Chapter 008 — June 2025
What Happened with Bitcoin and What Will Happen with Monero
This post will look at Nick Spanos, a person who has been in the crypto space for a long time. He is known for opening the Bitcoin Center in New York City in 2013. He talks about Bitcoin, Monero, and the future of money.
Nick Spanos has been fighting for financial freedom since 1991. He learned that the dollar did not have any gold backing it. He then made it his goal to destroy the Federal Reserve System. Spanos opened the Bitcoin Center in New York City. He wanted to help Bitcoin grow. The Bitcoin Center was near the New York Stock Exchange. This made a statement about Bitcoin's importance.
Spanos saw news reporters talking about Bitcoin. He felt they were part of the problem. He wanted to do something big to show Bitcoin's value. Spanos tried to rent a booth at the New York Stock Exchange. They laughed at him. So, he opened his own Bitcoin exchange near them. He found a large space with high ceilings. He rented it. He did not have licenses. He did not care. He just did it. To stay safe, he did not charge anyone. He gave away free Bitcoin. People could trade with each other. He even hired women to attract traders from the stock market. At the time, Bitcoin was dealing with bad news. Silk Road and Mount Gox caused problems. China also banned Bitcoin. Spanos tried to keep Bitcoin alive during these hard times. The Department of Financial Services created the BitLicense because of him. They could not shut him down any other way.
Monero is another cryptocurrency. It focuses on privacy. Spanos is now interested in Monero.
Spanos wants to open a Monero Center in New York. He needs help from others. He is ready to deal with any problems that come up. He believes now is a good time for Monero. Bitcoin is becoming too mainstream. Monero offers a riskier, more exciting option. Spanos also mentions that a supermarket in Astoria, New York accepts Monero. This shows that Monero is growing.
BlackRock is buying up a lot of Bitcoin. Spanos warns that they could control Bitcoin's future. They could move Bitcoin to a different version. This new version could be controlled by banks. Spanos mentions Hamdan Azhar. He was a data scientist at BlackRock. Azhar knew a lot about Bitcoin. BlackRock fired him right before they started working with Bitcoin. Spanos believes Azhar was fired because he truly believed in Bitcoin. BlackRock may have had other plans. Spanos encourages people to take control of their Bitcoin. They should not leave it in ETFs. If not, Bitcoin could be taken over. Bitcoin is still important. It is a way to introduce people to crypto. Some of these people will then discover Monero.
Monero has a tail emission. This means the supply increases forever, but at a very low rate. At first, Spanos did not like this idea. He wanted a fixed supply like Bitcoin. But, he now sees the value in Monero's approach. He now thinks that people need to trust the math that makes Monero work.
The BitLicense in New York makes it hard for crypto companies to operate. Spanos thinks now is the time to get rid of it. He believes the state did not have the right to make it in the first place. He suggests lobbying and giving money to political candidates. This could help change the rules. Spanos also talks about the Uniform Commercial Code (UCC). During COVID, there was an update to the UCC. It stated that only financial institutions could have a private key. Spanos fought against this. He hired lobbyists to stop it from happening.
Spanos believes Bitcoin has weaknesses that allow it to be controlled. Monero has a better chance of staying free. Monero is like cash. It is meant to be used for trade. It protects the privacy of transactions. Spanos compares Monero to the dollar. You cannot track the dollar. So, you should not be able to track Monero either.
Spanos hopes that the government will treat cryptocurrency like cash. This means no extra taxes or rules. He mentions that Trump's son supports Bitcoin. Trump himself got debanked after January 6th. This made him think differently about Bitcoin. Spanos believes it is possible to talk to Trump about crypto policy. He has connections in the government. He thinks Trump is doing good things for crypto.
The ultimate test for Trump is what happens with untraceable digital cash. Can people use it without the government tracking them? Spanos says Bitcoin is not fungible. This means each Bitcoin can be tracked. Monero is fungible — each Monero is the same as any other, making it truly private.
Nick Spanos
Bitcoin Pioneer & Founder, Bitcoin Center NYC