Last week we asked who blinks. The President has already told us what blinking looks like.
Asked by TIME about the $40 trillion Washington owes, he credited growth. Then he said the rest: “Certain levels of inflation will also pay off that debt very rapidly.”
That is debasement, described out loud by the President of the country that issues the world’s reserve currency. Inflation repays old debts with cheaper dollars, and the difference comes out of every paycheque, pension and savings account that holds them. Fiat has always worked this way. Every so often, someone in charge says it plainly.
Nobody decides
Bitcoin has no one who can blink.
Every ten minutes or so, a miner somewhere on earth finds a block and earns 3.125 new bitcoin. It is never 3.126, and there is never a little extra for a war, a bailout or an election. The schedule was written into the code in 2009, and every halving since has arrived exactly on time. In March, block 940,000 carried total issuance past 20 million. Fewer than a million remain, and the last satoshi will be mined around 2140.
No president can print a single sat. Neither can a central bank, an ETF, a billionaire or an exchange, and that includes us. Tens of thousands of nodes check every block against the rules, and any block that pays its miner one sat too many is rejected. Bitcoin’s monetary policy is enforced by its users, everywhere, all at once.
This week brought the usual noise. ETF holders pulled $729 million in two days. Washington backed away from a plan to surveil self-custody wallets. Through all of it, the blocks kept arriving, each carrying exactly 3.125 new bitcoin and each checked by every node on the network. Nobody voted. Nobody blinked.
Fiat asks you to trust the people who decide. Bitcoin asks you to verify, and then it lets you save. That is why we stack in every market, at every price, and why we will keep stacking long after this week is forgotten.
Enjoy another Sunday edition ☕
*Dollar figures in USD unless CA$ indicated.
📊 Market
- Short-term holders did the selling. On October 4, about 86% of the coins sent to exchanges came from short-term holders sitting on a profit, the highest share in a year. Glassnode
- K33 says sellers are running out. About 6.2 million bitcoin that sat untouched for two years or more has moved since January 2024, which K33 calls the largest such wave on record. K33 says it is fully allocated. K33 Research
🏛️ Institutions
- Robinhood put bitcoin on its balance sheet. The trading app bought about $25 million worth, though an executive said the amount “is not going to change a lot of the current trajectory of the company.” Bitcoin Magazine
- Metaplanet sold 10,000 bitcoin, then bought back 11,000. The Japanese company says the sale proved it could cover its debts in cash. It now holds 44,000. Bitcoin Magazine
📡 Signal
- Washington dropped its self-custody reporting plan. FinCEN withdrew a 2020 proposal that would have required financial firms to report transactions over $10,000 involving self-custody wallets, along with a 2023 proposal targeting coin mixing. Federal Register
- “We know where it is.” Treasury Secretary Scott Bessent said the U.S. is “probably going to seize $1 billion of crypto this week” from Iran. He did not say which assets. A previous seizure was in a stablecoin. Bitcoin Magazine
- Ledger warned buyers of one reseller. After reports of drained wallets in Southeast Asia, Ledger told anyone who bought a device from Malaysian reseller CryptoBilis in the last 90 days not to set it up. Buy hardware wallets direct from the maker. Bitcoin Magazine
🇨🇦 Canada
- Canada’s share of global mining slipped to 2.3%. Hashrate Index puts Canadian miners at about 22 EH/s, down about 2 EH/s from last quarter, and ties the drop to capacity moving to AI hosting. Hashrate Index
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On October 28, the Fed and the Bank of Canada will decide the price of your money. A handful of people in two boardrooms will make those calls, and they can reverse them a month later. Bitcoin’s next policy change was announced in 2009 and has never been in doubt: at block 1,050,000, sometime in 2028, the subsidy halves to 1.5625 bitcoin and new supply falls to about 225 a day. Every node will enforce it, and no one will be asked for permission. The 21 million will still be 21 million. The only open question is how much of it is yours.
Aubrey
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