347. The Bitcoin Standard Course - Launch Lecture

— Saifedean Ammous launches an online course on *The Bitcoin Standard*, revisiting the book nearly 10 years after publication with updated analysis and practical applications.

— Bitcoin's inception on October 31, 2008, and its evolution from a cryptographic curiosity to a $1.7 trillion global asset held by millions, corporations, and governments.

— The regression theorem (Ludwig von Mises) explains how Bitcoin transitioned from an economic good (October 2009, first price: $0.000994) to a medium of exchange (May 2010 pizza transaction at $0.0025).

— Bitcoin defined as distributed peer-to-peer software that enables value transfer in a currency protected from supply inflation without trusted third parties—automating and decentralizing central bank functions.

— The distinction between digital cash (final settlement, no intermediaries) and credit-based money; Bitcoin delivers the finality of physical cash in digital form.

— Bitcoin as digital hard money with supply constraints, and its implications for personal freedom, long-term thinking, time preference, and capital accumulation versus government-controlled fiat currency.

— Bitcoin's opening price: October 2009, $0.000994 per BTC (first recorded transaction).

— Pizza transaction (May 2010): 10,000 BTC = $25, implying $0.0025/BTC; seven-month compound annual growth rate of 386%.

— November 2017 (book publication deadline): $7,888/BTC; eight-year compound annual growth rate from Oct 2009: 613%.

— Current price (October 2026, recording date): approximately $85,000/BTC; 17-year compound annual growth rate: 192.8% (~nearly tripling per year).

— Bitcoin market cap: currently around $1.7 trillion (recently exceeded $2 trillion); ranks among the world's top national currencies by market value.

— Secure and educate yourself first: Before acquiring Bitcoin, prioritize learning how to secure it properly, control your private keys, and take personal responsibility—Bitcoin has no customer service, no bailout mechanism, and no recovery option for lost funds.

— Diversify custody as holdings grow: Once Bitcoin positions become significant, consider institutional-grade multi-sig custody solutions (rather than concentrating risk in a single self-custody setup) to reduce operational failure points.