Chapter 11 References

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Chapter 11 References

Only 21 Million Bitcoin

'The maximum total supply of Bitcoin is 21 million.' - Investopedia

Miners compete to process batches of transactions known as ‘blocks’ and the first to solve a ‘puzzle’ receives a reward of new Bitcoin. The blocks are then added to the previous record of blocks, hence the term blockchain.

'Mining' Bitcoin

Bitcoin is created through computational puzzle solving called ‘mining’:

Miners compete to process batches of transactions known as ‘blocks’ and the first to solve a ‘puzzle’ receives a reward of new Bitcoin. The blocks are then added to the previous record of blocks, hence the term blockchain

Value Basis of Crypto

In an article titled Monetary Policy in the Digital Age, the value crypto represents was stated as:

…the value of crypto assets rests solely on the expectation that others will also value and use them.

Historical Price of Bitcoin

When bitcoin was first traded, it's price started out at 10 cents. - Investopedia.

Bitcoin hit $123,323.40 in Aug 13 2025.

Merging Money And Debt

In the publication: Money and Payments: The U.S. Dollar in the Age of Digital Transformation Jan 2022 - Board of Governors of the Federal Reserve System:

Under the heading ‘Central Bank Money’ - ‘central bank money is a liability of the Federal Reserve’ and ‘currency has legal tender status in the United States’.

Similarly, ‘Commercial Bank Money’ is defined as the liability of commercial banks.
Both Debts.

Recall from Art. I § 10 Cl. 1 - ‘Money' is separate and distinct from ‘Tender in the Payment of Debts’. Yet the Federal Reserve openly merges the two.

Tokenization of Debt

In an article introducing 'Regulated Liability Networks' and Central Bank Digital Currency by Digital Asset:

...the tokenized assets created will be commercial bank liabilities, leaving the owner to face the same depository risks that exist today

In another article by The Block:

The Federal Reserve Bank of New York is poised to unveil a proof-of-concept for “regulated liability networks” — an experiment around tracking and transmitting tokenized debt issued by an array of regulated financial institutions.

Crypto Example

In March 2025, a crypto coin named FIFA COIN surged in price by 142,000 %. This came after mention of the potential creation of a crypto coin based around the FIFA World Cup being hosted in Canada, Mexico and the United States in 2026.
The single mention of a potential new coin, having nothing to do with the already existing coin sharing a similar name, resulted in a 142,000% increase in price…
Was a corresponding amount of value created by the announcement? If so, who benefits from the creation of that value?

Full article on the Daily Mail.