Here is why I am backing Bamk and it's Nakamoto dollar (NUSD).
1. The person behind it.
The guy behind @bamkfi was Managing Director at Circle (USDC), Co-founded Ordswap, was Chief Strategy Officer and Head of International at Okcoin (now OKX), Director of Strategy at Kraken, Advisory Board Member of PIP (payments), Consultant to Unlimit (payments), he's currently the CEO of Moss (The Microstrategy of Ethereum), Bitcoin Advisor to Starknet (behind USDC•STARKNET on Bitcoin via DotSwap), and I have heard that he also had something to do with Tether (USDT).
That person is Jack C. Liu.
The guy was born to do this, to launch the first ever synthetic stable on Bitcoin.
It's as if it was divinely preordained.
2. "First is first," AKA first mover advantage.
No one ever remembers who came in second or third using a sports analogy but look at it from the crypto lens.
Bitcoin was first. It has a 2 Trillion Mcap and is the biggest and baddest mother of all.
What are some other firsts in crypto?
Ethereum, first general-purpose smart contract platform.
Uniswap first major decentralized AMM (DEX).
CryptoPunks, first major NFT collection (on Ethereum).
Chainlink (LINK) first decentralized oracle network... and so on.
3. Use case.
This is self-explanatory. What does the thing do, what problem does it solve and is there a market for it?
NUSD removes the reliance of traditional banking rails that comes with conventional stablecoins.
Meaning: Your dollar is onchain without ever touching a bank. This unlocks onchain liquidity in the process. And BTW that onchain liquidity is 6 x what it is on Ethereum.
Over 85% of BTC (approx 17.3 million BTC) is onchain,meaning not using centralized exchanges or wrapped on other chains. This tells me Bitcoiners want to live in the onchain economy, preferring self-custody and trustless apps.
NUSD gives people now and in the future the ability to trade and do defi safely and do all of the things stables are known to do all while ON BITCOIN.
4. Core ethos of Bitcoin.
Bamk and NUSD obey the Bitcoin ethos:
✅Trustless.
✅Self-Sovereign.
✅Permissionless.
✅Decentralized.
5. Participation in upside.
I invest in the BAMK rune token because it gives me exposure to the upside of NUSD’s growth and adoption, something you simply can’t get with traditional stablecoins or fiat currencies.
Look at it like this: with the USD, I can use it but I get no upside. There’s no way to invest in “USD itself.”
It’s the same with USDC or USDT. I can use them, but unless I invest in the private companies behind them (Circle or Tether), I have no direct way to benefit financially from their adoption.
Think of Uber: millions of people use it, but unless you own Uber stock, you don’t benefit financially from its growth. In Bamk’s model, anyone can own BAMK, not just VCs or insiders, it's open, onchain, and aligned.
And the best part of Bamks launch was that it was a free public mint (6%)!
6. Survival.
Bamk launched NUSD just over a year ago.
NUSD went from 0 TVL, to now approx $800k (down from $1M+ at highest).
The Bamk rune shot up like crazy to about 30 sats, cooled right off along with Runes and now its at 0.5 sats.
Bamk and NUSD survived. Bloodied, beaten, but out stronger on the other side.
Bamk is now a 1 year old.
In that time building, development, partnerships, and a bunch of collective work in BTCfi has gone on.
Bamk is undervalued as of right now. That is an understatement.
7. The name BAMK 🤣.
Allegedly a typo (or was it?). It has crypto degen fun vibes all over it.
It will be hilarious when Android and Apple add it to their dictionary.
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That's it, DYOR, yes I hold it.
Bamk is going to Billions. Screen cap this.🏦
I don't know if ppl realise how truly early Bamk is with NUSD.
Btcfi is barely getting started.
The amount of addresses which hold/use NUSD currently is tiny when considering the size of Bitcoin, and also in comparison with other network stables.
Wen ppl realise what BAMKers already know (that you can own the bamk)...Dear God 👀