Recently I’ve been seeing these words “Backed By” more and more lately.
Bitcoin treasury companies issuing preferred equity “backed by” company’s balance sheet.
To avoid confusion. I like to substitute the word with “powered by”.
"Bitcoin isn't backed by anything."
Let me stop you right there.
Bitcoin is backed by energy. Real energy. Kilowatts. Heat. Physics.
The kind of backing you can't print, fake, or vote into existence at an emergency Fed meeting.
Every block mined is a thermodynamic proof of work. Not a promise. Not a policy. Proof.
The issuance schedule has never been amended by a committee. Not once. Not ever. Because there is no committee.
There's just math. Cold, indifferent, and immune to political theater.
The network is secured by more raw computing power than anything humanity has ever built. Hundreds of exahashes per second standing guard. Every single day.
Now let's talk about what is backed by nothing.
The dollar.
It's is backed by confidence. Specifically, confidence in the institution that printed $6 trillion in two years while telling you 3% inflation was healthy and you should be grateful for the soft landing.
In the same people who can't pass an audit.
Who fund wars with a credit card.
Who promise solvency while sitting on $39 trillion in debt and accelerating.
"Backed by nothing" isn't an attack on Bitcoin.
It's a confession about the dollar.
Follow if you're serious about building wealth they can't print away.
Bitcoin’s four tribes, Maximalists, Capitalists, Technologists & Fundamentalists. My thoughts on this.
I think It’s really challenging for them to truly synthesize.
Maximalists live by conviction and scarcity. They see any compromise as betrayal.
Capitalists chase scale through ETFs, corps, and TradFi. That often means meeting institutions halfway which is something that Maxis distrust.
There is a clash: purity vs. pragmatism.
Technologists want to build L2s, covenants, scaling upgrades.
Fundamentalists treat the protocol like scripture, immutable. Every improvement risks introducing attack surfaces or governance creep.
Innovation vs. preservation creates constant friction.
They’re different value systems and I think it’s difficult for both to come together. One side wants moon price & adoption yesterday. Another wants unbreakable money even if it stays niche. Another wants elegant code. Another wants ideological victory. Egos, status, and capital flows pull them apart.
Bitcoin has survived internal conflicts before and will continue to do survive.
I think that the four ideologies synthesis happens not by harmony, but by market selection whichever path actually delivers superior money wins.
Anyway just my thoughts on this. Very interesting to think about it.
Have a great weekend everyone. ☀️
Four ideologies shape the Bitcoin community. Maximalists bring conviction. Capitalists bring integration. Technologists bring innovation. Fundamentalists bring preservation. Bitcoin reaches its full potential when these four forces work in harmony.
THIS IS VERY CONCERNING.
Anthropic just called for a global pause in AI development, warning that AI is getting close to improving itself without human help.
In April 2026, Claude ran a full AI research project completely on its own. Humans picked the topic. Claude came up with every experiment, ran every test, and delivered the results.
Two human researchers spent a full week on the same problem and got 23% of the way there.
Claude got 97%.
Claude Mythos Preview is now 52x faster than a skilled human at improving AI training code. The same task takes a human 4 to 8 hours. Claude does it better.
Claude already writes 80% of Anthropic's own code. Their engineers are getting 8x more work done than in 2024, not because they work harder, but because Claude does most of it.
In March 2024, Claude could handle a 4 minute task on its own. Today it handles 12 hour tasks. That number doubles every 4 months. Week long tasks are expected by 2027.
Anthropic warns once AI can build and improve its own next version without any human help, nobody knows how fast things move after that or if humans will still be able to control it.
The thing that people get wrong about Strategy is that they take every step to infinity.
Strategy issued preferreds ... what if they they issue $1 trillion of preferreds? They'll never afford the premium!
Strategy sold bitcoin ... what if they sell all their bitcoin? It'll tank the market!
It's intellectually lazy. Everything breaks at infinity.
I'm not Pollyanna on Strategy; there is both risk and opportunity in each part of the capital stack. Among skeptics, @jdorman81 at Arca and @austincampbell at NYU have done a good job tackling the risks, and bulls should wrestle with their views seriously.
But most of the criticisms are way to superficial and lead to wrong conclusions, which won't help people navigate the market.
If you're worried about them selling bitcoin, let's talk about how much they would have to sell when in various worst-case scenarios.
If you're worried about the preferred dividend overhang, start by acknowledging that the risk is extremely path dependent.
The real outlook for Strategy is more mixed, uncertain, path-dependent, and interesting than either its critics or its fans let on.
Every Bitcoin cycle, new bitcoiners are born. If this is your first cycle, it is time to test your mental fortitude.
The question is. Are your hands made of lettuce or diamonds?
HODL
@Metaplazamurai People tend to declare Bitcoin dead whenever sentiment is at its lowest. The phrase is intentionally ironic: BTC has been pronounced dead hundreds of times over its history, yet it has continued to endure through every cycle and rise to new heights.
JUST IN: #Bitcoin Treasury Capital ($BTCB) just announced Sweden's first BTC-backed preferred stock (BTC PREF) with 10% annual dividends, expected to start trading on the Spotlight Stock Market on 20 July.
The launch is expected to raise $2.5 million to buy more BTC.