The Path to Bitcoin

Episode #185 | Published February 26, 2026 A lender took a pool of bitcoin-collateralized loans, packaged the pool into an asset-backed security, sold roughly $188 million of bonds, and cleared investment-grade treatment on senior notes. That is not just a headline event. It is a structural transition where Bitcoin collateral gets translated into bond language: […]

K = Ic2

The Value Equation: V=ϕ×Io​×M×Q+ψ×E 1. Information Content (Io​) Represents the amount of original information in an asset, quantified in bits. It's the foundational data that the asset contains, whether it's software code, design specifications, or any other form of data. 2. Energy Expenditure (E) Denotes the total energy consumed in creating, maintaining, and securing the […]