We connect the macro to the miner. Gold at highs, BRICS hedging, and the sudden flood of stablecoin rails from Big Tech and fintech aren’t random—together they outline how the U.S. could accumulate Bitcoin through balance-sheet proxies (think corporate treasuries and miners) instead of a headline-grabbing “sell gold, buy BTC.” If Bitcoin is the new reserve asset, its long-run security budget can’t rely on price doubling forever or on “fees will save us.” We dig into why miners keep going bankrupt post-halvings, how AI is siphoning racks and power, what a policy path of subsidies for home nodes/miners might look like, and why that still isn’t enough to keep Bitcoin credibly neutral.

Enter NAT: a parallel, market-driven subsidy that pays miners without touching 21M—designed to counter deflationary hardware trends and reduce centralization pressure. We cover who would actually buy NAT (and why we want miners to sell it), the “strategic reserve via companies” thesis, and how this all fits the next 100 years of dollar rails, stablecoins, and energy. If you’re a miner, dev, or serious Bitcoiner who cares about durability over vibes, this one’s for you. Nothing here is financial advice.

Topics:

First up, We connect the macro to the miner. Gold at highs, BRICS hedging, and the sudden flood of stablecoin rails from Big Tech and fintech aren’t random
Next, If Bitcoin is the new reserve asset, its long-run security budget can’t rely on price doubling forever or on “fees will save us.”
and Finally, covering who would actually buy NAT (and why we want miners to sell it)

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283. TBR - Why Buying $NAT Is Equal To Buying Bitcoin At $1 | U.S. Bitcoin Dollarization Strategy 💵

The Block Runner Crypto Podcast