$35 Trillion in the Red
This Week in Bitcoin · 
I discuss the macro mayhem this week and why it's time for Bitcoin to shine. I also explored the Bitcoin Reserve bill and tried Alby Hub & Cloud.
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Links:
• The Magnificent 7 stocks have now erased a combined $2.6 TRILLION of market cap over the last 20 days. (https://x.com/KobeissiLetter/status/1818386268545245234)
• All while deficit spending as a percentage of GDP is currently at World War 2 levels (https://x.com/KobeissiLetter/status/1818050246242365893)
• Bloomberg just confirmed businesses are warning investors they're unable to pass on costs to the consumer anymore. (https://x.com/FinanceLancelot/status/1818595449185419742)
• A week ago we saw the biggest one-day drop for the S&P 500 since December 2022 (https://x.com/charliebilello/status/1818664102241144905)
• Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost (https://home.treasury.gov/news/press-releases/jy2512)
• US Plans to Hold Note, Bond Sales Steady for ‘Several Quarters’ (https://www.bnnbloomberg.ca/investing/2024/07/31/us-plans-to-hold-note-bond-sales-steady-for-several-quarters/)
• 'We Did It—Congratulations': David Schweikert Decries US Reaching $35 Trillion In National Debt - YouTube (https://www.youtube.com/watch?v=z7lOcJqZEl4)
• Hawkish FOMC 'Still Waiting For Greater Confidence' On Disinflation (https://www.zerohedge.com/markets/fomc-18)
• Quarterly Refunding: Treasury To Hold Bond, Note Sales Steady For "Several Quarters", Will "Modestly Increase" Bill Offering Size (https://www.zerohedge.com/markets/quarterly-refunding-treasury-hold-bond-note-sales-steady-several-quarter-will-modestly)
• Trump Embraces the “Bitcoin-Dollar”, Stablecoins to Entrench US Financial Hegemony (https://bitcoinmagazine.com/politics/trump-embraces-the-bitcoin-dollar-stablecoins-to-entrench-us-financial-hegemony)
• Lummis-Gillibrand Payment Stablecoin Act (https://www.congress.gov/bill/118th-congress/senate-bill/4155/text)
• The Bitcoin-Dollar (https://store.bitcoinmagazine.com/products/the-bitcoin-dollar-book)
• Tether holds more US Treasuries than Germany, ranks 19th globally (https://cryptoslate.com/insights/tether-holds-more-us-treasuries-than-germany-ranks-19th-globally/)
• Lummis Announces Revolutionary Proposal to Supercharge the Dollar, Bolster U.S. Economy » Senator Cynthia Lummis (https://www.lummis.senate.gov/press-releases/lummis-announces-revolutionary-proposal-to-supercharge-the-dollar-bolster-u-s-economy/)
• Cynthia Lummis Unveils Bitcoin Strategic Reserve Bill - YouTube (https://www.youtube.com/watch?v=_Ou_oxWsCcc)
• Senator Cyn… (https://x.com/SenLummis/status/1817302883894722687)