Happy Turkey Day. This is Built on Bitcoin, the newsletter you can read while hiding from your family who bought the top.
Fun fact to have in your pocket: 2 years ago today, Bitcoin was at $37k.
WE UP $55k BABY!
Here’s what we got on the docket:
The Lone Star Stack: Texas becomes the first state to hold a strategic Bitcoin reserve.
If you can’t beat ‘em: J.P. Morgan enters the Bitcoin game. There’s also an interesting fight going on between JPMorgan and the Trump administration.
Satoshi for your Thoughts: Rumble, the YouTube for conspiracy theorists, is testing Bitcoin tipping
1M users on a Starknet game???: Yeah, we had the same reaction
Mr. 10x is Long Bitcoin: Grant Cardone bends the knee further
Moor Metaprotocols: A new solution enters the chat from OG Bitcoiners.
The First Domino Falls: Texas Buys $5M in BTC
In a historic move, Texas officially purchased $5M in Bitcoin via the BlackRock iBit ETF. This makes them the first state in the country to hold a strategic Bitcoin reserve.
$5M might sound like a rounding error for a state GDP that rivals many countries, but don't go bearish like the rest of Bitcoin Twitter. This is the "toe in the water" moment.
First, they ignore you.
Then, they laugh at you.
Then, the Texas State Treasury allocates tax dollars to buy your bags. <-- We are here.
This signals a massive shift in sovereign/state-level adoption. If Texas is comfortable putting BTC on the books, how long until Florida or Wyoming follow suit?
The next logical step is allowing BTC to pay your taxes.
HIGHER.
Jamie Dimon Plays the Uno Reverse Card
Remember when Jamie Dimon said he’d fire any trader who touched Bitcoin? Life comes at you fast.
J.P. Morgan Chase is officially entering the Bitcoin space with a fancy financial product built off Blackrock’s IBIT ETF.
I’d break it down for you but lets be honest, It would just be an AI summary. Here’s a Yahoo Finance article if you want to learn more. The more interesting thing is the all the institutions offering products for the king asset.
Related: It appears some of the biggest institutions in the US are playing 4D chess against each other. MarylandHODL on X, wrote an article titled, Trumps Gambit: The Quiet War Between The White House and JPMorgan.
In it, they discuss a potential war going on between the old guard. Which is Chase Bank and it’s buddies at the Federal Reserve, and Trump / crypto / the Treasury Department
Is it true? I have no idea. but it's provocative, and I highly recommend you read it.
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The Counterparty Founders Are Back With A New Thing
Have you heard of Kontor? This is yet another metaprotocol for Bitcoin here to save the day. Feels a little too late, doesn’t it?
Probably. But i’ll lay out some of the facts on why this one could be different.
OG OG Bitcoiners: The founders Adam and Evan are from the Counterparty protocol that kicked off NFT’s and tokens on Bitcoin over a decade ago.
Truly Interoperable: It’s designed to play nice with all the current metaprotocols. Runes, BRC20, Counterparty, etc.
File Storage, but not Ordinals-style: It has file storage and ownership tracking built directly into the protocol. Why do I care? Your not putting big files on Bitcoin with big cost, but also not just getting a link to a file on some server somewhere.
It’s a late bloomer in a space thats progressed a lot over the past year. Spark is ready to cook, but it has enough different choices that the Built on Bitcoiner reader should be aware. 👀
Kicking The Hornet’s Nest: Runes in Ruins
Can we say Runes are dead already? We have bigger fish to fry. I posted a 8 minute video on my switch from initially being super bullish on Runes, 18 months ago, to where I am today as a pretty heavy bear. The Runes army wasn’t happy.
Quick Hits ⚡️
🌲 A Bitcoin Web3 Game with 1m users?!: FocusTree, a game teaching kids to focus just crossed 1 million users on Starknet. 🤯
⚛️ Quantum Solace: Nic Carter released 5,000 words on the risk of Quantum Computing to break Bitcoin. TLDR: He thinks there’s a credible risk of a breakthrough between 2028-2035.
🌉 Trustless Bridging: Joltz just executed the first trustless bridge transaction between Spark and Coinbase’s Base (EVM). 🔥
🥊 Rumble Tipping: The YouTube competitor Rumble (backed by Tether) is officially testing BTC tipping. It’s on-chain for now (no Lightning yet), but censorship-resistant money on a free-speech platform is a match made in heaven. We’ve been testing.
📹 10x: Serial shiller Grant Cardone is officially a BTC bull. He even slapped a massive Bitcoin B on his private jet. Top signal or are we going sky high?
Jake’s Take
I’m sitting here writing this on Thanksgiving Eve. It’s finally time to slow down, pause, and be grateful for the things we have in our lives. Shift from 5th to 4th gear and get into the holiday spirit.
Right now, I'm just incredibly grateful for Bitcoin.
As cliché as it sounds, I truly think it has the best chance to provide a better future for us as a global society. Being in this space has certainly made my life better—mostly because I’ve gotten to know so many of you who are reading this right now, and shift to a mindset oriented towards the long term.
And just on a practical, selfish level 😈... the fundamentals for Bitcoin look absolutely incredible right now. We are setting up for an insane 2026.
Let's cheers to that. Have a great holiday, everyone. 🥂
See you Monday, The Built on Bitcoin Team
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