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January 5, 2025 15 mins


1. Growing Institutional and Sovereign Interest in Bitcoin:

  • National Reserves: Several sources point to a growing interest in nations holding Bitcoin as part of their national reserves, similar to gold.
  • A future where Bitcoin becomes a strategic reserve for Switzerland could soon become reality."
  • Ryan from Stratus argues for a US Strategic Bitcoin Reserve (SBR) to "diversify, not replace, existing reserves." They propose the SBR should be treated as a key resource, like gold or oil, and note the US already holds ~1% of the total Bitcoin supply through seizures.
  • Geopolitical Drivers: Several sources note that politicians are considering Bitcoin inclusion in strategic reserves, particularly in light of Donald Trump's pro-crypto stance and a perceived trend of "de-dollarization" away from US dollar dominance.
  • Ryan from Stratus argues that the US could demonstrate "democratizing finance through inclusion, neutrality and transparency is more important than imposing dollar hegemony."
  • Central Bank Purchases: As noted by the VanEck CEO, foreign central bank purchasing and a shift away from the USD are major drivers of the gold bull market.

2. Bitcoin as a Hedge and Store of Value:

  • Inflation Hedge: Bitcoin, with its fixed supply, is highlighted as a "hedge against currency devaluation."
  • Store of Value: "Bull markets in gold and Bitcoin are supported by inflationary pressures, fiscal uncertainty, and de-dollarization trends," and argues that these are "essential for any portfolio seeking to guard against inflation."
  • Insurance Against Systemic Risk: Multiple sources describe Bitcoin as monetary insurance and a hedge against systemic risk. Ryan from Stratus notes that it is an "escape hatch" against systemic risks, inflation, and debt instability.
  • Long-Term Wealth Preservation: VanEck notes that Bitcoin is in a 3-year bull market cycle following the halving event, further positioning it as a "pivotal asset for long-term wealth preservation."

3. Technological and Philosophical Arguments for Bitcoin:

  • Decentralization and Censorship Resistance: Ryan from Stratus emphasizes that Bitcoin’s "permissionless, decentralized, global peer-to-peer (P2P)" network provides security and "censorship resistance." The "Bitcoin transactions are immutable" due to the decentralized nature of the network.
  • Adam Smith and Bitcoin: The Stone Ridge letter argues that Bitcoin represents a better alternative and a return to the principles espoused by Smith. They also say that they view bitcoin as "digital property. We finally have liquid land."
  • Time as the Key Driver: Fiat currency allows central banks to "steal time" by printing money, whereas Bitcoin has a fixed pace ("block height") of "depletion of the most valuable resource in the universe, our time".
  • Bitcoin as a New Universal Constant: The Stone Ridge letter frames Bitcoin's pace of block generation ("b") as a "new universal constant" that is "dependent on no one, measurable by anyone, the answer never changing."

4. Other Key Developments & Insights:

  • FDIC Letters: Coinbase has released unredacted FDIC letters, which CryptoSlate notes, "urging banks to avoid offering basic Bitcoin services." This highlights continued institutional resistance to Bitcoin from some traditional finance players.
  • Bitcoin-Collateralized Loans: Stone Ridge anticipates the emergence of a "cheap" bitcoin-collateralized fiat lending m
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