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By Peter Slagter in Alpha News —

Bitcoin: The Currency of Civilization?

Bitcoin emerges as the antidote to a crumbling fiat system. Aenean Money redefines value as a digital, immutable protocol. With market calm amid US-Iran shocks, Norway weighing a mining ban, and ETF twists in play, isn't it time to ask: Are we witnessing the dawn of a new financial civilization?

Bitcoin: The Currency of Civilization?

Reviewed Document

Imagine a new era. The old world is crumbling—its money corrupt, its elite hollow, and its future in ruins. Out of the ashes emerges something radical: Aenean Money. It isn’t issued by a central bank, but born of energy. It isn’t manipulable, but inviolable. It isn’t a product, but a protocol. In the end, a captivating essay reminds us that money has always existed. It’s called Bitcoin.

In his essay “Aenean Money: The Future of Money & Civilization,” entrepreneur Aleksandar Svetski takes you on a journey through three thousand years of monetary history—from Greek gold coins to American fiat—culminating in a bold thesis: Bitcoin marks the beginning of a new civilization.

To support his argument, Svetski draws on the work of German cultural philosopher Oswald Spengler (1880-1936), who saw civilizations as living organisms with their own life cycles: birth, flourishing, and decline. According to Spengler, every culture has a “soul”—a deep-seated drive that permeates everything, including art, science, religion, and money. He identified, among others, the Apollonian (classical Greek, harmonious, pure), the Magical (medieval, spiritual, introspective), and the Faustian (modern Western, expansive, boundless).

Oswald Spengler’s “The Decline of the West” in the New York Times Book Review, 1929. Spengler was a German cultural historian who viewed civilizations as living organisms. His work is influential, though it has also faced criticism for its cultural pessimism and speculative nature.

Now, as Svetski writes, it’s time for a new soul: the Aenean. More mature. More grounded. More respectful. And the money that accompanies it? It’s no longer paper, no longer debt, no longer subject to manipulation. It’s digital, scarce, decentralized, and immutable. It’s Bitcoin.

This is a finely crafted piece. The author weaves together Spengler’s cultural models with the Austrian school, mythology with monetary policy, and spirituality with cryptography. At times, his writing even turns poetic. For those who want to understand Bitcoin as more than just a technology, there are plenty of intriguing clues.

However, the essay’s weakness lies in its certainty.

Svetski presents Bitcoin as the only viable solution while dismissing all alternatives. Fiat money is depicted as mere deception, gold as too sluggish, and other forms of “crypto” as corrupt; only Bitcoin remains unassailable. The argument is largely philosophical and rarely empirical. In its praise of decentralization and immutability, it hardly addresses potential downsides such as ownership inequality, game-theoretical uncertainties, or the practical vulnerabilities associated with self-custody.

Yet there is something inherently valuable about this essay. It raises the right questions: What is money, really? What impact does it have on us? And what if the form of money we currently use—inflationary, centralized, debt-driven—is exactly what sustains the status quo that many believe needs to change?

Aenean Money presents Bitcoin in a way that goes far beyond price targets or ETFs. It frames Bitcoin as a form of moral infrastructure—a means to rethink not only our financial systems but our very conception of humanity. That vision is ambitious—perhaps overly so—yet it is also refreshing, inspiring, and well worth reading.

Our verdict?

Aenean Money is not a whitepaper, not investment advice, and not a blueprint. It is a vision of the future—one you don’t have to agree with, but one that is sure to make you think.

And that’s what we love!

More Alpha

Are you Plus member? If so, we move on to the following topics:

  1. US attacks Iran, yet the market remains calm?
  2. SEC closer to approving Solana ETFs
  3. Norway considers banning bitcoin mining

1️⃣ US attacks Iran, yet the market remains calm?

Contribution by Peter

The US bombed Iranian nuclear facilities—a major move following years of diplomacy, threats, and red lines. Yet the market has remained remarkably calm. Bitcoin briefly dipped below $100,000 but rebounded overnight from Sunday to Monday, climbing to just over $102,000. That was the only immediate response to the attack, while the rest of the markets stayed virtually unchanged.

Major exchanges were closed when the first reports emerged. Only Bitcoin traded in real time. Although the drop below $100,000 was steep, it was short-lived—as if traders were momentarily startled before deciding that the situation wasn’t as dire as it first appeared.

By Monday morning, the world resumed its normal pace. S&P futures were slightly up. Brent oil saw a modest rise. Gold dipped just a fraction, and the Tel Aviv exchange even hit new all-time highs. Overall, financial markets seem unfazed.

Why is the market so calm?

Analysts note that the US and Israel specifically targeted military facilities, avoiding civilian damage. Many see this as more of a “reset” to the nuclear game rather than the onset of a full-scale war. “Escalate to de-escalate,” as some have described it (read more).

Moreover, Iran has not yet retaliated. Yes, Tehran threatens to close the Strait of Hormuz, but such threats have been made for years—and actually carrying them out is an entirely different matter. A full blockade would push oil prices to $120 or more, which isn’t happening now. Since such action is seen as unlikely, it isn’t being factored into the market’s pricing.

Finally, the market seems increasingly desensitized to major geopolitical events, perhaps worn down by years of rapid-fire developments. As long as the global economy keeps ticking, investors see little reason to panic.

Calm before the storm?

The market is betting on several assumptions: that Iran will act rationally, that the US won’t escalate into a broader military campaign, and that oil will continue to flow uninterrupted. But here’s the catch: reality can upend these assumptions in an instant.

Iran has numerous proxies in the region and the capability to attack oil infrastructure. Politically, it has little to lose if it needs to act quickly to save face.

As RBC analyst Helima Croft put it, you don’t have to completely shut the Strait of Hormuz to disrupt the markets. Even the mere threat, or a few drone strikes, can push oil prices up by 10% and shatter already fragile sentiment.

In short, the market is calm—perhaps prudently so, or perhaps naively. One thing is clear: assuming that this situation will simply fizzle out is an assumption, not a fact. Stay sharp!

2️⃣ Norway considers banning bitcoin mining

Contribution by Erik

This fall, the Norwegian government will explore a temporary ban on new data centers focused on Bitcoin mining. This measure aligns with its policy to regulate energy consumption and prioritize sectors that, in the government’s view, offer greater societal benefits. In their assessment, cryptocurrency mining may not qualify.

The reasons given include disturbances for local residents and a relatively low contribution to local employment. Minister of Digitization Karianne Tung explained, “Cryptocurrency mining is extremely power-intensive and offers little in the way of jobs or income for the local community.”

Norway leads in mining per capita

Estimates from Cambridge indicate that Norway accounts for 0.74% of the global hashrate. While that figure may seem modest, on a per-capita basis Norway’s hashrate exceeds that of the United States, the market leader. Scandinavian countries like Sweden and Iceland also rank highly.

Norway attracts miners largely because hydropower supplies roughly 95% of its electricity, making energy remarkably cheap—especially in the north. Additionally, the cool climate provides natural cooling for mining equipment.

Miners in the Southern Hemisphere have shown similar interest in hydropower, with countries like Paraguay drawing significant attention.

Only for new miners

The proposed ban would apply only to new installations; existing operations would be allowed to continue for now. Nevertheless, this move raises questions about its underlying economic and ecological rationale.

The intention behind the temporary ban reflects a desire by some governments to rein in an industry that they fear could grow too large to control.

Critics and experts in the mining industry argue that a ban is shortsighted. Miners help balance the grid, as their energy consumption can be adjusted quickly when needed. In Norway, for instance, waste heat from mining operations is used to warm homes—reducing reliance on natural gas and cutting CO₂ emissions. Allowing miners to heat greenhouses also helps lessen dependence on food imports. Daniel Batten elaborated on several arguments against the proposed ban on X last Friday:

Batten noted that while 16 countries have already reversed their bans on mining, it remains to be seen what decision Norway will ultimately make.

3️⃣ SEC closer to approving Solana ETFs

Contribution by Erik

According to three sources cited by Blockworks, the US securities regulator, the SEC, has asked applicants for Solana ETFs to adjust their filings. The regulator will respond within thirty days after reviewing the revised documents.

It appears that the SEC is primarily seeking clarification on so‐called in-kind distributions and the role of staking within the fund structures. An in-kind distribution would allow ETF shares to be redeemed in SOL rather than in dollars. Notably, the SEC now seems open to including staking in these funds—a departure from last year’s approved Ether ETFs. This change only became possible following a new SEC guideline issued at the end of May 2025.

Applicant 21Shares has confirmed that it has received feedback from the SEC and will soon submit a revised filing. Other major players, including Fidelity, VanEck, and Grayscale, are also in the application process.

Bloomberg analyst James Seyffart expects approval could come as early as July, despite the official deadline being in October. “We think the SEC may now prioritize handling 19b-4 filings for Solana and staking ETFs earlier than planned. Issuers and industry participants have likely been working closely with the SEC and its crypto task force to iron out the rules,” he noted.

If a Solana ETF is approved, Seyffart predicts that XRP could soon follow. Moreover, if the SEC allows staking, it would mark another significant milestone for the broader crypto market—especially since it has been barely a year since the SEC imposed multi-million-dollar fines on crypto exchanges offering staking.

🍟 Snacks

To wrap up, here are a few quick bites:

  • BBVA advises wealthy clients to allocate up to 7% in Bitcoin. Spain’s third-largest bank has been actively discussing Bitcoin with affluent clients since September. “For a high-risk profile, allocating up to 7% in crypto is feasible,” says BBVA. Even a 3% allocation could “improve performance without significant risk.” Herbert Blankesteijn views this as a pivotal moment for Bitcoin—transforming it from a pariah into a cornerstone of modern investment strategies.
  • Michael Saylor becomes Bitcoin advisor for Pakistan. The billionaire has been appointed as a strategic advisor to the government following a meeting on June 16 with the Minister of Finance and Bilal bin Saqib, who had previously announced plans for a strategic Bitcoin reserve. The timing is notable, as Pakistan is grappling with economic challenges and a state fund worth only $8 billion—a mere fraction of Saylor’s Bitcoin holdings.
  • TRON aims to go public in the US, with a twist. Justin Sun’s corporate group must secure a US listing indirectly by merging with Nasdaq company SRM, which will be renamed Tron Inc. and will manage $210 million in TRX tokens. Notably, the deal is being handled by Dominari Securities, which is closely linked to Donald and Eric Trump. Earlier this year, the SEC dropped an investigation into Sun, paving the way for this move.
  • Stablecoin bill GENIUS approved in the US Senate. The bill is expected to be sent to the President’s desk without delay or amendments. The law is a boon for players like Circle and Coinbase, and a challenge to traditional payment networks. Nic Carter even compares stablecoins to an “economic weapon,” capable of expanding the reach of the dollar and helping to rebalance America’s budget.
  • JPMorgan tests deposit tokens on Coinbase’s Base network. The ‘JPMD’ tokens are designed for institutional clients and represent actual bank deposits. This move blurs the line between traditional finance and DeFi. Meanwhile, Coinbase is also exploring this boundary—it has applied to the SEC to facilitate trading in stocks that are issued as tokens on blockchain networks.

Thank you for reading!

To stay informed about the latest market developments and insights, you can follow our team members on X:

  • Bart Mol (@Bart_Mol)
  • Peter Slagter (@pesla)
  • Bert Slagter (@bslagter)
  • Mike Lelieveld (@mlelieveld)

We appreciate your continued support and look forward to bringing you more comprehensive analysis in our next edition.

Until then!

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