Bob Dewey

Gold is repricing trust. Below is the updated debt-to-gold ratio. For 100+ years it climbed almost in one direction as fiat replaced discipline. As @LynAldenContact has shown, gold couldn’t keep up with the telegraph — money had to move faster than metal. As @saifedean explains, WWI accelerated the break from sound money and ushered in the debt-laden fiat century. The ratio just turned — but not because debt fell.

That moment when you forget which glass you poisoned

@jameslavish The most pressing problem. youtube.com/watch?v=ZDRDRZ…

When you see two headlines like these, on the same exact day, it is a clear sign that the economy is not just K-shaped, but the system itself is broken.

Tether is buying more Gold than China

Bitcoin looks cheap. If it regains the 35x XBT/XAU cross implied by current levels of the Buffett Indicator, we're looking at $160k, and that's just catching up to where equities already are.

THE BEST BITCOIN AD EVER 🔥 THIS IS A MUST WATCH

@nic_carter @AndyMasley And the audio sounded like a jet!

@AndyMasley I mean this is also in an industrial park in Sterling VA directly adjacent to Dulles airport. No one actually lives next to this DC. Is there anyone who is bothered by the data center noise and not the low flying airlines coming in to land at Dulles runway 1R?

This one's a completely real problem, the data center is technically under the noise threshold where the county acts but produces enough constant annoying low level hum that it's lowering quality of life for the homes nearby. A lot of the noise is coming from temporary gas turbines that will be gone once it's fully connected to the grid, but that timeline's been extended way back and could be as much as 7 years now. This is a ridiculous situation that imo a lot of places don't have good rules to govern well right now.

Ironically, calling STRC a Ponzi is itself more deceptive than STRC. The defining characteristic of a Ponzi is deception, not simply that later investors benefit earlier investors. STRC is fully transparent. Investors can monitor the structure, dilution, assets, and strategy in real time. People can argue whether it is overvalued or risky. But there is no deception with STRC... And you know it.

.@Saylor dodged my argument that $STRC is a Ponzi by saying, “Peter thinks Bitcoin’s a Ponzi scheme. Peter is not really a lover of anything in this space.” But I’ve called Bitcoin a new variant of decentralized Ponzi. STRC is different: a classic centralized Ponzi run by $MSTR.

Full conversation with Matthew Sigel: youtube.com/watch?v=9dPm0G…

Just a few years ago, the idea of nations mining Bitcoin on their sovereign balance sheets would have sounded absurd. Now countries with excess energy and heavy debt burdens are actively doing it. In my conversation with @matthew_sigel, we discussed why this trend is accelerating.

Full interview here: youtube.com/watch?v=--Zz6T…

Multiple countries with excess energy and debt burdens are now actively mining Bitcoin, while others are beginning to explore Bitcoin as part of sovereign reserves. An important discussion with @matthew_sigel about where this may be heading.

@ericyakes Must read.

@rcwhalen @shanaka86 A Ponzi is an intention to deceive. Show me where Saylor is deceiving anyone.

@shanaka86 Ponzi

Strategy just reported a $14.47 billion operating loss for the first quarter of 2026. Its quarterly revenue was $124.3 million. The loss was 116 times the revenue. The stock closed up 1.69% on earnings day. It is difficult to find a precedent in American corporate history for a company reporting an operating loss 116 times its revenue and seeing its share price rise on the same day. The reason is not irrational exuberance. It is that the loss is an accounting entry required by ASU 2023-08, which mandates Bitcoin be marked to fair value every quarter with unrealized changes flowing through the income statement. Bitcoin fell approximately 23% in Q1. Strategy held 762,099 coins at quarter end. The mark-to-market produced $14.46 billion in unrealized losses. No coin was sold. The software business grew 11.9% with a 67.1% gross margin. The loss is the size of a mid-cap bank failure. The business underneath is growing. On the same release, Strategy disclosed it now holds 818,334 BTC as of May 3, having acquired 63,410 coins year to date at a cost of $11.68 billion raised through ATM offerings of common stock and STRC perpetual preferred. BTC Yield, the company’s custom metric measuring per-share Bitcoin accretion on a fully diluted basis, stands at 9.4% year to date. The company’s average cost per coin is $75,537 against a current market price near $80,800, placing the entire treasury approximately $2.3 billion above water. Cash on the balance sheet: $2.21 billion. Total preferred claims stand at $13.54 billion with an annualized dividend run-rate of approximately $1.55 billion, giving the company roughly seventeen months of cash coverage before further raises or Bitcoin sales become necessary. Here is what the earnings release does not say but the mechanism implies. In February, Micheal Saylor told CNBC that concerns about forced Bitcoin sales are “unfounded” and that Strategy holds “50 years worth of dividends in bitcoin.” On the May 5 earnings call, per multiple accounts citing the exchange, Saylor stated: “You buy Bitcoin with credit, you let it appreciate, and then you sell Bitcoin to pay the dividend.” The shift from “never sell” to explicit willingness to harvest is the most consequential narrative evolution in Strategy’s history. It means the 818,334-coin treasury is no longer a pure HODL position. It is a carry trade: long Bitcoin volatility, funded by equity holders accepting BTC beta as yield, with a preferred layer extracting 11.5% annually from the same pool. The company’s own filed disclaimers state that BTC Yield “may overstate the incremental value accretion” and “does not take into account the preferential rights of the Company’s preferred stockholders to dividends and the Company’s assets in a liquidation.” Preferred claims now total $13.54 billion, ranking senior to common equity on the identical 818,334 coins. Strategy is no longer a Bitcoin holding company. It is a Bitcoin bank without a license. It borrows at 11.5% via preferred, deploys into a single volatile asset, marks gains via a custom metric excluding borrowing costs, and now signals willingness to liquidate holdings to service depositors. Every bank that operated this model eventually faced a maturity mismatch. Strategy’s version has no maturity because STRC is perpetual. That is either the innovation or the trap. The $14.47 billion loss told you nothing about the company. The shift from “never sell” to “structured harvesting” told you everything. open.substack.com/pub/shanakaans…

Quantum risk is important, but it's probably not the main factor driving Bitcoin's price recently In fact, $BTC and quantum computing stocks have moved in lockstep since ~October More details: grayscale.com/the-stack/quan…

@samcallah And Bitcoin goes up!

You know the buying has been relentless when a week that they don’t buy becomes newsworthy.

Remember - the banks need the CLARITY ACT more than the crypto industry does.

I explored what this means for individuals and institutions: robertdewey3.substack.com/p/how-ai-is-ch…

We tend to think of digital security as something that mostly works. This is what the next phase may look like according to @zherbert.

Full conversation here: youtube.com/watch?v=EHRNtI…