Bitcoin Unlocked

Andrew Keir•unlocked.substack.com

Technology

Business

Investing

A daily letter about bitcoin & the future of money

unlocked.substack.com

Last refreshed: July 14th, 2025 at 11:30 PM ⓘ

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Episodes

What Do The Lira, The Bolivare and the Lebanese Pound Have in Common ?

Good Afternoon Everyone, The Turkish Lira has plunged to new lows, and has now lost 57.4% of its value YTD. I’ve attached a chart showing the devestation. TRYUSD: If you zoom out a little further, the Lira is now down 89% since 2013, as shown below. Pretty wild! Gold has increased by approx 164% since March 2020, as citizens likely look at any way possible to protect their wealth against the collapsing currency. XAU/TRY: Meanwhile Bitcoin, the apex predator, has increased a mammoth 2200% during ...

Dec 21, 2021•5 min

Re-hypothecation & Fractional Reserves

Good Morning Everyone, Caitlin Long, founder and CEO of Avanti, a US bank focussed toward digital assets, and a major Bitcoin proponent in the US, highlighted something yesterday that I had not given much thought to, and think has largely gone unnoticed for the most part up until now. In a really powerful twitter thread, which i encourage you to read for yourself, she highlighted the impact of derivatives markets, specifically the impact to supply and demand, through the issuance of “paper bitco...

Dec 20, 2021•5 min

Mimetic Narrative Warfare

Good Morning Everyone, An article from the Guardian circulated yesterday titled “ Bitcoin could become ‘worthless’, Bank of England warns” In classic legacy media fashion, this is the usual clickbait we have come to expect from most corporate media institutions, as their business model is not truth or “news”, their business model and the way they pay their employees is by selling advertising. The more eyeballs, ie clicks, the more the cost of the advertising real estate to their advertising cust...

Dec 16, 2021•5 min

Platforms Integrating Payments

Good Morning Everyone, It was announced on Friday Whatsapp are running a pilot program in the US and Guatemala to enable payments via Novi Financial, which as it turns out is actually owned by Facebook. In a December 8th announcement Novi said: “Starting today, a limited number of people in the US will be able to use Novi to send and receive money right within their WhatsApp chat.” A couple of things stand out to me here. First, this is the beginning of facebooks attempt to move to capture marke...

Dec 15, 2021•3 min

Absolute Power Corrupts Absolutely

Good Morning Everyone, We’re living in a strange world right now where the censorship appears to be at an all-time high. We have formerly “mainstream” media or perhaps better labelled corporate media that is proving day after day to be untrustworthy and in many places around the world appears to be operating almost as an extension of government at this point. Certainly a significant divergence from the primary purpose and importance of having a free press or free media. Whether it be regarding t...

Dec 15, 2021•5 min

We Are Watching the Pricing of Digital Scarcity in Real Time

Good Morning Everyone, The topic of digital scarcity has been discussed at length in relation to Bitcoin. Plan B’s Stock-to-flow model does a good job of quantitatively modelling Bitcoins scarcity. To quote Plan B: Surely this digital scarcity has value. But how much? In this article I quantify scarcity using stock-to-flow, and use stock-to-flow to model bitcoin’s value. Approximately 7hrs ago at block height 714,000 the bitcoin network saw the percentage of supply issued, reach 90%. Bitcoin’s G...

Dec 14, 2021•5 min

Hash Rate Nears All Time High

Good Morning Everyone, 6 months ago China made what I believe will turn out to have been one of the most significant geopolitical errors of this century by banning Bitcoin Mining. At the time Chinese mining operations were responsible for securing a majority % of global hash power. According to CBECI , at the beginning of 2021 53% of total network hash rate was from China. Down from 72% at the beginning of 2020. China had long occupied significant share of the hash rate due to considerable acces...

Dec 13, 2021•4 min

Bitcoin. Not crypto

Good morning everyone, I want to take a couple of minutes to dive into the why in relation to why Bitcoin, not crypto. Having been following bitcoins development since price was around $300USD, i understand the temptation of shitcoins.. excuse me.. highly esteemed pieces of technology often referred to as alt coins, or crypto currencies. They seem so much more dynamic and exciting. People use flashy terms like Web 3 and often have a great story to tell as to how this new thing is going to change...

Dec 10, 2021•7 min

Central Bank Digital Currencies are Coming. It's a matter of when, not if.

Yo, Let’s do this! My content here is going to focus primarily on Bitcoin, and the developments in and around Bitcoin to help keep you up to date on what is going on and to offer my honest perspective as opposed to just blindly believing the circulating narratives. Ya know, because sCieNcE.. I believe bitcoin is the most important innovation of our lives. I do not think there is anything more meaningful I can do with my time, that to empower you and as many people as possible with the knowledge ...

Dec 09, 2021•6 min

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