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The blog below was pulled together using AI based on my live commentary from Episode 88. It's not how I talk—so if it sounds like a robot wrote it, that's because one kinda did. The ideas, framing, and takes are mine. But the wording isn't. So if you want the raw, unfiltered version, hit play on the video. If you're just scanning for the TL;DR, this AI-written summary might help—but don't take it as gospel. Bitcoiners know better than to trust anything without verifying.

Simon Dixon

Hey hey, Bitcoin Wealth Builders! 

It's Friday—and that means it's time to decode this week's shifts in Bitcoin, macroeconomics, and geopolitics. This week, the "One Big Beautiful" stimulus bill was approved, a $1.3 trillion War & Surveillance Budget, just as predicted. We're going to break down what this means, how to protect yourself, and cover everything that happened this week in Bitcoin, Macro, and Geopolitics within that theme. 

Part 1: Who Owns All The Bitcoin Today? | This Week In Bitcoin

While the US is focused on its new stablecoin framework, the rest of the world isn't waiting. Russia's new ruble-backed stablecoin, A7A5, has quietly moved more than $9.3 billion in just four months, being used to convert rubles into USDT and bypass Western sanctions. Meanwhile, corporate and institutional adoption continues at pace:

• Corporate Treasuries: London-listed companies are piling into Bitcoin. Design software giant Figma revealed it holds $69.5 million in Bitcoin ETFs, accounting for 4.5% of its cash portfolio ahead of its public debut. 
• Institutional Services: Germany's largest bank, Deutsche Bank, plans to launch crypto custody services in 2026. In a symbolic move for me, his last corporate employer, KBC Bank in Belgium, announced it will now allow retail customers to invest in BTC and ETH. 
• ETF Dominance: BlackRock's Bitcoin ETF is now driving more revenue than its flagship S&P 500 fund, a crazy milestone. BlackRock now holds over 696,000 BTC, while MicroStrategy is approaching 600,000 BTC. 
• Ownership Breakdown: Approximately 30% of all circulating Bitcoin is held by large, known entities. This includes Satoshi Nakamoto's estimated 1.1M BTC , major institutions like Binance, BlackRock, and Grayscale holding over 1.2M BTC , and various governments and corporations holding over 850,000 BTC. Despite this, the vast majority of Bitcoin remains in self-custody. 
• US Regulation: Senator Lummis has introduced a bill to exempt crypto transactions under $300 from tax, but this was notably taken out of the "One Big Beautiful Bill." At the state level, New Hampshire, Arizona, and Texas now allow for Bitcoin reserves, with Texas planning a $10 million purchase. 

Part 2: The Big Beautiful War & Surveillance Bill | This Week In Macro

The U.S. House has passed President Trump's "One Big Beautiful Bill," a $1.3 trillion legislative package that adds $3.3 trillion to the federal deficit and raises the debt ceiling by a staggering $5 trillion. This bill is not about fiscal conservatism; it is a war and surveillance stimulus package designed to transfer wealth and consolidate power.

• A Proof of Weapons Stimulus: The bill contains significant investments in "defense" (war) and "immigration enforcement" (surveillance). The spending on war contractors and surveillance firms like Palantir is a form of crony capitalism, funded by debt that fuels inflation for the masses. Elon Musk reacted by stating it's time for a new political party that "actually cares about the people," while Thomas Massie voted against the bill. 
• Trump's Destabilization Campaign: In the last 48 hours alone, Trump has launched attacks against a long list of individuals and entities, including Elon Musk, Thomas Massie, Japan, Canada, and Jerome Powell. This feels like a deliberate destabilization campaign designed to weaken faith in the US dollar and pave the way for a multi-polar world where his and BlackRock's interests can thrive. 
• The Fed's Dilemma: Unemployment numbers came in better than expected at 4.1%, primarily due to a surge in government jobs funded by this stimulus. This gives Fed Chair Jerome Powell no economic justification to cut interest rates, which Trump desperately needs to roll over the short-term national debt at lower rates. This sets up a conflict where Trump will likely replace Powell in 2026 to force rate cuts, an inflationary move that could send long-term borrowing costs soaring and turn the US into an emerging market debt trade. 

Part 3: Combat the next moves of the proof of weapons network | This Week In GeoPolitics

The current geopolitical environment is defined by the Proof-of-Weapons network negotiating a strategic exit for its military-industrial complex from the Middle East. This is being replaced by the financial-industrial complex, which requires regional stability to profit from reconstruction and investment. This transition involves the controlled demolition and "vassalization" of Israel into the Gulf Cooperation Council (GCC) , a process made possible by the rise of BRICS and the de-dollarization movement. 

• Negotiated Exits: Developments this week confirmed this trajectory. Netanyahu's corruption court case was delayed just as he scheduled a visit to the White House. Simultaneously, a 60-day Gaza ceasefire deal was announced on significantly better terms than previous leaks, moving towards a permanent solution. The US has offered Iran an attractive package of lifted sanctions and reconstruction incentives to ensure the plan proceeds smoothly. 
• The Power of Economic Boycotts: While the geopolitical chess moves can seem disheartening, there was a major victory for peaceful resistance this week. Coop Alleanza, Italy's biggest retail co-op, axed all Israeli goods and replaced them with Palestinian brands. This decision was not driven by activism, which had pressured them for 20 years, but by profit. With 66% of Italians being anti-Israel, the company made a financial calculation: the PR boost and alignment with ESG lenders was more profitable than the 0.1% of revenue from Israeli products. This proves that the most effective way to combat the Proof-of-Weapons network is to impact the profit and loss of the corporations that control the politicians. 

Final Thoughts: Don't Let the Calm Fool You

Markets look stable. Conflict looks isolated. Regulation looks measured. That's by design. They want you to believe that deals and tokens are a circus. But underneath it all, this is how the new financial system is being deployed: full-reserve stablecoins backed by sovereign debt, tokenized political access, and ETF custodians holding real Bitcoin while you get fake exposure.

And still, Bitcoin remains sovereign—if you hold it right. If you let your Bitcoin get wrapped, staked, or custodied by them, you're no longer opting out. You're just feeding the same system in a shinier wrapper. The dollar is being reengineered and the wars are being monetized. Bitcoin is the one neutral system they can't print or sanction.

So hold your keys. Trust no proxy. And remember—stability is the story they sell you right before they pull the plug.

Call to Action

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 Watch BitcoinHardTalk Episode 88 on YouTube

Disclaimer

This blog was generated with the assistance of AI and is based on the views, commentary, and live analysis delivered by Simon Dixon in Bitcoin HardTalk Episode 88. While AI was used to structure and summarize the conversation, the insights, framing, and content originate from the livestreamed episode hosted by Simon Dixon.

The purpose of this blog is to distill complex global developments—from Bitcoin adoption to geopolitical realignments—into an accessible format for educational and informational purposes only. It does not constitute financial, legal, tax, investment, or political advice. The commentary included here reflects personal opinions formed at the time of the episode, based on publicly available data, historical analysis, and Simon Dixon's professional perspective.

Bitcoin and other digital assets are volatile, high-risk instruments. Readers should perform their own due diligence and consult qualified professionals before making financial decisions. Nothing in this blog should be interpreted as a recommendation to buy, sell, or hold any asset, nor does it suggest any guarantee of future performance or outcome. References to individuals, companies, financial institutions, and geopolitical actors are made strictly for analytical or educational discussion.

By reading this blog, you acknowledge sole responsibility for any interpretation or action you take based on this content. Neither Simon Dixon nor any affiliated parties shall be held liable for financial loss, reputational damage, or decision-making based on the insights presented herein.

For the complete and unfiltered version of Simon Dixon's analysis, readers are encouraged to watch the full BitcoinHardTalk Episode 88 livestream.