BREAKING: 🚨 G20 finance leaders are calling digital assets a potential driver of economic growth: "We recognize the transformative role that digital financial innovation, including digital assets, can play in supporting broad-based economic growth and the key role of the private sector in driving this innovation."

Scott Bessent in 2023 described dollar thirst before dollar boycott. 2 years later he is Treasury Secretary and the yen is already back at 160 after the failed intervention. Warsh wants hikes. Bessent warns the world could break. They are not on the same page. They are running the same play from opposite sides. Bitcoin just flashed the yellow candle that last delivered an 8x. Rustin connects the dots 👇

Scott Bessent gets a new lever the next Fed decision can't touch. Dante connects the Genius Act and the Clarity Act to something bigger than crypto rules. Stablecoins become a new channel for financing US debt, one that doesn't run through the Fed's rate decisions at all. 👀

Dante flags the part of this bull market nobody wants to think about. In 1933 the government ordered Americans to hand over their gold. Executive Order 6102. The more money that flows into Bitcoin ETFs and yield products inside the regulated system, the easier it gets to justify a digital version of that same order.

Strive CEO Matt Cole says, "the four-year cycle is broken." "My view is that this is a potential for a super cycle, a bull run, a return scenario that is something like Bitcoin's never experienced in its history." "The reality to me is that the dollar and fiat currencies generally are worthless or being debased at increasing speeds... and so I don't think that that will mean that Bitcoin's returns will slow down, actually, because they're gaining versus a fiat currency that's quickly and more frequently being seen as something that is losing value by more and more people."

Bitcoin's worst cycle ever still returned 714% off the low. Run that from this summer's 58,000 bottom and you land at 475,000. Bernstein's own bull case tops out at 500,000 by 2029. Wall Street's best case is roughly equal to Bitcoin's worst cycle in history, and that's the number Hurley wants stuck in your head. 👇

Rustin pulls a number most people missed this quarter. Wages and salaries are down to about 43 percent of US gross domestic income. That's the lowest share since the government started tracking it in 1929. GDP can rise, stocks can rise, the national debt can rise. The guy buying groceries can still feel like he's being mugged at checkout.

Strive CEO Matt Cole describes what he believes could be a grand slam setup for Bitcoin: "I think we're set up for a structural decline in the dollar, more similar to the 80s or the early 2000s, which would be something that's never happened in Bitcoin's history." "This last week, Bitcoin broke out pretty definitively, in my view, versus the dollar... but also versus gold, which to me says it's reclaiming its role as the fastest horse that it should be." "I think this could really be a bull market for the ages for us."

Dante pulls the stat that puts this year in perspective. Bill Miller, whose father was one of the earliest investors in Amazon, on the math: this year's US budget deficit alone is bigger than Bitcoin's entire market cap. Not the debt. Not a decade of deficits. Just this year's shortfall out-values every Bitcoin that exists. 👀

Hurley connects a law nobody's watching to a tweet nobody flagged. The Treasury Secretary can revalue America's gold with a signature. It's still on the books at $42 an ounce from 1971. Real price is over $4,500. Every $4,000 gold moves is another trillion dollars Bessent can create without new taxes or new debt. Late August, on his own account, he wrote that Treasury is exploring budget neutral ways to buy more Bitcoin. That's not a coincidence.

We’re so back

Dante pulls the number that stopped him mid-scroll. Jordi Visser on the past few days in Bitcoin: "This is a seven sigma week. There's only been three in the last decade greater than five." And the Clarity Act hasn't even had its vote yet. 👇

Rustin pulls up the receipts on Elizabeth Warren's anti-crypto army. She declared it in February 2023, when Bitcoin was $24,000. Bitcoin is $78,000 now. Up 3x since she declared war. Her bill died. Her army never showed up. 👇

Vitamin ₿ #Bitcoin

JAMES LAVISH: "The US Treasury can't refinance $15T of debt at 5%. That would be catastrophic. So, what would they do? They would go out there and buy them instead. That's yield curve control. That's the expansion of the money supply." Dante breaks down why this is the trigger for the next Bitcoin cycle. 👇

Hurley pulls the quote everyone's repeating this week. Raoul Pal on the Treasury doubling its bond buybacks: "The extra dollars are small. The signal is enormous." He's calling it the Bessent Put. The Fed didn't blink first this time. The Treasury did. 👇👀

Steve Keen called 2008 years out. Now he says the private debt unwind ahead is bigger: a depression, 1929 or worse. Rustin ties it to what's happening right now: the yen carry trade unwinding, the Treasury buying back its own bonds, Bessent quietly talking about marking gold to market. Samson Mow's answer to where it ends: rebase the dollar to one satoshi. 👇

No one can stop what is coming. Bitcoin 🐂

Dante digs up the clip of Paul Tudor Jones laying out the loan the US government asks every bondholder to sign. "You've lent me $700,000. I want to borrow $40,000 more every year for the next 30 years. Then I'll pay the whole thing back." "Would you lend me that money?" "Unlikely." That's the deal Washington needs every buyer of a 30 year bond to take.

SCOTT BESSENT: "Treasury is moving quickly to implement the GENIUS Act to cement the role of the U.S. dollar as the world's reserve currency." Posted yesterday. Hurley's explains how the same act meant to save the dollar is what builds the rails for the neutral reserve asset that ends up replacing it.