"They’re passing the torch. And the torch is being received by entities who care less about ideology and more about returns. BlackRock doesn’t care about “being your own bank.” They care about portfolio diversification and risk-adjusted returns.

Is that a loss? In some ways, yes. Bitcoin will probably never again have the radical energy it had in its early years. The days of 100x returns in a single year are likely over. The volatility that created life-changing wealth will moderate as ownership becomes more distributed.

But it’s also a victory. Because Bitcoin survived long enough to become boring. It succeeded so thoroughly that the original believers can actually cash out. It proved itself to the point where the most conservative financial institutions in the world are buying it."
~ Jordi Visser

Everyone’s frustrated that Bitcoin’s not pumping. But what if this stagnation isn’t failure — it’s distribution? I break down why the OG whales are finally taking profits, what that means for institutional adoption, and how Bitcoin’s growing stability could mark the start of its next great era.

Check out the original article Bitcoin’s Silent IPO by Jordi Visser on Substack (Link: https://visserlabs.substack.com/p/bitcoins-silent-ipo-why-this-consolidation)

Links & References

• Jordi Visser on X (Link: https://x.com/jvisserlabs)
• Checkmate on X (Link: https://x.com/_Checkmatey_)
• Explore the data Checkmatey shared on Bitcoin holder waves and distribution trends (Link: https://x.com/_Checkmatey_/status/1984723754057113776)

Check out our awesome sponsors!

• Ledn: Need fiat but don’t want to sell your Bitcoin? Ledn offers secure, Bitcoin-backed loans with no credit checks, flexible repayment, and fast turnaround—often within 24 hours. With $10B+ in loans across 100+ countries and transparent Proof of Reserves, Ledn is a trusted option for unlocking liquidity without giving up your Bitcoin. (Link: https://learn.ledn.io/audible)
• HRF: The Human Rights Foundation is a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies. Subscribe to HRF's Financial Freedom Newsletter today. (Link: https://mailchi.mp/hrf.org/financial-freedom-newsletter)
• OFF: The Oslo Freedom Forum is a global human rights event by the Human Rights Foundation (HRF), uniting voices from activism, journalism, tech, and beyond. Through powerful stories and collaboration, OFF advances freedom and human potential worldwide. Join us next June. (Link: https://oslofreedomforum.com/)
• Pubky: Pubky is building the next web, a decentralized system designed to put control back in your hands. Escape censorship, algorithmic manipulation, and walled gardens by owning your identity and data. Explore the Pubky web and become the algorithm today. Don't forget to find me on my Pubky ID here: pk:5d7thwzkxx5mz6gk1f19wfyykr6nrwzaxri3io7ahejg1z74qngo. (Link: https://pubky.org)
• Chroma: Chroma is dedicated to advancing human performance and well-being through cutting-edge light therapy devices and performance eyewear. Their mission is to enhance physical and mental health, unlocking peak human health, cognitive function, a...

"The necessity for guys to be around other good guys and girls to be around other good girls... we had that really well structured all throughout history. We fucked it all up over the last of the last hundred years when we mixed everything together. And the price we're paying for it is that guys are more like women now and women are more like guys. And you start to lose the tension.
Because what you need for any sort of force or charge to exist is you need polarity. You need a positive pole and negative pole. You need a north and a south. You need a day and a night. You need a man and a woman. You need that. And the more you kill polarity and you move things towards sameness and similarity, the more you lose the tension and the more you lose the charge."
~ Aleks Svetski

Aleks Svetski returns to the show - this time as a new father - and we dive deep into how life, virtue, and purpose change once you’re raising the next generation. From home birth and the raw reality of becoming a dad, to the philosophy of Bushido of Bitcoin, we explore growth through discomfort, the tension between opposing virtues, and why true wisdom lives in that tension.

We talk about choosing responsibility over comfort, why the world needs polarity - men as men, women as women - and how modern culture’s obsession with balance and safety is erasing meaning. Svetski shares his evolving view on individualism, the rise of the “sovereign tribe,” and why character must come before capital.

We end by diving into his latest project, building tools for the experience economy - products that drive us off the screen and back into the real world. It’s a whirlwind of fatherhood, philosophy, Bitcoin, and growing the courage to say no so you can build what really matters.

Check out our awesome sponsors!

• Ledn: Need fiat but don’t want to sell your Bitcoin? Ledn offers secure, Bitcoin-backed loans with no credit checks, flexible repayment, and fast turnaround—often within 24 hours. With $10B+ in loans across 100+ countries and transparent Proof of Reserves, Ledn is a trusted option for unlocking liquidity without giving up your Bitcoin. (Link: https://learn.ledn.io/audible)
• HRF: The Human Rights Foundation is a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies. Subscribe to HRF's Financial Freedom Newsletter today. (Link: https://mailchi.mp/hrf.org/financial-freedom-newsletter)
• OFF: The Oslo Freedom Forum is a global human rights event by the Human Rights Foundation (HRF), uniting voices from activism, journalism, tech, and beyond. Through powerful stories and collaboration, OFF advances freedom and human potential worldwide. Join us next June. (Link: https://oslofreedomforum.com/)
• Pubky: Pubky is building the next web, a decentralized system designed to put control back in your hands. Escape censorship, algorithmic manipulation, and walled gardens by owning your identity and data. Explore the Pubky web and become the algorithm today. Don't forget to find me on my Pubky ID here: pk:5d7thwzkxx5mz6gk1f19wfyykr6nrwzaxri3io7ahejg1z74qngo. (Link: https://pubky.org)
• Chroma: Chroma is dedicated to advancing human performance and well-being through cutting-edge light therapy devices and performance eyewear. Their mission is to enhance physical and mental health, unlocking peak human health, cognitive function, and physical performance. Get 10% off your order with t...

“Live by the mNAV, Die by the mNAV”.

What happens when financial alchemy meets the hardest money in history? In this episode, we explore how Bitcoin treasury companies may be repeating the speculative sins of the 1920s—where reflexivity, leverage, and overconfidence turned “innovation” into collapse. The question is: will Bitcoin break the curse, or amplify it?

Check out the original article Read_911 - Bitcoin TreasuryCos: Lessons From The 1929 Crash (Speculative Attack! Part III) by Be Water (Link: https://bewaterltd.com/p/bitcoin-treasurycos-lessons-from)

Links & References

• Read_909 - Bitcoin Treasury Companies (Speculative Attack! Part I) (Link: https://fountain.fm/episode/eShOXODGdCH3BD3M9Mzn)

• Read_910 - Bitcoin TreasuryCos & The Roaring 20s: Speculative Attack! Part II (Link: https://fountain.fm/episode/z21X5ypXXezxWQ1Y827s)

• The Flight into Fake Values by Be Water (Link: https://bewaterltd.com/p/the-flight-into-fake-values)

• The Great Crash 1929 by John Kenneth Galbraith (Link: https://www.amazon.com/Great-Crash-1929-Kenneth-Galbraith/dp/0547248164)

• Shelling Out: The Origins of Money by Nick Szabo (Link: https://nakamotoinstitute.org/library/shelling-out/)

• Read_882 - The Great Taking [P1] on Spotify (Link:https://open.spotify.com/episode/0CBszl5R5aWETQHN5wSgoo)

Check out our awesome sponsors!

• Ledn: Need fiat but don’t want to sell your Bitcoin? Ledn offers secure, Bitcoin-backed loans with no credit checks, flexible repayment, and fast turnaround—often within 24 hours. With $10B+ in loans across 100+ countries and transparent Proof of Reserves, Ledn is a trusted option for unlocking liquidity without giving up your Bitcoin. (Link: https://learn.ledn.io/audible)
• HRF: The Human Rights Foundation is a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies. Subscribe to HRF's Financial Freedom Newsletter today. (Link: https://mailchi.mp/hrf.org/financial-freedom-newsletter)
• OFF: The Oslo Freedom Forum is a global human rights event by the Human Rights Foundation (HRF), uniting voices from activism, journalism, tech, and beyond. Through powerful stories and collaboration, OFF advances freedom and human potential worldwide. Join us next June. (Link: https://oslofreedomforum.com/)
• Pubky: Pubky is building the next web, a decentralized system designed to put control back in your hands. Escape censorship, algorithmic manipulation, and walled gardens by owning your identity and data. Explore the Pubky web and become the algorithm today. Don't forget to find me on my Pubky ID here: pk:5d7thwzkxx5mz6gk1f19wfyykr6nrwzaxri3io7ahejg1z74qngo. (Link: https://pubky.org)
• Chroma: Chroma is dedicated to advancing human performance and well-being through cutting-edge light therapy devices and performance eyewear. Their mission is to enhance physical and mental health, unlocking...