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Welcome to the Bitcoin Brief for Thursday, September 10th, 2026. I'm an AI-generated

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version of Marty Bent. The stories and opinions you're about to hear come from today's Bitcoin

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Brief newsletter, written and curated by the real Marty and his AI assistant.

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At the newsletter's morning snapshot, Bitcoin was around $76,713, roughly 1,304 sats per dollar.

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Block height, 966,362. Today, freaks, we're talking about the world's need for more power,

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more materials, and more productive capacity. Governments are trying to keep their debt markets

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functioning while competing for all of it. I think that makes Bitcoin near $77,000 an incredible

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bargain. Let's get into it. Treasury announced a buyback of up to $6 billion in government

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securities, with 10 to 20 years remaining until maturity. The operation was scheduled for this

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afternoon as part of the long-end support policy Treasury outlined in August. That $6 billion is

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the ceiling. The results determine how much Treasury actually purchases. The stated purpose

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is to improve liquidity in that part of the bond market.

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But step back from the mechanics for a minute.

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What does the world actually need right now?

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Power plants, transmission lines,

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copper, factories, gas turbines,

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people who know how to build and maintain them.

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You can rearrange government liabilities

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and make a market function more smoothly.

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Getting another turbine built

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is a different problem entirely.

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Michael Every put it very simply

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in our conversation last week.

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It's stuff that matters.

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Today's newsletter includes a chart

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comparing a world bond index with a commodity index.

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That ratio has fallen sharply from its 2020 peak.

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Bonds have been losing ground against that basket of physical goods.

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I've spent enough years expecting a reckoning in government debt

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to know that governments can postpone it far longer than I think they should.

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I'm interested in what those promises will buy while we wait.

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Look at the competition developing around energy.

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A proposed Ohio data center development comes with plans for 10 gigawatts of new generation.

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Building it requires equipment, fuel, labor, and grid connections.

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Other developers need those same inputs.

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Europe is trying to address expensive energy and rebuild industrial capacity.

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Meanwhile, war is damaging the infrastructure we already have.

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NAFTAGAS says Russian strikes put production equipment out of operation last week.

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CENTCOM says it destroyed five Iranian crude oil carriers this week So we trying to build more while destroying existing capacity and disrupting the movement of energy Are governments going to abandon their industrial and national security agendas because financing gets expensive

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I doubt it.

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I expect them to keep looking for ways to secure the money and the materials.

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Then you have the promises being made to voters.

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At the Republican midterm convention in Dallas, Trump promised a $5,000 dividend to every adult American citizen if Republicans win the House and Senate.

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He tied it to tariffs and economic success,

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and said the money would have to be spent in the United States.

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Okay, where does it come from?

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Those checks would sit alongside everything politicians want to spend on energy,

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manufacturing, and national security.

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My expectation is more borrowing,

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followed by growing pressure on central banks when servicing that debt gets painful.

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That's how I arrive at default or debasement.

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I see very little political appetite for spending restraint,

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and I don't expect politicians to volunteer for default.

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Paying people back in dollars that buy less is an easier political choice.

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Bitcoin gives me a monetary asset I can hold myself.

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With a supply policy, those governments cannot expand.

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Higher copper prices encourage producers to bring more copper to market.

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Higher demand for Bitcoin cannot accelerate its issuance schedule

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or increase its 21 million supply limit.

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Its price will remain volatile.

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My conviction is that the world taking shape

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makes that scarcity increasingly valuable.

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Now, if we're going to build all this infrastructure,

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the people living next door should benefit.

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The Bitcoin Policy Institute has proposed using existing data center tax receipts for household

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dividends, property or utility credits, better services, or community funds.

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Its model estimates annual household benefits grading from $4,500 to $8,900 for a one gigawatt

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campus in a modeled rural county.

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Those figures depend on distributing a portion of gross equipment tax receipts.

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Before anybody starts spending that money, actual local obligations have to come first.

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Tax abatements, infrastructure costs, operating needs, and reserves all affect what's available.

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I like the direction. Protect households from costs getting dumped onto their utility bills.

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Include renters. Let communities decide whether lower bills, cash, or better services would help

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them most Build the infrastructure and give the people hosting it a durable stake in its success While we talking about protecting households pay attention to these wallet impersonation warnings Trezor says a breached third email provider sent a fake security alert from a legitimate address

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The company says its wallets remain safe.

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Separately, Emsi reported a bitbox impersonation email leading to a website requesting seed words.

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These are separate reports. A shared breach has not been established.

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The practical lesson is straightforward.

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A familiar sender address does not make a message safe.

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Never enter your seed phrase into a website.

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If you're recovering a wallet, that should be a process you deliberately initiated,

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using independently verified instructions for your device.

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An urgent email cannot authorize a new recovery procedure.

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AI is making impersonation more convincing.

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If something feels wrong, contact someone you know through a separate channel.

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Slow down before an attacker gets you moving.

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Shifting to AI economics, RAMP's September index gives us something worth watching.

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Among its top 1% of AI spenders, median monthly spending per employee fell 9.7% in August.

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Its effective token price index is also down 41% from the March peak.

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Paying less can mean cheaper tokens rather than less usage.

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And this is Ramp's business spending data set with a small, volatile, high spending cohort.

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I want to know whether businesses keep finding enough value to expand their budgets.

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That's a meaningful test of how much runway this investment cycle has left.

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One summer month doesn't settle it.

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Let's see the trajectory a quarter from now.

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The physical buildout is moving through its own tests.

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Cypher says initial feedback from transmission providers produced 3.2 gigawatts of conditional batch zero classifications.

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That's progress through the review process.

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The power remains conditional.

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Cypher is reviewing site-specific designations, and the split between baseload and studied load remains undisclosed.

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I want to see which sites qualify, what conditions they face, and when they can actually receive power.

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Operating infrastructure is the goal.

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Then there's the question of who gets to compete in AI.

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Today's brief follows funding recommendations for AI policy organizations backed by Jan

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Talon, who also led Anthropik's 2021 Series A. Dustin Moskovitz participated in that round.

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I distrust this effective altruist policy network But funding recommendations don establish payments and they don prove anyone orchestrated researcher Jacob Coxon resignation from Anthropic Sanders and Kassar had already announced forthcoming legislation to ban superintelligence and pause advanced AI

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development before that resignation. My concern is the risk of regulation entrenching incumbents.

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Large companies have resources to navigate restrictions that smaller competitors may

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struggle to absorb. Meanwhile, DeepSeq released V4.1 Flash. Today's brief highlights sharply

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lower off-peak API prices and an encouraging early design prototype test against Fable

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5.1. One early test doesn't establish equivalence across every task. It does reinforce why I'm wary

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of letting a federal gate determine who gets to compete. And I like this next development from

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Stackwork. The team announced Stadium, an enterprise intelligence platform built around

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its Glimmer Graph agents. They describe a system that stores code, tools, workflows, and lessons

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in a knowledge graph. Agents retrieve relevant context and feed what they learn back into it.

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Think about how much practical knowledge your company loses in old chats and forgotten documents.

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A fix someone figured out months ago.

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The reasoning behind an important decision.

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A process that worked.

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I want that experience to accumulate somewhere the business controls.

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Stackwork has linked code for StackGraph, Strut, and Hive,

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so teams can inspect it and build on it themselves.

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Quick ETF check before we close.

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TFTC's tracker reports about $120.2 million in net outflows for September 9th.

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September remained roughly $603.3 million positive through that session.

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Those flows alone don't explain Bitcoin's price movement.

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Finally, Sparrow version 2.5.4 strengthens hardware wallet checks.

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It requires anti-klepto on BitBox 02,

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raising the minimum firmware version to 9.4.0.

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It also improves ledger wallet policy registration handling

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and prevents periodic USB device checks from interrupting an operation.

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Use Sparrow's official download and verification instructions.

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Compare receiving addresses on your hardware wallet when your setup supports it.

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Keep your seed away from email-linked websites.

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That's your Bitcoin Brief for Thursday, September 10th.

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For the full analysis, charts, and primary sources, read today's newsletter.

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Subscribe free at tftc.io slash bitcoinbrief and forward it to a friend who wants to understand

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where all of this is headed.

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Stay humble, stack sats.

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I'll see you tomorrow.