Is Bitcoin The Solution to Current Macro Problems?
Hyperinflation | Saga Mainnet | SEC's Goals | Man Behind The Crypto Crackdown | BTC as last resort
GM Intels, this is your Daily Bolt briefing.
Today's briefing delves into the current macro situation and uncovers the maneuvers unfolding in Washington regarding the United States hostile stance against cryptocurrencies. We also give our brief report on hyperinflation’s history, and current projections.
Furthermore, we'll explore the potential of Bitcoin as a potential beacon of hope amidst the chaos. Stay vigilant.
Over and out.
Key Discussions Happening Today
1/ What’s On My Mind Ep. 12 - Hyperinflation
Preview: In this episode, Nick Drakon and Souvlaki talk about hyperinflation, U.S. dollar, Bitcoin, historical data of hyperinflation scenarios and more. Click here to listen to the full episode.
Length: 57 mins | OUR NOTE: 5 mins
There are times that some products’ prices go down over time because of technological advances.
Globalization and general advancements in a certain industry make it cheaper to produce which bring costs down.
Over the course of recorded time, there have been 50 instances of hyperinflation and they generally come about through circumstances that point towards poor monetary policy and poor decision making.
One of the reasons is an increase in the money supply not supported by economic growth.
2/ Cryptocito - with Rebecca Liao - Saga's Road to Mainnet
Preview: In this episode, Cryptocito is joined by Rebecca Liao from Saga to discuss Saga’s Road to Mainnet and $SAGA Airdrop NEWS! Click here to listen to the full episode.
Length: 43 mins | OUR NOTE: 3 min
Here are some key takeaways:
Saga is a chain that allows developers to automatically get onto their own dedicated chains, and they focus on gaming and entertainment as this sector requires high transaction volumes and predictability around gas fees.
Saga's technology allows for a decentralized generation of content, where the community can contribute to game design, gameplay, and the future of the game.
Projects can choose whether or not to use $ATOM as a gas token.
3/ Bankless shows – SEC Commissioner Hester Peirce’s thoughts on the SEC
Preview: In this episode, Ryan Adams and David Hoffman are joined by SEC Commissioner Hester Peirce to discuss her opinions on SEC, self-regulation, decentralization, and more! Click here to listen to the full episode.
Length: 60 mins | OUR NOTE: 8 mins
Here are some key takeaways:
The crypto industry should have a healthy relationship with the SEC, which can be achieved by providing guidance instead of strict enforcement, expanding its jurisdiction, and recognizing the unique aspects of the crypto space.
To achieve the potential of decentralized crypto activity, a different regulatory approach is necessary, recognizing the benefits of decentralization and not simply layering traditional regulation on top of it.
The SEC's mandate is to regulate activities around capital raising, so it should focus on regulating that.
4/ Swan Bitcoin – Swan Signal Ep. 101 – with Mark Moss and Tone Vays
Preview: In this episode, Sam Callahan is joined by Mark Moss and Tone Vays to discuss the possible systemic bank failures in real time, out-of-control government debt levels and why Bitcoin is a lifeboat on a sinking ship. Click here to listen to the full episode.
Length: 62 mins | OUR NOTE: 3 min
Here are some key takeaways:
The Fed said in 2020 that they wouldn’t raise rates for 4 years so nobody expected the rates would be raised until 2024.
In the last 4 or 5 decades, they’ve bankrupted themselves, they’ve bankrupted the treasury and now, they’ve bankrupted the banks.
Other countries are resolving between each other because they’re all finding a common ground that the U.S. is their mutual enemy.
5/ Coin Bureau - The Man Behind The Crypto Crackdown
Preview: In this episode, Guy talks about Michael Barr, crypto banks, stablecoins, CBDCs and more. Click here to listen to the full episode.
Length: 20 mins | OUR NOTE: 4 min
Here are some key takeaways:
Michael Barr was a key architect behind the Dodd-Frank Act, which legalized bank bail-ins in the U.S then paved the way for similar legislation around the world.
Michael started his speech by saying that the Fed wants to learn from the recent turmoil in the crypto markets.
He said the Fed doesn’t want to stifle innovation but wants strict crypto regulations especially around stablecoins.
On the Revelo Intel platform, we’ve summarized these 5 episodes and in total, would have saved you: 3 hours and 39 minutes!
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Note of the Day
A Flight to Safety in Bitcoin & Bitcoin Narratives
In this Twitter Space, hosted by Scott Melker, Crypto Trader, Investor, and Host of The Wolf Of All Streets, is joined by Michael Saylor, Founder & Chairman of MicroStrategy, and Saifedean Ammous, Author of The Bitcoin Standard.
Read our notes below to learn more.
A Flight to Safety in Bitcoin
Michael
There has been a micro crisis of confidence in crypto that’s about 1% of the world's money.
There is a second act which is a mainstream crisis of confidence and financial assets that is all the world’s money.
It starts with a crisis, confidence, and derivative that Michael called Terra Luna Complex, it’s derivative, complex and it clashes.
FTX is an example of a meltdown.
The shutdown of Silvergate accelerated the loss of confidence of the regulators.
It says that there's uncertainty across the board.
The reason banks are in trouble is they are not marketing the market.
Assets are a credit bubble.
There’s a regulatory dysfunction, a conflict between the judge, the bankruptcy judge, and a voyager case.
BlockFi was a good idea but it was unstable.
Michael thinks that the Bitcoin rally is due to the mainstream adoption of Bitcoin.
Bitcoin rally is due to the Crypto adoption of Bitcoin.
His view is that Bitcoin is an open, permissionless, digital commodity, nobody controls it and everybody has to pay.
He said that he doesn't have control of protocol since it's everybody’s property.
365 days, 24/7 trading is a good idea.
If Bitcoin was made into a reserve asset of the ecosystem, then people would at least find moral bearings, economic bearings, and even technical bearings.
Based upon the foundation, a world can be built.
Everything going on in the crypto ecosystem and the bitcoin world is just a sideshow.
The mainstream opera, the regulators, and politicians, they’re gonna fight and are going to take a lot of actions to stabilize that.
They’re not going to fix it since there are a lot of complicated things going on.
People can expect that this is just taking them from 0.1% to 0.2% to eventually 1%.
The main show is going to be conventional banking.
Save what can be saved and do what can be done.
It’s ironic and counterintuitive that when a bank corrupts gun companies, the politicians say they're going to make guns legal.
He feels confident in the Bitcoin protocol.
Scott
If Bitcoin is the settlement layer people can trust it.
He can just sell his Stablecoins if that is so.
People in the ecosystem didn't get in the ecosystem because they believe that buying dollars, pesos, yen and etc. can get them rich.
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A Narrative for Bitcoin Trading
Michael
He thinks that it’s a catalytic crisis that has a great decoupling.
People need a crisis to change their beliefs.
The Crypto meltdown put everybody on edge.
In the mainstream media, people are ignoring Bitcoin as a bank.
Bitcoin is a bank and cyberspace run by incorruptible software.
It’s a speculative asset.
A protocol allows it to be a security, not a commodity.
Maximalists in the Mainstream
Michael
Everybody in the Crypto community comes together to get behind Bitcoin and then figure out how they enable onboarding, adoption, education, etc.
Take any good idea.
Focus on how we can accelerate the adoption of Bitcoin.
Everybody in the world has two crosses to bear.
Bitcoin is an instrument of economic empowerment.
Bitcoin’s growth is going to progress next decade.
A lot of people are talking about how Bitcoin can be an alternative.
They realize the benefit of self-custody and the benefit of having a Decentralized bank.
Bitcoin is a safer asset to replace the bond on earth right now.
People are fixated on how Bitcoin replaces the banks.
Saifedean
People thought of Bitcoin as cool software.
There is no safe haven.
Once people figure out how it works then everything follows along.
Q: Is there something you do specifically to optimize your time and be more efficient with how you are responding to people? Where do you tell them to start?
Michael
He says that Bitcoin is hope. Go to Hope.com.
It’s a website that has everything people are curious about.
The other thing he does is keep his laser eyes on. This Means Bitcoin is an instrument of economic empowerment that can make the world better.
He limits his focus or bandwidth telling people why Bitcoin is fixed.
Anything that makes Bitcoin easy to understand, makes it less risky, and makes it simpler, and quicker, is a good thing.
People have to choose their battles and figure out which one can win.
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