Bitcoin Well Reads: The Unbanked Already Know What the Rest of Us Are Starting to Figure Out

Texas just pulled its $10 million Bitcoin reserve out of BlackRock's iBit and moved it into direct custody. The second biggest economy in the US looked at a custodial ETF and said not good enough. They want the actual coins on their own infrastructure protected by their own keys.

First they laugh at you. Then they fight you. Then they buy the ETF. Then they take self-custody.

Here's what gets Zach: Texas figured this out from a position of total financial privilege. Now imagine being one of 1.4 billion adults on earth right now with no bank account at all.

In this episode of Reads on the Bitcoin Well Podcast, Zach reads his original article "The Unbanked Already Know What the Rest of Us Are Starting to Figure Out" — a piece about who the unbanked actually are, why the legacy system was never designed to serve them, and why Bitcoin is not a better version of the old system but a fundamentally different one.

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