Prologue: London, 10 May 1866

An ordinary day in London, the greatest metropolis in the world, and home to the Bank of England, the most powerful financial institution on earth.

The most densely concentrated banking district of the age stretched far beyond the Bank of England’s imposing walls on Threadneedle Street. Bankers, merchants, and brokers of every kind had made this square mile their world.

Lombard Street alone, just 260 metres in length, housed no fewer than 27 separate banking institutions. It was, without exaggeration, the Wall Street of the nineteenth century.

At number 65, on the corner of Lombard Street and Birchin Lane, stood the premises of Overend, Gurney & Company. Founded in 1800, the firm had built its reputation on the buying and selling of discounted bills of exchange. Over the decades, it had earned the trust of the entire City, providing short-term credit lines to merchants and bankers alike. They called it “the Bankers’ Bank”, and the name was well deserved.

That Thursday, the firm was due to close its doors at four o’clock, as usual.

At half past three, a note appeared on the door.

The words spread through Lombard Street within minutes. Bankers, merchants, and brokers came running to read the note with their own eyes. Messengers sprinted toward Threadneedle Street, toward the Bank of England, which only hours earlier had delivered its own verdict on Overend Gurney’s desperate plea for rescue:

“We cannot help one financing business without being prepared to help all.”

Three hundred metres away, John Digger stood at the window of his office, Digger & Associates, Import Merchants, the last of his afternoon tea growing cold on the desk behind him. He watched as the crowds thickened in the street below, people moving faster now, more urgently, cutting in every direction.

He opened the window.

The shouts reached him first. Then the hollow clatter of boots on cobblestone. Dozens of them, then hundreds.

John set down his cup. He reached for his coat and walked out into Lombard Street to see for himself.

Seven years later. London, April 5, 1873

John stood once again at the same window as in 1866, and the events of that day were still so vivid in his mind, as if it had happened only a week ago.

When he had seen the notice on the door of Overend, Gurney & Company announcing the suspension of payments, he knew at once that trouble was coming.

He had held a substantial credit line there of £8,200, bills of exchange worth £3,200, and cash reserves on account of £1,500.

On top of that came losses at another bank, and a personal one with his friend Stu Howard, a shipbuilder in Millwall who had wanted to expand his business. John had lent him £2,000. Stu went bankrupt, and to this day, he had never paid John back.

Altogether, John’s financial standing shrank by more than 50% within a few months because of the 1866 crisis.

Many merchants and firms without sufficient financial reserves were swept away by the crisis and simply disappeared.

John still had his private reserves set aside, untouched, and they had saved him from ruin.

His trading relationships had suffered as well, and only two of them survived the crisis. Only his long-standing direct partnership with the Mendoza family in Argentina, who traded in wool, and his partnership in India, established since 1861, mainly for tea and cotton, made it through. His remaining outposts in New York, Shanghai, Cairo, and West Africa had never been fully built up, and now had to be abandoned. John simply hadn’t had the credit to sustain so many ventures at once.

After the crisis, lending conditions changed drastically. Interest rates on credit doubled. One in every six banks failed, and people fled to the Bank of England and to the larger, more established houses. Collateral requirements tightened. Getting access to capital was no longer as simple as it had been before the crisis.

Meanwhile, interesting developments were unfolding across Europe and America.

Germany had adopted the gold standard after winning its war against France. Just two months earlier, the United States had passed the Coinage Act and switched to gold as well. Gold was in higher demand than ever, and silver had lost much of its significance. In Berlin and Vienna, a founders’ boom was taking shape. Hundreds of new companies were being formed, all flush with credit. The stock market had climbed steadily for two years now, and it was only a matter of time before something gave.

John tried to understand the roots of the crisis. When banks financed reckless investments and overextended themselves, no institution stepped in to save them. The Bank of England had rescued the market, but not the companies or the banks themselves. If a systemically important bank acted negligently for years, sooner or later it would ripple out to hundreds of businesses and millions of people. Without warning.

The Bank of England had intervened in the market and spared John from far worse consequences. But how should individual banks be held accountable? How could one spot an institution’s risky investments early enough to move one’s money and credit elsewhere? And was that even a lasting solution? Probably not.

John knew his money and credit lines weren’t truly safe at any bank, new or old. After 1866, he had spread his wealth further, distributing it across several institutions. And yet his money still wasn’t safe. He knew that much for certain.

Deep down, John already knew what had to be done. He had made his decision. He just needed to share it, first with Jack, then with his managing clerk, Mr. White.

The Story of Jack Turner

Jack Turner’s childhood was never easy. He grew up in Whitechapel, in London’s East End.

When he was one year old, he lost his mother, Mary, who died of cholera as the disease swept through the crowded lanes of Whitechapel. His father, Bob, a dock worker, had no choice but to keep working. Without wages, there was no bread. Jack survived the epidemic only because his grandparents pulled him out of Whitechapel during the worst of it and took him in.

For a few years, Jack attended the Ragged School in Whitechapel, where a volunteer teacher taught him the basics of reading, writing, and arithmetic.

By the age of ten, school was over. He had to start working in the docks, just like his father.

What Jack lacked in formal education, his grandmother Kate made up for. She gave him something no schoolbook ever could: a feel for people, an empathy that would later serve him well in his jobs, and with John Digger.

He had lost his mother early, and his father was always working. With his grandparents, Jack found something he had rarely known: a home and a warm meal once a day. It gave him strength, and it kept him alive. Life in Whitechapel was hard.

The first five years at the General Steam Navigation Company in the Whitechapel docks were hard for him. He had to load and unload ships without pause, ten hours a day, with only a short break in between.

From the age of fifteen, his supervisors began to recognise his strong work ethic, and Jack was put in charge of the newly hired boys, who had to endure the same hard labour he once had. But with Jack, they had something closer to an older brother, someone humane, respectful, never too harsh. The boys valued that about him deeply, and in turn, he developed even more empathy and his first real leadership skills. He simply had a way of getting along with anyone, of keeping the peace, of building trust. These abilities would carry Jack far in the years to come, and open doors he could not yet imagine.

At nineteen, with almost ten years at the Whitechapel docks behind him, Jack wanted to see something different and take the next step. In March 1868, the new Millwall Docks opened, and many new firms moved in. Among them was Ashby & Cole, General Merchants, who were looking for an assistant to handle purchasing, logistics, contracts, and liquidity management. Jack applied for the position and got it.

He had put his last five years in Whitechapel, where the physical labour had eased somewhat, to good use. He became a regular at the library, teaching himself from old trade contracts and the basics of logistics and finance. He had always had an excellent memory and a natural affinity for numbers. With enough hard work, energy, and discipline, a rise out of the slums into a better world was possible, even without a formal education. Jack was not about to let that chance slip by.

At Ashby & Cole, working alongside Joe Cole, Jack finally got his big break. After all those years, he had an office in a brand new complex at the Millwall Docks. He could finally put into practice all the theory and observation he had gathered over the years: negotiating with partners and suppliers across different countries, overseeing the logistics of goods from production to delivery, and keeping a close eye on the company’s liquidity management.

Jack’s eyes lit up every time he made his way from Whitechapel toward Millwall. In the meantime, he had moved back in with his father Bob, who had since retired and was now struggling with health problems. With his new job, Jack could cover part of the rent and help his father with other costs too.

Joe Cole and John Digger had known each other since before the crisis of 1866. They had met at a merchants' gathering in London, and had stayed in touch ever since.

The Lord Mayor’s Show wound its way through the streets of the City, as it did every year, banners, music, the annual banquet where half of London’s merchant class gathered. John and Joe Cole met at the edge of the festivities, as they had for years.

At these gatherings, Joe had heard of John’s wish, ever since 1866, to employ an assistant of his own once again.

The Lord Mayor’s Show passed along Cheapside, banners snapping in the November wind. John found Joe Cole at the edge of the crowd, a glass of red wine in hand.

“John Digger,” Joe said, raising his glass slightly. “I was starting to wonder if you’d show your face at all this year.”

“Every year, without fail.” John clasped his hand. “How’s business at Millwall?”

Joe smiled. “Growing. Slowly, but steadily.” He paused. “And you? I hear you’re planning something.”

John hesitated only a moment. “I want to travel, and I need a new assistant, someone who can work alongside Mr. White. Someone sharp. Someone I can trust with more than just numbers.”

Joe’s smile faded slightly.

“What is it?” John asked.

“Nothing,” Joe said, though his eyes said otherwise. “It’s just... I think I know exactly the right man. But I’ll warn you now: if I recommend him to you, I lose my best assistant.”

After that conversation, Joe turned the whole thing over in his mind. Letting Jack go was hard, but he also knew the young man was meant for more than staying at Ashby & Cole forever. In early January the following year, Joe told Jack about his meeting with John, and from there, a first meeting between Jack and John came together.

Then, in March, the day arrived when John intended to truly put Jack to the test.

“I need a draft contract,” John said, sliding a blank sheet of paper across to Jack. “For cotton out of New York. Before the crisis, I had a partner there. Now there’s a new exchange forming, the Cotton Exchange, still taking shape. Show me that you understand this business, and what’s changed. You have five hours to draw it up. Then we’ll see where we stand.”

In 1871, there was still no commercial code that merchants like Jack could turn to. The Bills of Exchange Act, England's first official statute on the law of bills, wouldn't come until 1882. Until then, what guided merchants was the so-called Law Merchant, a mix of common law, court rulings, and unwritten but widely accepted trade practices. And a handful of standard works, all of which Jack had read at the library in Whitechapel. That, combined with his experience at Ashby & Cole and his exceptional memory, tipped the scales in his favour for the job with John.

London, April 15, 1873

In his first two years with John, Jack had played a key role in shaping new contracts with Jardine, Skinner and Company, a trading house based in Calcutta with close ties to Matheson & Company in London. Alongside tea and cotton, John was now expanding his India business into indigo, the sought-after dye so essential to Europe's textile industry. Jack quickly became indispensable to John. Now it was time for him to learn of John's travel plans, and to hold the fort in London together with Mr. White, John's managing clerk and representative.

In their earlier conversation, John had mentioned the crisis of 1866, but never gone into detail. Jack didn't know that John's biggest problem wasn't his limited network of trading partners. It was the question of how to protect himself from the next crisis, another 1866. John understood clearly that the next disruption to London's financial system was only a matter of time. He was better prepared now than he had been before 1866, and yet, in an instant, credit lines could vanish across several banks at once, and his liquidity could be crippled all over again.

Finding new business partners around the world, building relationships and getting trade moving, was a slow process, one that took years. That a sudden financial collapse could wipe out all that work in an instant was a thorn in John's side. He had no wife, no children. His business and its well-being were what got him out of bed every morning, and he often spent ten to twelve hours a day at his office. Now in the seventh year since 1866, he still hadn't reached the level he'd been at before the crisis.

He had recovered and spread his wealth across several banks, but a new business connection to New York still eluded him, and it gnawed at him. That was why it was time to leave London behind for a while and set out on a journey. A journey to different countries, to old partners and new possibilities, and to the question of whether, once it was over, he could make his fortune and his business less dependent on the current financial system.

The Conversation

John was in his office, waiting for Jack, who had just walked through the door.

“You wanted to speak with me?” John asked, a little unsure.

“Yes, sit down, Jack. There’s something important we need to discuss.” He drew on his pipe and let out a slow breath, a soft smile settling on his face.

“Two years ago, when we first spoke, I told you about the financial crisis of 1866. Do you remember that?”

“Of course,” Jack replied. “I was sixteen, still at the docks in Whitechapel. We felt the drop in demand from merchants right away, and handled noticeably less cargo in the years that followed.”

“Exactly.” John looked pleased. “But I never told you how deeply the crisis hit me. I had to give up parts of the business, and I lost a contact in New York that mattered a great deal, the cotton trade. Financially, it was devastating. To this day, I still haven’t reached the level I was at before 1866, though we’re doing well again.”

Jack let out a short sigh, his eyes fixed on John’s. “You certainly didn’t tell me all that back then. You just wanted me on board, to help shape what came next.”

John grinned, the pipe still clenched between his teeth. “A man can’t lay everything bare in a job interview.”

“I’ll need to travel soon, to manage the business and look for new ways to make it less dependent on banks and institutions. The next crisis, the next crash, will come. That much is certain. It’s only a matter of time. I won’t sit here forever waiting for it to arrive. I have to act, for Digger & Associates, Import Merchants, and to secure your position and Mr. White’s. That’s my responsibility, as a merchant, as the man who built this.”

“I understand completely, John,” Jack said, his voice clear and firm. “But what if you can’t find a better solution? You know London is the most advanced financial centre in the world, and even it can’t guarantee full security.”

“Far less than full security, Jack,” John answered, with quiet certainty. “The matter is decided. I’m going. I simply wanted you to know, to hear my plans from me directly.”

Jack paused for a moment. “Why not take me with you?”

John’s first instinct was scepticism. “Why should I?”

“You’ll be talking to bankers, to the men who make the decisions. I’ll be out among the people, in the markets, in the exchange houses. That’s where you hear the real language of the market, not the polished version that suits the merchants telling it.”

“You’ll see the system from above. I’ll see it from below. Together, we’ll see the whole picture.”

When John asked what Jack would do if things turned dangerous, Jack simply stood up, all 1.95 metres of him, and said, “Then I’ll be useful, sir.”

John laughed, a real laugh, the kind he hadn’t managed in a long while. “That might actually work. I need the mood of ordinary people, Jack. They see the real problems, often more clearly than anyone in a boardroom. I need a second opinion, someone to help me weigh how much truth is really in what I’m told.”

“You won’t just be my assistant on this journey,” John said. “You’ll be my source.” He paused. “The real news of the market. Not the version people tell me out of politeness.”

“I’m glad, honestly, that I won’t have to make this journey alone. I hadn’t counted on you coming along.”

“Well, now you’ve got me,” Jack said, clearly pleased with himself.

“We don’t have much time to lose,” John said. “We should be sailing from Liverpool by late April, early May at the latest.”

John laid the map of their journey out on the desk and showed it to Jack. "This will be our route. The key stops are marked clearly. We start with New York, then visit the Mendoza family in Buenos Aires. From there, we head to Africa, to Cairo. The Suez Canal has been open for over three years now, and the sea route to India and Asia has shortened dramatically because of it. After that, we go on to India, to our partners there, and further still to Shanghai, where I'd like to explore the silk trade. We'll end the journey on the Yap Islands, where we can rest a while and see a culture unlike any other." He paused, a faint smile crossing his face. "I promise you, we won't be bored."

London, April 30, 1873—Two days before departure

Before the trip, John still had a lot to take care of. Mr. White, his assistant, already held power of attorney. Together, they went through every document and all the ongoing business with India and Argentina one last time. Should John manage to close new contracts along the way, he would notify Mr. White, whom John simply called Stuart, or Stu, by telegraph.

The two of them had agreed on two codes: SUNRISE would mean a new contract had been signed. In that case, the paperwork would follow by ship to London, and Stu could handle everything from there. If John sent STORM, it meant trouble. In that case, both of them could use longer telegrams if needed, though it wasn’t cheap. Every word cost money.

Should Stu run into problems of his own, he could do the same, and John would give him the country’s short code and the address where he could be reached, always in line with the travel schedule.

John had also used the last few days to sort out his finances thoroughly.

He had secured Letters of Credit from his main bank, as well as from two others. That way, he could draw funds or arrange credit in most of the countries they’d visit. Three banks, not one, because he knew there could be new crises and market turbulence somewhere along the journey.

For the Mendoza family and his partners in India, he carried Bills of Exchange that could be handed over directly. On top of that, he brought some Pound Sterling banknotes, along with a sack of gold coins for quick transactions wherever they were needed.

He’d spread the money and gold across several trunks and bags, and carried some on his person as well. He was glad not to be travelling alone. With Jack at his side, he had a giant of a man who could offer real protection if trouble found them.

John and Jack settled on how they'd work together. Jack would always head for the streets, the docks, the markets, the exchanges, talking to people and gathering information that mattered, including how ordinary people struggled with money and what worried them most. John wanted to understand how merchants like himself, in other countries, dealt with financial troubles and their relationships with banks, and what kept them up at night.

He'd draw sums from his credit lines with the banks along the way and pay Jack for his work in each country. For New York, he gave him an advance straight away, enough to see him through. And John had more than enough of a financial buffer to support him wherever needed.

London, May 1, 1873—Departure for Liverpool

Both of them had to leave London by train for Liverpool on the 1st of May. By evening, they’d already arrived and could unwind together over a beer. A long, demanding journey lay ahead of them, and they wanted to make the most of every quiet moment, to rest, and to get to know each other a little better.

Their steamship, the RMS Oceanic, wasn’t due to leave Liverpool for New York until the 2nd of May.

John had also secured a first-class ticket for Jack. He didn’t want him spending a week crammed into the plain, crowded quarters below deck. He wanted Jack to have a week to relax, to listen in on the businessmen, merchants, and diplomats aboard, and their concerns and conversations, and to get himself ready for the excitement that awaited them in New York.

John had booked a room at the Coleman House, a solid, respectable establishment on Broadway where merchants and business travellers found lodging. No suite like the Fifth Avenue Hotel, but nothing like the shabby boarding houses closer to the harbour either. For Jack, whom he had no intention of putting up in some dreary flophouse, he’d reserved a simpler but perfectly decent room in the same building.

Both of them enjoyed the crossing, treating it as a rest before the work waiting for them in New York. They often stood up on deck, content to listen to the rush of the waves or take in the quiet of the open sea.

Their arrival in New York was set for the morning of the 10th of May. There were no delays, nothing out of the ordinary during the voyage. The sky over New York hung grey and heavy as the ship slowly made its way into the bay. Jack stood beside John at the railing, both silent, as the outline of the city gradually emerged from the haze: church spires, warehouses, a forest of masts crowding the pier. After nine days without a single word from home, the silence suddenly felt oppressive, almost as if the city itself were hiding something.

As the ship docked, the first passengers were already making their way ashore. John and Jack weren’t in any hurry and watched the others disembark first. It was still early, but the harbour was already stirring with activity. After a short wait, it was finally their turn, and after eight days at sea, both men felt solid ground beneath their feet again. It was a good feeling.

John reached into his coat and pulled out the first coin he found, a shilling, far too much for a newspaper, though he barely noticed. The boy’s eyes went wide at the foreign coin, then he grinned and dashed off without a word.

John didn’t even need to open the paper. The headline hit him first.

BLACK FRIDAY IN VIENNA. THE GREAT CRASH ENDS THE BOOM.

He looked up at Jack. "Well, blow me down! I knew it”. We’re not even properly off the boat, and Europe’s already coming apart.”

Jack stared at him, stunned. “So what do we do now?”

To be continued in early September…

Thanks for reading. I hope you enjoyed it.

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Marek

That’s not my failure. That’s by design.

And I mean a truly deep understanding.

Before my final exams, I took two years of economics as an advanced subject. During my business administration degree, I studied both micro- and macroeconomics. I still remember macroeconomics being genuinely interesting, international trade, capital flows, and global interdependencies. It opened my eyes to how connected the world is.

But microeconomics? The calculations felt dubious, disconnected from reality. Looking back, they brought me no real understanding of how money actually works.

But let me come back to the core thought.

Money and finance are almost completely absent from our education. And we are supposed to believe that is a coincidence?

Think about it. We learned so many things before graduation. I can still picture the biology lesson where we learned how a frog is assembled, organ by organ. But nobody ever sat down with us and tried to explain what money is.

What money truly is, and how the current financial system works, are profound, complex topics. They sound difficult, confusing, and, frankly, boring. But here is the uncomfortable truth: they shape every single decision you make. Every day.

When you are born into a system, learn almost nothing about how it works, and simply accept it as given, you hand over control. Quietly. Without even noticing.

You trust. You stop questioning. And at some point, it all just runs on autopilot.

That is a dangerous combination.

The History of Money

We learned about ancient history in school, Rome, Greek gods, and great empires. But the history of money is no less fascinating.

Shells, cowrie snails, stones, and later coins made of bronze, silver, and gold. In the beginning, people simply traded goods for goods. Only much later came paper money as we know it today.

Ask someone today what money is, and most will name a currency — the Euro, the Dollar, the Swiss Franc. But here is the thing: a currency is a state-made construct. It exists because of coercion and trust — not because the paper itself has any real value. Do you really believe that a printed piece of paper is worth that much in itself?

The history of money deserves its own chapter and its own series of articles. I will explore these threads in future essays. It is a fascinating story, and it forms the foundation of everything we need to understand about finance today.

Money and the State — Keynesianism

Let me start with one of the biggest misconceptions of our time.

Money did not emerge because governments decided to create it. It emerged because people wanted to trade, and bartering goods was simply inefficient. The state was not involved. It was not needed. Money is a construct of free markets and free people.

That sounds logical, right? And yet it is not what we were taught in school.

The connection between state and money in its modern form took shape around the time of the French Revolution, over 200 years ago. But the final break from sound money came much later. In 1971, Richard Nixon ended the link between the US Dollar and gold. From that moment on, money became fully detached from any real value.

In universities, the foundation of modern economics is built on one school of thought: Keynesianism, named after John Maynard Keynes, a British economist and political figure. His idea was simple: don’t trust the free market. Let the state steer the economy. In good times and bad. This doctrine is still presented today at universities as the only plausible truth.

You either learned this worldview in school or you simply absorbed it by watching how the world around you worked and accepted it as the only reality.

Nobody offered you an alternative.

That is one-sided. And it is dangerous.

Money and People — The Austrian School of Economics

Now let me introduce you to something you almost certainly never heard of in school.

The Austrian School of Economics. Founded by Carl Menger (1840–1921), who was born in Galicia, a region that today falls within Polish territory. Just imagine: had the borders been drawn slightly differently, we might be talking about the Polish School of Economics today. I find that thought quietly amusing. I myself come from Poland, and I warmly embrace my roots. The Polish soul lives on in him, whether history acknowledges it or not.

Menger and his successors, Ludwig von Mises, Friedrich von Hayek, and many others, put the individual at the very center of economic thought. Not the state. Not central banks. The individual human being is making decisions under real conditions of scarcity.

And here is the part that changes everything: in this tradition, it is people themselves who decide what serves as money. Not governments. Not central banks. People choose what works best as a store of value, a unit of account, and a medium of exchange.

That is a complete 180-degree turn from Keynesianism.

I would wager that 90% of people have never heard of the Austrian School. Not even today, in the age of the internet and artificial intelligence. Think about that for a moment.

Is this all just a coincidence, or is there a system behind it?

Now It Gets Interesting!

Before I go further, I want to say something important.

Please do not take everything I write as the absolute truth. Form your own opinion. Question everything, including me. That is the whole point.

Approach these topics with an open mind and a healthy dose of skepticism. Because when you start pulling at the threads of money and finance, you will find a lot of things that do not add up.

Here are just a few of the claims I will be challenging in the weeks ahead:

• The economy needs inflation to grow

• “Money supply expansion” is just another word for what inflation really is

• The state will take care of you

• When new money enters the economy, everyone benefits equally

• Permanent deflation would cause everything to collapse

• The basket of goods used to calculate inflation is accurate and unbiased

• Money and the state must be connected for the economy to function

• Human beings cannot act rationally

• The economic theories taught at university are, without exception, correct

• The modern financial system could not survive without the Federal Reserve

There are many more. But let us start here.

All you need is curiosity, a little time, and the willingness to question what you thought you knew.

Everything I know today about finance, money, and Bitcoin, I taught myself over the last 4.5 years. Through countless hours of reading, listening, thinking, and unlearning. If I managed to do it, so can you.

Stay with me. Follow along on LinkedIn and Substack. Step by step, we will decode the hidden mechanics of today’s financial system together.

I promise you one thing: it will be anything but boring.

Until the next article.

Marek

“It is a strange phenomenon in history that major changes often have to be achieved through sidetracks. Our goal was to create a system that offers the stability of a centralized reservoir without giving the appearance of a central bank, which the people feared so much.” Paul Warburg - One of the participants in the secret meeting on Jekyll Island in 1910.

You are surely aware of how powerful and important the Federal Reserve System (FED) has become from today’s perspective. When the FED meets, there are live streams on YouTube, and everyone involved in the stock market watches eagerly to see how the markets will react afterwards. The head of the FED moves markets, trillions in funds, and decides whether loans should be cheap or expensive at any given time.

What began as a secret meeting of the powerful financial elite contributed to the founding of the Federal Reserve in 1913 and the debt cycles we know today.

However, this was not the first attempt to create a central bank in the USA. Two attempts had already been made between 1791 and 1810 and between 1816 and 1836, but neither of them was successful.

In the 19th century, the US had a banking system without central control. This period is also known as the “Free Banking Era.” It was only with the 1907 crisis, when many banks failed, and only the intervention of J.P. Morgan brought a rescue, that it became clear that a solution for the system was necessary and that action had to be taken. The third attempt was then successful.

In 1945, following the Bretton Woods Agreement, a new world order was established with the dollar as the global reserve currency. Many European countries were devastated and bankrupt after World War II, and the United Kingdom had already lost its dominance by around 1920, following World War I.

Why do humans need loans?

We are breaking away from the central bank and are now entering long, short debt cycles & the loans topic.

“There are loans because people always want to spend more than they currently have” - Source: Universal human wisdom

Credit as a form of financing is, therefore, so to speak, human nature. And don’t get me wrong, credit is useful if it contributes to greater productivity and growth. I believe that without credit as a tool, we would not be where we are today.

The problem is that people take out loans recklessly, use them to finance unprofitable projects, and even use credit to finance wars and military equipment.

It helped me to understand that a loan to a person or company is the lender’s financial resources. If the borrower cannot repay the loan plus interest, this places a massive burden on the lender and can even lead to bankruptcy.

There is a well-known saying: “Someone always has to pay the bill.”

The current debt cycle from 1945 to the present day

Overall, there is a long-term debt cycle that lasted from 1945 to the present day, interspersed with smaller cycles taking approximately 6-9 years, which represent the short-term debt cycle.

At the very beginning of the cycle, there is a positive mood. After 1945, a new world order emerged, and a new standard (the dollar) began to take effect.

Monetary policy is usually lax, and a lot of credit is taken out. Interest rates are low, which means that money is “cheap.” This leads to growth but also to rising debt and, at some point, higher inflation. This forces the central bank to raise interest rates and tighten credit conditions. The economic engine cools down until interest rates fall again, and the new cycle begins.

The short-term debt cycles are part of the long-term cycle, which can vary in length. According to Dalio, in 2026, we are in the 13th short-term cycle and in the late phase of a long cycle.

Now you’re probably wondering... wait a minute, how long does a cycle like that last? We’ve been in one since 1945. Crazy!

The examination of the world powers from the past of the modern era, since around 1450 provide a good orientation here. As presented in the table below, the long debt cycle was closely linked to the status of the currency as a global reserve currency.

This calculation is not based on when the currency was “officially” replaced by another, but rather when it actually lost its status. This brings us to 106 years (since 1920) for the dollar and the current calculation, during which time the dollar has actually already replaced the British pound.

As you can easily see, the end of every currency was linked either to a war or to the accumulation of huge mountains of debt. This time is no different, but more on that later.

Deep dive into the long cycle and its “characteristics.”

In this article, I try to explain the topic as clearly as possible. That’s why I want to show you how you can orient yourself in the long cycle. I will come to the short cycle at the end when we have arrived in the present and dare to look into the future.

Which sector is the most heavily in debt?

• As you can see in the figure below, the private sector was the first to accumulate debt (after 1945). This trend continued until the 2008 financial crisis. That was quite a long period of time. Since private debt exploded in 2008 due to the financial crisis, the government stepped in and began to take on the private sector’s debt and incur massive debt itself.

  

• Since then, government debt has grown dramatically, a trend that was further accelerated by the COVID-19 crisis in 2020.
  Currently, U.S. debt stands at approximately 125% of GDP, which is often used as a benchmark. We will discuss how the U.S. plans to reduce this debt and the options available in a second article in April.

• The only entity that can take on all the debt is the central bank. Although the phrase “all the debt” isn’t entirely accurate. The Fed steps in when the government is too heavily indebted and, for example, its government bonds aren’t finding enough buyers, and buys them onto its balance sheet.

  If you look into the matter more closely, you’ll find that the Fed has rarely incurred losses since 1945—not even immediately following the financial crisis of 2008–2010. How is that possible?

  Without getting too deep into the details, the Fed profited from the crisis. For the most part, it bought government bonds—in the form of Treasury and struggling mortgage-lender securities—and earned interest on them.

  The Fed always pays interest on the money deposited by commercial banks (Fed expenditures). However, by the end of 2008, these rates were already below 1%. In contrast, the treasury securities it purchased yielded approximately 4–5% interest—a huge business for the Fed.

• What I also didn’t realize was that between 2010 and 2021, the Fed transferred about $1 trillion to the U.S. Treasury. This eased the budget’s burden and slowed the growth of the debt slightly. However, the Fed has been running a deficit since 2022. Interest rates have gone up, and with them, the costs to banks for “parked” funds, which at their peak reached 5%. On the other hand, the Fed is holding many government bonds issued before 2020 that only yield minimal interest.

  The Fed’s debt is currently around $245 billion (as of late February 2026). This amount needs to be reduced before funds can flow back to the Treasury. That could happen again starting around 2030—if all goes well.

In summary, all three entities can accumulate debt. However, if the Fed slips into negative territory after the government and the private sector are already in, it means we are late in the long-term cycle. We are currently in the 81st year (since 1945).

One thing is important here. The Fed cannot actually go bankrupt. It can always create money out of thin air or monetize the debt. The Fed is finished when confidence in it as an institution is no longer available.

Identify the stage of the cycle - The stages of money

“Money is our stored energy and time, which we want to protect over time” - Source: own quote :)

We should really start by discussing the roots of the word “money”, but that would require a separate article. Let’s stay pragmatic and keep it simple. Since 1945, we have identified four phases of the money cycle, and since 2020, we have been in the fourth and worst phase.

1) Sound money - Fiat currency is still backed by gold, 1945–1971
2) Fiat currency system with interest-rate-based monetary policy – 1971–2008
3) Fiat currency system with debt monetization – 2008–2020
4) Fiat currency system with high budget deficits and extensive debt monetization – From 2020 onward

1. At the beginning of a cycle, as in the first phase, the dollar, as paper money, was still backed by gold. Put simply, only as much paper money could be issued as there was gold in the vault. The increase in debt led to greater growth; finances were sound, and it was a phase referred to as the “American High.”

2. The second era began when the gold standard—as it was called at the time—was “temporarily” suspended. That “temporary” suspension has lasted until today.

   It was the beginning of many problems that we—and America—are only now seeing, more than 50 years later.

   Interest-rate-based control means that by adjusting interest rates, the economy is steered in a positive direction (low interest rates) and a negative direction (high interest rates). For example, around 1981, there was a drastic rate rise of 20% to get the very high inflation under control.

3. The second phase ended with the 2008 financial crisis. Controlling interest rates was no longer effective. The financial system was in deep trouble. This is when central banks stepped in and bought up “toxic” financial assets (government bonds, stocks, mortgages). Since then, central banks have been stepping in more and more often to help with problems that are occurring with increasing frequency.

4. Since the coronavirus crisis, we have been in the final and current cycle. The government and the central bank are working very closely together to address problems and prevent the increasingly fragile system from collapsing. This is also the period during which the Fed is running a deficit and no longer transferring funds (surpluses) to the Treasury.

Just use these points as a guide. If you can figure out where we are in the long-term cycle without relying on news or the AI agent, you’re doing well. If you’re really up for it, you can dive even deeper to understand the mechanics of the current system. This rabbit hole goes very deep. Have fun!

The short-term cycle

The economy is stimulated by setting interest rates low to provide more credit (on better terms) and more liquidity. This leads to an upswing, growth, but eventually also higher inflation. This is followed by another increase in interest rates, which leads to a downturn and, not infrequently, a recession. Then new interest rate cuts follow, and the cycle starts all over again.

This stimulus is consistently crucial in reviving the economy as cycles repeat.

To illustrate this cycle, let’s look at the period following the 2008 financial crisis.

2009-2019 cycle

Starting in 2009, interest rates fell to nearly 0% due to aggressive measures taken by the central bank. This was followed by a period of recovery until the end of 2015. Starting in 2016, interest rates began to rise slowly again, reaching 2.5% by the end of 2018. In 2019, there were already signs of recession with small pockets of trouble. The cycle ended in 2019.

That was a prolonged cycle caused by the aggressive interest rate cuts following the devastating financial crisis of 2008.

2020-2022 cycle - The anomaly caused by COVID

The 2020 cycle began with the coronavirus in March 2020 and, in the truest sense of the word, a flood of money and sudden interest rate cuts.

The massive surge in liquidity quickly spurred an economic recovery, but by the end of 2021, it led to overheating and a rapid rise in inflation. Starting in 2022, interest rates rose rapidly, peaking at 5.5% in 2023. At this point, at the latest, the cycle ended, and a new one—which we are currently experiencing—began.

A 9- to 10-year cycle, followed by an extremely short one lasting 2 to 3 years. Yes, things can get that extreme if certain measures (0% interest rates) are implemented or a black swan event occurs.

The exact timing of the short-term cycle cannot always be determined. Most often, the start of the cycle is linked to interest rate cuts and the revival of the economy.

Some compare it to a drug addict who must be supplied with new shots again and again to function even halfway normally. The economy goes through the same thing, and the shots are administered by the Fed at the necessary time.

Summary and outlook

Phew, that was a lot of information—congratulations on making it this far. Don’t worry if you didn’t understand everything right away. The system is designed in such a way that it’s not easy to figure out.

Since this article is already quite long, I can’t continue here, so I’ll wrap it up.

In the second part, which will be published by mid-April, we’ll look at how the massive debt mountain can be reduced. That’s currently the goal of the U.S. government as well. We’ll examine how similar phases have unfolded in modern times and what to expect in the coming years (a look into the crystal ball).

I promise, it’s going to stay exciting.

If you’d like to support my work, feel free to use my referral code MAREK for BTC Prague 2026.

http://btcprg.me/MAREK

You’ll get a 5% discount on your ticket.

If you’re looking for a provider that lets you easily set up a savings plan to invest* in Bitcoin regularly, check out 21Bitcoin.

They operate in Europe and have recently obtained a MiCAR license.

Use the code: MAREK to get preferential terms on purchases made through the savings plan.

https://21bitcoin.app.link/invite/?code=MAREK

Thanks for your time, and see you in the next article (mid-April)

Marek

*This is no investment advice. Everyone is responsible for their own investments. Investments involve risks.

In early 2022, I decided to leave the bank after more than eight years. I had planned to do so at the start of 2020, but when COVID-19 hit, I stayed two more years.

I put off retirement planning for too long and realized I need to do much more after leaving the bank. Stocks, ETFs, savings plans, gold—they all make sense. But then there’s Bitcoin, a risky asset class that could make you rich, right?

I wanted to learn more about Bitcoin, so I started watching the first explanatory videos and listening to podcasts. I was looking for an investment opportunity and wanted to diversify my portfolio with a new asset class. Nothing more.

I think my head had cleared when I made the decision, and I was ready to break out of the confines of the bank skyscraper and seek new horizons. Back to real life, you might say, or beneath the surface and down the rabbit hole. I quickly realized that Bitcoin is more than just a new asset class and wanted to dive deeper.

After four years, I can say that I have never gone so deep. According to Jules Verne, it’s a “Journey to the Center of the Earth.” That describes it well. And I’m still on the journey…

What’s up with the 4-year cycle

This is a question that is currently being widely discussed in the Bitcoin space. As is often the case with chart analysis, attempts are being made to explain the present and the future using the past.

I’m afraid I have to disappoint you. I won’t be joining the discussion. My four-year cycle is completed, and the next one is coming. That’s it. End of story!

I’m sure that my first cycle was unique and that the second one will be different. The world is changing, my thoughts are changing, and so is Bitcoin. It is transforming. Let’s move forward into the future.

At the beginning of 2030, I will give an update on the second cycle. I promise!

Is Bitcoin more than an investment?

For me, definitely. And for others? It depends on who you ask.
Since the introduction of ETFs in the US two years ago, they have become increasingly attractive to a wider range of investors, including family offices and wealthy individuals. As a portfolio addition of 2-5% or even more. And as a hedge against risks such as the devaluation of the dollar, and a degree of independence from the FIAT system and its schemes.

For someone in Africa, it is the only way to escape devaluation and robbery by the local government and to protect themselves and their families. Here, it is not an investment but money in its purest form.

For a day trader, it is an opportunity to profit from volatility and speculation. If you are really the kind of trader who operates profitably.

For me, Bitcoin is an EXIT strategy. Escape from the existing system of exploitation, dependencies, and coercion.

And what is it for you? Ever thought about it?!

How many rabbit holes are there?

A lot. One of the most interesting is the story of money. What is money, and why do we need it in our daily interactions?

Did anyone teach you about this in school or college? Or did you voluntarily delve into the subject beforehand? If so, congratulations. Smart move.

I worked at a bank for over 8 years and had no idea how the existing financial system worked in depth. I was clueless and had been working for the current system without even knowing it. An entity that can create money out of thin air and play by its own rules.

You also studied economics at university and found it somewhat confusing. Welcome to the club. You thought Keynesianism was the only true theory, as no other school of thought was taught. A surprise from the state school system? Hardly.

Immerse yourself in the Austrian school of economics around Ludwig von Mises or F.A. von Hayek. Never heard of them? That’s no coincidence either! Ask ChatGPT or Gemini about it.

“I don't believe we will ever have good money again unless we take it out of the hands of the state.” ― Friedrich August von Hayek

The great thing is that everyone can find a discipline around Bitcoin that suits them. If you are knowledgeable about many topics, you will realize what a wealth of knowledge Bitcoin entails.

Knowledge is and remains power. You, too, can acquire this power. You simply have to invest your time and energy.

Living in the Matrix?

"Unfortunately, no one can tell you what the Matrix is. You have to see it for yourself" - Morpheus

Okay, calm down and rant less. I really don’t want to lecture anyone.

I myself was ignorant and have only been able to acquire a small fraction of the knowledge over the last four years to form my own opinions.

Many people have no desire or need to concern themselves with our financial system, let alone Bitcoin.

The existing system preoccupies them and has repeatedly instilled certain beliefs. These are so deeply ingrained that “other” ideas cannot find their way in. Like a closed system, intact, stable, resilient.

I believe that more and more people will discover Bitcoin, because they will be searching for answers. Answers to unanswered questions and problems that will pile up as the world continues to develop in this strange direction.

What’s going on with the world? What’s the problem?

That’s not an easy question to answer. Many people sense that something is wrong and wonder what the reason is. What can help here is an examination of the history of the rise and fall of nations, as well as the trajectory of debt cycles.

Both of these topics are discussed in detail by Ray Dalio, an investment professional who has recently been analyzing global developments and sharing his illuminating insights. Explore his findings to gain a deeper understanding and form your own perspective.

Not only is the US on the decline, but most of the world is too. We are in the final phase of money, where we trade paper bills as money without backing them with a hard asset such as gold. It’s like the money in the game of Monopoly. It’s actually crazy when you think about it for a while.

Exorbitant debts, money printing for every problem and major crisis, such as in 2020.

This system has an expiration date, and we are getting close to the end. I’m currently reading a new book about debt cycles and will discuss it in one of the next articles.

I don’t want to spread fear, but everyone should be aware of what’s going on, how to protect themselves, and take the right steps.

Stay positive. You determine your own destiny.

Only when you understand the connections can you act accordingly and position yourself correctly for the future.

Last year, I stopped watching television. Actually, it was much too late. The local newspaper, the mass media—you can forget about them.

For the second cycle (2026-2029), I have decided to consume much less news and instead focus more on reading, writing, and myself. There is still so much to work on, but time is limited.

The first cycle has given me so much, and I am grateful to have taken everything in.

Over the next four years, I will continue to develop what I have learned and tackle new projects and challenges. Even outside of Bitcoin.

Bitcoin will not solve all your problems, but it will support and help you on your way. To lead a self-determined and free life and take on more responsibility.

The journey continues...

The second cycle begins, and I am on my way to the center of the Earth. New challenges and surprises await. My survival kit is well-equipped. The coordinates are clearer than they were four years ago. The adventure can begin. I will make mistakes, but I will learn from them and return to the right path. I am keeping a diary and will report back. Not just at the beginning of 2030.

Thank you for taking the time to read this article.
I hope you have discovered a new rabbit hole and want to explore it.

If you want to support me, you can use my code MAREK to buy Tickets for BTC Prague 2026. Link: http://btcprg.me/MAREK

Feel free to use my code MAREK to get discounted fees for your savings plan at 21Bitcoin and make it even easier to get started* with Bitcoin.

https://21bitcoin.app.link/invite/?code=MAREK

If you’re a Bitcoiner, you can also send me some sats to support me.
Thanks!

- marosbi@strike.me

See you in the next article.

Marek

*This content is for general information purposes only and does not constitute investment advice or a request to buy or sell financial instruments. Investments are associated with risks.

This was not a gathering of the super-rich or wealthy individuals.

It was a Bitcoin conference where many businesses, companies, and financial institutions discussed the growing opportunities given by Bitcoin.

When I attended my first conference in Innsbruck in 2023, there weren’t millions at stake. Following the 2022 market downturn, the community was relieved to see prices rise again and Bitcoin recover.

I was finally able to see my favorite podcasters and YouTubers, whom I had been listening to for 1.5 years, live in person. I was a young guy who had just come out of his room and was seeing the German-speaking Bitcoin community in such numbers for the first time.

Only two years lie between these two events.

You’d rather save your sats than spend them unnecessarily on conferences. That’s what bitcoiners do... maximum renunciation and the life of a frugalist. Isn’t that right? That’s what I thought too.

Then I’ll tell you why you should break out of your room and hang out with real bitcoiners and what all that will bring you. Ready to start?

The first phase – Leave your familiar environment

At this stage, you have probably already acquired a lot of knowledge and have often attended local meetups, participated in Bitcoin walks or similar initiatives outside of your home. If not, I would highly recommend looking for Bitcoin initiatives in your area. If there are no such initiatives, you can start one yourself. From scratch!
By placing yourself in a new environment, you will encounter different individuals and perspectives on certain topics. Meaningful conversations will develop, and there will be subjects where you can acquire a wide range of new information and gain fresh inspiration to explore new areas.

At some point, the topic of Bitcoin conferences also comes up. Either participants report on previous conferences, or plans are made to meet with Bitcoiners from other countries.

After a year of Bitcoin education and fiat financial upgrade, I began attending Bitcoin meetups in Munich. This allowed me to meet new people in my area and put what I had learned into practice.

Shortly afterwards, a Bitcoin pop-up store opened in Munich for two weeks, where people could learn about Bitcoin, buy products with Bitcoin, or volunteer. I spent a day there, supporting my colleagues and engaging with pedestrians who had questions about Bitcoin.

A realization that you will also come to. Hey, there are other Bitcoiners besides me. They have similar opinions to mine, although there are also differences. It’s fun to spend time with them or even volunteer. We, humans, are a social species and feel more connected among like-minded people.

The second phase - Attending conferences (as a participant)

The first major conference is an exciting experience. Speakers and podcasters are at once real. The well-known company where the savings plan is running is also on-site.

You already know someone from your city or have even traveled with a Bitcoiner, and you are sharing a hotel room. Attending the first conference together is great. But even if you go alone, you will soon meet new colleagues and easily engage in conversation.

Interesting talks, workshops, and exhibitors are present. The atmosphere is buzzing and relaxed, full of positive energy and great conversation. If you suck that into you, you’ll become addicted to it and want more of it.

It is almost inevitable that after the first conference, the next ones will often follow.

My first conference was in 2023. The following year, I attended three, and this year I’ve already been to four.

But what can you really learn at conferences?

You meet other Bitcoiners, dive into the Bitcoin space, and feel its pulse. You will deepen your understanding of topics through presentations and practical experience in workshops. You reflect, question, and learn.

You learn about companies and their founders and try out new products and applications, moving from theory to practice.

At international conferences, you will encounter diverse cultures with their unique perspectives and challenges.

It’s a whole backpack full of experiences you could never have at home. Meetups and local gatherings are great, but they don’t give you a broader perspective on topics and issues like international conferences do.

At this stage, you sit in the “gallery” and observe what others are doing and organizing. You engage in conversations but do not represent a business topic. You listen to the presentations but are not actively involved as a speaker or panelist.

In the next part, I’ll show you how you can reach the next levels.

The third phase - Attending conferences (with business topics)

Enjoying conferences and chilling out is really pleasant. If you want to take it a step further, it is helpful to have a business theme.

It can manifest in different ways.

You sell Bitcoin fashion and have your own space at the conference. You are a content creator and interview interesting personalities. Or you have a project topic or even work for a Bitcoin company and are represented with a booth.

For me, it was a project that came up during BTC Prague 2024. I heard from a friend that someone was helping people find jobs in Bitcoin Space and was looking for people to support the project. That was Anja from Bitvocation.

We spoke shortly after the conference, and I was immediately involved in the project.

There are two teams at Bitcoin conferences.

One team organizes, presents, coordinates, sets up, and often spends three days at the booths. At a larger conference, speakers, organizers, and staff may make up 10-15% of all attendees. The vast majority are visitors who are the consumers of the whole event.

With a business topic, you become an active participant. You represent a topic and want to present it to others. You can introduce yourself and describe your needs via the conference app. You organize appointments during the conference and get to know other business people during conversations, negotiations at the coffee stand, or in special meeting rooms.

Many companies and projects in the space are still in their beginnings and need to be made visible and presented. The conferences themselves are looking for supporters and projects for ambassadors and testers. There are various opportunities available for you to take advantage of as well.

More on this will follow in upcoming posts, where we will take a closer look at the Bitcoin job market, including its opportunities and challenges.

When you attend conferences with business topics or meet with your team as partners, you receive a different kind of attention and interest, making it easier for you to connect with potential customers, partners, or supporters.

You stand for a cause and want to make a difference. Others appreciate and respect that.

The fourth phase - Attending conferences (as a speaker)

In 15 minutes, I was supposed to give a presentation in English. Not a normal presentation, but telling a story in English, from memory. I was nervous and paced back and forth in the hall to refresh my memory of the story. I messed it up myself and made it unnecessarily difficult.

I was at the BitcoinFilm Fest conference in my hometown (Warsaw) and wanted to do it right, especially for the community there and for us on the team.

A well-prepared speech or a 30-page keynote presentation. Preparation and practice take time and energy.

Whether you’re speaking in front of 5, 20, or 100 people, there’s not much room for mistakes, interruptions, or uncertainty.

In the arena, the atmosphere is different, and all eyes are on you and your performance. It’s a challenge, but one that can be mastered and delivered with the right attitude and courage.

I was never good at giving presentations and never liked speaking in front of an audience. However, in the Bitcoin space, I am ready to push myself beyond my limits, take on challenges, and overcome them.

When you do something for others, it’s a kind of proof of work. You invest your time and energy in educating others, presenting, and generating added value for the community. Not many people do this, and it can also be seen as a privilege.
The conference doesn’t invite you as a speaker just because you’re a Bitcoiner, 1.90m tall, and have a big smile. You should have an interesting topic, preferably representing a Bitcoin company, and be an experienced speaker.

I had one topic that was niche but interesting for the conferences, and I got my chance. For myself, to master the next step. And I am very grateful for that.

Passing on your knowledge in the Bitcoin space is rewarding, whether you are teaching or simply informing others. By sharing your expertise, you become a key contributor in the community.

Summary

In this article, I highlighted the advantages of Bitcoin conferences and the opportunities they offer for personal development.

However, this does not mean that this is the only right way. These are just my personal perspectives. You will probably find your own way and be happy with it.

From my point of view, it is important to actively participate, contribute your PoW, and add value to the community. That only happens if you enjoy Bitcoin, feel comfortable in the community, and want to face new challenges. That’s the case for me.

The more active contributors we have, the larger and healthier the community will be, and the topic of Bitcoin will also gain acceptance and importance among others more quickly. If you’re ready to take part and want to prove yourself, you now know that it’s possible.

Thank you for your time. It is limited, just like Bitcoin.

If you want to support me, you can use my code MAREK to buy Tickets for BTC Prague 2026. Link: http://btcprg.me/MAREK

In the next article, I will share my thoughts on the book I recently read and delve into the history of the 20th century.

See you! Stay humble and active.

Marek

Whether it’s the Bitvocation project, conferences, Bitcoin Talents Mentoring, or Bitcoin Walks in Munich, the energy in the Bitcoin space is growing and thriving, and it was no different for me.

For a better overview, I will now divide the insights into 4 quarters.

Q1 (January-March)

In January, I was part of the Bitvocation project, where we helped job seekers from the FIAT world find a position in the bitcoin space.

As BizDev, I tried to establish partnerships, e.g., through conferences, and to raise brand awareness and spread the word about what we do by posting regularly on LinkedIn and Nostr.

It has become clear that we will be supporting the third edition of the Bitcoin FilmFest in Warsaw as a partner.

For me, it was a great opportunity to visit my homeland, get to know the Polish community better, and present the Bitvocation project on site.

My task was to give a presentation on the community stage on-site and introduce us.

At the same time, I participated as a mentor in the Bitcoin Talents program at the Frankfurt Blockchain Center starting in January. I had completed this program myself in 2024, and now I was able to accompany the approximately 140 participants through 10 video sessions, either as a moderator or as a sparring partner for questions and answers.

It was wonderful to guide participants from all over the world and learn about their different perspectives and experiences. Bitcoin is a global movement without borders.

I wanted to start the conference season in Kreuzlingen at the Swiss Bitcoin Conference. However, no cooperation agreement was reached there, and I had given up on the conference. What didn’t work out there went better in Prague. We were already cooperation partners of the conference with Bitvocation, and after much back and forth, I was able to secure a spot for us on the EXPO stage to present our topic of Bitcoin jobs. It was a great success for me to appear there as a speaker.

Q2 (April - June)

In April, preparations for Bitcoin FilmFest and the Bitcoin Talents program continued.

Since Warsaw was all about film, culture, and creativity, I decided to base my presentation on the movie The Matrix. I adapted the story “slightly” to fit the Bitcoin job market.

In retrospect, I probably put too much effort into it, which made the presentation and preparation more difficult. Telling a story fluently in English is not as easy as I thought. Whether the whole thing was successful or not is for others to judge ;-)

The Bitcoin Talents Program ended in May, as did my role as a mentor. Unfortunately, the entire program is no longer offered, or rather, it has moved elsewhere. There will now only be a summary Web3/De-Fi program and no explicit one for Bitcoin.

Targeted courses on Bitcoin with subsequent certification are very rare. Expanding such offerings would be needed to educate young people about Bitcoin in a targeted and proper manner.

The subsequent Bitcoin FilmFest was a fantastic four-day event. It began with Pizza Day on Thursday, followed by film screenings and workshops, culminating in the selection of the best film and the award ceremony on Sunday. On the Monday before my departure, there was also the Bitcoin Walk through Warsaw, which I thoroughly enjoyed, and where I was able to meet many new colleagues. I finally got to meet my colleagues from Bitvocation, Anja and Mindaugas, and we enjoyed our time together.

Only about 150-200 people attended the conference, which isn’t really that many. Nevertheless, small conferences like this have their own charm and dynamic. Everyone can talk to everyone else, and the atmosphere is intimate and familiar.

Congratulations to Aza/Selele and Tomek for organizing this. It was simply amazing. I hope to attend the conference again in 2027 or 2028 and to support my friends there.

After returning from Warsaw, I had six weeks to prepare for a panel and a keynote speech for BTC Prague. Those weeks flew by, and before I knew it, I was standing at the bus stop, checking in on a Flixbus to Prague.

Right on the first day, Business Day, we kicked things off with our panel discussion: “Building careers in Bitcoin,” where I joined three other participants.

During the discussion, we explained what the Bitcoin market looks like, which trends exist, and what positions and profiles are in demand. I was happy to share some insights from the Bitvocation Job Report 2024 and give the audience a few tips.

There were about 20-30 people in the audience, which wasn’t many. But it was the first day of the conference, which focused on businesses and B2B topics. On Friday and Saturday, there were between 7.000 and 8.000 participants. On Friday, however, I still had my keynote speech, which was supposed to attract a larger audience.

Highlights on the first day included the Run for Hal, which took place as a side event, and the podcast interview with Matthew in Polish.

As part of my work at Bitvocation, I have also helped our job seekers with introductions to companies such as Satoshi Labs, Firefish, and Relai.

On Friday, I had appointments and then finally my keynote speech in the afternoon.

I was well prepared and hoped to have conveyed some valuable points. With around 70-80 participants, the EXPO Stage was jam-packed, which made me very happy.

Feel free to watch the keynote yourself and judge its significance for yourself.

The networking opportunities in Prague are enormous. If someone is there on business, that’s your chance, which you should definitely take advantage of.

Feel free to watch the recordings from 2025 on YouTube or book your tickets for 2026 in advance using the code MAREK to get a 10% discount.

Q3 (July - September)

After the conferences, I needed a break. My time at Bitvocation also came to an end. I supported the project for over a year, which was longer than I had initially planned. Finally, I applied for the Bitcoin conference in Amsterdam in November and was accepted. Great!

From August until the end of September, I took a summer break from Bitcoin. We had a lot to work on in our family business, and I had to invest my time and energy there.

Q4 (October - December)

In October, the largest Bitcoin conference took place in Ingolstadt, not far from where I live. I wasn’t there as a speaker, even though I had applied (I won’t go into the details). The conference lasted three days, but unfortunately, I could only attend on Saturday.

On Saturday, I attended a BitcoinWalk and met new colleagues there. Compared to other conferences, I was able to take a relaxed approach, chat with many familiar faces, and enjoy the venue.

With over 3.000 tickets sold, the conference was a real success, and notably, banks and financial service providers in particular are sending employees to such conferences to learn about Bitcoin. Germany is also slowly waking up :D

It soon became clear what my appearance in Amsterdam at the last conference in 2025 would look like. I would not be a speaker but would accompany a panel as a moderator. The title: “How do I get a job in Bitcoin?”

We had arranged a video call two weeks before the conference and discussed the topics for our panel. Everyone wanted to have a somewhat relaxed atmosphere and conversation.

I prepared the flow and my questions anyway. The whole thing should have some structure. Compared to the presentations in Warsaw or Prague, the preparation effort was much lower.

The journey to Amsterdam went very well, and I had a hotel not far from the airport and close to the conference venue.

The day before the conference, I was out in the city with Julian from Munich. The Netherlands was once a world power, and Amsterdam was considered prosperous. You can still see that today.

Our panel was scheduled for 10 a.m. on the first day of the conference. That was great, because we could arrive, prepare briefly, and get started right away.

The conversation went well, and I think we can be satisfied with our performance. As always, however, it’s up to the audience, either live or on YouTube, to judge our work.

After Amsterdam, the conference season was over for me. I had an interview for a podcast in Polish a week ago, and currently (as of December 9), I have no more activities.

What has the whole year in Bitcoin Space brought me? Why should you attend so many conferences, and how do you actually find a job in Bitcoin?

I will be writing about these and other questions soon.

After almost four years of working with Bitcoin, I have accumulated a lot of knowledge, experience, and thoughts. And new ones are always popping up.

Whether as a mentor at Bitcoin Talents, as a speaker at conferences, or now as a storyteller on Substack, I enjoy sharing my knowledge and infecting others with the Bitcoin virus.

I hope you stay and subscribe to my channel.

If you want to support me, you are welcome to use my partner codes

- For BTC Prague Conference 2026: Use the code MAREK to get a 10% discount on your ticket: Link: http://btcprg.me/MAREK

- For a savings plan* at 21Bitcoin: Use the code 686Y3 to further reduce your fees Link: 21Bitcoin

Thank you, and see you soon in the next article!

Marek

* No investment advice. Everyone is responsible for own financial investments