TFTC

Bitcoin Brief

Sup, freaks.

I've been thinking about something that's been bothering me. We've lost our way. Many people have forgotten why Bitcoin matters. They think the institutions will take care of the price. They think the ETFs and treasury companies are enough. But that's not why we're here. Today I want to talk about 100 million humble sat stackers and why that's the goal that actually matters.

Lead Story

100 Million Humble Sat Stackers

Many people have lost sight of why Bitcoin matters. They've become complacent. They think institutions, ETFs, banks, and treasury companies will take care of the price. That completely misses the point.

Bitcoin was launched by Satoshi to separate money from states. To separate money from central banks. To give power back to individuals to preserve purchasing power using a monetary good that runs on an open, distributed peer-to-peer protocol enabling full self-custody.

That's not just some abstract idea. It's the most important economic innovation of our lifetime. A monetary system with a native currency that cannot be printed ex nihilo. No central bank can manipulate it. No institution can seize it without your private keys.

I want to get back to core values. I want to get back to basics. The tangible goal is simple: 100 million humble sat stackers.

Man to man. Woman to woman. Individual to business owner. Friend to friend. I am going to focus on helping 100 million people understand that Bitcoin, by its design and implementation, is a superior monetary good. The best savings technology ever created.

Then convince them to act on it. Save $50 to $250 to $500 per paycheck in bitcoin. Stack consistently. Sweep to cold storage when it makes sense. This is what leads to a sustainable and robust market structure.

Not institutions buying for balance sheet diversification. Not ETFs tracking price for traditional portfolios. Individual people taking control of their own purchasing power. Building wealth that nobody can confiscate.

The Bitcoin value proposition is clear. It's the first monetary asset in human history with absolutely scarce supply. 21 million coins. No more. No central authority can change that. No emergency can suspend it. That's what I meant when I said we need regular people to understand this is not about price speculation. It's about sound money.

100 million people stacking sats builds real value. It builds a more patient market because those individuals have a range of different time preferences, the average of which trends toward low time preference. People who understand what they're buying and why they're buying it. People who won't sell when the price drops 20% because they know the fundamental value proposition hasn't changed.

I think it's fine that institutions want to buy. It's fine that ETFs exist to get people exposure that way. But we can't miss the forest for the trees. Actually buying bitcoin and using it the way it was designed to be used will have a more profound effect on individuals and the network in the long run. Institutions can change their minds. Boards can decide to diversify into other assets. Regulatory changes can force selling.

Individual sat stackers with their own keys are different. They're sovereign. They can't be forced to sell. They understand the technology. They believe in the mission. 100 million people like that changes the world. That's the goal.

Signal

Economy

US Has 3x More Immigrants Than Any Country. 9 of 10 New Jobs Going to Immigrants.

Why it matters: Labor market data that explains wage pressure and housing demand better than most economic reports.

New analysis shows the United States hosts 3 times more immigrants than any other country on Earth. One in six immigrants on the planet lives here. Currently, approximately 9 out of 10 new jobs created are going to immigrant workers.

The data helps explain persistent wage pressure in entry-level positions and sustained housing demand in major metropolitan areas. Immigration policy is economic policy. These numbers are moving faster than most traditional economic indicators can track.

Institutional Accountability

DOJ Indictment: SPLC Paid Reluctant White Nationalists to Stay in Hate Groups

Why it matters: $4 million in donor money allegedly used to pay people to remain in organizations the SPLC claims to oppose.

A DOJ superseding indictment reveals the Southern Poverty Law Center allegedly paid reluctant white nationalists and KKK members thousands in donor money to stay in hate groups. According to court documents, SPLC paid "F-9" (a neo-Nazi National Alliance affiliate) over $1.2 million while F-9 was in a romantic relationship with an SPLC employee.

F-30, a Nazi/KKK/Aryan Nations leader, received $70,000+ after asking to leave the movement. The SPLC allegedly kept them on salary to host rallies and recruit. F-31 and F-32, KKK members who wanted out in 2010, were reportedly bribed to stay. Funds reimbursed cross-burning materials.

F-37, connected to Unite the Right, allegedly received $300,000+ and was in the leadership chat for the Charlottesville rally. F-42, a Neo-Nazi National Alliance chairman, reportedly received $155,000+ while simultaneously appearing on SPLC's own "Extremist File" webpage.

Total allegations: $4 million+ funneled through fictitious entities, shell accounts, and fake "Rare Books" employment covers. The SPLC built $787 million in assets promising donors it was fighting hate. Charges include wire fraud, false statements to banks, and conspiracy to commit concealment money laundering.

The SPLC calls the program "legitimate intelligence-gathering" that has been discontinued. The case raises questions about institutional accountability and donor transparency across advocacy organizations.

Markets

Partners Group Gates Evergreen Private Equity Fund. Contagion Spreads.

Why it matters: First major sign the liquidity scare is jumping from private credit to private equity.

Partners Group just gated an EVERGREEN PRIVATE EQUITY fund, marking the first major sign that liquidity scares are jumping from credit to equity. Blackstone, KKR, Apollo, Ares, and Blue Owl all fell more than 5%. Reuters Breakingviews called it a "private-market liquidity scare enters new phase."

Q1 data shows approximately $14 billion was requested from gated funds, with only $7 billion honored. This escalates the Cliffwater story from yesterday and suggests the illiquidity premium built into private markets is being tested by actual withdrawal demand.

Macro

BOJ June Hike Confirmed. Ueda Cites Iran Energy Shock as Driver.

Why it matters: Tightening into an oil shock creates carry trade unwind risk for global risk assets.

Bank of Japan Governor Ueda's Kisaragi-kai speech confirmed the central bank "must keep raising rates." Reuters sources confirm a June 25bp hike to 1.0%, explicitly citing the Iran energy shock as the primary driver. The move opens the door to more frequent hikes.

Japanese Government Bonds reflect the shift: 40-year bonds hit 3.765%, 30-year at 3.855%. The combination of energy-driven inflation and aggressive monetary tightening creates significant carry trade unwind risk for leveraged positions in global risk assets, including Bitcoin.

AI/Energy

Berkshire's Greg Abel: Data Centers Already 8% of Peak Load, Going 50% Higher

Why it matters: Warren Buffett's successor is putting his stamp on Berkshire with massive AI infrastructure conviction.

Berkshire's Iowa utility (MidAmerican Energy) is ALREADY at 8% peak load from data centers while most utilities are hoping to reach 5-10%. Abel sees that growing 50%+. The same day, Alphabet upsized its AI capital raise to $84.75 billion from $80 billion.

Berkshire invested $10 billion in Alphabet's private placement and tripled its stake in Q1. Abel invested $16.8 billion in two days (Taylor Morrison plus Alphabet). This is Warren Buffett's successor putting his stamp on Berkshire with AI infrastructure conviction.

The full Alphabet raise: $30 billion underwritten public offering, $40 billion at-the-market program, $10 billion Berkshire private placement. Alphabet's Q1 capex hit $35.7 billion in a single quarter (2x year-over-year). Full-year guidance: $180-190 billion.

Lindy AI Switches 100% from Anthropic to DeepSeek. Saves Millions.

Why it matters: Chinese AI models applying "significant margin pressure" on Western API providers.

Flo Crivello, CEO of Lindy AI, switched all traffic from Anthropic to DeepSeek v4. The move saves millions in API costs while performance actually increased on core use cases. Crivello noted Chinese models are applying "significant margin pressure" on API pricing. Separately, DeepSeek just took the top spot on a major US business spending index in June. The Financial Times reports companies are swapping out expensive American AI options in favor of "more affordable Chinese alternatives" providers.

The switch connects to broader competitive dynamics as Chinese AI models achieve performance parity at significantly lower costs. This ties to Brandon Carl's analysis of 16 headwinds facing Western tech companies as global AI competition intensifies, which we covered in yesterday's Brief.

⚡ Freedom Tech Corner

Start Stacking Sats This Paycheck

Why it matters: The 100 million sat stackers goal starts with you taking action.

If the lead story resonated with you, here's how to act on it. Set up automatic bitcoin purchases from your paycheck. Pick an amount you can sustain: $50, $100, $250, whatever works for your budget. Dollar-cost average consistently rather than trying to time the market.

Download River Financial or Swan Bitcoin for automatic recurring purchases. When you've accumulated enough to justify the transaction fees, move your sats to self-custody using Sparrow Wallet.

Data Snapshot