«One accurate measurement is worth a thousand expert opinions»
— Grace Hopper
Jeff Walton @PunterJeff
Speculation on logistics of a Strategic Bitcoin Reserve:
US Government backed Bitcoin Bonds
The US Government could auction $200B in Bitcoin bonds with various durations (5-year, 7-year, 10-year, 20-year, 30-year)
Raise capital throughout all of 2025 to buy Bitcoin, pay back loans in fiat upon duration
Running the $MSTR playbook at a Nation level
Competitive rates, access to the money printer, ability to refinance at maturation, etc.
In 2024, the USG appears to have borrowed ~ $2.3T from treasury auctions.
A $200B capital raise would be ~ 8.5% of auctioned raises in 2024
———————- Jan 4, 2025———–
“I think these would sell like hot cakes… higher yields than treasuries, while providing the same USG guarantee. If the money printer runs too hot on one side of the balance sheet, Bitcoin is the vacuum on the other side of the balance sheet. Borrowers would effectively lock in a credit spread, backed by the biggest military power & economy. Holding massive amounts of Bitcoin on government balance sheet would IMPROVE credit rating for the USG, offering lower financing in future auctions… This seems like a no brainer… Perhaps this is
@saylor’s guidance at Mar-a-Lago…”
Fiat denominated USG backed Bitcoin loans.
You print the dollars, or refinance it at a point in the future.
Good Debt (borrowing at 4% to invest in an asset returning multiples of your borrowing rate).
Printing money to buy bitcoin.
Yes, but the money printing would only be a trickle because of the interest payments. And you wouldn’t have citizens in unrest about taking tax payer money to buy Bitcoin… you could skirt that narrative. Seems like the most logical step to acquiring BTC.
$MSTR is the US govt testing grounds for the market’s appetite for bitcoin-backed debt. They need this test to succeed so they can launch bitcoin-backed govt bonds. They need it to succeed, and the only way it succeeds is that $MSTR goes way, way higher.
ChokePoint 2.0
Through a Court order, @coinbase has obtained the unredacted files from @FDICgov and its role in the Operation Chokepoint 2.0 agenda
The documents show a coordinated effort to stop a variety of crypto activity & Paul Grewal calls upon Congress to launch hearings
History Associates Inc. v. FDIC, No. 1:24-cv-1857-ACR (D.D.C.)
FDIC’s Redacted Pause Letters
Am I the only one who thinks we need both term limits and age limits on those holding office and deciding our nation’s direction?
Virginia Foxx 81
Nancy Pelosi 84
Chuck Grassley 91
Grace Napolitano 87
Bill Pascrell 86
Hal Rogers 85
Maxine Waters 85
Steny Hoyer 84