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Greetings and salutations my fellow plebs. My name is Walker and this is The Bitcoin

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Podcast. It's Wednesday August 16th 2023. At the time of recording the Bitcoin

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block height is 803-506 and the value of one Bitcoin is still one Bitcoin.

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Today's episode is the weekly Bitcoin news roundup. I'm gonna go over the big

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stores the week, run through some rapid fire news, then zoom out and talk about

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Bitcoin volatility and narrative shifts. You can find all the links and

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accounts mentioned in this episode via the article version of this show linked

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in the show notes or by going to BitcoinPodcast.net slash words. Without

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further ado let's get into it.

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Bukele, Bonds and Bitcoin via Bloomberg. Bitcoin touting Bukele's Bond rally

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draws JP Morgan, Eaton Vance. El Salvador global bonds have returned over 70%

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this year. President has signaled willingness to pay sovereign debt.

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Quoting Bloomberg, El Salvador president Naib Bukele scared off many on Wall

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Street by embracing Bitcoin. Two years later the Bond rally he's overseeing is

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proving too lucrative to resist. You really love to see this. El Salvador a

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small nation that until a few years ago was more famous internationally for its

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gang violence than for its beautiful beaches has seen an incredible reduction

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in crime, massive increase in tourism and after giving the middle finger to the

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IMF is proving that a Bitcoin standard is not only possible it's profitable. I've

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had the pleasure of going to El Salvador twice and I must say it is an

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amazing place. Are there still problems? Of course nowhere is perfect but the

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amount of positive change in such a short time is hard to ignore. If you ever

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get a chance I highly recommend visiting. I promise that the papuces taste even

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better when you pay for them in Bitcoin.

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Bitcoin on the ballot via Bitcoin Archive. Pro Bitcoin presidential candidate

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tops Argentina's primaries. Javier Malay's unexpected victory. Here's an

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overview from Bitcoin Archive.co. Javier Malay a libertarian economist has

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emerged as the biggest vote-gitter in Argentina's primary election securing

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30.5% of the vote leading to speculation the nation will be the first G20

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nation to adopt Bitcoin as a reserve asset. The primary result from Malay was

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higher than expected with the main conservative opposition block trailing

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at 28% and the ruling Peronist coalition at 27%. The outcome is a

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significant blow to the center-left Peronist coalition and the main

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together-for-change conservative opposition block. Argentina's economic

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crisis marked by 115% inflation has led to widespread discontent. The recent

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primary election results have had an impact on the market with Argentine

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bonds dropping by 12% on Wall Street. Malay declared in a victory speech we

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are the true opposition a different Argentina is impossible with the same

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old things that have always failed. Malay 52 has attracted support by calling

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for Argentina to replace the peso with the US dollar and also his support for

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Bitcoin. Zooming out I think we're going to see a lot more pro-Bitcoin

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candidates emerge in the next couple years. Hell we even have at least three

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pro-Bitcoin candidates on both sides of the aisle running for president in the

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US of A in 2024. We even have RFK Jr. and Vivec accepting donations to their

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campaigns in Bitcoin via the Lightning Network. In retrospect it will be clear

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that being anti-Bitcoin is just bad politics. I'll leave you with a quote

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from Malay. The central bank is a scam. Bitcoin represents the return of money to

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its original creator the private sector.

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Central Bank shenanigans. Speaking of central banks and Malay after the results

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were announced Argentina's central bank did something interesting. They

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devalued the peso and hiked rates. Via Reuters Argentina raises interest rate

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devalues peso after shock primary election. As Sam Callahan pointed out on

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Twitter a pro-Bitcoin candidate that wants to end the central bank of

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Argentina wins a key primary election and the government response is to devalue

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the currency 18% overnight. Unbelievable. It's a bold strategy cotton. Let's see

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if it pays off for them. Meanwhile Bitcoin just made new all-time highs

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against the Argentine peso. But it's not just Argentina's central bank that's

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doing its citizens dirty. As Sam Callahan also pointed out a recent audit of the

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Bank of Lebanon showed one officials likely embezzled over $300 million to

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family members and close associates. Two they implemented a nationally regulated

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Ponzi scheme to explode the national debt. Three they hid 76 billion in losses

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from the Ponzi scheme by cooking their books failing to meet basic accounting

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standards. Meanwhile the Lebanese pound has lost 98% of its value against the

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dollar. Inflation sits at 254% year-over-year and many Lebanese have

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been driven into poverty. But wait there's more. Lin Alden posted a thread

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about Egypt and its currency. Here it is. Heading back to Egypt for the rest of the

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summer over the past 18 months or so the Egyptian currency has been cut in half

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relative to the dollar so my little wad of cash that I had lingering from last

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time that I will be bringing with me is worth less. One USD equals 31 EGP. Egypt

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needed an IMF loan to keep their dollar-denominated debt in working order

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and one of the conditions from the IMF was to devalue the currency to try to

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improve import-export balance. It makes people poorer but then arguably more

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competitive in the global labor market. In other words a devaluation makes it

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harder for people to import stuff, makes Egyptian vacations cheaper for

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foreigners, makes Egyptian exports cheaper and thus may be more competitive

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etc. It is early but so far no impact. That's one way the inflation tends to

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hurt the working slash middle class in any country. Inflation puts the challenge

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on the workers to negotiate higher wages just to keep up and the higher the

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inflation the harder the anchoring biases to overcome. When inflation was 9% in

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the US a little while ago workers basically got a pay cut unless they got

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a 9% raise but it's easy for an employer to ask why are you worth 9% more than

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last year but the employee is not they are just trying to tread water on real

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wages even 3% per year presents an issue. A wage earner goes to employer and

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asks for a 5% raise. Why are you worth 5% more than last year? I am not I am worth

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2% more due to experience plus 3% inflation. People often have to switch

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jobs just to get out of that anchoring bias and then of course CPI is a mix of

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scarce things houses meat fuel etc and abundant things software electronics

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grains etc. The price of scarce things structurally goes up faster than CPI so

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the inflation treadmill tends to be stacked against the wage earner. Official

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inflation in Egypt is 37% from a year ago while the price of meat is up 93%.

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US inflation and CPI. Sticking on the theme of inflation on August 10th the

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Bureau of Labor Statistics reported July CPI numbers putting inflation at 3.2%

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year over year. Here's the thing CPI is an arbitrary basket of goods which can

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be and is changed in order to make inflation look not quite as shitty as

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it really is. Additionally CPI in July 2022 was 9.1% so when you hear

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politicians celebrating because inflation is coming down remember that

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they're talking about the year over year change so yeah prices only increased

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3.2% on top of the 9.1% last year and all the other increases every year before

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that. Furthermore anyone who buys groceries or gasses up their car knows

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that their money is buying less and less their purchasing power is declining

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politicians will always try to put lipstick on an inflationary pig but

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it's still a pig and an expensive pig at that because heck meat is spendy these

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days. I don't want to rant about inflation too much because I could go all

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day I'll leave you with this. Inflation is not caused by prices rising.

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Inflation is caused by inflating the quantity of money. To quote Mises if you

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increase the quantity of money you bring about the lowering of the purchasing

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power of the monetary unit. If you want to learn more about the nature of

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inflation check out this week's Bitcoin Out Loud read on inflation by Ludwig

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von Mises.

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Tricky Dick Nixon. I know I said I was done talking about inflation but I lied

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because yesterday August 15th marked the 52 year anniversary of Nixon's

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suspending temporarily the convertibility of dollars to gold. This was

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the final nail in the coffin for the gold standard and marked the beginning of

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the US dollar as a pure fiat currency. Here's a short clip from Nixon's speech

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in 1971. The strength of a nation's currency is based on the strength of

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that nation's economy and the American economy is by far the strongest in the

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world. Accordingly I have directed the Secretary of the Treasury to take the

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action necessary to defend the dollar against the speculators. I have directed

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Secretary Connolly to suspend temporarily the convertibility of the dollar in the

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gold or other reserve assets except in amounts and conditions determined to be

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in the interest of monetary stability and in the best interest of the United

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States. Now what is this action which is very technical? What does it mean for you?

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Let me rate a later rest the bugaboo of what is called defaluation. If you want

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to buy a foreign car or take a trip abroad, market conditions may cause your

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dollar to buy slightly less. But if you are among the overwhelming majority

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of Americans who buy American-made products in America, your dollar will be

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worth just as much tomorrow as it is today. The effect of this action in other

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words will be to stabilize the dollar. If you want to know more about the effects

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of this 1971 decision, I recommend you check out WTF Happened in 1971.com.

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Your dollar ain't shit. On August 10th, a song called Rich Men North of Richmond by

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Oliver Anthony went viral. And I mean really viral. Originally posted to YouTube

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on the radio WV channel, it quickly made the rounds on Twitter. This song clearly

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struck a chord with people because Oliver tapped into a feeling that is

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pretty much universal in the era of fiat money printed by central banks. Your

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money buys less and less every year no matter how hard you work and no one is

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coming to save you. Especially not the folks in DC. Rich Men North of Richmond

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has been the talk of the virtual town for the past week, so I won't spend too

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much time on it. Instead, I'll just play the song for you because Oliver's music

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speaks for itself. Here it is.

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Oh it is living in the new world. With an old soul.

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Rich Men North of Richmond, Lord knows that all just want to have total control.

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Want to know what you think. Want to know what you do. And they don't think you know.

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But I know that you do. Because your dollar hates shit. And it's taxed to no end.

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Those are rich men. Those are rich men.

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I wish politicians would look out for miners and not just miners on an island

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somewhere. Lord we got folks in the street and got nothing to eat and the

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whole beast milk and welfare. God if you're five foot three and you're 300

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pounds taxes ought not to pay for your bags of fun drowns. Young men are putting

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themselves six feet in the ground because all this damn country does is keep

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on kicking them down. Lord it's a damn shame what the world's gotten to. For

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people like me, people like you, I could just wake up and not be true. But it is.

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Oh it is living in the new world. With an old soul. These rich men know the rich men.

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Lord knows they all just want to have total control. Want to know what you think.

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Want to know what you do. And they don't think you know. But I know that you do.

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Because your dollar hates shit. And it's taxed to no end. Cause they're rich men.

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North of Richmond.

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I've been selling my soul working all day. Over time hours for bullshit pay.

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If you want to follow Oliver, he's at AintGottaDollar on Twitter.

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Hopefully we'll get him on Noster soon so we can start zapping him some Bitcoin.

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Now for some rapid fire news.

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These first three headlines are all via Bitcoin Archive.

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1.

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If the spot Bitcoin ETF gets approved, the clearing price of Bitcoin will be above $150,000,

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according to Tom Lee of Fundstrat.

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2.

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PayPal to stop Bitcoin purchases in the UK from October 1, 2023.

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Yet another reason to delete PayPal.

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3.

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Oman launches $370 million hydro-cooled Bitcoin mining project.

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Via Daniel Batten.

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$50 million financing Bitcoin mining using vented emissions of landfills as fuel achieves

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the same emission reduction as a $2.2 billion financing photovoltaic development.

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Via CNN.

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The typical American household spent $709 more in July than they did two years ago

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to buy the same goods and services, according to Moody's analytics.

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Via Glassnode.

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Number of non-zero Bitcoin addresses just reached an all-time high of $48,039,035.

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And finally, via Michael Saylor on August 11.

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Three years ago today, MicroStrategy announced that it had adopted Bitcoin as its primary

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treasury reserve asset, purchasing $21,454 BTC for $250 million, or $11,653 per Bitcoin.

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To wrap up today's show, let's zoom out and talk about Bitcoin volatility and perspective.

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I've seen several headlines about Bitcoin from legacy media this week that are just

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too hilarious not to mention.

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Here's the first from Bloomberg.

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Bitcoin's extreme volatility vanishes amid extreme apathy and exhaustion, 90-day volatility

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at lowest since 2016, Bloomberg data show.

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Bitcoin has hovered around $29,000 throughout August.

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And here's another one from Barron's.

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Bitcoin and other cryptos languish.

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Has Bitcoin failed?

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asks Analyst.

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It was more of the same from Bitcoin and other cryptocurrencies on Monday as digital assets

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continued to languish at relatively depressed levels amid a period of historically low volatility.

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The lack of action is starting to unnerve some market observers.

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Now you may be wondering, what's so funny about these headlines besides you reading

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them in a weird voice?

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Well, it's funny because it's emblematic of the legacy media still having no idea what

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to think about Bitcoin.

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And instead of writing anything of substance that's actually worth reading, writing vapid

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clickbait headlines.

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For many years, the legacy media bemoaned the fact that Bitcoin is too volatile or Bitcoin's

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volatility makes it too risky.

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Now their complaint is basically Bitcoin is too boring.

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I mean, the Barron's article literally says, has Bitcoin failed in the headline?

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Of course, Bitcoin has been pronounced dead by the legacy media 474 times in its 14 year

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history.

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So this is nothing new.

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Here's the reality.

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Bitcoin is currently hovering just over $29,000 US dollars.

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It's up over 70% year to date.

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It's up around 300% over the last four years.

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The legacy media types may think this is boring, but to my fellow plebs out there, I would

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say this is the calm before the storm.

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Bloomberg mentions that the 90 day volatility is at the lowest since 2016.

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In 2016, Bitcoin was under $1,000.

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In 2017, it rose to almost $14,000.

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The Bitcoin greed and fear index is currently at 52, meaning neutral.

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It's funny how short attention spans are these days.

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Bitcoin stays stable in USD terms for a couple of months and some smooth brained financial

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journalists view it as a negative.

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Meanwhile, plebs are out here stacking sats in preparation for the next Bitcoin halving

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in April 2024.

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It's also a matter of perspective because if you're in Turkey or Argentina or a number

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of other countries, which are experiencing horrific inflation, Bitcoin is at an all time

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high.

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And that's the point.

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Perspective.

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Bitcoin is only boring at times or volatile at times when you look at the price in terms

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of fiat currencies over the short term, and fiat currencies themselves are inherently

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volatile.

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But here's the difference between Bitcoin and fiat.

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Over the long run, Bitcoin's volatility is to the upside.

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Fiat's volatility is to the downside.

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If you look at Bitcoin through the lens of the dollar over the last 90 days, yeah, it's

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boring, I guess.

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If you look at Bitcoin through the lens of the Argentine peso over the last 90 days,

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it's definitely not boring.

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But you shouldn't be looking at Bitcoin with only a 90 day time horizon anyway.

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You should look at Bitcoin in terms of years and decades, not days and months.

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Bitcoin isn't about getting rich quickly.

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It's about saving wealth slowly, saving the value of your time and energy, of your hard

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work.

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So zoom out.

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We say one Bitcoin equals one Bitcoin for a reason.

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It's because no matter what the price of Bitcoin is on any particular day in fiat terms, you

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always know that the value of one Bitcoin is one 21 millionth of all the Bitcoin that

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will ever exist.

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So relax.

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Great value.

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Stack sats.

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Remember that you will die and go touch some grass.

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Bitcoin isn't going anywhere.

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And very soon, you may wish for more of these boring days.

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And that's a wrap on this week's Bitcoin News Roundup.

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You can find the written version of this show along with all the references via the link

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in the show notes or by going to bitcoinpodcast.net slash words.

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You can find me on Noster by going to primal.net slash Walker.

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If you want to follow the Bitcoin podcast on Twitter, go to atwalkeramerica and at

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titcoinpodcast.

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You can also find the video version of this podcast at youtube.com slash atwalkeramerica.

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Bitcoin is scarce.

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There will only ever be 21 million.

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But Bitcoin podcasts are abundant.

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So thank you for spending your scarce time to listen to another fucking Bitcoin podcast.

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Until next time, stay free.