The Puzzle (2026 Edition) - Natoshi Stackamoto

The Puzzle is a plain-language guide to Bitcoin, blockchain, and the wider crypto economy for people who were never taught how money works. This 2026 edition updates the original for today's world. It covers Bitcoin ETFs, the U.S. Strategic Bitcoin Reserve, a Fannie Mae-backed home purchase that used Bitcoin as collateral, stablecoin law, and the failed Senate vote on the CLARITY Act. It also stays honest about risk, including the sharp price drop after Bitcoin's October 2025 peak.