The Latest Bitcoin & Macro Weekly Recap: 15.09.2025
## đ§ Quote(s) of the week:
JEFF BOOTH: "When you really understand Bitcoin, youâre constantly a buyer. Thereâs never a price thatâs too high."
NICK SZABO: "Bitcoin can operate seamlessly globally. You can send money from El Salvador to Ukraine without anyone getting in between."
Photos hosted by Azzamo (https://azzamo.net/)
## đ§ĄBitcoin newsđ§Ą
##### On the 8th of September:
âĄď¸Although this article is from January 2025:
'Nobel Laureate Eugene Fama Predicts Bitcoin Will Become Worthless'
Just a great reminder that even Nobel Prize-winning economists can be wrong.
'Bitcoin needs to fail, otherwise I have to face the reality that my theories are wrong.'
Dr. Jan WĂźstenfeld: 'One day, Fama and other economists will have to face the harsh reality: Bitcoin is already turning the economic world upside down. Most economists just don't want to see it.'
Spoiler alert: economists are going to need to rethink their understanding of money and markets fundamentally
âĄď¸Kazakhstanâs President has ordered the creation of a strategic Bitcoin reserve.
Daniel Batten: "Unlike El Salvador, Pakistan, Argentina, CAR, Kazakhstan does not have an IMF loan - so this order is likely to go through unimpeded."
##### On the 9th of September:
âĄď¸The cost of an iPhone in Bitcoin:
(foto)
iPhone 4S - 47.9 BTC
iPhone 5 - 15.9 BTC
iPhone 6 - 0.5 BTC
iPhone 7 - 1 BTC
iPhone 10 - 0.13 BTC
iPhone 11 - 0.06 BTC
iPhone 12 -0.06 BTC
iPhone 13 -0.018 BTC
iPhone 14 - 0.04 BTC
iPhone 15 - 0.03 BTC
iPhone 16 - 0.013 BTC
iPhone 17 - 0.007 BTC
âĄď¸Bitcoin Archive: 'All-time high $7.4 TRILLION now sidelined in money market funds. Dry powder waiting to flow into Bitcoin.'
âĄď¸Cantor Fitzgerald launches a new Bitcoin and gold fund. Investors get 45% of Bitcoin upside with gold protecting principal.
Crazy to think people still want to hold paper Bitcoin or gold. If you want Bitcoin, just buy it. If you want gold, buy gold. This fund adds no value for investors.
##### On the 10th of September:
âĄď¸Jameson Lopp"The 7-day moving average estimate of the Bitcoin network's hashrate has exceeded 1 zettahash per second for the first time in history!"
##### On the 11th of September:
âĄď¸'The FED is signaling a possible gold revaluation as the âsolutionâ to Americaâs spiraling debt crisis. They are going to send your fiat paper notes back to their true intrinsic value of ZERO soon. Stack hard assets while you still can.' - CarlBMenger
Source: https://www.federalreserve.gov/econres/notes/feds-notes/official-reserve-revaluations-the-international-experience-20250801.html
One tiny disclaimer! How much gold do they still have? When was the last audit in Fort Knox?
If the US revalues its gold reserves upward (e.g., from $42/oz to market price ~$3500/oz), it could create a balance sheet windfall to offset debt. However, this might devalue the USD by signaling fiscal weakness, potentially leading to inflation and a weaker dollar vs. other currencies. It's speculative and, to me, not realistic, for now.
But just imagine another 6102 followed by a revaluation...
##### On the 12th of September:
âĄď¸Bitcoin and Crypto exchange Gemini raises $425 MILLION in its IPO, valuing the firm at $3.3 BILLION. Shares began trading on the Nasdaq on Friday under the ticker GEMI.
âĄď¸On September 12, Bitcoin spot ETFs recorded a combined net inflow of $642M. Fidelityâs FBTC led with $315M, bringing its total inflows to $12.627, while BlackRockâs IBIT added $265M, reaching a cumulative $59.778B.
âĄď¸Al Jazeera reports the cost of mining one Bitcoin in Ethiopia is only $20,000 due to abundant hydropower.
Full video: https://www.youtube.com/watch?v=mqie7bWQHPk
##### On the 13th of September:
âĄď¸Nasdaq-listed healthcare firm Prenetics holds 228 Bitcoin and is buying 1 Bitcoin per day for its treasury.
âĄď¸$7 BILLION Bitcoin shorts to be liquidated at $120,000.
âĄď¸CarlBMenger: "In just 12 months, institutional #Bitcoin adoption has gone parabolic. Public companies, ETFs, and funds now command 12.8% of the entire BTC supply."
âĄď¸Bitcoin Archive: "Bitcoin mining difficulty just set a new high. Network stronger than ever."
âĄď¸Bitcoin News: "Harvard economist Matthew Ferranti published a peer-reviewed study in the Journal of International Money and Finance, suggesting a 10-25% Bitcoin allocation for central bank reserves, especially for nations under sanctions, like those importing military equipment from China and Russia, which increased gold reserves from 2016 to 2021."
âĄď¸Bitcoin price history with extrapolated power curve projections to 2034.
##### On the 14th of September:
âĄď¸'Banking crisis in Thailand: The central bank has frozen over 3 million personal & small business accounts in a sweeping crackdown on scam-linked âmule accounts.â The dragnet has ensnared countless innocents, sparking legal outrage, panic withdrawals & retailers rejecting transfers in favor of cash. Trust in the banking system is evaporating as police & banks deploy spyware that automatically flags and freezes accounts tied to suspected scam activity. Citizens across the country are now rushing to pull their money from the system.' - Bitcoin News
This should be an international story. Thank you, BoT, for the free Bitcoin marketing. Thank god for Bitcoin.
âĄď¸Normally, I would post this in the segment below "Macro & geopolitics".
Look at this chart carefully. Realize that the growing deficit is mathematically unsolvable with a declining population in labor (#1 inlay) and an increasing population in retirement (#1 outlay). This is guaranteed to break in our lifetime. Risk-free will become risk-guaranteed.
In the end, it is just simple math.
Starting U.S. debt: $37T Current deficit: $1.97T/yr (~5.3% of debt)
If that % persists, debt compounds to ~$62T in 10 yrs.
Against nominal GDP growth paths:
3% GDP â 162% debt/GDP
4% GDP â 147% debt/GDP
5% GDP â 134% debt/GDP
Even with solid GDP growth, the math is tilting toward higher leverage.
Now I hear you ask why the debt compounds?
Grok: "The US debt compounds because the deficitâhere modeled as a fixed 5.3% of current debtâincludes interest on the existing $37T plus any primary shortfall. This adds to the principal annually, so next year's deficit (and interest) is calculated on a larger base, leading to exponential growth: debt_t+1 = debt_t * (1 + r), where r is that effective rate."
Unfortunately, the development is always the same: (hint & tip: read Ray Dalio's book '*The Changing World Order*' or watch his YouTube video "*How the economic machine works*": https://www.youtube.com/watch?v=PHe0bXAIuk0) income inequality widens, fiat evaporates, then the game will be reset through revolution (civil or world war).
For now, the government has three options:
'1. Pay back debt (math says no)
2. Default (politics say no)
3. Print baby print
Theyâll ride #3 a lot longer than most think is possible. Most important thing is owning real (hard) assets while the rubber band keeps stretching.' - Rohan Hirani
My hard asset of choice: Bitcoin
##### On the 15th of September:
âĄď¸Moneroâs blockchain hits reverse as it experienced its deepest-ever reorg today. The chain experienced an 18-block rollback that rewrote roughly 36 minutes of history and invalidated 118 confirmed transactions.
Ergo: no activity, no hashrate, no blockchain, proper shitcoin.
Eventually, everyone comes to BTC.
## đ¸Traditional Finance / Macro:
đđ˝No news
## đŚBanks:
##### On the 13th of September
đđ˝U.S. Banks are now sitting on $395 billion in unrealized losses as of Q2 2025.
This is ~6 TIMES higher than at the peak of the 2008 Financial Crisis. This also marks the 13th consecutive quarter of losses as interest rates remained elevated. Meanwhile, the number of banks on the FDIC Problem Bank List reached 59 in Q2 2025, or 1.3% of the aggregate. Unrealized losses at banks continue to pose a significant risk. Or is it?
Full context: These are paper losses; paper losses remain off income statements unless banks are forced to sell the assets.
The chart from FDIC data shows unrealized gains/losses on U.S. banks' investment securities from 2006-2025, split by Held-to-Maturity (HTM, blue) and Available-for-Sale (AFS, brown). It indicates mounting unrealized losses, peaking near -$700B recently, mainly due to rising interest rates devaluing fixed-rate bonds. For HTM securities, these are paper losses; banks plan to hold them to maturity and recover par value, unless sold early. AFS losses affect equity via other comprehensive income. This highlights potential liquidity risks if banks need to sell assets. Latest FDIC Q2 2025 reports $395B total unrealized losses, down from prior peaks.
## đMacro/Geopolitics:
This Banksy, which appeared overnight on the side of the Royal Courts of Justice building in London, is extremely powerful.
Well, 1 hour after the new Banksy was revealed, mocking the courts for censoring people, the courts censored it by covering it up... Proving his point. Classic!
A day later, the Banksy artwork that depicted a judge attacking a protester and silencing free speech that was covered up has now been removed... Proving Banksy was right. You may or may not agree with his message, but it was a double-edged sword.
To be honest, I think this is a more powerful image than it was before!
##### On the 8th of September:
đđ˝ TKL: "AI is all that matters right now: âAIâ was cited on 287 earnings calls conducted by S&P 500 companies in Q2 2025, an all-time high. This figure has QUADRUPLED over the last 3 years. It has also surpassed the previous record of 247 set in Q4 2024. By comparison, the 5-year average is 124 and the 10-year average is 79. By sector, Information Technology led with 65 earnings call mentions in Q2, representing 98% of its total calls. The AI revolution is in full swing."
đđ˝France sinks deeper into political crisis: fourth prime minister in two years steps down.
Now that Bayrou has lost the confidence vote, he must submit his resignation to President Emmanuel Macron. According to his entourage, he will do so tomorrow morning.
âPresident Macron has already indicated that he will accept Bayrouâs resignation and appoint a new prime minister. It will be the seventh prime minister under Macron.â
Bayrou was already the sixth prime minister under Emmanuel Macron, following Edouard Philippe, Jean Castex, Elisabeth Borne, Gabriel Attal, and Michel Barnier.
Bayrou (Mouvement DĂŠmocrate) had been at the head of the government for barely 9 months. He is the second prime minister in less than a year to step down. In December, his predecessor Michel Barnier was forced out after a vote of no confidence, also over the planned budget. Barnier lasted only 3 months in office.
The French national debt now amounts to âŹ3,350 BILLION! (116% of GDP), while the Dutch national debt is only 43% of GDP. Because Mark Rutte turned the Netherlands into the colonial cash cow of Paris, Macron was able to borrow himself into oblivion. But the Netherlands is on the hook as guarantor.
France is a case study in self-destruction: a 35-hour workweek, 36 vacation days, retirement at 62, a public debt of ~120% of GDP, a deficit of 6%, runaway healthcare costs, and suffocating dismissal rules. This is not a social model â this is financial suicide.
Just imagine: Eurobonds. Then we (the Netherlands) will be financially tied to this idiocy for generations to come. The CDA of Bontenbal, and everything to the left of it, is open to it.
Oh, one more thing on this topic...
Michael A. Arouet: "The first Euro crisis started in Greece, it was about âŹ200B debt, it was manageable. The second Euro crisis will start in France, and it will be about Trillions. The ECB will need to print colorful Euros again and monetize French debt. Inflation is debt default in slow motion."
French 10-year bond yields are higher than Italy's for the first time in the history of the euro area. Putaaaaiiinnn!!
France is in demographic denial.
More on this topic:
https://www.reuters.com/business/finance/squeezed-french-millennials-blame-boomers-backlash-over-soaring-deficit-2025-09-05/
https://www.politico.eu/article/france-francois-bayrou-waking-up-boomer-pension-timebomb/
đđ˝Explosive report: EU Commission paid âŹ600,000 to media network that campaigned against EU-critical parties:
According to a report by Berliner Zeitung, the European Commission transferred over âŹ600,000 to the controversial OCCRP media network shortly after the 2024 EU elections. Among the outlets linked to OCCRP are major names like Der Spiegel, Die Zeit, and SĂźddeutsche Zeitung â the very same media that, in the run-up to the elections, published critical coverage targeting EU-skeptical and patriotic parties.
Critics argue this raises serious questions about transparency, media independence, and the misuse of taxpayer money for political purposes.
Source: https://www.dagelijksestandaard.nl/europese-unie/schandaal-eu-betaalde-na-verkiezingen-600000-euro-aan-media-die-eu-kritische-partijen-zwartmaakten?twit=519
We have a network corruption, not left or right, a network corruption.
đđ˝'For the First Time in History, the U.S. Is Spending More on Debt Interest than Defense. And we're just getting started. It might make sense to get some #Bitcoin, just in case.' - CarlBMenger
##### On the 9th of September:
đđ˝The Netherlands: âInflation âfallsâ to 2.8% in August" Statistics Netherlands (CBS) đ¤Ą
But letâs be clear: prices are still rising â just a bit less fast.
"After years of high inflation, purchasing power keeps melting away like snow in the sun.â
đ Facts:
Statistics Netherlands (CBS) often reports inflation month-on-month or year-on-year. So if the inflation rate is slightly lower than the previous month (e.g., 2.9% â 2.8%), this is technically called a âdecline.â
But in practice, 2.8% still means that prices are on average 2.8% higher than a year earlier. On top of that come all the previous years of price increases.
đĄ This is why many people feel that the phrase âinflation is fallingâ is misleading â because prices themselves are not falling, theyâre just rising a little less quickly.
##### On the 10th of September:
đđ˝Michael A. Arrouet: "This summarizes the impact of demographics on European pension systems really well. And if you try to save for retirement, your friendly left government will punish you with capital gains tax and inflation. Get ready for the old days, poverty folks."
Welcome to gerontocracy. The old and often unelected will vote to eat the young and wealthy every single time.
đđ˝Ursula von der Leyen: "We are on the brink, if not even at the start, of another global health crisis," EU announces a new global health resilience initiative to combat "disinformation."
The EU is planning another censorship strategy to stop âdisinformationâ. It will be used to silence anyone who disagrees with them. Especially political parties.
How on earth does the European Commission know this? Do they have a crystal ball? Or are they time travelers? How do they already know we're on the brink of a new global health crisis? Something doesnât add up...
In the same speech, she also stated without hesitation that the EU
would subsidize the press in Europe. He who pays the piper calls the tune⌠Goodbye, independent press.
##### On the 11th of September:
đđ˝TKL: "Global broad money supply rose +9.3% YoY in July, to a record $140 trillion.
This metric covers 169 countries and territories, representing 99% of global GDP.
Since the beginning of the year, the money supply in US Dollars has jumped by +$10 trillion.
World money supply has risen by a MASSIVE +$40 trillion since the 2020 pandemic. This represents a compounded annual growth rate (CAGR) of +7.0%.
Global liquidity is surging."
đđ˝ ECB President Lagarde calls on European governments, "to rapidly establish the legislative framework for the potential introduction of our digital euro."
Digital Euro = CBDC. No one wants to be controlled by a SPY coin.
May I remind you: Christine Lagarde, former IMF chief, convicted over payout. Why should anyone take advice from a convicted criminal? Source: https://www.bbc.com/news/world-europe-38369822
Digital IDs, digital currencies, and AI digital mass surveillance. This is the beast system.
Bitcoin cannot be stopped!
Study Bitcoin!
đđ˝âWe should invest in small, affordable vehicles. We will propose to work with the industry on a new Small Affordable Cars initiative. The future of cars - and the cars of the future - must be made in Europe.â â President von der Leyen at SOTEU 2025.
Like the USSR, the EU will start production of a LADA.
And who are we? This is Communism. We don't want that.
And the hypocrisy, why?
##### On the 12th of September:
đđ˝Shadow of Ezra: 'President Trump has announced that George Soros and his entire network will be investigated under RICO charges. He claims Soros is behind the funding, training, and radicalization of young people, fueling terror and extremism.'
đđ˝'In January 1980, gold reached $850 per ounce â equivalent to $3,590 in todayâs dollars â during one of the most turbulent periods in U.S. economic history, marked by a collapsing currency, runaway inflation, and recession. Today, with gold trading around $3,650 per ounce, it has surpassed that milestone and is up 39% year to date. With rate cuts on the horizon and inflation showing little sign of slowing, the bull market for gold and other hard assets appears far from over.' - Porter Stansberry
My hard asset of choice: Bitcoin
##### On the 13th of September:
đđ˝The European Commission wants the Netherlands to pay 50% more in annual contributions, rising from âŹ10 billion to âŹ15.5 billion. Because of the Green Deal, the EU has pushed through extremely burdensome and senseless regulations for citizens and businesses. The EU economy is now the weakest globally.
Weâre already paying roughly ten billion euros a year to that disastrous EU, and if the unelected gnomes in Brussels get their way, itâll soon be a hefty fifteen billion euros a year.
Thatâs a 50% increase in our contribution.
And for what? More bureaucracy and less sovereignty?
Source: https://t.co/LfDBCHRCD2
đđ˝France and Britain are in the same pensioner-driven boat.
Insane and completely unsustainable.
"French pensioners now have higher incomes than working-age adults".
Pensioners in France get so much welfare that they have higher incomes than people who work. Just completely unsustainable. The Boomer Question is the fiscal issue of our time. Itâs not sustainable for young people to pay into an entitlement system so older folks can live a better life than they can ever expect.
Velina Tchakarova: "Itâs over for the French and European welfare system. Thatâs purely unsustainable in the long run. Politicians might not want to admit it publicly, but reality will hit very hard in the upcoming years."
đđ˝TKL: "Shocking stat of the day: The bottom 50% of US households now hold just 2.5% of total US wealth. History says rate cuts with stocks at record highs will lead to even more record highs 12 months from now. Asset owners will party, and the wealth gap will widen. Especially as Core CPI inflation is back above 3%."
QE infinity with a striking quote on this topic: 'The Middle Class is now officially just a bunch of serfs. They have no wealth. Stocks going up does not help them because they donât own any.'
For full context, though, in the full sample of this data (since 1989), the share of wealth held by the bottom half peaked at 4% in 1992, bottomed at 0.4% in 2011 (home equity wiped out post-GFC), and is now *up to* 2.5%. - Lyn Alden
đđ˝Geiger Capital: "In August, the US Government collected $344 billion. Just one problem⌠They spent $689 billion. A $345 BILLION deficit. In one month."
The United States' finances are broken beyond repair. Nothing stops this train.
The Sovereign Individual: How to survive and thrive during the collapse of the welfare state? Draw your own conclusions, but I prefer to keep my money in assets that appreciate with inflation. My life raft is Bitcoin, what about yours?
đđ˝'The head of the German army is calling for more than doubling its forces in response to a perceived threat from Russia. The Army Chief said Berlin must be ready to fight a war with Moscow by 2029.
Reuters reports viewing confidential German documents that show Army Chief Alfons Mais wants to add 100,000 new troops to the military. The increase in armed men will more than double the size of the German Army.' - ZeroHedge
Source: https://www.zerohedge.com/military/germany-add-more-100k-troops-army-preparation-war-russia
##### On the 15th of September:
đđ˝U Commission now admits that the COVID mRNA injections were released for use in humans without "complete" safety data.
The EU Commission acknowledged that the first COVID-19 vaccines were granted conditional approval in 2020 without complete safety and efficacy data. Officials argued this was necessary in the pandemic, but critics say it turned millions of Europeans into âtest subjects.â Austrian MEP Gerald Hauser pressed Brussels on who bears responsibility for potential vaccine injuries and why citizens werenât fully informed. Meanwhile in the U.S., Health Secretary Robert F. Kennedy Jr. has overhauled vaccine policy, pulling recommendations for healthy children and pregnant women and demanding stricter approval standards.
Source: Die Welt
The unelected EU Commissioner is lying again. Pfizer's safety data was appalling, not incomplete, yet they went ahead anyway. She knew the manufacturing process for the crap they pushed into you was completely untested. She is a deeply distrustful woman. But hey, it is all about the benjamins, right?
## đIf you have made it this far, I would like to give you a little gift:
For those who haven't gotten a chance to read Broken Money, remember that we have a 30-minute animated video of it as well:
https://youtu.be/jk_HWmmwiAs
Credit: I have used multiple sources!
My savings account:
Bitcoin The tool I recommend for setting up a Bitcoin savings plan: PocketBitcoin especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly.
Use the code SE3997
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple. â â
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â Many thanksâ
Felipe - Bitcoin Friday!
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