You own nothing except this

Bitcoin, property rights, and wealth mobility.

Gigantes.

Quick note before we start. Gigantes has historically been mostly in Spanish, but as some of you know, I’m working on some structural changes for this space. Part of that is making the content more broadly available, so I’ll start experimenting with some entries in English.

Now, let’s get into it.

Every once in a while you have to validate your ideas and convictions. Lately, I’ve been shaping my vision of Bitcoin in 2026. Here is the core idea.

When you think about “property rights,” in reality, they are privileges granted by the legal and political system of the jurisdiction where you live. Your house is “yours” because the legal system says it is yours, as long as you keep paying property taxes. Your stocks are yours because the broker and custodian recognize the claim. Same for your bank account.

This works as long as the system, as we know it, keeps operating. But jurisdictions can become unstable. And when the ruling class decides, usually under some excuse, that those claims no longer apply, you are exposed. You may think you own something. Then suddenly, you don’t.

It has happened before. There is no guarantee it won’t happen again.

So what are the options?

Physical gold? Yes, that can work. But portability and custody are real problems. Good luck carrying a bar of gold through an airport, or self-custodying it without becoming paranoid.

Bitcoin, on the other hand, is the closest asset I’m aware of that solves the property rights problem without the same portability and custody issues of physical gold. Bitcoin gives you a property claim that does not depend on a broker, a custodian, a bank, or a government registry. It is portable, scarce, decentralized, censorship-resistant, and extremely hard to confiscate.

So hard, in fact, that someone could theoretically take it with them to the grave. That sounds dramatic, but the fact that the option exists says something very deep about the asset.

Satoshi’s presumed dormant coins are probably the cleanest proof of that property. They sit there. Nobody can force them to move. Everything else: gold bars, real estate, stocks, ETFs, bank balances, etc is transferable and confiscatable.

Bitcoin is different. Real, durable, self-custodied property.

So yes, I may still speculate with paper gold, stocks, options, and all kinds of claims inside the system. As long as the system keeps running, I’m still convinced equities, especially in the United States, are the main wealth engine.

But Bitcoin is not that. Bitcoin is the hedge outside the system.

You can’t carry your house with you. You can’t carry your brokerage account with you. You can’t carry your bank relationship with you. You probably can’t carry enough physical gold with you in a real emergency.

But you can carry Bitcoin.

That optionality, that mobility, could be a game changer for you and your family. I hope I never have to use it under those circumstances. But I would rather have the option than not have it. At the end of the day, who buys insurance because they want to use it?

So if you are reading this and you are fully exposed to the system, think about it for a second: What is my plan if I suddenly need to move to another jurisdiction? How do I move part of my wealth? Am I mobile? Or am I completely exposed?

I know we don’t want to think about those scenarios. But the probability is never zero. And if you are comfortable being fully at the mercy of the local ruling class, that is fine. Just make it a conscious decision. The system won’t take care of you.

Today, you can still buy the exit. And that exit is Bitcoin.

Of course, Bitcoin has other properties which make it an attractive asset. But today I wanted to leave this record around wealth mobility.

Because in 2026, I’m not convinced a prudent person should be 100% exposed to a single jurisdiction. Call it the United States. Call it Colombia. Call it anything else.

At some point, the question is simple: if your jurisdiction stops being safe, do you own anything that can move with you?

That is how I think about Bitcoin.

Juan