itself.
In reality, passionate people work tirelessly to make their ideas blossom, and to have enough people exposed to their innovations, so that the result of their grit can be enjoyed and used by as many people as possible.
Mechanic (@grassfedbitcoin on X) reposted Jimmy’s article arguing the lengths to which bitcoin maximalists are willing to go “to make this thing work”. Together with the team at OCEAN he has more or less solved the looming centralization issue in the mining industry.
Since 2011, he has addressed FUD (Fear, Uncertainty, Doubt) in bitcoin forums, where many of the theoretical concerns voiced happened. Exchange hacks, extreme volatility, rogue devs, illegality, altcoins, and hostile takeover attempts. Bitcoin survived every single one of them.
“We're seeing a new wave of adoption currently and the same things that come up every cycle are incessantly coming up again. ‘omg BlackRock’, ‘omg quantum computers’, etc. It's all pretty funny if a little frustrating.”
As the cycles repeat and the skeptics shout, bitcoin stands resilient, proving time and again that maximalism isn’t just a belief; it’s a testament to a vision that stood the test of time.
Top News Stories
MicroStrategy Plans Shareholder Vote to Boost Bitcoin Fund – Bitbo
MicroStrategy seeks shareholder approval to expand stock issuance as part of its ambitious 21/21 Plan to acquire more Bitcoin.
El Salvador Acquires 11 Bitcoin Following IMF Agreement
El Salvador added 11 Bitcoin to its reserves after securing a $1.4 billion IMF deal limiting government Bitcoin activities.
MARA Acquires $1.5 Billion in Bitcoin Through Convertible Notes
MARA acquired $1.5 billion in Bitcoin, raising its holdings to 44,394 Bitcoin worth $4.45 billion through convertible notes.
Metaplanet Buys 620 BTC in Largest Purchase Yet – Bitbo
Japanese investment firm Metaplanet makes its largest Bitcoin acquisition, purchasing 620 BTC for $60 million as part of its growing treasury strategy.
Arthur Hayes Urges U.S. to Devalue Gold and Build Bitcoin Reserve – Bitbo
Arthur Hayes advocates for gold devaluation and a U.S. Bitcoin reserve to boost the economy and strengthen America's financial dominance.
Hut 8's Bitcoin Reserve Tops $1 Billion After $100M Purchase – Bitbo
Hut 8 bolsters its Bitcoin reserve to over 10,000 BTC worth $1 billion with a $100 million acquisition, strengthening its growth and financing strategies.
Other Noteworthy News
MicroStrategy Acquires 5,262 Bitcoin at Record Average Price of $106K
Bitcoin Falls Below $100K After Fed Chair Powell’s Remarks
While Republicans in the US embrace Bitcoin, South Africa’s left-wing populist MK party is also pushing for a Strategic Bitcoin Reserve
SEC Commissioner Hester Peirce suggests that in-kind redemptions could be introduced to Bitcoin spot ETFs in 2025.
Relai acquires 13 BTC for $1.2 million at an average price of $94K per BTC for their Bitcoin treasury.
Powell says Fed cannot hold bitcoin, not seeking to change that
Recommended Articles
Why Bitcoin Is Pristine Collateral For Lending
Bitcoin’s attributes will lead to its inevitable usage as collateral for lending, mainly due to its superiority over real estate’s properties.
Bitcoin’s attributes will lead to its inevitable usage as collateral for lending, mainly due to its superiority over real estate’s properties.
Key Fed inflation measure shows 2.4% rate in November, lower than expected
The PCE price index was expected to show a 2.5% annual inflation rate in November after rising 0.2% monthly.
A look at the key Fed inflation numbers for November.
Recommended Podcasts
Disrupting Taxes and Reigniting the American Dream with Thomas J Cryan (WiM539)
The "What is Money?" Show · Thomas J. Cryan joins me to discuss the nature of taxation, tariffs and the national debt, wealth inequality and money printing, inflation as a hidden form of taxation, the founding fathers and taxation, lobbying and corporate taxes, and how we can reignite the American Dream.
Bitcoin for SME's and Corporations. @Bitcoinshire #510
Once Bitten! A Bitcoin Podcast. ·Mi-Primer #Bitcoin for the boardroom.
Chart of the Week
M2 Money chart
M2 tracks the total money in the economy, including cash, savings, and deposits. Its changes reflect economic growth, inflation, or tighter monetary policies.
“Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It's completely decentralized with no server or central authority.”
– Satoshi Nakamoto in email January 9, 2009
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