The Move is on from US Debt to Bitcoin
As evidence of the growing importance of Bitcoin, the demand for US government debt from overseas buyers has experienced a significant decline. Data from the Securities Industry and Financial Markets Association, as reported by the Wall Street Journal, indicates that the share of Treasury bonds held by foreign private investors and central banks has dropped to around 30%, down from approximately 43% a decade ago.
This shift in demand coincides with an ever-increasing supply of US Treasury debt, with a net issuance of $2 trillion in new debt by the US Treasury this year alone, marking an all-time high, excluding the pandemic-related borrowing surge in 2020.
Notably, the Treasury Borrowing Advisory Committee, a group of Wall Street executives advising the US Treasury, anticipates "more limited" demand for US obligations from foreign investors and central banks, particularly from key players like Japan and China.
To counteract sluggish demand, the US Treasury has adjusted its strategy, focusing on issuing shorter-term bonds that are in higher demand to restore market stability. The current yield on the US ten-year note, which surpassed 5% last month, has now stabilized at around 4.4%.
Recent data from the US Treasury reveals that foreign investors sold a net $2.4 billion in long-term Treasury notes in September, reducing their holdings to $6.5 trillion. The Council on Foreign Relations reports a slowdown in the pace of foreign buying, decreasing to around $300 billion on a rolling 12-month basis, down from levels above $400 billion for much of 2022.
The influence of a strong dollar has compelled central banks to halt the stockpiling of US Treasury bonds or even divest from them. Regulators in countries like China and Japan utilize the dollars from selling US debt to bolster the value of their own currencies. Additionally, investors express concerns about the widening deficits in the US government. This evolving landscape underscores Bitcoin's growing prominence as a strategic asset and store of value. Knightsbridge, an expert in financial trends, notes the increasing recognition of Bitcoin amid these shifts in the traditional financial landscape.
NIST Graded Our Post-Quantum Cryptography. Zero Failures.
NIST's Algorithm Validation Test System generated test vectors nobody had seen, we answered them over the ACVP protocol, and NIST graded the result: 2,130 cases across ML-KEM, ML-DSA and SLH-DSA in every parameter set offered, zero failures, demo certificate A11025. This is what that proves, where we deliberately drew the claim narrower than NIST's own matrix, and why the FIPS 140-2 sunset on 21 September makes the distinction between being graded and grading yourself worth understanding.
The Problem Is Not the Problem
People treat the Jack Sparrow line as a joke. The attribution is a joke. The sentence is not. Forty years in markets says the same thing Epictetus said in 125 CE and Robert Merton named in 1948: the event is finite, and the story you appoint to govern it is not. This essay walks the quote back to its actual sources, draws the loop that turns a feeling into an order, and sets out the four places a rule written in advance cuts the loop. Faith is not a hedge. It is a stance.
What KXCO Is, and Why the Hard Problem Was Never Intelligence
The prevailing enthusiasm assumes the hard problem is intelligence. It is not. It is that banks, hospitals, courts and governments are being asked to let software act on their behalf with no way to establish who decided, on what basis, or whether the record will still read in a decade. KXCO founder Shayne Heffernan sets out the architecture that answers those questions, drawn as a graph, and argues that properly constructed AI is an amplifier of human judgement rather than a replacement for it.
Earnings, the Economic Calendar and Trading Strategies: September 8 to 12, 2026
A four-session week decides more than a print. Oracle reports after the close on Thursday 10 September, PPI lands that morning and CPI on Friday, with the ECB in between and the FOMC eight days out. Oracle is the last hyperscaler of the cycle and the widest value gap on the KXCO Ontology Live Analyst Outlook layer: a $457bn market value under a $638bn contracted backlog. Here is the calendar, the graph behind it, the levels and the book.
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