The Bitcoin Cold Wallet Hack Is Only The Beginning
Is This The End of The Bitcoin Narrative and Is Gold The Beneficiary?
Last week, we learned about a hack involving Bitcoin cold wallets that has already drained close to $140 million from holdings people believed were “safe” in cold storage. And the number keeps rising by tens of millions of dollars a day. It’s certain to go much higher from here and could well end up involving wallets beyond Coldcard. This is absolutely one of the biggest disasters in the history of the Bitcoin narrative—and that is saying something.
The reality is, the narrative gets weaker and weaker, not stronger and stronger, with each passing year. That is not how “truth” works. When something is true, it becomes more obvious the more time advances (see the truth about the Scamdemic). When something is a lie, however, the opposite happens (see the Bitcoin narrative). So let’s remind ourselves. We had already discovered that, during some of the most crucial years of Bitcoin’s evolution, Epstein was literally funding three of the five lead Bitcoin developers through MIT’s Digital Currency Initiative, which became the new institutional home for Bitcoin Core following the collapse of the Bitcoin Foundation.
Interestingly, another MIT-linked figure would later emerge as the loudest Bitcoin salesman on earth: Michael Saylor, son of a US Air Force Chief Master Sergeant (the highest possible enlisted rank) and government-contractor extraordinaire. His company—which has gone on to become one of the largest holders of Bitcoin in the world—sprang out of connections he made whilst studying at MIT. In many ways, it looks like another company that exists mostly as a ‘private arm’ of the US deep state apparatus. His company’s IPO was even taken up aboard a rocket to the International Space Station (apparently). Why? Anyhow, back to my point, Saylor is not trying to take down the US dollar, the central banks, or hurt American interests. He is a loyal servant of Uncle Sam.
After leaving high school, Saylor followed his dream, joining the Air Force and earning a degree in aeronautical engineering from MIT, where he studied spaceship design and learned how to fly. But his plan was derailed in the final semester of his senior year when he was misdiagnosed with a benign heart murmur, disqualifying him from combat air duty.
Shortly after that, Congress cut the defense budget. So, instead of going on active duty in the military as an engineer, he served in the Air Force reserve weekends and summers and went into the civilian world. Saylor told us this story as he proudly showed us a plaque in his office. It had recently been given to him by Astronaut Greg Johnson, a high school friend who was a pilot, not just once but twice, on the space shuttle Endeavour.
The plaque featured MicroStrategy’s IPO prospectus and pictures of Johnson in space holding it. He had taken it with him on Endeavour’s last flight. So, it had been to the space station and circled the Earth for two weeks.
—Georgetowner, Michael Saylor: Riding The Mobile Wave (2012)
Beyond Saylor, a few years later we then saw a sudden institutional U-turn, with the likes of Larry Fink, Howard Lutnick, Donald Trump and a range of other less than encouraging faces suddenly pushing Bitcoin on the masses, telling us they had it all wrong and that digital tokens are “the new gold.” Eyebrows should certainly have been raised at that point. But for those who remain capable of critical thought, it was clear long before any of this that the narrative was deeply flawed.
‘You will know them by their fruits’ comes to mind. And off the back of Bitcoin, the whole dystopian technocracy emerged, which now includes the mass tokenization of assets. Put simply, if they didn’t invent it, they sure as hell thank their lucky stars that somebody did! It has advanced their agendas in ways that would have been impossible had the governments of the world openly brought them forward. At this point, you can certainly see a convergence of Bitcoin with broader agendas around digital surveillance, digital IDs and transhumanism.
In his most recent interview, Michael Saylor really laid his own cards on the table when he cheerled for implantables and chips placed under the skin of newborn babies. Something that wouldn’t affect him, of course, because like so many of the key ‘technologists’ advancing dystopia, he is childless.
Saylor’s words didn’t surprise me, given he has spent his entire life advancing technocracy and advocating for Transhumanism. Just like Elon Musk, Peter Thiel, Larry Ellison, Sam Altman—and all the other faces that have somehow come to suddenly dominate companies and narratives shaping our future. I was warning people about this as far back as 2021 when Saylor entered the Bitcoin space. Here are a few of his Facebook posts from the pre-Bitcoin days.
Saylor is clearly an advocate for digital IDs and the greater project of Transhumanism and technocracy. So why didn’t people question his sudden reversal on Bitcoin? He went from being a complete opponent to suddenly having a revelation that led him not only to buy a little, but to turn his company into a Bitcoin ponzi scheme. Personally, I don’t think Michael Saylor is dumb or reckless, he is clearly smart. Which is why what he has done over at Strategy — essentially pyramiding debt in order to buy the most volatile mainstream asset in history — does not make sense. Which begs the question: was he instructed to do so?
Of course, that is hugely speculative, so I won’t waste my time trying to prove or disprove it. I merely want to reiterate that he has spent his life working alongside government agencies and the military-industrial complex in the US. Are we really expected to think he betrayed his pay masters by pushing an asset we were told was designed to usurp their power and return sovereignty to the masses. Or is the far more likely scenario that he is pushing it to further their overall agenda? In the words of Joe Biden: “C’monnnnn mannnnn.” But listen, none of this really matters. I am not trying to convince anyone of anything. I just feel the need to reiterate these important points every time I talk about Bitcoin, because otherwise I’ll get a whole host of people telling me to:
“Do my homework.”
“Trust math.”
“Have fun staying poor.”
So, back to the recent cold wallet hack. This is one of the most significant incidents in the history of Bitcoin. Not because the Bitcoin narrative wasn’t already deeply flawed—but because this one goes right to the heart of the illusion surrounding the technology. It also introduces an incalculable risk. Because this time, people who did “everything right” lost 100% of their wealth in an instant.