The productivity bull case for almost everything

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 “Productivity isn’t everything, but in the long run it is almost everything.”

— Paul Krugman

“Total factor productivity” (TFP) is how economists measure the contribution of technological innovation to economic growth — the sustained ability of an economy to produce more output with the same amount of inputs.

As such, it’s arguably economists’ most important measurement, because the continual process of producing more with less is how life gets better.

“A country’s ability to improve its standard of living over time depends almost entirely on its ability to…

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PNC Becomes First Major U.S. Bank To Offer Bitcoin Trading

PNC Bank has launched direct spot bitcoin trading for eligible PNC Private Bank clients, becoming the first major U.S. bank to offer native bitcoin access directly through its own digital banking platform.

The new service allows qualified private banking clients to buy, hold, and sell bitcoin without using an external cryptocurrency exchange. 

The offering is powered by Coinbase’s Crypto-as-a-Service (CaaS) infrastructure, which provides trading, custody, and settlement capabilities embedded directly within PNC’s Private Bank Online platform via its Portfolio View interface.

The launch follows a strategic partnership between the bank and Coinbase announced in July and…

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Bitcoin Isn’t Speculation In Pakistan — It’s Survival

At the Bitcoin MENA conference, Bilal Bin Saqib, CEO of the government-backed Pakistan Crypto Council and chief advisor to Pakistan’s finance minister, delivered a message that framed bitcoin not as a speculative asset, but as a practical solution to structural economic problems facing millions of people in Pakistan.

One of Bin Saqib’s most striking takeaways was how grounded his argument in lived reality. In Pakistan, bitcoin is less about ideology and more about necessity. 

Bitcoin as a financial relief

As Bin Saqib put it, for many Pakistanis “bitcoin is not theory, it’s a relief,” a response to problems traditional financial systems have failed to solve for…

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Is Bitcoin Miner Capitulation A Golden Opportunity?

Bitcoin miner hash rate has experienced a significant decline since mid-October, falling sharply despite years of near-uninterrupted growth. This pullback reflects genuine bitcoin miner capitulation driven by deteriorating profitability in the face of Bitcoin’s recent price weakness. However, could this bitcoin miner shift actually provide a golden opportunity?

Bitcoin Miner Profitability

The Bitcoin network’s total computational hash rate has entered a notable downtrend since October 18th, reversing what has otherwise been a consistent multi-year climb. The hash ribbons indicator, which compares the 30-day moving average of hash rate against the 60-day moving average, has…

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Brian Armstrong Says US Entering ‘Golden Age For Freedom’ – Coinbase CEO Highlights Opportunity To ‘Update’ Financial System With Crypto – Coinbase Global (NASDAQ:COIN)

Brian Armstrong, CEO of Coinbase Global Inc. (NASDAQ:COIN), said on Monday that the U.S. is currently experiencing a “golden age of freedom” that encourages innovation.

Armstrong Says US Is ‘Back On Offense’

In an X post, Armstrong shared his positive outlook on the cryptocurrency scene in the country, stating, “The U.S. finally feels like it’s back on offense. Innovation is happening and is encouraged.”

Armstrong shared a clip from a recent interview at the New York Times Dealbook Summit, where he discussed the “democratization of access” to cryptocurrency products, the growth of prediction markets and the regulatory clarity for stablecoins.

“It’s hard not to be…

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CFTC Lets Bitcoin Be Collateral In Derivatives Pilot Program

The Commodity Futures Trading Commission announced the launch of a U.S. digital assets pilot program that will allow bitcoin, ethereum and the stablecoin USDC to be used as collateral in regulated derivatives markets, marking another major policy shift in how U.S. regulators approach tokenized assets.

The move includes new guidance for tokenized collateral, a limited no-action framework for futures commission merchants (FCMs), and the withdrawal of legacy restrictions that the agency said are no longer relevant following passage of the GENIUS Act.

Acting CFTC Chair Caroline Pham said the program is designed to expand the use of digital assets in regulated markets while…

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