They called torrents piracy.

Then they built Spotify.

They’ll do the same with Bitcoin.

Here’s how the cycle plays out, every time:

🧵👇
In 2008, I worked at Universal Music.

I told them torrents weren’t theft.

They were feedback.

Signal that users wanted access, not ownership.

They didn't take me seriously. (got fired)

The @FT has now covered Bitcoin 400 times since 2018.

I pulled the data from @BTCPerception to find out if the Financial Times has been a net positive or negative for how their readers learn about Bitcoin.

🧵👇 Since 2023, the FT ramped up its Bitcoin coverage after barely touching the topic outside of major crashes in 2018 and 2021/2022.

Seems like they only showed up when Bitcoin was bleeding.

Until tradfi started leaning in last year, of course 😉

I was there yesterday when Spain went dark.

It took less than an hour for panic to set in.

Cash became, surprisingly, worthless.

Here’s what actually happens when the systems break: 🧵 No internet.

No phone service.

No warning.

Within an hour, lines were already forming at supermarkets and gas stations.

People didn’t wait for answers and just acted on instinct.

Bitcoin in the age of ETFs, macro chaos, and capital flight.

Some of the sharpest macro alpha I’ve heard on Bitcoin in a while.

Framed through five ideas you won’t forget from Jeff Park (@dgt10011) at @BitwiseInvest.

Let’s unpack. “There are two types of Bitcoin: Negative Rho and Positive Rho.”

→ Negative rho BTC thrives in inflation + QE

→ Positive rho BTC thrives in deflation + collapse

One is an inflation hedge.

The other is a chaos hedge.

Either way, Bitcoin wins.