Bitcoin
ARKA NOEGO / NOAH’S ARK: On Solidarity and Bitcoin
A Peaceful Revolution
During the 1980’s, a genuine popular movement arose in Poland that ended up toppling the communist regime in that country. Although there were many anticommunist intellectuals writing and being read in Poland at the time, the spark that ignited the peaceful revolution that ended Soviet rule was lit not by the educated elite but by the working class: workers at the Lenin shipyard in Gdańsk launched a strike in 1980 that quickly spread to workers across industries and throughout the country. These workers formed the Interfactory Strike Committee, which drew up a list of 21 demands. Then, in a move reminiscent of the apocryphal story of Martin Luther nailing his 95 theses to the Church in Wittenberg, they wrote their demands on wooden boards and hung them from the gates of the Lenin shipyard.
The Gdańsk strike was triggered, predictably, by the government raising prices in a price-controlled economy while also denying wage increases. To make matters worse, Lenin shipyard managers had just fired a popular forklift operator, Anna Walentynowicz. Her co-workers believed this was political punishment for her union organizing. “What?” You might ask. “A communist government opposed to labor unions?” Yes—throughout the Soviet Bloc, only government-authorized labor unions affiliated with the ruling communist parties were permitted. One of the key demands of the Interfactory Strike Committee was the ability to form independent trade unions.
Of course, the image of workers striking against a communist government was terrible optics for the Polish government. In addition, as a Warsaw Pact country, Poland faced the continuous prospect of military intervention by the USSR. No one knew if or when Moscow would decide to “send in the tanks” like they had done in Hungary in 1956 and Czechoslovakia in 1968. Indeed, Brezhnev and the Politburo debated the idea in 1980. Eventually, they decided against it—in part because the First Secretary of the Polish United Workers’ Party (PZPR), Edward Gierek, feared a national bloodbath. The first round of strikes and protests in Gdańsk had attracted over 700,000 people, and, simply put, the Polish state feared Polish society. PZPR leadership opted to declare Martial Law instead. Thus began a decade of power struggles between the government and the people which culminated in the overthrow of the communist system in 1989.
The remarkable thing about the Polish transition to a market economy was how peaceful it was. That was largely a result of the overwhelming social consensus among Poles of all political orientations that government control of the economy needed to be dramatically lessened. The movement that emerged from the Interfactory Strike Committee was called “Solidarność”, or “Solidarity”, drawing on the trade union tradition of workers standing in solidarity with one another to collectively bargain for better wages and working conditions. Solidarity’s demand for independent trade unions was met: it did indeed become the first non-communist, non-government trade union in the Soviet Bloc.
When the strikes in Gdańsk first erupted, a marginally employed graphic designer, Jerzy Janiszewski, designed a logo for the union based on graffiti that he had seen scrawled on walls in the city. He shaped the letters of “Solidarity” to look like people standing together in a crowd, and he added a Polish flag to emphasize national unity. This logo “went viral”—it quickly began to be used nationwide as a symbol of victory over tyranny.
The success of the Solidarity trade union soon inspired non-working class Poles to “stand in solidarity with Solidarity”, and in this way it became a genuine mass movement. People from all corners of Polish society came together to oppose dictatorship and economic control: Whether left, right, or center, religious or non-religious, people—even many actual members of the PZPR—were so disillusioned and unhappy with “actually existing socialism” that, for a good decade, other social divisions started to matter far less than standing together in the fight for economic and political freedom. In 1989, the Solidarity trade union won the first partially free elections in the Soviet Bloc. This inaugurated the fall of communism in Poland and generated momentum for many similar movements in other Warsaw Pact countries.
Bitcoin as Solidarity
Today, I see many resonances between Solidarność and the growing social movement behind Bitcoin. Like Solidarity, Bitcoin crosscuts ideological and cultural divisions. Whether you are left, right, center, or unaligned; religious or not; a proponent of “tradition” or of rethinking traditional social roles; and regardless of the form of government you prefer (democracy, republicanism, monarchy, theocracy, party rule, etc.)—Bitcoin has appeal. This is because, regardless of what type of government or culture people prefer, they generally want to spend their own money whenever and however they choose. They also want that money to keep its value over time, so that they can save it profitably for themselves and for future generations.
For decades, governments around the world have been chipping away at both of these human desires: they insist on controlling how people spend their money while devaluing it at the same time. This destruction of the savings and economic freedom of entire populations can only continue for so long before people come together to say, “enough.” That is why Bitcoin can be seen as a much-needed monetary reformation: the separation of money and state.
Like Solidarity, Bitcoin is a grassroots movement emerging from below. It has a name, a logo, and open source code that are used worldwide but are not owned by anyone. While the mainstream media pays a lot of attention to “Bitcoin billionaires”, the vast majority of Bitcoin owners are ordinary people—mostly working class—who see in it hope for a better future: A future where the fruits of their labor, their life savings, are not frittered away by irresponsible governments engaged in schemes to devalue currency and control economic life. More symbolically, the 21 demands of the Interfactory Strike Committee mirror the absolute scarcity of the only 21 million bitcoin that will ever be in existence, a number hard coded into the Bitcoin protocol.
Noah’s Ark: Surviving the Flood of Money
During the rise of Solidarity, a group of poets and musicians were touring Poland, performing songs to remind people that a better life was possible. Their names were Jacek Kaczmarski, Przemysław Gintrowski, and Zbigniew Łapiński. They recorded many “protest songs” whose messages had to be carefully worded and concealed to avoid being censored. However, despite their use of poetic metaphors and allusions to history, literature, art, and the Bible, everyone understood what they were really talking about. Their songs enjoyed immense popularity throughout Poland.
I grew up listening to the songs of these three troubadours. My parents, like many in their generation, were active in the Solidarity movement and brought that ethic with them when they immigrated to the United States, where I was born. Some of the trio’s songs have particular resonance for our own historical moment and for the Bitcoin movement. In that spirit, I wanted to share with you one of Kaczmarski, Gintrowski, and Łapinski’s great songs, “Noah’s Ark”. It references the Biblical story of Noah, who survived a massive, months-long flood by building an Ark.
One way to interpret the “flood” the trio sings about in “Noah’s Ark” is as the “flood” of currency that accompanies periods of hyperinflation. Governments that are politically in trouble or collapsing always face severe economic problems, and they often print dramatic amounts of money in order to “boost economic activity” within their borders. This tends to backfire, however, as the value of the money plummets and people become increasingly reluctant to use it. This only compounds the political and economic woes of the regime, accelerating its demise. For this reason, periods of hyperinflation tend to accompany turnovers of political regimes. When I first visited Poland in 1990, for example, it was in the middle of a hyperinflation accompanying the transition between a communist and a capitalist mode of political economy. The national currency had to be entirely re-based and reissued in order to restore public confidence in it.
Those who have survived “floods” of hyperinflation around the world know how devastating they can be. Millions of Polish people lost their entire life savings as a result of the collapse of a politically and economically non-viable system of government. But Kaczmarski, Gintrowski, and Łapiński’s song reminds us that the deluge is survivable—if we have planned ahead and if we believe in our own power, as individuals and as a community, to navigate the storms.
Please enjoy their music and lyrics, which I have translated into English below.
Arka Noego | Noah’s Ark |
W pełnym słońcu w środku lata, wśród łagodnych fal zieleni, Wre zapamiętała praca, stawiam łódź na suchej ziemi. Owad w pąku drży kwitnącym; chłop po barki brodzi w życie. Ja pracując w dzień i w nocy, mam już burty i poszycie. Budujcie Arkę przed potopem! Dobądźcie na to swych wszystkich sił! Budujcie Arkę przed potopem, Choćby tłum z waszej pracy kpił! Ocalić trzeba co najdroższe, A przecież tyle już tego jest! Budujcie Arkę przed potopem Odrzućcie dziś każdy zbędny gest. Muszę taką łódź zbudować, by w niej całe życie zmieścić. Nikt nie wierzy w moje słowa; wszyscy mają ważne wieści. Ktoś się o majątek kłóci, albo łatwy węszy żer. Zanim się ze snu obudzi, będę miał już maszt i ster! Budujcie Arkę przed potopem! Niech was nie mami głupców chór! Budujcie Arkę przed potopem! Słychać już grzmot burzowych chmur! Zostawcie kłótnie swe na potem; Wiarę przeczuciom dajcie raz! Budujcie Arkę przed potopem, Zanim w końcu pochłonie was! Każdy z was jest łodzią w której może się z potopem mierzyć Cało wyjść z burzowej chmury—musi tylko w to uwierzyć! Lecz w ulewie grzmot za grzmotem, i za późno krzyk na trwogę, I za późno usta z błotem, wypluwają mą przestrogę! “Budujcie Arkę przed potopem!” Słyszę sterując w serce fal! “Budujcie Arkę przed potopem!” Krzyczy ten co się przedtem śmiał! “Budujcie Arkę przed potopem”— Naszych nad własnym losem łez! “Budujcie Arkę przed potopem!” Na pierwszy i na ostatni chrzest! | In the full sun in the middle of summer, amidst gentle waves of green, Verily, the enduring work: I raise a ship on dry ground. An insect buzzes in a blooming bud; a peasant wades through life up to his shoulders. I, working day and night, already have the starboard and the sheathing. Build an Ark before the flood! Give this all of your energy! Build an Ark before the flood, Though the crowd ridicule your work! What is most precious must be salvaged, And there is so much of it already! Build an Ark before the flood! Cast aside, today, every superfluous gesture. I must build a ship in which to fit my entire life. No one believes my words; everyone has “more important” affairs. Someone is arguing over a fortune; or he smells easy prey. Before he wakes from sleep, I will have a mast and helm! Build an Ark before the flood! Don’t be beguiled by the choir of fools! Build an Ark before the flood! You can already hear the rumble of storm clouds! Leave your arguments for later; For once, trust your instincts! Build an Ark before the flood, Before it finally overcomes you! Every one of you is a ship in which you can square off with the flood To come out of the storm cloud whole—you just need to believe that! But, in the downpour, lightning strike after lighting strike, And the cries of danger come too late, Too late do lips spit out my warning with the mud! “Build an Ark before the flood!” I hear, steering into the heart of the waves! “Build an Ark before the flood!” Cries the one who previously laughed! “Build an Ark before the flood”— of our tears over our fate! “Build an Ark before the flood!” For the first and the last baptism! |
This is a guest post by Natalie Smolenski. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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accumulation
Corporate Bitcoin Holdings Hit Record High In Q1 2025 As Public Companies Accelerate Accumulation
Public Companies Now Hold Over 688K BTC, Signaling Record Institutional Bitcoin Adoption
Bitcoin adoption by public companies has reached an all-time high, according to a new report from Bitwise. In Q1 2025, publicly traded firms now hold a combined over 688,000 BTC, up 16.11% quarter over quarter, representing 3.28% of Bitcoin’s fixed 21 million supply.
This corporate treasure trove is valued at over $57 billion, based on a Bitcoin price of $82,445, reflecting a 2.15% increase in total value from the previous quarter. The number of public companies with Bitcoin on their balance sheets has also grown to 79, a 17.91% quarterly increase, with 12 new companies joining the list.
Bitwise attributes the uptick in adoption to several key developments, most notably the Financial Accounting Standards Board (FASB) rule allowing companies to report Bitcoin at fair market value. This accounting shift has eliminated a major friction point for CFOs and boards, paving the way for more companies to easily adopt BTC as a reserve asset.
MicroStrategy—now rebranded as Strategy—continues to lead the charge, purchasing $7.7 billion worth of Bitcoin in Q1 and increasing its total holdings to 531,644 BTC after an additional buy of 3,459 BTC worth $285.8 million earlier this week.
Other notable top Bitcoin holders include MARA Holdings (47,531 BTC), Riot Platforms (19,223 BTC), CleanSpark (11,869 BTC), and Tesla (11,509 BTC).
Japanese firm Metaplanet announced plans to acquire 10,000 BTC by the end of 2025, while Semler Scientific added 1,100+ BTC to its balance sheet and filed this week to raise $500 million to buy more. “We have reached a settlement in principle, EXCITED TO BUY MORE BTC!” posted Chairman Eric Semler on X. In a recent interview with Bitcoin Magazine, he added: “We own a lot of #Bitcoin and that Bitcoin appreciates. What matters most is that we create shareholder value… We’re early in accumulating Bitcoin, and we’re gonna continue to do that.”
Meanwhile, GameStop is holding $1.5 billion in newly raised funds under the codename Project Rocket to invest in Bitcoin, adding to its $4.75 billion cash reserves. Though they have yet to deploy the funds, their participation may further fuel corporate demand in coming quarters.
With 95,431 BTC purchased in Q1 alone, the report suggests this momentum is only building.
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Bitcoin (BTC) was treading water just below $85,000 late Thursday as tensions between U.S. President Donald Trump and Federal Reserve Chair Jerome Powell added another layer of uncertainty for investors.
Markets dipped on Wednesday after hawkish comments from Powell, who criticized Trump’s tariffs policy, saying that it would likely result in a slowing economy and rising prices — what economists call “stagflation.” In his remarks, Powell made clear his larger focus for now would be on prices, suggesting tighter Fed policy than otherwise thought.
Trump — who nominated the former investment banker and lawyer as Fed chair during his first term (Powell was given a second four-year term by President Biden) — has expressed his displeasure with Powell since retaking the White House. Powell, though, who is set to remain atop the central bank until May 2026, has repeatedly stated his determination to finish his term and suggested the president has no standing to fire him.
On Thursday, the WSJ reported that Trump has been privately discussing firing Powell for months, according to people familiar with the matter. Former Fed Governor Kevin Warsh is reportedly waiting in the wings as Powell’s replacement, but Warsh has lobbied the president not to move against the Fed chair, according to the story.
Joining Warsh in that warning is Treasury Secretary Scott Bessent, who said the move could roil already shaky U.S. markets as the central bank is supposed to be independent from political influences.
Odds of Trump removing Powell this year on the blockchain-based prediction market Polymarket rose to 19%, the highest reading since the contract’s late January launch.
Trump’s comments came on the back of the European Central Bank (ECB) cutting key interest rates for the seventh consecutive occasion on Thursday as it warned of a deteriorating growth outlook.
More pressure on markets came from the latest Philadelphia Fed manufacturing index, published Thursday morning, which showed a nosedive in activity this month, sinking to its lowest level (-26.4) in two years. Meanwhile, the prices paid index climbed to its highest reading since July 2022, adding to concerns about the Trump administration’s large-scale tariff policy pushing the U.S. economy into stagflation.
The S&P 500 and tech-heavy Nasdaq stock indexes traded mostly flat during the day.
A look at the crypto market showed BTC and Ethereum’s ETH up 0.8% over the past 24 hours. Most assets in the CoinDesk 20 Index traded higher during the day, with bitcoin cash (BCH), NEAR and AAVE leading gains.
How bitcoin traders position amid heightened fear on Wall Street ?
Bitcoin has stabilized between $83k and $86k with traders chasing bullish bets while still seeking downside protection.
On Deribit, traders are actively chasing calls at the 90k to $100k strikes expiring in May and June, the exchange said in a market update Thursday. The demand for calls indicates expectations for a continued price rally.
Some of these bullish bets have been funded by premiums collected by selling put options.
At the same time, there has been renewed interest in buying put options at $80k expiring this month, representing preparations for potential price declines. Buying a put option is akin to purchasing insurance against price slides.
The diverse two-way flow comes as the VIX, Wall Street’s fear gauge measuring the 30-day implied volatility, still remains well above its 50-day average, despite the pullback from recent highs above 50.
The VIX is warning that the macro situation is still unraveling rather than resolving, the exchange said on X.
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Recently, Project Eleven (a quantum computing research group) announced a 1 bitcoin reward for the first team able to complete a challenge to demonstrate breaking a ECC (elliptic curve cryptograph) key using Shor’s algorithm on a quantum computer.
The deadline for this challenge is April 5th, 2026, meaning in order to qualify for the prize a team must demonstrate breaking a key pair it must be done before that deadline.
This is frankly a completely absurd and meaningless prize for a number of reasons, the first of which is the deadline of just under a year from today. Even highly optimistic projections about the progress of quantum computing put the timeline of practically achieving such a goal at more like 5-10 years. Expecting a workable proof of concept demonstration that actually breaks a keypair in a single year is pretty laughable at face value, even if you do view quantum computing as a material threat in the short term.
Next is the factor of economic incentives. A single bitcoin is currently worth approximately $80,000. That is frankly not a lot of money in the grand scheme of things. Especially when it comes to the application of a cutting edge technology like quantum computing that can perform an entire class of computation exponentially faster than a classical computer. Imagine how much more valuable things could be done with a working quantum computer.
You could eavesdrop on internet connections regardless of TLS, breaking secure connections to banks, equity brokerages, private corporate networks not using post-quantum cryptography. You could break every private messenger application on the planet, you could decrypt any PGP encrypted message sent over email that you knew the public key for. You could break the entire DNS system’s certificate authority hierarchy, allowing you to impersonate any server in the world a user tries to connect to.
All of these things have immeasurable value beyond just a mere $84,000. Why on Earth would someone with a working quantum computer publicly reveal that fact to claim a single bitcoin when they could take advantage of all these other things they would be capable of doing?
Okay, let’s sweep all of those possibilities aside and pretend the entire world magically migrates to post-quantum cryptography aside from Bitcoin. It still makes no sense to try to publicly claim this prize if you have a functional quantum computer.
Let’s assume you have a barely performant enough quantum computer, that it takes a decent amount of time to crack a single key. How many bare public keys are there securing 50 BTC outputs from the first mining epoch? THOUSANDS of them. Why on Earth would you crack one, and then go tell everyone publicly to claim a single bitcoin? You would just try to crack as many of those early coinbase rewards as possible before people detected you.
Finally, the timetable on its own is just absurd. Quantum computers currently are not even capable of factoring prime numbers that people can do themselves in their heads mentally. In a single year the technology is going to jump from that to cracking Bitcoin keys? That’s absurd.
So what the hell is the point of this prize except some publicity stunt? It’s utterly meaningless as a serious bounty to function as a canary in the coalmine for us, no matter how concerned or unconcerned you are with the timeframes of quantum computers as a threat.
This bounty is a joke.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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