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Power of Payments Ep. 24: Talking FedNow and real-time payments with Bottomline’s Jessica Cheney
March 01, 2023
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  • Jessica Cheney, VP of Product – Digital Banking Solutions at Bottomline Technologies, joins host Ismail Umar on this week’s podcast.
  • She discusses the current state of adoption of real-time payments in the US, and how the launch of FedNow is going to impact the banking industry.

Welcome back to the Power of Payments podcast. I’m your host Ismail Umar, and today I’m joined by Jessica Cheney, VP of Product for the Digital Banking Solutions group at Bottomline Technologies.

Jessica has been with Bottomline for over a decade. Prior to that, she held similar roles at a number of other fintechs, and was also part of the commercial product management group at US Bank. She has been involved with real-time payments for many years now, and says she has a comprehensive outlook on how payments impact financial services from a commercial, fintech, and retail perspective.

In our conversation today, Jessica discusses the current state of adoption of real-time payments in the US, and how the launch of FedNow – the Federal Reserve's instant payment service – is going to impact the banking industry. She also talks about how SMBs can use real-time payments to improve their day-to-day operations, and the overall impact that RTP adoption will likely have on banks, businesses, and consumers in the coming years.

The following excerpts were edited for clarity.

I lead the product management function for the banking segment of Bottomline Technologies. I've been there for about 11 years now. Prior to that, I was in similar roles at other fintech companies – S1 and Clear2Pay, most notably. I’ve also worked directly in the financial services industry in several areas. I was part of the commercial product management group at US Bank, and led the retail group at Skowhegan Savings Bank. So I sort of have a very comprehensive perspective on how payments impact the financial services world from a commercial perspective, a fintech perspective, and a retail perspective. I've also been involved with real-time payments since its conceptual launch with the Federal Reserve, for several years now. That really sparked my interest with the Fed Task Force, and I've been really involved in the industry ever since.

Given your expertise, what would you say is the current state of adoption of real-time payments in the US compared to other parts of the world?

I think that, to answer that question, it really depends on how clinical we’re going to be in using the term ‘real-time payments.’ And that is a concept that's applicable in the US and throughout the world. The term is really an umbrella that covers many payment options, especially in the US: P2P payments from Zelle, Cash App, Venmo, Same Day ACH supported by NACHA, the Fed, and The Clearing House, RTP launched by The Clearing House in November 2017, and now FedNow launching the instant payment network that's coming live this summer. In general, to answer your question, I would describe this as an industry that’s continuing to grow, though a bit more slowly lately. The P2P space continues to drive most volume and growth. Zelle reported over 550 million transactions, representing the movement of over $155 billion in June. That’s a 27% growth from 2021. Venmo is reporting more than $63 billion moved in Q3, a 6% growth over their record year in 2021.

Now, Same Day ACH, and ACH in general in the US, is continuing to grow. It saw 6% growth in Q3, with Same Day seeing the most increase in use. There were 176 million Same Day ACH payments made. And that's a huge, 102% increase since Q3 2021. The RTP network has also seen huge growth, reporting 49 million transactions in Q4, moving about $22 billion, another 9% growth over Q3.

When I really dig into this a little bit deeper, though, I think that there are some things driving this. There's a recent American banking article that noted disbursements and rent payments are among the fastest-growing Zelle use cases. And that kind of indicates that more users are relying on Zelle’s speed to make last-minute billing deadlines. The number of companies including insurance providers, education and government agencies, using Zelle to transfer funds also dramatically increased, 87% in the second quarter of 2022, compared to the year before. So while all this growth seems impressive, I think the industry is actually on the brink of truly having breakout adoption. There’s a saying that goes, ‘A rising tide lifts all boats.’ This tide is growing in the RTP industry, aided by the FedNow launch, as well as more B2C and B2B adoption. The current economic condition is also ripe for assisting growth in real-time payments as personal and corporate liquidity management becomes more and more important.

Can you share your thoughts on the kind of impact FedNow is going to have on the financial industry?

The biggest thing is that the Fed has for a very long time been seen as the preferred payment network provider. And that's probably based on their perceived stability and competitive neutral reach to all financial institutions. The Clearing House, for example, has roughly 280 participating banks. The Fed has a built-in customer base of over 9000 financial institutions that FedNow will now be offered to. That sheer jump in volume of banks reached that will have access to real-time or instant payments will lead to a really game-changing adoption in the future. The launch of the FedNow service also removes the “let's wait and see” excuse that some banks have used when it comes to real-time payments. Many until this point have seen RTP as only the purview of the largest banks in the US. Just as an aside, The Clearing House members that were initial drivers of RTP, and those member banks, are among the largest in the US. What the launch of FedNow does is make RTP mainstream in America. The Fed and NACHA launched ACH and direct deposit in the mid-70s, and that helped make ACH mainstream. Today, 94% of Americans get paid that way. FedNow has the potential to do the same thing with real-time or instant payments.

Once FedNow is launched, do you expect to see rapid adoption of real-time payments in the US, or do you think it will slowly build up over time?

Unfortunately, I think at least the next couple of years, we will continue to see a little bit of a slow adoption curve. And then we will reach a major launching point where we will have critical mass in both receivers and senders of real-time transactions. Too many banks have waded into this pool as receivers only, and not enough have jumped into the deep end to be senders as well. And you really can't have a network that is full of receivers but not senders and be successful.

Another unknown factor in how much interoperability will occur between these two networks will really impact adoption. Once we know that, and though the interoperability between the two networks is established, that's the linchpin of growth going forward. The networks have both been set up for interoperability, and they’re using similar message sets, similar operating guidelines and value propositions. But actual interoperability remains to be improved between the two.

A key point here is that eventually, the demand that we're seeing in the P2P space will also push into the business payments space. That, along with FedNow's reach, will really push adoption rates along. When payments become mainstream, their value is more widely understood, and that obviously drives demand as well.

Do you think there is a sufficient level of awareness among American businesses about what adopting real-time payments would mean for them? And what do you think is most important for FIs and businesses to understand about adopting real-time payments?

Unfortunately, I think the comprehension level of the value of RTP remains low. I’ll share a story with you. I was talking to a CFO of a midsize fintech about RTP about 18 months ago. And his initial question to me was, ‘Why on earth would I want to pay invoice faster? I want to hold on to my cash.’ So I went on to explain that RTP is actually the liquidity and cash management tool that helps him do that better than any other payment type out there. RTP lets you wait till the absolute last minute to pay an invoice, and either take advantage of payment terms offered or to get shipments released and delivered when needed.

I think lots of energy is now going into the education and benefits for businesses to use RTP to make payments, and RFP, request for payments, to get paid. First and foremost, I think that RTP and RFP are key business operating tools for small businesses. They help with liquidity management, financial planning, customer service, and efficiencies in both the accounts receivable and accounts payable processes.

First of all, liquidity management. As I mentioned before, RTP allows small businesses who are managing their cash really tightly to make payments at the absolute last minute. Sure, they can be scheduled in advance, but when cash is tight and you need to pay a vendor just in time, RTP provides that. RFP, or request for payment, is the ability to send an electronic invoice and request a real-time payment in response. This can really streamline the invoice to collection process for any small business and aid in reducing collection time. It is also a very cost-efficient way to send electronic invoices. Many merchant services providers are now offering instant settlement, providing access to funds immediately, which helps small businesses meet their immediate cash flow needs. What these merchant services are doing is, at the end of any particular sales period, where the small business will close out their credit card sales for the day, the merchant service company is providing settlement to these small businesses via RTP. On the flip side of this, RTP can also be used for instant payroll, and it can help many small businesses attract employees in this highly competitive labor market.

The other part of this that I haven't really talked about before is the fact that real-time payments can also have an accompanying real-time acknowledgment, meaning a payment that has been made by RTP can be acknowledged by the receiver. And that can also aid in reducing some of the financial anxiety that many small businesses are facing when they make just-in-time payments.

How do you think the current macroeconomic conditions and market volatility will impact the adoption and effectiveness of real-time payments?

I think that it’s absolutely going to have an impact. We don't have to look too far to see proof of that. During the COVID-19 pandemic, the use of cashless, contactless, and real-time payments grew like crazy. You just have to look at the volumes from Zelle, Venmo, and Cash App to see that impact. But today's economic conditions are driving consumers and businesses away from wanting to use credit or credit cards as means of payment – the interest rate’s just way too high. Companies and consumers alike do need to wait till the last minute to make key payments for things like rent and utilities, but they also need the financial certainty that these last-minute payments have been acknowledged. And RTP can do that.

Looking into the future, what kind of impact do you think the adoption of real-time payments is going to have on banks, businesses and consumers in the coming years?

I really think that RTP is the next revolution in payments. I think it’ll be a soft change. We've evolved into real-time payments in the P2P space being mainstream. And that will continue to flow into the B2B and B2C aspects of this industry. Financial institutions are already making investments to take advantage of this. It’s just going to be the next expectation, just like the expectation we have that the phones we carry in our pockets are mini-computers and basically can do everything that we want to be done instantaneously. That's the natural evolution and the next wave of payments in the industry.

There's a couple of things that I did want to mention, though. I think that people get hung up on the speed of these payments. But there are other aspects of RTP that also add value. The added value to this also takes advantage of some of the other things that we've grown very accustomed to. And that’s the instant communication that goes along with these payment types. There’s the ability to have these real-time payments instantly acknowledged. There are communication vehicles built into the payment rails that allow the sender and receiver to communicate with each other about questions that they have, either about the amounts that have been received or the amounts that have been requested to be paid. Again, it kind of takes what’s become very mainstream in our personal lives, with the use of instant messaging and texting, and goes along with the natural change in payments that’s occurring. I think that's the key to why RTP is the next revolution in payments.

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3I/ATLAS — Secret Laws Of Gravity
Unlocking the future of space travel through the precise calculation of time and orbital trajectories.

"My preliminary analysis suggests two principal hypotheses regarding the reported phenomenon known as '3I/Atlas':

  1. A Coordinated Psychological Operation (PsyOp): The phenomenon may constitute a calculated effort to manipulate public sentiment or induce fear, potentially preceding a planned, large-scale deception (referred to informally as 'Project Bluebeam').

  2. A Highly Anomalous Object: Alternatively, the phenomenon represents an authentic, significant anomaly warranting serious scientific or intelligence scrutiny.

Regardless of its origin, '3I/Atlas' represents an historically noteworthy development that necessitates close, informed observation."

 

~Crypto Michael | The Dinarian 🙏

Abstract Introduction:

New data is now showing something that arrived early and its changing colors as we previously predicted.

In orbital mechanics where trajectories are calculated centuries in advance with accurate precision measured in seconds.

A 11-minute deviation is not a rounding error.

It’s not a typo in the database.

It’s not close enough.

"It’s Physically impossible.”

Now The longest government shutdown in U.S. history still blocking NASA releases while the object executed its closest Fly-by approaches to Mars, The Sun and Venus at the moment of maximum observational blackout.

But orbital mechanics don’t care about “government shutdowns.”

Our observations Don’t Stop.

And the math doesn’t wait for “Press releases.”

The math says this:

“If 3I/ATLAS is natural, it should have lost about 5.5 billion tons of mass.”

It didn't.

1. The 5.5 Billion Ton Problem:

Let’s start with what everyone agrees on: 3I/ATLAS “now” arrived earlier than pure gravitational predictions would allow. Even though we have been mentioning this trajectory change over 2 Weeks ago (October 21st Article HERE) TRACKING 3I/ATLAS .

The scientific consensus explanation? “Natural outgassing” the "rocket effect." As water ice sublimates near the Sun, it creates thrust, like a slow-motion rocket engine powered by evaporating ice. Comets do this all the time. It’s normal. It’s natural. It’s explainable.

Except for ONE problem.

The Physics Don’t Add Up!”

To generate enough thrust to arrive approximately “11 minutes early” would require shedding a staggering amount of mass.

Our calculations show “over 5.5 billion tons” of gas ejected over the perihelion passage.

Think about that for a moment.

That’s not a little puff of vapor.

That’s not some gas leaking from surface cracks.

That’s 15% of the object’s total estimated mass.

If 3I/ATLAS lost that much material naturally, it would create a debris cloud larger than Jupiter’s magnetosphere—visible to amateur telescopes from Earth. Absolutely impossible to miss in professional observations, and bright enough to be catalogued by every sky survey on the planet.

1.1 ~ The Plume Paradox:

Here’s where it gets interesting:

No such cloud has yet to be observed.

Not by Hubble. Not by JWST. Not by ground-based observatories. Not by the Mars orbiters that watched it pass at 30 million kilometers.

The brightness remained within “expected limits.” The coma showed stable & geometric shifting features. The tail structure now disappeared (but that’s another story). The main one is that: “The debris cloud that should exist — simply doesn’t.”

This isn't a minor discrepancy.

This is complete, mathematical failure of the natural comet hypothesis.

Part 2: The Industrial Signature:

So if natural sublimation didn't create the thrust, what did?

The answer is hidden in the chemistry—specifically, in what shouldn’t be there. “The Nickel Anomaly.” When multiple astronomers analyzed 3I/ATLAS’s spectral signature, they found something extraordinary: “nickel vapor” (Ni) at extreme distances from the Sun, where temperatures should be far too cold for metals to vaporize naturally.

Nickel doesn't just evaporate on its own at those temperatures.

It needs HELP.

And there’s only one known process—natural or industrial—that produces a volatile nickel-carbon compound at cold temperatures which we have said several times previously;

Nickel Tetracarbonyl: Ni(CO)₄

This is not a natural cosmic process.

This is an “industrial chemical pathway” used on EARTH for metal refinement!!!

It forms at 120°C and decomposes at 180°C allowing nickel to vaporize at temperatures where water ice would remain frozen solid.

It is LITERALLY, an industrial refrigerant for metal processing.

The presence of Ni(CO)₄ in the plume tells us two things:

  • The core is not ice — It’s a nickel-rich, engineered structure.
  • The process is not passive sublimation — it’s an active, controlled system.

The nickel vapor isn’t contamination.

It’s not a coincidence.

It’s Exhaust.

3. Secret Gravity (SOEG) Model:

This is where our research team proposes something NEW.

We call it The “Self-Optimizing Ejection Guidance (SOEG) Model”

A Brand New Scientifically defensible framework that explains the acceleration not as chaotic outgassing, but as “controlled propulsion.”

The SOEG Model (Project EE / 3IE)

The System:
• Volatile Reservoir — CO₂ ice + Nickel-rich metallic core.
• Solar Heating — Perihelion triggers sublimation at optimal moment.
• Magnetic Ionization — Internal magnetic field ionizes nickel vapor into plasma.
• Anisotropic Jets — Plasma channeled through focused nozzles. (not random cracks)
• Thrust Optimization — Maximum momentum transfer with minimal mass loss.

Unlike natural cometary outgassing—which is chaotic, omnidirectional, and wildly inefficient. The SOEG Model Fully Represents: (CONTROLLED, DIRECTIONAL, OPTIMIZED PROPULSION.)

It’s the engineering solution to interstellar navigation: Using a “magnetofluidic drive” that uses the Sun’s + Nearby Planets & Star energy to activate a propulsion system that was BUILT.

The secret is in the magnetic field. By ionizing the nickel-carbon vapor into a high-velocity plasma jet, the system achieves thrust efficiencies that natural sublimation could never match.

This isn’t science fiction. This is “magnetohydrodynamics” the same physics that powers experimental plasma thrusters being developed by NASA and ESA for deep-space missions.

The difference?

We’re building prototypes…

Someone else already perfected it.

4. The Scientific Statistical Test:

Here’s what makes it undeniable.

Natural comets exhibit HIGH temporal variance in their acceleration parameters.

Technical terms like (A₁) and (A₂) that describe how thrust changes over time. Natural outgassing is messy, chaotic & unpredictable.

Our Prediction:

We formally predict that when sufficient post-perihelion data is published — expected from JUICE observations (data release February 2026) and ground-based telescopes through December 2025— 3I/ATLAS WILL show:

  • (A₂ parameter near zero) — phase-locked rotational coherence.
  • Temporal drift < 0.5σ — stability far beyond natural variance.
  • “Thrust vector alignment” with rotational axis — body-fixed engine signature.

If ALL 3 conditions are met.

The probability that 3I/ATLAS is a natural comet drops below 0.01% (a >4σ statistical rejection).

This is not speculation. This is a time-stamped, falsifiable prediction.

By February — March 2026, we will either be proven right or wrong.

The data doesn’t care about our theories. It only cares about what actually happens.

5. The Blue Hue 🔵:

Now there’s one more piece of evidence—and it’s visible to the naked eye (well, through a telescope). “The Color Anomaly.”

Natural comets scatter sunlight off dust particles, producing a yellowish-red glow. At 1.36 AU from the Sun, 3I/ATLAS should have appeared reddish-orange from thermal emission.

Instead, observers noted something strange: “A distinct blue fluorescence” in the coma.

What Blue Light Means?

Blue emission in a comet’s coma comes from highly ionized species—primarily “CO” (carbon monoxide ions) and certain excited metallic vapors. This requires enormous, “FOCUSED” energy to achieve.

You don’t get this level of ionization from passive solar heating. You get it from ~ Active Plasma Generation. The blue hue is the visible proof of the SOEG engine operating at perihelion. It’s the "engine glow" of a magnetofluidic drive generating high-energy plasma to achieve maximum thrust efficiency.

Compare:
- Natural comets (Hale-Bopp, NEOWISE, 67P, Etc.): Usual Yellowish-red dust scattering.
- Expected for 3I/ATLAS at 1.36 AU: Reddish-orange thermal glow.
- Observed in 3I/ATLAS: Distinct “Blue” plasma fluorescence.

This isn't subtle.

This is the difference between reflected sunlight and an active thruster firing.

5.5 ~ Convergence of Evidence:

Let's put it all together.

The Self-Optimizing Ejection Guidance (SOEG) Model is not speculation. It’s not wild theorizing. It’s one of the only frameworks that coherently explains:

✅ The early arrival— non-gravitational acceleration without natural explanation.

✅ The missing 5.5-billion-ton debris cloud — controlled thrust with minimal mass loss.

✅ The Ni(CO)₄ industrial signature — engineered propulsion chemistry.

✅ The blue plasma glow — active ionization system visible during perihelion.

✅ The statistical impossibility — phase-locked stability beyond natural variance. (pending verification)

However each piece of evidence, standing alone, is anomalous but potentially explainable.

Together, they form an interlocking pattern that demands a technological origin.

But then there’s the Silence.

Venus conjunction: Still offline.

This is not incompetence.

This is recognition.

THEY know something we’re still calculating.

December 19, 2025: 3I/ATLAS reaches closest approach to Earth at 167 million miles.

“If the calculations are correct, the 5.5-billion-ton debris cloud should be impossible to miss. Every telescope on the planet will be watching.”

All of this new information scheduled to be released should definitely include the following: High-resolution spectroscopy, morphological analysis, particle environment data and MOST CRITICALLY the astrometric parameters that will confirm or refute our SOEG model’s predictions.

“If the A₂ parameter shows phase-locked stability, the SOEG model is confirmed.”

Conclusion:

The Numbers Don’t Lie. The orbital path was not set by gravity alone. The acceleration was not powered by ice. The chemistry was not natural. And the timing is not “coincidental.”

3I/ATLAS is a message written in orbital mechanics, plasma physics, and industrial chemistry—a message we have “74 days” left to fully decode.

The mathematics are clear.

The predictions are calculated.

We don't have to speculate about what it is.

We just have to (wait) for the complete data packet to arrive.”

And when it does, one of two things will happen:

Either the natural hypothesis survives (unlikely, given the evidence). Or we confirm what the numbers have been screaming to us since October are TRUE.

Something pushed it. Something controlled it. Something arrived exactly when it needed to.”

Or The A-parameters will lock.

The plasma signature will confirm.

The debris cloud will be absent.

And the institutional silence will make perfect sense.

Because you don’t announce a discovery like this through a press release.

You announce it through a “Calculated Strategy.”

Analogy Conclusion:

The orbital path was set by laws that were not known,
For where the starlight failed, a force was subtly sown.

No dust and ice, but Nickel in the plume’s blue gleam,
A pulse of hidden power, of controlled, forgotten dreams.

The A-Parameter locks, The true secret of the sphere,
The Simultaneous Truth arrives, When all the numbers are near.

— Earth Exists

Additional Reference & Data Source Links 🖇️:

EARTH EXISTS Documentation:
- [Previous article. 35 Days of Silence — 3I/ATLAS]

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BlackRock Is Manipulating The Price Of Bitcoin👀

Blackrock possess a strategic depth that goes far beyond initial appearances. When the general market perceives selling and traders respond with emotion, these major players are often operating on a much more profound level. They adeptly identify and leverage every available mechanism to influence market dynamics. Their power isn't in direct control of the asset, but in understanding how to move the market without ever taking direct ownership.

What entity has become the most prominent corporate champion of Bitcoin ($BTC)?

It's the one with the massive treasury holdings, known as Microstrategy.

 

However, the major strategic challenge lies here: the size of their Bitcoin position is fundamentally linked to their external financing, typically in the form of debt.

This reliance on significant debt creates an inherent vulnerability—a dependence on creditors and shareholders. When an entity's position is highly leveraged, that dependence makes them susceptible to market manipulation or strategic pressure from external financial forces.

When a highly leveraged corporate holder of a significant asset (like $BTC) faces external financial stress, that pressure inevitably transfers to the asset itself.

Blackrock's goal isn't to induce a market crash, but rather to establish a dominant position and control.

Any substantial sale of major cryptocurrencies like $BTC or $ETH initiated by Blackrock, can be interpreted not as routine trading, but as a deliberate effort to manipulate market sentiment and pricing.

Blackrock is deploying a sophisticated combination of tactics: they simultaneously generate market volatility through strategic sales of the asset ($BTC) while accumulating shares in key corporate holders (the stock symbolized by $MSTR).

The deeper intent is to leverage this equity stake to direct the corporate strategy of the highly leveraged Bitcoin champion.

With a sufficiently large ownership percentage, this influence becomes highly effective. The resulting market power is therefore a function of both manipulating price movement and controlling corporate policy.

Is Microstrategy (the company represented by the $MSTR stock) vulnerable to this kind of pressure? The evidence suggests yes.

A substantial stake held by Blackrock grants them effective leverage to influence and manipulate the company itself.

When the company's shares experience a significant decline, the leadership is often compelled to take action, potentially buying back their own stock. This action is driven by the fact that falling share prices directly intensify financial and market pressure on the entire organization.

If the stock of Microstrategy continues a sustained decline, lenders will inevitably begin to re-evaluate and revise the terms of existing loans. This is a critical point of failure for the entire strategy.

The fundamental operational model of this corporate champion works like a closed loop:

  • It secures debt financing (taking loans) to acquire $BTC.

  • Alternatively, it issues new equity (selling shares) to acquire $BTC.

Crucially, the ongoing interest payments on this substantial debt are often managed by the mechanism of issuing even more shares, creating a continuous cycle of dilution and reliance on a high stock price.

A major consequence of rising leverage is the escalating cost of borrowing, requiring Microstrategy to source even larger amounts of capital.

The most straightforward solution—to issue and sell more stock—proved to be insufficient.

In fact, the situation worsened: the company’s recent attempt to raise funds through a stock offering did not fully sell out. This failure directly resulted in a significant liquidity shortfall, hamstringing Microstrategy’s ability to meet its financial obligations and continue its asset acquisition strategy.

And the ultimate shock came when Microstrategy—the very entity that vowed it would never liquidate its holdings—began to sell.

These weren't insignificant trades; the sales were valued at billions of dollars.

The key question now becomes: Does this sudden, massive reversal signal the imminent collapse of Microstrategy, or is it simply a necessary, albeit drastic, maneuver of 'business as usual' under extreme duress?

There appear to be two primary strategic objectives behind Blackrock's calculated moves:

  • Scenario A (Direct Dominance): Blackrock aims to neutralize its most prominent competitor (the corporate Bitcoin accumulator) in order to seize the title as the largest holder of $BTC.

  • Scenario B (Indirect Control): The institution’s goal is to establish absolute market control and influence, preferring to leverage Microstrategy to execute the most aggressive or politically difficult actions.

The outright financial destruction of Microstrategy is highly improbable. Such an action would trigger a severe market crash that could take years to fully repair.

The far more intelligent strategy is integration and control.

Under this model, Microstrategy remains operational, while Blackrock secretly dictates strategy. This allows Microstrategy to absorb the market blame for any necessary but controversial manipulation, a classic and often dirty tactic used by high-powered financial entities.

In the immediate future, the market will continue to exhibit strong reactions to the strategic maneuvers of Blackrock.

When they execute sales, it instantly captures headlines, is aggressively amplified by the media, and causes fearful retail traders ('weak hands') to panic and exit their positions.

Every decrease in price that results from this panic directly translates into a superior entry point for Blackrock. This clearly illustrates that the current market environment is driven purely by emotion, making it a survival game reserved only for those with the strongest resolve.

In the long run, the nature of $BTC will likely shift, moving away from its original ideals of being completely free and decentralized.

The vast majority of the available supply is projected to become highly concentrated within a small number of major corporations and investment funds.

Consequently, the price cycles will no longer be reliably tied to events like halvings or popular narratives. Instead, they will be driven primarily by government and central bank policy decisions, overarching macroeconomic conditions, and the internal political maneuverings of the world's most dominant funds and corporations.

Blackrock's goal is not to eliminate $BTC; instead, they are focused on constructing an elaborate system of control around the asset.

Microstrategy (the stock symbolized by $MSTR) remains a powerful tool, but it now operates under terms and directives that the company's leadership no longer fully dictates.

Since direct command over the decentralized asset is impossible, control is established through strategic influence over the largest corporate and fund custodians. Moving forward, Blackrock will be the primary entity determining the market's trajectory.

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A Request for NASA to Release Scientific Data on 3I/ATLAS

During my recent podcast interview with Joe Rogan (accessible here), I had mentioned the unfortunate circumstances, under which NASA had not released for four weeks the images collected by the HiRISE camera onboard the Mars Reconnaissance Orbiter. These images were taken on October 2–3, 2025, when the interstellar object 3I/ATLAS passed within 30 million kilometers from Mars. The images are extremely valuable scientifically because they possess a spatial resolution of 30 kilometers per pixel, about 3 times better than the spatial resolution achieved in the best publicly available image from the Hubble Space Telescope, taken on July 21, 2025 (accessible here and analyzed here). Whereas the Hubble image was taken from an edge-on perspective since Earth and the Sun were separated by only ~10 degrees relative to distant 3I/ATLAS, the HiRISE image offers a sideways perspective, valuable in decoding the mass loss geometry and glow around as it approached the Sun.

The delay in the data release was argued to be the result of the government shutdown on October 1, 2025. Nevertheless, conspiracy theorists suggested that it may have to do with evidence for extraterrestrial intelligence in the HiRISE images. When asked about it, I suggested that the delay is probably not a sign of extraterrestrial intelligence but rather of terrestrial stupidity. We should not hold science hostage to the shutdown politics of the day. The scientific community would have greatly benefited from the dissemination of this time-sensitive data as astronomers plan follow-up observations in the coming months.

Joe Rogan suggested that I contact the interim NASA administrator, Sean Duffy. The following day, I corresponded with congresswoman Anna Paulina Luna regarding a related formal request from NASA. Following our exchange, Representative Luna wrote a brilliant letter to NASA’s acting administrator Duffy.

We all owe a debt of deep gratitude for the visionary support displayed by Representative Luna to frontier science through her letter, attached below.

Avi Loeb is the head of the Galileo Project, founding director of Harvard University’s — Black Hole Initiative, director of the Institute for Theory and Computation at the Harvard-Smithsonian Center for Astrophysics, and the former chair of the astronomy department at Harvard University (2011–2020). He is a former member of the President’s Council of Advisors on Science and Technology and a former chair of the Board on Physics and Astronomy of the National Academies. He is the bestselling author of “Extraterrestrial: The First Sign of Intelligent Life Beyond Earth” and a co-author of the textbook “Life in the Cosmos”, both published in 2021. The paperback edition of his new book, titled “Interstellar”, was published in August 2024.

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