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Bitcoin’s Four-Year Cycle Is Over: Why 2025 Changed the Rules
The halving still matters—but institutional demand, sovereign participation and dramatically lower new issuance are beginning to overpower Bitcoin’s old four-year rhythm. For most of Bitcoin’s history, investors could organize the market around one remarkably simple event: the halving. Approximately every four years, the Bitcoin protocol cuts the reward paid to miners in half. New supply…
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Treasury-Backed Digital Instruments: The New Foundation of Programmable Finance
The most important development in digital finance may not be Bitcoin, meme coins or even central bank digital currencies. It may be something far more conventional: U.S. Treasury securities moving onto digital rails. A new financial architecture is emerging in which Treasury bills, Treasury-backed money market funds and stablecoin reserves are becoming the collateral foundation…
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Beyond Banks: Dan Awrey’s Blueprint for the Future of U.S. Payments in a Digital World
The next monetary revolution may not be about replacing the dollar. It may be about rebuilding the infrastructure that moves it. For years, the debate over digital money has been framed as a contest between banks and cryptocurrency, the Federal Reserve and stablecoins, or the dollar and some future central bank digital currency. Cornell Law…
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Cambodia Gold Project Returns to the Table as Higher Gold Prices Transform the Economics
A 27,000-hectare Cambodian mining portfolio that was put on hold when gold traded near $1,000 an ounce is being reconsidered as dramatically higher bullion prices reshape the economics of previously marginal deposits. Sometimes the most interesting mining opportunities are not newly discovered deposits. They are projects that were discovered, surveyed and partially developed years ago—but…
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A Seamless Transition: US Debt Clock Points to the Treasury Dollar Switch
The US Debt Clock has released another “DJT” poster, and this one may be the most operational yet. The headline reads: A Seamless Transition Below it, the poster shows the old system at the top: The Fed Debt-Based Dollar — 1913 A large arrow points downward across the map of the United States toward the…
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Gold Tripled. Gold Mining Margins Went Up Sixfold.
The Richest Margins in Gold Mining History May Be the Part of the Bull Market Investors Still Haven’t Priced In Gold went from roughly $1,400 an ounce to $4,400 an ounce. That is spectacular. But it may not be the most important number in the gold market. Here is the number investors should be watching:…
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Canada’s Junior Gold & Silver Miners Are Heading for a Historic GDXJ Rebalance
Scotiabank is forecasting 41 additions and only two deletions from the MarketVector Junior Gold Miners Index—a reshuffling that could send billions of dollars of ETF capital hunting through one of Canada’s hottest corners of the mining market. Something unusual is developing beneath the surface of the junior gold and silver market. According to Scotiabank’s forecast…
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China Injects Nearly $56 Billion Into Banks as the Credit Engine Collapses
Beijing is pouring fresh capital into its biggest banks and insurers. The problem is not a shortage of money. The problem is that increasingly few Chinese businesses and households want to borrow it. China has reached for the financial fire hose again. Beijing is orchestrating a roughly 360 billion yuan—about US$54 billion, or nearly $56…
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The Age of Mining is About to Begin: When Access to Metals Matters More Than Price
The next great investment cycle may not begin in Silicon Valley. It may begin thousands of feet underground. For most of the past generation, the global economy was built around one overriding assumption: whatever material you needed could be purchased, manufactured or shipped from somewhere else. Copper. Steel. Uranium. Rare earths. Nickel. Silver. Natural gas.…
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