Phase 4 Complete

Sixty days. The most comprehensive Bitcoin history education available in daily email format. Here’s the full arc.

The early years: $0.0008 to $1,000. The pizza transaction. The Silk Road. Mt. Gox. The 2011 and 2013 crashes. China’s first bans. The realisation that the network survived everything thrown at it.

The institutional era: MicroStrategy’s 2020 pivot. El Salvador’s legal tender law. The 2021 peak at $69,000. Luna and FTX — centralized failures that left the Bitcoin network untouched. The 2022 bear market. Long-term holders accumulating through the crash.

The maturation: the 2024 halving. The Bitcoin ETF approval. BlackRock and Fidelity. Bitcoin accessible through retirement accounts for the first time. The price crossing $100,000.

Bitcoin around the world: Nigeria, Argentina, Turkey, Iran, Ukraine. The unbanked. Governments banning and governments embracing. The energy debate. Mining geography. Ordinals. Athletes taking salaries in Bitcoin.

The big picture: Bitcoin vs gold and real estate. The Lindy Effect. Network effects. The four-year cycle. On-chain data. Long-term vs short-term holders. What would actually kill Bitcoin. What historians might say.

All of it leads to the same place: an asset unlike anything that has existed before, with properties that make it genuinely useful as a long-term store of value, and a history that rewards those who understood it and held — while punishing those who traded based on price alone.

Phase 5 starts tomorrow. The strategy phase. What you actually do with all of this.

— The Daily Bit