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Samourai Letter #3: Notes From The Inside

Dear Reader,

Since my last letter where I tried to explain the underground economy of FPC Morgantown I have been struggling to come up with an idea of what further information you may be interested in.

In modern life on the outside we are all so used to immediate feedback on everything we do. We write and publish an article and almost instantly comments start to roll in. You push to Twitter and the peanut gallery chimes in and has their say, and you as the content creator have an immediate idea of the general sentiment surrounding your work.

It takes some getting used to not having that modern feedback loop, but on the other hand it is quite liberating as well. All that said I have decided that today I am going to write you about the food situation at FPC Morgantown. I hope this letter will be interesting to you. Feel free to write me a letter with your thoughts and suggestions. My address will be posted at the bottom of this letter.

One of the things I have been doing regularly since arriving at FPC Morgantown is keeping a daily journal. Usually towards the end of my day around 8:00PM I sit at a desk flanked by chess tables and write a summary of the days events. I write about any thoughts I had throughout the day or any incidents that have occurred. When I first got here I only had some blank white printer paper and a very uncomfortable pen (thanks to Omar who provided me with these supplies).

Now, after a shopping trip to the commissary I have a wide ruled notebook and a slightly more comfortable pen. In any case, around the third day of journaling I realized a great majority of what I was writing about was about food or at least somewhat tangentially related to food. I now make an effort to avoid writing about the food in my daily journal as it gets repetitive.

However it got me pondering why so much of my energy went to writing about the food served in the “Chow Hall”. The conclusion I have come to is that so much of a prisoners day revolves around the three main meals and food quantity, quality, and variety in general, that it becomes a naturally big part of our daily life.

At 6:00 AM a crackling static hiss fills the empty hallways and the sleeping rooms of the housing unit. A loud announcement proceeds from the overhead speakers embedded in the ceiling: “ATTENTION BATES UNIT: MAINLINE IS NOW OPEN”. This is our first call to food of the day. “Mainline” is some BOP lingo to mean meal time.

Most prisoners avoid the 10 minute walk to the Chow Hall at this call to breakfast – myself included now. On Monday, Wednesday, and Friday there is supposed to be a “hot breakfast” which could be pancakes (always stodgy and undercooked) served with a brown liquid in a condiment package that is apparently margarine and another brown liquid in a condiment package which is some sort of syrup; French toast (actually pretty tasty) served with the same margarine and syrup; or biscuits and gravy (biscuits are good, avoid the gray soup that is less gravy and more dirty laundry water).

Each of these is served with oatmeal or grits both quite tasteless and reminiscent of wallpaper paste. Though more often than not we do not get any of those things, we get something they call “spice cake” which is a giant piece of cake (without icing) where the batter is mixed with cinnamon until it turns brown. It doesn’t taste terrible, but one starts to resent the taste of cinnamon cake when it is served every morning (and again for lunch if there is any left over from breakfast – and there always is).

Every other day is what we call Cold Breakfast. This consists of some sort of bran flake so stale it is reminiscent of eating cardboard. Even the most stoic prisoner who attends every breakfast will otherwise avoid the Chow Hall on a cold breakfast day.

I do not remember if I told you about the multitude of ducks and geese who live on the compound. They were supposed to migrate south for winter at some point in the past, but instead they found such a hospitable environment among the prisoners who happily feed them leftovers (against the rules by the way) that they decided to forgo the instinct to migrate to warmth and stay here year round.

They reproduced in the way only animals can and now there must be hundreds of geese and mallard ducks that waddle around the entire compound. These prisoner water fowl know the food schedule just as well as us human prisoners do. They wait by the exit of the Chow Hall for altruistic prisoners to throw them a few pieces of bread after every meal, quacking and squawking demanding their fair share. On Cold Breakfast days, throw the fowl the bran flakes and each one will refuse to eat them. That should tell you everything about the universally hated Bran Flakes.

In any case, the 6:00AM Breakfast is the only time you have access to milk. You are offered two small cartons of fat free skim milk – which appears to be closer to water than milk – that is often several days expired.

Usually the milk is still drinkable, sometimes however the carton swells so much it appears it is about to explode. That is a good indication the milk has soured. If you are given a sour milk, tough luck. The breakfast mainline closes somewhere around 20 minutes after it is called, so you scarf down your cake and oatmeal, you drink your two cartons of skim milk (or more commonly you pocket the milk to bring back to the housing unit for later use – which by the way is against the rules and may result in disciplinary action for contraband – with a more appetizing cereal you purchased from the Commissary). You make the 10 minute journey back to the housing unit to await the next break in the monotony of your life. Mainline lunch call.

Lunch mainline is called around 10:45 AM. Calling it lunch is quite generous, really it is late breakfast. Indeed we often get “breakfast for lunch” which is quite universally hated on the compound.

Cold scrambled eggs are usually on the breakfast for lunch menu. You really never know what you’re going to get at lunch time. They post a menu for the week in the housing unit, but from experience that appears to be more aspirational than factual. Some days you will receive a massive portion of “chicken fried rice” which is neither chicken or fried rice. It is turkey and some vegetables with some rice, but it is quite tasty, and somewhat nutritious.

Other times you will get an overcooked tiny hamburger patty – that appears to be a piece of leather recycled from our issued work boots – on a stale and occasionally moldy bun with a few onions, a tomato slice, and some iceberg lettuce. We had this yesterday in fact, and it put a damper on the mood across the whole compound. As I put it to my cellmate Mike, “When the onions, tomato, and bun are the star of the show instead of the beef, that is a bad burger”.

Portion sizes vary wildly. If the kitchen workers serving that day are black and you are black you likely will receive a bigger portion, maybe a second shoe leather patty. If they are Hispanic they likewise show favor to those of their heritage. I am not black, and while Hispanic, I do not speak Spanish and I look like a gringo, so no extra portions for me. Besides portion size disparity there is also a massive gulf in seasoning reliability. There are times that so much salt has been added you need a gallon of water by your side to replenish your fluids as you eat. Other times it is as if salt is the equivalent of gold and must not ever be used on something so trivial as food. Lunch ends around 11:15 and off we are sent to carry on with our day.

Dinner mainline is called around 4:45 PM. I would consider this a late lunch but I do recognize that many people (my dear wife included) consider this an acceptable supper time. Again, the general rule is to expect anything.

It may be something delicious or something inedible. You may get a double portion if you are the right race or a half portion if the server doesn’t like the look of you. It may be over seasoned, under seasoned, not seasoned at all. It may be listed on the calendar and it may not be. You never know what to expect, and that is my entire longwinded point as to why the food is such a popular thing to discuss among the prisoners here, and has taken up so much of my energy during my daily journals.

Our entire day is couched by calls to eat food. 6:00, 10:45, 4:45, and each and every time it is called it is entirely unpredictable. Every other aspect of our lives here is extremely regimented, extremely predictable, very monotonous. But heading to the Chow Hall three times a day, that is throwing the dice of fate, that is an unknown variable in a well known equation.

That is something different every day to talk about. You see the same people over and over again in your Unit. You run into the same person 50 times a day, and frankly you run out of things to say. You can only talk about how fucked up the Feds are, how you were shafted by the prosecutors, how your Judge was a bitch, so many times. The unknown variable of Chow Hall three times a day injects new blood into what could become a very stale social situation. Shared disgust at a horrible meal. Incredibility at how delicious the chicken parmesan was. Complaint at breakfast for lunch again! The shared ordeal of meal times maintains a common social order.

You may have gathered from the above paragraphs that the food quality generally is quite low. Most ingredients are supplied by vendors who can get away with selling expired and close to rotten ingredients to the prison system. I have heard from kitchen staff that many boxes arrive in the kitchen labeled “Not For Human Consumption”. Our potatoes are mouldy, our canned vegetables long expired, our protein suspicious.

You couldn’t legally give this quality of food away on the outside, but you can legally sell it to the BOP who will use it to feed the adults in their custody. Besides low quality ingredients and bland to actively disgusting recipes the nutritional value of our meals is extremely low. If you are a die hard disciple of the USDA Food Pyramid – bunk nutritional science that everyone but the slow moving feds recognize as a national tragedy, responsible for the exceptional rise of obesity rates – then yes, I suppose we are getting – on paper – the required nutritional value out of every meal.

The on-the-ground results of a prolonged diet like one we are subjected to does not lie. I have spoke with many different prisoners, several of them doctors, who have come into the prison system as healthy adults and after several years of custody have developed chronic health problems. High blood pressure and high cholesterol seem to be the most common problems reported. Almost every prisoner is on some sort of prescribed medication for some ailment they developed whilst in custody.

Because of the problems I have described. Many prisoners do not bother with the meal time calls to Chow Hall. I have met several prisoners who never go to the Chow Hall and only buy prepared food or cook for themselves. This is also not an ideal solution. The food items the commissary sells must be shelf stable, nothing that can spoil without refrigeration.

This naturally means nearly everything is packed to the gills with preservatives and salt. On my first commissary day I purchased 10 pouches of chicken breast, several bags of quick cook ‘minute rice’, several pouches of dried mash potatoes, small bags of shredded mozzarella cheese (there is no expiration date on the cheese, so I suspect it is more preservatives than cheese), 10 pouches of tuna, mayonnaise (again, no need to refrigerate so quite suspicious), hot sauce (vital for making the Chow Hall food more palatable), salt, pepper, onion flakes, garlic powder, soy sauce, jelly, peanut butter, individually wrapped bagels, dried milk, and frosted flakes cereal.

Next time I plan on buying granola, oatmeal, protein shakes, and tortillas. The food I am able to prepare is tastier than the chow hall, but I am not yet sure if it is healthier. It is also quite difficult. The only cooking tools legally available to you is: on demand hot water (190 degrees F) and a half gallon plastic jug. It takes some trial and error to cook under those conditions. It is a lot of hassle and expense which makes cooking for yourself prohibitive for those prisoners only relying on their prison jobs.

Almost everyone on the outside who hasn’t been to prison themselves or have a loved one incarcerated does not think about the basic needs that individuals have in custody, or how those needs are met. The food and nutrition in the system is woefully inadequate. We need higher quality ingredients, fresh fruit and vegetables, and far more protein. We need better options for cooking our own food within the unit, something more than hot water. We need access to refrigeration so we can keep fresh produce and items not filled with preservatives.

Thank you for reading this letter from the inside. I do not mean to use this opportunity writing you to complain. “It is prison after all” some of you will say, “it is not meant to be nice”. Anyway, complaining isn’t in my nature, and it often does nothing but make you and everyone around you miserable. I don’t write this letter looking for sympathy or condolences, I write to simply inform you of my reality, and the reality of countless number of people in the custody of the BOP. Happy New Year dear reader. I hope 2026 brings you (and me) great opportunities.

Sincerely,

Keonne

Write to Keonne:

Keonne Rodriguez
11404-511
FPC Morgantown
FEDERAL PRISON CAMP
P.O. BOX 1000
MORGANTOWN, WV 26507

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This post Samourai Letter #3: Notes From The Inside first appeared on Bitcoin Magazine and is written by Keonne Rodriguez.

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Bitcoin Magazine

Tether Launches USAT, a Federally Regulated, Dollar-Backed Stablecoin for the U.S. Market

Tether, the world’s largest digital asset company by stablecoin circulation, announced Tuesday the official launch of USA₮, a federally regulated, dollar-backed stablecoin designed specifically for use in the United States under the recently enacted GENIUS Act.

USA₮ is issued by Anchorage Digital Bank, N.A., a federally chartered U.S. bank and one of the first institutions approved to issue payment stablecoins under the new law, Tether said.

The launch marks Tether’s first stablecoin built to operate fully within the U.S. regulated financial system, following years of regulatory scrutiny around offshore-issued dollar tokens.

The debut follows the company’s announcement late last year detailing the token’s design and naming former White House Crypto Council Executive Director Bo Hines as CEO of Tether USA₮. With Tuesday’s rollout, USA₮ is now available to U.S. users seeking a dollar-backed token that complies with federal banking and stablecoin rules.

The GENIUS Act established the first nationwide framework governing stablecoins marketed to U.S. users, requiring full reserve backing, bank or qualified issuer status, and ongoing regulatory supervision. Under the law, offshore-issued stablecoins that do not meet these standards face restrictions across U.S.-regulated exchanges, banks, and payment platforms.

USA₮ is structured to meet those requirements. According to the company, Cantor Fitzgerald will serve as the stablecoin’s designated reserve custodian and preferred primary dealer, providing transparency and oversight of reserves from launch. 

Anchorage Digital Bank will handle issuance, compliance, and on-chain settlement infrastructure.

Tether’s dominant role in the crypto space

While Tether’s flagship USD₮ remains the most widely used stablecoin globally, its offshore structure limited its role in the U.S. market under the new law. 

USA₮ allows Tether to maintain USD₮’s international dominance while offering U.S. institutions a regulated alternative tailored to domestic payment and settlement systems.

“This launch represents a new chapter for digital dollars in the United States,” said Paolo Ardoino, CEO of Tether. “USD₮ has proven at global scale that digital dollars can deliver trust and utility. USA₮ extends that mission with a federally regulated product made in America.”

Bo Hines said the new stablecoin is aimed squarely at institutional users. “USA₮ is designed to meet federal regulatory expectations while delivering stability, transparency, and responsible governance,” he said. “It ensures the United States remains competitive in the evolution of digital money.”

During its initial rollout, USA₮ will be available on platforms including Kraken, Crypto.com, OKX, Bybit, and MoonPay, with additional U.S.-regulated exchanges and banking partners expected to follow.

According to bitcointreasuries.net, Tether holds 96,370 bitcoin, worth roughly $8.6 billion

This post Tether Launches USAT, a Federally Regulated, Dollar-Backed Stablecoin for the U.S. Market first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

The 15 Types of Bitcoiners You’ll Definitely See at Bitcoin 2026

Loud. Friendly. Huggy. The Bitcoin Bro is your hype man for hyperbitcoinization. He doesn’t know what “joules per terahash” means, but he does know where the nearest bar is and will yell “Buy the dip!” during your panel Q&A.

They party hard, orange-pill harder, and are basically Bitcoin’s version of a frat brother with a bull market permanently tattooed on his soul.

Think this might be you? Take the “Which Bitcoin 2026 Persona Are You?” Quiz to find out. No halving knowledge required.

Slicker than a freshly backed-up seed phrase, this guy’s teeth are whiter than your Lightning wallet. He rented a Lambo for the afternoon and drops your first name way too often – like he’s trying to sell you a fractional NFT of a parking garage.

He doesn’t care about decentralization. He cares about gains. And tailoring. Always with the tailoring.

The apocalypse isn’t a threat – it’s a plan. This person hasn’t touched fiat since 2018 and bathes exclusively in non-KYC sats. They’ve learned to make soap, catch fish, and explain monetary collapse in a calm, reassuring tone.

They’re not paranoid. They’re prepared.

Are you spiritually prepared, too? Take the “Which Bitcoin 2026 Persona Are You?” Quiz and see where you land.

Lives in a van. Pays for tacos with Lightning. Might be hiding from the IRS (but only spiritually). They believe Bitcoin is peace, man. And also chaos. And also freedom.

Will fix your flat tire in exchange for a hammock spot and a cold yerba mate.

The unsung hero of Bitcoin. Speaks exclusively in thermodynamic math and obscure hardware specs. Makes ASIC firmware upgrades look like wizardry, but cannot explain their job to their mom without causing emotional distress.

Knows the exact BTU-to-wattage ratio of their off-grid setup. Does not know what “small talk” is.

Don’t understand them? That’s okay. Take the “Which Bitcoin 2026 Persona Are You?” Quiz anyway — they’re building the future while you click answers.

Yes, plural. Yes, anonymous.

They don’t want to talk to you. They don’t want to be on your podcast. They don’t even want you to know they’re here. Ask when something will be done and you’ll receive the sacred prophecy: “Two weeks.”

Shadowy super-coders, quietly pushing upgrades that will redefine monetary history – while actively avoiding eye contact.

Armed with a gimbal and a dream. Their camera roll is 80% memes, 20% selfies with CEOs. Some are spreading the signal. Some are chasing clout. All are uploading something right now.

Will say “Let’s run it back!” at least 17 times per day.

Identifiable by the gravity-defying stack of laminated badges swinging from his neck like a wearable timeline. He doesn’t say much – the passes do the talking.

He’s not here to attend panels. He’s here to assert conference dominance.

Is this your origin story? Take the “Which Bitcoin 2026 Persona Are You?” Quiz and confirm your status.

Branded polo. Branded backpack. Branded soul. You don’t remember agreeing to this conversation, but you’re holding his business card now.

Moves in packs. Wears the lanyard like a badge of honor. Will be back at the booth exactly 15 minutes after lunch.Doesn’t talk about Bitcoin. Is Bitcoin.

Old-school finance types who smelled smoke on Wall Street and walked toward the orange glow. Calm. Calculated. Dollar-cost-averaging into the sunset.

They don’t shill. They don’t yell. They just nod knowingly.

Same data. Two conclusions. Infinite confidence. 

They believe balance sheets are destiny – or disaster. One thinks corporate Bitcoin accumulation is inevitable, elegant, and inevitable again. The other thinks leverage is a ticking time bomb wrapped in a TradFi costume. 

Both have read the filings. Both have spreadsheets. Both will reference Michael Saylor – either as a visionary or as a cautionary tale – and neither will back down.

Sleeps three to a room and burned half their runway to get to the conference. They’re pitching a Lightning wallet-slash-social network-slash-AI-powered-something and just need one person to believe.

Respect the hustle.

Take the “Which Bitcoin 2026 Persona Are You?” Quiz before they raise your next round.

Absolute legends. They’ve stood beside their Bitcoin-obsessed partner for three straight days, nodding politely through debates about mining fees and custody models.

They are the backbone of the conference. The true MVPs. Quietly Googling spa availability.

Not who you expect. No megaphones. No flexing. Just quiet confidence and a phone that never leaves their hand.

Some got lucky. Some built empires. All will ignore your pitch deck.

Yes, they exist. Yes, they know more than you. And yes, they are already five steps ahead of your “Have you heard of Bitcoin?” opener.

Bonus: They will almost certainly explain immersion cooling better than you.

One Event. Endless Energy. Absolute Chaos.

Bitcoin 2026 isn’t just a conference – it’s a decentralized carnival of code, conviction, and characters. Whether you’re here to build, learn, argue, chill, or meme, there’s a place for you.

Ready to see where you fit in? Take the “Which Bitcoin 2026 Persona Are You?” Quiz and find out who you really are.

This article was inspired by the video “The People of Bitcoin 2022 Miami Conference” by SPACE DESIGN WAREHOUSE. We acknowledge and appreciate the original creative concept, which served as a foundation for this updated and expanded interpretation for Bitcoin 2025. We encourage readers to view the original video and support the creator on YouTube.

This post The 15 Types of Bitcoiners You’ll Definitely See at Bitcoin 2026 first appeared on Bitcoin Magazine and is written by Josh Plischke.

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Bitcoin Magazine

Oklahoma Introduces Bill Allowing State Employees and Vendors to Be Paid in Bitcoin

Oklahoma lawmakers introduced legislation this week that would allow state employees, vendors, private businesses, and residents to negotiate and receive payments in bitcoin.

Senate Bill 2064, introduced by Senator Dusty Deevers during the 2026 legislative session, establishes a legal framework for the use of bitcoin as a medium of exchange and compensation without designating it as legal tender.

The bill explicitly states that it does not conflict with the U.S. Constitution’s prohibition on states coining money or declaring legal tender other than gold and silver, instead recognizing bitcoin as a financial instrument operating within existing legal frameworks.

If enacted, the bill would permit Oklahoma state employees to elect to receive salaries or wages in bitcoin, either based on the asset’s market value at the start of a pay period or at the time of payment. 

Employees would be allowed to revise their payment preference at the beginning of each pay period and could choose to receive compensation in bitcoin, U.S. dollars, or a combination of both. 

Payments would be deposited either into a self-hosted wallet controlled by the employee or into a third-party custodial account designated by the employee.

The legislation would also allow vendors contracting with the state to opt into receiving payment in bitcoin on a per-transaction basis. The bitcoin value of those payments would be determined by the market price at the time of the transaction unless otherwise agreed upon in writing.

Beyond state payroll and procurement, the bill broadly authorizes private businesses and individuals in Oklahoma to negotiate and receive payments in bitcoin, reinforcing its use as a voluntary medium of exchange across the state economy.

SB 2064 includes provisions aimed at reducing regulatory friction for bitcoin-native businesses. Firms that deal exclusively in digital assets and do not exchange them for U.S. dollars would be exempt from Oklahoma’s money transmitter licensing requirements, according to legislation text. 

The bill directs the Oklahoma State Treasurer to issue a request for proposals for a digital asset firm to process bitcoin payments for state employees and vendors.

In selecting a provider, the Treasurer must consider factors including fees, transaction speed, cybersecurity practices, custody options, and any relevant state licenses. The Treasurer would be required to finalize a contract with a provider by January 1, 2027, and is authorized to promulgate rules to implement the program.

Back in January 2025, Oklahoma State Senator Dusty Deevers introduced a similar initiative called the Bitcoin Freedom Act (SB 325). It was a bill designed to let employees, vendors, and businesses voluntarily receive and make payments in Bitcoin while creating a legal framework for its use in the state’s economy.

Oklahoma’s bitcoin adoption echoes other U.S. states

This move follows other states like New Hampshire and Texas in exploring ways to integrate Bitcoin into public finance. 

New Hampshire passed the nation’s first Strategic Bitcoin Reserve law, allowing the state to hold up to 5% of its funds in high-market-cap digital assets and even approve a bitcoin-backed municipal bond.

Texas, meanwhile, has paired legislation with action, creating a Strategic Bitcoin Reserve and making the first U.S. state Bitcoin ETF purchase of around $5 million, framing it as both a hedge against economic volatility and a step toward modernizing state finances. 

If passed, SB 2064 would take effect on November 1, 2026, positioning Oklahoma among a small but growing number of U.S. states exploring direct integration of bitcoin into government payment systems.

The Oklahoma Tax Commission would also be required to issue guidance on the tax treatment of digital assets received as payment by January 1, 2027, addressing an area that has often created uncertainty for employees and employers alike.

This post Oklahoma Introduces Bill Allowing State Employees and Vendors to Be Paid in Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

Nasdaq Moves to Remove Position Limits on Bitcoin ETF Options

Nasdaq has filed a rule change with the U.S. Securities and Exchange Commission seeking to remove position and exercise limits on options tied to spot Bitcoin exchange-traded funds, a move that would further integrate crypto-linked products into traditional derivatives markets.

The proposal, originally filed on Jan. 7 and made effective this week on the 21st, eliminates the current 25,000-contract cap on options linked to Bitcoin and Ethereum ETFs listed on Nasdaq. 

Affected products include funds from BlackRock, Fidelity, Grayscale, Bitwise, ARK/21Shares and VanEck, according to the filing.

The SEC waived its standard 30-day waiting period, allowing the rule change to take effect immediately, while retaining the authority to suspend it within 60 days if further review is deemed necessary. 

A public comment period is now open, with a final SEC determination expected by late February unless the rule is paused.

Nasdaq argued that lifting the limits would allow crypto ETF options to be treated “in the same manner as all other options that qualify for listing,” eliminating what it described as unequal treatment without undermining investor protections. 

The exchange said the change would support market efficiency while maintaining safeguards against manipulation and excessive risk.

Options are derivative contracts that give traders the right, but not the obligation, to buy or sell an asset at a predetermined price before a set expiration date. Position and exercise limits are typically imposed to prevent concentrated positions that could amplify volatility or destabilize markets.

The filing builds on Nasdaq’s approval in late 2025 to list options on single-asset crypto ETFs as commodity-based trusts. While that decision allowed Bitcoin and Ethereum ETF options to trade on the exchange, existing position limits remained in place.

Nasdaq has steadily expanded its involvement in crypto markets in recent years. 

Nasdaq’s bitcoin and digital asset push

In November, the exchange filed a separate proposal to raise position limits on options tied to BlackRock’s iShares Bitcoin Trust (IBIT) to as much as one million contracts, citing growing institutional demand and increased use of options for hedging strategies.

The exchange has also pushed into crypto indexing and tokenization. In January, Nasdaq and CME Group announced plans to unify their crypto benchmarks under the Nasdaq-CME Crypto Index, which tracks major digital assets including Bitcoin, Ether, XRP, Solana, Cardano and Avalanche.

If approved permanently, the latest rule change would mark another step toward normalizing Bitcoin derivatives within U.S. regulated markets, further blurring the line between traditional financial instruments and crypto-native assets.

This post Nasdaq Moves to Remove Position Limits on Bitcoin ETF Options first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

Kansas Introduce Bill to Establish Strategic Bitcoin Reserve

Kansas has become the latest U.S. state to explore a formal role for Bitcoin and digital assets in public finance, with lawmakers introducing legislation that would create a state-managed Bitcoin and Digital Assets Reserve Fund.

The bill, introduced by State Senator Craig Bowser, proposes amending Kansas’ unclaimed property laws to explicitly recognize digital assets, including cryptocurrencies and virtual currencies, and to establish a framework for their custody, management, and potential sale.

If passed, the legislation would place oversight of the reserve with the Kansas State Treasurer.

Under the proposal, unclaimed digital assets, like Bitcoin, would be transferred to the state after three years of inactivity following undeliverable written or electronic communication to the owner. 

There is some ambiguity around what an ‘unclaimed digital asset’ is but the bill appears to apply only to custodial digital assets held by a legally defined “holder,” such as exchanges, banks, trust companies, or other licensed custodians, not to self-custodied wallets. 

Per the bill, the three-year abandonment clock begins only after written or electronic communication to the owner is returned as undeliverable, and it stops immediately if the owner shows any sign of activity, including logging in or accessing another account with the same custodian.

Unlike many traditional forms of unclaimed property, the bill allows these assets to be delivered and held in their native digital form, rather than being immediately liquidated.

The legislation also permits the state’s designated qualified custodian to stake digital assets and receive airdrops, subject to direction from the treasurer. 

Any staking rewards or airdropped assets generated after three years would be transferred into the BTC and Digital Assets Reserve Fund, creating a mechanism for the state to accumulate digital assets over time.

In a notable provision, the bill prohibits BTC from being deposited into the state’s general fund.

Instead, Kansas would retain Bitcoin as part of its reserve, while directing 10% of deposits of non-bitcoin digital assets into the general fund, contingent on legislative appropriations. Supporters argue this structure treats BTC as a long-term reserve asset rather than a short-term revenue source.

States are actively pushing for bitcoin reserves 

The bill also lays out how the state would handle the sale of digital assets. Cryptocurrencies that trade on established exchanges would have to be sold at market prices, while assets without active exchange listings could be sold using other commercially reasonable methods. 

The goal of all this is to minimize market disruption while adding clearer guardrails around how state-held digital assets are managed.

If passed, the legislation would put Kansas alongside a growing number of U.S. states exploring how Bitcoin and other digital assets might fit into long-term financial and custodial strategies. 

In recent years, state lawmakers across the country have debated whether Bitcoin could serve as a hedge against inflation, a diversification tool, or a way to modernize public finance infrastructure.

This post Kansas Introduce Bill to Establish Strategic Bitcoin Reserve first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

Strive ($ASST) Plans $150 Million Follow-On Offering to Buy More Bitcoin, Retire Convertible Notes

Strive announced today that it intends to raise up to $150 million through a follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, known as SATA Stock, subject to market conditions. 

The offering is registered under the Securities Act of 1933 and marks Strive’s latest move to expand its bitcoin holdings while addressing outstanding debt.

Strive plans to use the proceeds from the offering, along with cash on hand and potentially funds from terminating certain derivative contracts tied to convertible debt, to repurchase or redeem all or a portion of the 4.25% Convertible Senior Notes due 2030 issued by its subsidiary Semler Scientific, Inc. 

These Semler Convertible Notes, guaranteed by Strive, were originally issued under an indenture with U.S. Bank Trust Company, National Association acting as trustee. 

Strive wants to buy more bitcoin

The company may also use funds to pay down Semler Scientific’s borrowings under its loan agreements with Coinbase Credit Inc., acquire additional bitcoin and related products, and support general corporate needs.

In addition, Strive is negotiating with some holders of the Semler Convertible Notes to potentially exchange their notes for shares of SATA Stock. 

SATA Stock is structured as a variable-rate, cumulative dividend security with a stated value of $100 per share. Dividends are currently set at an annualized rate of 12.25%, payable monthly, though Strive reserves the right to adjust the rate within certain limits. 

If a dividend is missed, it accrues additional compounded interest, which can rise up to 20% per year. The company intends to manage the dividend rate to help the stock trade within a target range of $95 to $105 per share.

Strive also retains the right to redeem SATA Stock at $110 per share (or higher at its discretion), plus accrued dividends. Redemption can occur at any time, but the company generally cannot redeem less than $50 million of SATA Stock unless a clean-up or tax-related redemption applies.

The liquidation preference for SATA Stock is $100 per share, adjusted daily to the greater of the stated value, the previous trading day’s closing price, or the 10-day average price. 

Strive said that Barclays and Cantor are joint book-running managers for the offering, with Clear Street acting as co-manager.

After SATA briefly hit $100 today, the company’s approach to set a follow-on offering price based on current market conditions is seen as a cleaner alternative to an “at-the-market” (ATM) offering, avoiding dilution and allowing Strive to capitalize on favorable pricing. 

The raised funds will help the company retire legacy convertible debt and expand its Bitcoin holdings, signaling continued commitment to its crypto-focused growth strategy.

This post Strive ($ASST) Plans $150 Million Follow-On Offering to Buy More Bitcoin, Retire Convertible Notes first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Trump Vows to Sign Major Bitcoin Bill ‘Very Soon,’ Says U.S. Must Remain Crypto Capital

U.S. President Donald Trump said Wednesday that he wants to sign sweeping cryptocurrency market structure legislation “very soon,” arguing that digital assets are both a political priority and a strategic battleground in the United States’ economic competition with China.

Speaking during a wide-ranging address to world leaders and financial executives at the World Economic Forum in Davos, Switzerland, Trump framed his administration’s embrace of crypto as central to preserving U.S. leadership in financial innovation. 

His comments came as bitcoin surged above $90,000, extending gains amid optimism that clearer U.S. regulation could further legitimize the asset class.

“To unleash innovation and savings and financing, I’m also working to ensure America remains the crypto capital of the world,” Trump said.

He pointed to legislation he said he signed last year — the GENIUS Act, focused on stablecoins — as a foundational step toward that goal, while signaling that broader crypto market structure rules are now close to becoming law.

“Congress is working very hard on crypto market structure legislation — bitcoin, all of them — which I hope to sign very soon,” Trump said, adding that the effort would unlock new pathways for Americans to achieve what he described as “financial freedom.”

Trump openly acknowledged the political calculus behind his support for crypto, saying it delivered “tremendous political support,” but stressed that geopolitical competition was the more important driver. 

“China wanted that market too,” he said. “It’s just like they want the AI. And we’ve got that market, I think, pretty well locked up.”

He also took aim at former President Joe Biden, claiming Democrats only softened their stance on crypto late in the 2024 election cycle after realizing how many voters cared about digital assets. 

“All of a sudden they loved it very much, but it was too late,” Trump said. “They blew it.”

Trump’s support for crypto legislation in the United States

Trump’s remarks come as U.S. lawmakers continue to negotiate a long-awaited framework to define how cryptocurrencies are regulated, including whether tokens fall under securities or commodities law and which agencies will oversee the sector. 

The Senate is currently advancing market structure legislation through multiple committees, though final language has yet to be released and markups keep getting delayed.

Political action committees backed by crypto firms spent hundreds of millions of dollars during the 2024 election cycle and are already mobilizing ahead of the 2026 midterms.

As Trump speaks, Bitcoin is trading at $89,942, down 1% over the past 24 hours on $60 billion in volume, leaving it about 1% below its seven-day high of $90,778 and 2% above its seven-day low of $87,902. 

This post Trump Vows to Sign Major Bitcoin Bill ‘Very Soon,’ Says U.S. Must Remain Crypto Capital first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Trump-Appointed CFTC Chair Launches ‘Future-Proof’ Initiative, Signaling a Pro-Crypto Shift

U.S. Commodity Futures Trading Commission (CFTC) Chairman Mike Selig posted an op-ed on Tuesday outlining an aggressive push to modernize U.S. financial regulation, pledging to move away from what he called years of “regulation by enforcement” and toward clear, tailored rules for digital assets, prediction markets and other emerging technologies.

In a policy statement and accompanying opinion piece, Selig framed the effort as a pivotal moment for American financial markets, arguing that advances in blockchain and artificial intelligence are enabling entirely new products, platforms and business models that legacy regulations were never designed to oversee.

“Advances in technology are transforming the financial services landscape as we know it,” Selig said, adding that Congress is now “on the cusp” of passing the Digital Asset Market Clarity Act, which would establish a formal market structure for crypto in the United States.

If enacted, the legislation would expand the CFTC’s authority over digital asset markets, positioning the agency as a primary regulator for large segments of the crypto economy. 

Selig said the CFTC is prepared to take on that role and ensure innovation remains onshore rather than being driven overseas by regulatory uncertainty.

CFTC’s ‘Future-Proof’ Initiative 

The chairman announced the launch of a new “Future-Proof” initiative, under which agency staff will conduct a comprehensive review of existing CFTC rules — many of which were originally written for agricultural futures markets — to determine which should be updated or replaced to better accommodate new asset classes and trading venues.

“Decades-old rules designed for pork bellies and wheat futures do not contemplate blockchain-native markets that trade 24/7,” Selig said. “The CFTC must meet innovators where they are.”

Selig drew a sharp contrast with the Biden administration’s approach, criticizing prior regulators for applying legacy rules to novel products such as digital assets and perpetual futures through enforcement actions rather than formal rulemaking. 

That strategy, he argued, pushed startups offshore and limited access for U.S. market participants.

Under the new approach, Selig said the agency will focus on “the minimum effective dose of regulation” — rules that protect against fraud, manipulation and abuse without stifling experimentation. Future policy, he added, should be established through notice-and-comment rulemaking to provide durability across administrations.

The chairman also highlighted rapid growth in areas such as prediction markets and digital assets, noting that crypto has expanded from a niche experiment into a market exceeding $3 trillion in value. These developments, he said, require regulatory frameworks that are purpose-built rather than retrofitted.

“Anyone with a smartphone and an internet connection can now access peer-to-peer markets that operate around the clock,” Selig said, pointing to both blockchain-based platforms and the increasing use of artificial intelligence in risk management and trading strategies.

Selig credited President Donald Trump’s broader regulatory agenda for creating the conditions for what he described as a potential “golden age” of American financial markets. He said coordination among financial regulators will be critical as new legislation reshapes oversight of digital assets.

“If Congress passes market structure legislation and hands us the torch, we will ensure these markets flourish at home,” Selig said. “The great innovations of today and tomorrow should be made in America.”

This post Trump-Appointed CFTC Chair Launches ‘Future-Proof’ Initiative, Signaling a Pro-Crypto Shift first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Michael Saylor’s Strategy ($MSTR) Spends $2.13 Billion to Buy 22,305 Bitcoin

Strategy (MSTR), the world’s largest publicly traded corporate holder of bitcoin, has added another major tranche of BTC to its balance sheet, purchasing 22,305 bitcoin for approximately $2.13 billion over the past week.

The acquisition, disclosed today, was made at an average price of roughly $95,284 per bitcoin, roughly 4% more than current prices. As of Jan. 19, 2026, Strategy now holds a total of 709,715 BTC, acquired for approximately $53.92 billion at an average price of $75,979 per coin.

The latest purchase marks Strategy’s largest weekly bitcoin acquisition since November 2024 and its fifth-largest bitcoin purchase announcement to date.

Led by executive chairman Michael Saylor, the company has continued its aggressive, near-weekly accumulation strategy, using capital markets activity to convert traditional financial assets into bitcoin exposure. 

The latest purchase was funded through a combination of common stock issuance and sales of the company’s perpetual preferred equity, Stretch (STRC).

Strategy’s aggressive bitcoin purchasing strategy

According to regulatory filings, the company raised about $2.125 billion in net proceeds between Jan. 12 and Jan. 19 through its at-the-market (ATM) programs. The bulk of the funds came from the sale of 10.4 million shares of MSTR Class A common stock, generating approximately $1.83 billion. 

An additional $294.3 million was raised through the issuance of roughly 2.95 million STRC preferred shares. Smaller amounts were generated via STRK preferred stock, while no shares were issued under the STRF or STRD programs during the period.

Despite the continued accumulation, Strategy shares were under pressure in early trading, falling about 5% as bitcoin prices slid below $91,000. The pullback follows a broader crypto market sell-off after BTC traded above $94,000 late last week.

With more than 709,000 bitcoin now held, Strategy controls over 3% of bitcoin’s total circulating supply. 

Several weeks ago, the company also announced they are increasing their U.S. dollar reserve to $2.25 billion, up from $1.44 billion in December, intended to support dividend payments on preferred shares and interest obligations on outstanding debt.

Strategy and MSCI

Earlier this month, the company was relieved of some selling pressure when MSCI concluded its review of digital asset treasury companies and decided not to exclude them from its major global equity indexes.

The index provider said bitcoin-heavy firms will remain eligible under existing rules while it conducts further research on how to distinguish operating companies from investment-like entities.

The decision eased months of market anxiety after MSCI had proposed reclassifying companies with more than 50% of assets in digital assets as fund-like and therefore ineligible for inclusion.

Companies like Strategy, along with industry groups, pushed back strongly, warning that exclusions could trigger billions of dollars in forced passive selling.

This post Michael Saylor’s Strategy ($MSTR) Spends $2.13 Billion to Buy 22,305 Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Blockspace Acquires Bitcoin Layers to Expand Bitcoin L2 Data Intelligence

Blockspace Media has acquired Bitcoin Layers, an independent data platform tracking metrics across Bitcoin’s layer-2 and scaling ecosystem, as the company expands beyond journalism into data and intelligence products.

The acquisition brings Bitcoin Layers’ research and on-chain analytics directly into Blockspace’s content and product suite, including a forthcoming data dashboard designed to track adoption, total value locked (TVL), and activity across Bitcoin L2s and other scaling platforms, the company wrote to Bitcoin Magazine. 

Bitcoin Layers will serve as Blockspace’s first proprietary data product, with plans to expand coverage to bitcoin-related equities, ETFs, and additional market intelligence offerings in the coming year. 

Bitcoin Layers maintainer Janusz will remain involved as an advisor following the acquisition.

“Blockspace is more than a Bitcoin publication,” said William Foxley, co-founder of Blockspace. “We’re building a platform to cover the investable landscape of Bitcoin-related assets. With Bitcoin Layers joining Blockspace, we’ll be working directly with investors, token foundations, and Bitcoin startups to better understand real on-chain user metrics.”

According to Bitcoin Layers data as of January 14, more than 361,830 BTC, worth over $34.5 billion, is currently locked across Bitcoin bridging protocols, layer-2 networks, and other scaling solutions. 

While the market has grown rapidly, it remains fragmented, with “L2” often used as a catch-all term for a wide range of architectures and trust models.

“Bitcoin Layers established itself as the premier research platform for Bitcoin layer-2s and bitcoin-backed assets across chains,” Janusz said. “By integrating with Blockspace, we can expand our data platforms to help investors and protocol developers deeply understand user trends, while continuing to educate users on the architectures behind the protocols they interact with.”

Blockspace’s use of Bitcoin Layers tech

The company said they plan to use Bitcoin Layers data to better differentiate the growing L2 ecosystem for both retail and institutional investors, highlighting distinctions between rollups, sidechains, federated models, and other scaling approaches. 

Additional metrics covering bitcoin-adjacent public companies and financial products are expected to roll out in 2026.

The acquisition also reinforces the company’s focus on technical infrastructure and scaling research. Many of the projects tracked by Bitcoin Layers have been featured at OPNEXT, Blockspace’s technical conference, with the next event scheduled for April 16, 2026, in New York.

The company said it will build on its existing studio and research initiatives while developing new data-driven products for investors and builders across the Bitcoin ecosystem.

This post Blockspace Acquires Bitcoin Layers to Expand Bitcoin L2 Data Intelligence first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Steak ’n Shake Adds $10 Million in Bitcoin to Corporate Treasury

Popular fast-food chain Steak ’n Shake added $10 million worth of bitcoin to its corporate treasury, deepening its commitment to bitcoin eight months after rolling out BTC payments across all U.S. locations.

The company said on social media that the move follows a “self-reinforcing cycle” driven by bitcoin adoption, where customers paying in BTC help generate incremental revenue that is then recycled into business improvements. 

According to Steak ’n Shake, all bitcoin-denominated revenue flows directly into what it calls its strategic bitcoin reserve, which is used to fund restaurant upgrades, ingredient improvements, and remodeling initiatives—without raising menu prices.

“Eight months ago today, Steak ’n Shake launched its burger-to-bitcoin transformation when we started accepting bitcoin payments,” the company wrote on social media. “Our same-store sales have risen dramatically ever since.”

Steak ’n Shake began accepting bitcoin payments in May 2025 using the Lightning Network, positioning the rollout as a way to cut card processing fees while attracting a younger, crypto-native customer base. The strategy is working.

Same-store sales rose more than 10% in the second quarter of 2025, according to the company.

Chief Operating Officer Dan Edwards previously said Steak ’n Shake saves roughly 50% in processing fees when customers choose to pay with bitcoin rather than traditional card networks.

Bitcoin is driving revenue for Steak ’n Shake

The chain has leaned into its bitcoin branding over the past year, introducing a Bitcoin-themed burger in October and pledging to donate a small portion of revenue from its “Bitcoin Meal” to support open-source Bitcoin development.

The recent $10 million purchase—roughly 105 BTC at current prices—marks Steak ’n Shake’s most direct treasury allocation to bitcoin to date. 

While the position is modest compared with major corporate holders such as Strategy, which holds more than 687,000 BTC worth over $65 billion, it underscores a broader trend of corporate bitcoin accumulation.

According to data from Bitcointreasuries, total bitcoin held in treasuries—including public companies, private firms, governments, and exchange-traded funds—has now surpassed 4 million BTC.

Last fall, the company ran a poll on X over the weekend asking its 468,800 followers whether it should expand its crypto options to include Ethereum.

Nearly 49,000 votes were cast, with 53% in favor.

However, just four hours later, the company suspended the poll, declaring its allegiance to Bitcoiners. “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” Steak ‘n Shake posted.

This post Steak ’n Shake Adds $10 Million in Bitcoin to Corporate Treasury first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Jefferies’ Analyst Dumps Bitcoin Over Quantum Computing Fears, Buys Gold

Christopher Wood, global head of equity strategy at Jefferies, has eliminated Bitcoin from his flagship Greed & Fear model portfolio, citing concerns that developments in quantum computing could pose an existential threat to the cryptocurrency’s cryptographic foundations.

In the latest edition of the widely followed newsletter, Wood confirmed that Jefferies has removed its entire 10% Bitcoin allocation, replacing it with a split allocation of 5% to physical gold and 5% to gold-mining equities, according to Bloomberg. 

The strategist said the move reflects rising uncertainty over whether Bitcoin can maintain its role as a long-term store of value in the face of accelerating technological change.

“While Greed & Fear does not believe that the quantum issue is about to hit the Bitcoin price dramatically in the near term, the store-of-value concept is clearly on less solid foundation from the standpoint of a long-term pension portfolio,” Wood wrote.

Wood was an early institutional supporter of Bitcoin, first adding it to the model portfolio in December 2020 amid pandemic-era stimulus and fears of fiat currency debasement. He later increased the allocation to 10% in 2021.

Since that initial inclusion, Bitcoin has risen approximately 325%, compared with a 145% gain in gold over the same period.

Quantum computing presents structural risks to Bitcoin 

Despite the strong performance, Wood argues that quantum computing presents a structural risk that cannot be ignored. Bitcoin’s security relies on cryptographic algorithms that are effectively unbreakable using classical computers. 

However, sufficiently powerful quantum machines could theoretically derive private keys from public keys, enabling unauthorized transfers and undermining confidence in the network.

Security researchers estimate that roughly 20% to 50% of Bitcoin’s total supply — between 4 million and 10 million BTC — could be vulnerable under certain conditions. 

Coinbase researchers have identified approximately 6.5 million BTC held in older wallet formats where public keys are already exposed on-chain, making them susceptible to so-called long-range quantum attacks.

The issue has sparked a growing divide within the Bitcoin ecosystem. Some think that developers are underestimating the risk. Others, including Blockstream CEO Adam Back, maintain that the threat remains distant and that quiet preparatory work toward quantum-resistant signatures is preferable to alarming investors.

The debate has also begun to reach mainstream finance. BlackRock has listed quantum computing as a potential long-term risk in its spot Bitcoin ETF disclosures, while Solana co-founder Anatoly Yakovenko recently suggested there is a 50% chance of a meaningful quantum breakthrough within five years.

For Wood, the uncertainty itself strengthens the case for gold.

He described the metal as a historically tested hedge in an increasingly volatile geopolitical and technological landscape, concluding that the long-term questions raised by quantum computing are “only positive for gold.”

Gold climbed to record highs this month, topping $4,600 per ounce, as investors piled into the safe-haven asset amid escalating geopolitical tensions involving Iran and growing expectations that the Federal Reserve will cut interest rates following softer U.S. inflation and labor market data.

This post Jefferies’ Analyst Dumps Bitcoin Over Quantum Computing Fears, Buys Gold first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Adoption Surges in Iran Amid Protests and Rial Collapse

A new report from blockchain analytics firm Chainalysis shows that Iran’s crypto ecosystem boomed in 2025, with Bitcoin playing a growing central role for both ordinary citizens seeking financial refuge and the Islamic Revolutionary Guard Corps (IRGC), which now dominates much of the country’s on-chain activity.

According to the report, Iran’s crypto economy processed more than $7.78 billion in value in 2025, growing faster for most of the year than in 2024. 

The report found that crypto activity in Iran is closely correlated with major political shocks, regional conflict, and domestic unrest, making blockchain data a real-time barometer of instability inside the country.

Bitcoin as a flight to safety

One of the clearest trends identified in the report is a surge in Bitcoin withdrawals to personal wallets during mass protests in late 2025 and early 2026. Comparing activity before protests began with the period leading up to Iran’s nationwide internet blackout on January 8, Chainalysis observed sharp increases in both transaction volumes and transfers from Iranian exchanges to self-custodied Bitcoin wallets.

The behavior suggests Iranians are using Bitcoin as a flight to safety amid accelerating currency collapse and political uncertainty. 

The Iranian rial has lost roughly 90% of its value since 2018, with inflation running between 40% and 50%. In that environment, Bitcoin’s censorship resistance and portability offer a rare form of financial optionality — especially during protests, capital controls, or the risk of needing to flee the country.

Chainalysis notes that this pattern mirrors Bitcoin adoption during crises elsewhere, where citizens turn to self-custody when trust in state-controlled financial systems breaks down.

The report shows pronounced spikes in Iranian crypto activity following major geopolitical and domestic events, including, the January 2024 Kerman bombings, which killed nearly 100 people at a memorial for IRGC-Quds Force commander Qasem Soleimani.

The report also marked a spike in activity after Iran’s October 2024 missile strikes against Israel, following the assassinations of Hamas and Hezbollah leaders and during the 12-day war in June 2025, which included the U.S.-Israeli strikes on Iranian military infrastructure, cyberattacks on Iran’s largest crypto exchange Nobitex, and disruptions at Bank Sepah, a key IRGC-linked financial institution.

IRGC is dominating Iran’s crypto economy

While Bitcoin has become a lifeline for many civilians, Chainalysis warns that Iran’s crypto ecosystem is increasingly dominated by the IRGC. Addresses linked to IRGC-affiliated networks accounted for around 50% of all crypto value received in Iran in Q4 2025, a share that has steadily grown over time.

IRGC-linked wallets received more than $3 billion on-chain in 2025, up from over $2 billion in 2024. 

Chainalysis said this figure is a lower-bound estimate, based only on wallets publicly identified through sanctions designations by the U.S. Treasury’s OFAC and Israel’s National Bureau for Counter Terror Financing. 

The true scale is likely larger, given the use of shell companies, facilitators, and undisclosed wallets.

These networks span multiple countries and are used to move illicit oil revenues, launder funds, evade sanctions, and finance Iran’s regional proxy groups.

Bitcoin, sanctions, and resistance

Chainalysis concluded in their report that crypto, particularly Bitcoin, is playing somewhat of a dual role in Iran: its a financial escape valve for citizens and a sanctions-evasion tool for the state and its security apparatus. 

As Iran faces mounting internal dissent, economic dysfunction, and external pressure, on-chain data shows Bitcoin increasingly being used outside government control, especially during moments of crisis.

These findings underscore how Bitcoin’s permissionless design cuts both ways — serving as a lifeline for civilians facing political instability while also enabling state and paramilitary actors, reinforcing the case that Bitcoin itself is neutral infrastructure for a couple different actors.

This post Bitcoin Adoption Surges in Iran Amid Protests and Rial Collapse first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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After A Snake-Like 2025, Is The Bitcoin Price Ready to Break Out In 2026?

We had high hopes for the bitcoin price in 2025. It was supposed to be the crescendo of the four-year cycle, the most bullish setup in recent memory. It was the year after the halving, the ETFs had just been approved, a new president was elected, with the promise of the money printer roaring back to life. Everything looked primed for a Q4 blow-off top, and instead of a new life in Monaco, all you got was this lousy article.

What follows is my interpretation of the events of 2025 and my outlook for 2026. I’m not a trader, not an analyst, and like you, I’ve been outperforming professional funds for years, by simply stacking Sats, of course. I’m more of a “fix the money, fix the world” kinda guy, but like everyone else, it’s hard to ignore Bitcoin’s price movements, which I think of as the game of “Snakes and Ladders”.

In the game of Snakes and Ladders, momentum drives us forward, but it can also provide a false sense of confidence. You can be one roll away from victory, only to land on a snake that sends you sliding back ten places. As much as hopium dictates that we pray for the price to go ‘up and to the right’, markets rarely oblige. Switching from the board to the chart, price action is played on a board of global liquidity and market sentiment. When sentiment is low or liquidity dries up, no amount of good news can sustain momentum. We simply crab sideways or find a snake that slides us down into further despair.

On the other hand, when liquidity floods the system, we often find the ladders that shoot us through resistance levels. For most of 2025, we were stuck playing the former, while dreaming of the “ladder”. So let’s take this time to review 2025 from the perspective of hindsight, as foresight proved to be of little benefit.

What Happened To Our 2025 Bull Run?

If there is a phrase that defines the Bitcoin market of 2025, it is exactly that: a Year of Snakes and precious few ladders. Interestingly, and unbeknownst to me, 2025 was indeed the year of the snake according to the 12-year Chinese zodiac cycle, starting January 29, 2025, and ending February 16, 2026.

We began the year with the kind of euphoria that usually marks a cycle top. The halving was behind us, and the political stars had aligned perfectly. Google trends showed search queries were soaring. In fact, the year kicked off with a quiet but massive victory before the political fireworks even started: FASB fair value accounting rules took effect on January 1st, finally allowing companies to report bitcoin profits rather than just losses.

Then came the main event. We witnessed the inauguration of a “Bitcoin President.” Gary Gensler departed, leaving behind a legacy that, in hindsight, was perhaps less villainous than we assumed, and Ross Ulbricht walked free within 48 hours. With the new administration came a few allies: Paul Atkins took over the SEC and Mike Selig the CFTC, securing a pro-crypto cabinet.

The financial plumbing was finally completed. The ETFs were fully operational, options trading on IBIT were unleashed, and it quickly became clear that Michael Saylor was not about to let Larry Fink steal his thunder. MicroStrategy went on a $25 billion buying spree, 100x what they bought in 2020, and the corporate treasury list exploded from 60 companies to nearly 200.

By October, the engines were well and truly revving. We hit the All-Time High on October 6th, ready to punch the accelerator for the glorious Q4 end-of-cycle run. Instead, we shifted the gear into reverse and slid all the way down to $80,000.

First, we got our knickers in a twist over the “Knots vs. Core” drama. Then came the Binance incident, where the snake manifested itself as a “technical issue” at precisely the wrong time, and right as Gold broke out. We essentially got rug-pulled by a glitch. The issue of October 10th likely created added sell pressure through forced liquidations, whilst also triggering the 4-year cycle sellers who have been trained to sell Q4 of the 4th year. Few understood the gravity of it at the time, though I tip my hat to Jesse Olson for calling it early.

Then the FUD machine was turned on. First, it targeted MicroStrategy with threats of MSCI exclusion; it didn’t help sentiment that its mNAV has been dropping all year. Then it pivoted back to Bitcoin with the return of the “quantum attack” narrative.

While the headlines swirled, the bitcoin price became stuck in purgatory, range-bound between $84,000 and $95,000 and trapped by options traders, even though the handcuffs had theoretically been taken off IBIT options earlier in the year. Bitcoin was having an Austin Powers moment, while Peter Schiff enjoyed his first day out in the sun since high school. Bless him.

Is The Tide About to Turn?

While some fear 2026 will bring the hangover of a post-cycle bear market, I, like countless other optimists believe otherwise. If 2025 was the year of snakes, 2026 is the year we finally climb a few ladders.

The setup is favourable. We have a Bitcoin-ish president, who’s hungry to fire up the printing press, we’ve a developing multipolar world, where the process of game theory should be heating up, there’s a $7 trillion debt wall to be paid, the old guard are positioned, the regulation stranglehold has been loosened, the cowboys (FTX, Terra-Luna, etc.) are gone, gold and silver have both had their runs, and Bitcoin’s supposed to follow next, or so we hope. 

Source: Sminston With

Not to mention, the tax year is done, and new budgets have been allocated to fund managers and businesses alike. FASB fair value accounting is now live, smoothing the runway for corporate balance sheets. Michael Saylor is still buying with the relentless intensity of a man who understands math better than Archimedes. Even the “MSCI FUD” was defeated early, so credit to George and the Bitcoin for Corporations team for that victory.

At the point in time as the price is beginning to climb higher, the bears are finally showing signs of exhaustion, that’s according to James Check and countless others. By far the most significant headwind Bitcoin faced in 2025 was the relentless onslaught of coins sold by long-term holders. That pressure looks to finally be ending. On November 1st, approximately 67% of the Realised Cap was invested above $95k. The last two months have seen a massive supply redistribution occur, with that metric declining to 47%.

Over the last 30 days, around 80% of the coins which have transacted came from higher prices. This is the definition of capitulation. The weak hands who bought the top have flushed out, and new buyers have stepped in with a lower and stronger cost basis.

Incidentally, the Year of the Snake officially ends on February 16, 2026, to be followed by a horse, which as we all know has the ability to outrun any bull. This coincides almost perfectly with the monthly CME Futures expiry on February 27th. The shedding of a snake’s skin happens right before the growth returns. 

Is the 4-Year Cycle Dead?

Really, who can truly say they know? What we do know is that the four-year cycle is no longer connected to the halvings or the presidential cycles in the way we once thought, and the halvings are less likely to have an effect going forward, as the new coins distributed are a lower percentage of supply, and the miners are supported by huge funds which can help them weather any potential death spiral.

We have not seen a Pi Cycle top signal, the 200 week moving average has not crossed the prior cycle top, the MVRV score is just 1.3, the Puell multiple is just .99, we’ve not had a considerable drawdown, and we’re still at the bottom of the range of almost every metric imaginable. For those of you who are old enough to remember the KitKat ad from the 90’s, “the 4 year cycle is not dead, it was just takin’ a break.”

As the 4-year cycle is a purely Liquidity Based Cycle, it can be measured by proxy using the ISM Manufacturing PMI, a qualitative index sourced from purchasing managers in the manufacturing industry. I give credit to Raoul Pal for highlighting this metric; he was the first I observed to point out that bitcoin is a “Liquidity” asset rather than a “Halving” asset. Bitcoin, as the highest-beta risk asset in existence, responds to shifts in global risk appetite with greater force and speed than any other asset class. The PMI tracks the business cycle, and it has been in contraction for nearly two years. The current PMI at 47.9 signals ongoing contraction, but ISM projections indicate a 4.4% revenue growth for manufacturing in 2026, crossing 50 in Q2 as Trump’s policies kick in. The bitcoin price should follow. When the ISM PMI is below 50, we’re generally in a bear market, and we’ve been that way for over two years now. The bull markets have historically topped out between 55 and 65. The question remains, when is the business cycle going to see an upturn? TechDev is of the view that it’s happening very soon, as the bullish divergence reversal momentum is decidedly building.

Source: Sminston With

The $9 Trillion Debt Question

The US government has to address the $9 trillion debt wall that’s due to mature this year. But the nuance is in how they do it. President Trump has made it clear he intends to build a “Dream Military” for 2027 and is pushing for a budget increase to $1.5 trillion. When you combine that with the $4.1 trillion of debt maturing in 2026 and the standard annual deficit, the US Treasury faces a $9 trillion liquidity gap, and a further $7.4 trillion before 2028. 

Does the US have to print all $9 trillion? No. And through this lens, the recent geopolitical moves make sense. Trump didn’t only capture Maduro for a photo-op; he has likely taken control over 303B barrels of reserves and is enforcing USD oil sales, creating artificial dollar demand and easing the liquidity gap by $2-3T annually. 

Can he cover the gap via a mix of tariffs (that Americans actually pay for!), Petro-Dollar demand, and the inevitable monetization of the rest by the Federal Reserve? I guess he’ll have to. With Jerome Powell expected to leave his chair in May, the path will be cleared to give the printer engines a whir. 

There’s another $5 – $10 tr due globally in 2026, and the same again in 2027. So the fed chair won’t be without company. 

My View: 2026–2027

The four-year cycle OGs may be stepping aside, but the Liquidity Cycle is just gearing up, and Bitcoin, as Raoul Pal has long argued, remains the ultimate liquidity barometer.

Samuel Benner’s famous 19th-century forecasting chart (first published in 1875), maps long-term cycles of panics (“A” years), booms/high prices (“B” years), and depressions/low prices (“C” years). Interestingly, 2026 falls squarely in one of Benner’s “B” years, which is a period of “Good Times, High Prices and the time to sell Stocks and values of all kinds.” The chart places 2026 right alongside previous boom years like 2016, 2007, 1999, and 1989, suggesting we are entering a structurally favorable window for risk assets.

How Long Will The Next Money Printing Last?

Prediction: 18–24 months

Why: History shows that once the dam gates open, it takes roughly two years to stabilize and reflate. If the official aggressive printing phase begins in late 2025 (as the liquidity uptick and Benner timeline imply, and as M2 shows), it will likely run strong through mid-2027.

How Much LIquidity Will Be Added?

Prediction: ~$9–$10 trillion in the U.S. Treasury debt is maturing in 2026 alone (about one-third of outstanding marketable debt) and a further $5 – $10 tr globally.

Why: As discussed above, the maturity walls for 2026 are nearly double what we faced during the COVID crisis. Yellen extended the pain by leaning on short-term issuance back then, but come hell or high water, that debt has to be paid or refinanced—the money will arrive from somewhere. Because of this, we can expect a new wave of inflation, the 70’s and 80’s have a story to tell about that!

How High Will The Bitcoin Price Go?

Prediction: $250,000

Why: During that $5 trillion COVID expansion, BTC rallied roughly 20x from the $3k–$4k lows to $69k. With the potential for double that liquidity entering the system this cycle, the upside is significant even if diminishing returns apply. From our $16k effective low, a conservative 10x to 12x multiple lands us in the $160k to $200k range as a base case. However, models suggest we could push higher. PlanC’s quantile model points toward $300k+ by the end of 2026, and Giovanni Santostasi’s Power Law projects a peak potentially around $210k early on, with room to stretch as high as $600k in outlier scenarios. But hey, I was expecting +$200k last cycle too.

Oh, if the Strategic Bitcoin Reserve Act moves out of the committee, and if the U.S. Treasury officially starts side-stacking alongside MicroStrategy, all bets are off the table.

When Will The Price Top Out?

Prediction: Late 2026 to mid-2027

The Logic: Bitcoin historically tops out 12–18 months after the liquidity expansion enters its “mania” phase. If the ISM Manufacturing PMI crosses back above 50 in early 2026, the perfect storm should unfold throughout 2026, setting up a blow-off top, potentially in the first half of 2027.

Bitcoin is unlikely to go straight up, nothing ever does. We’ll almost certainly encounter a few snakes along the way: sharp corrections, regulatory noise, profit-taking, or some form of shenanigans. But the ladders are built, ready and waiting. The Year of the Snake is coming to an end, just ahead of the February 27 CME futures expiry, our potential ignition point, right before the anticipated PMI uptick in Q2.

2025 was a year of snakes and sideways pain, with long-term holders finally capitulated and weak hands flushed out. Now, with a wall of liquidity heading our way, 2026 looks like the ladder we’ve been waiting for. The horse year is coming, so stack and secure accordingly.

Good luck. 

This post After A Snake-Like 2025, Is The Bitcoin Price Ready to Break Out In 2026? first appeared on Bitcoin Magazine and is written by Conor Mulcahy.

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Bitcoin Price Climbs Above $97,000 on $1.7B ETF Inflow Surge

The bitcoin price surged above $97,000 this week, marking its strongest level in more than two months, on a mix of economic news and renewed inflows into U.S. spot Bitcoin exchange-traded funds (ETFs.

Crypto investors appear to be kicking off 2026 with a familiar playbook: allocating heavily to Bitcoin ETFs. 

On Tuesday, the dozen U.S.-listed spot Bitcoin funds recorded roughly $760 million in net inflows, the largest single-day total since October. Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the pack, absorbing about $351 million, while Bitwise’s BITB and BlackRock’s iShares Bitcoin Trust (IBIT) also posted strong gains.

The momentum accelerated on Wednesday. Data from SoSoValue shows spot Bitcoin ETFs took in another $843.6 million, extending the positive streak to three consecutive days and bringing total inflows over that period to approximately $1.71 billion. 

Eight of the 12 funds reported net inflows, with BlackRock’s IBIT alone drawing in $648 million, underscoring its dominance among institutional allocators.

Bitcoin’s price action reflected that renewed interest. After spending much of November and December trading below $92,000, BTC broke decisively higher this week, reclaiming the $94,000–$97,000 range and pushing toward $100,000. 

The move triggered roughly $700 million in short liquidations, amplifying volatility and accelerating the rally, according to Bitcoin Magazine Data.

ETF flows have become a key barometer of institutional sentiment since spot products launched in early 2024. While cumulative inflows reached more than $56 billion by mid-January, flows turned negative in late December amid typical year-end caution. 

The sharp reversal this week suggests investors are once again viewing Bitcoin as both a growth asset and a diversification tool. This reflects in a growing bitcoin price.

Economic conditions affecting the bitcoin price

Macro conditions have also played a role. A softer-than-expected U.S. Consumer Price Index (CPI) reading released on January 13 eased fears of further aggressive monetary tightening, lifting “risk-on” sentiment.

At the same time, escalating geopolitical tensions and political uncertainty in the U.S. have boosted interest in alternative stores of value, including the Bitcoin price.

Still, volatility risks remain. Markets are closely watching a potential U.S. Supreme Court ruling on President Donald Trump’s tariffs, which could inject fresh uncertainty into global trade and financial markets. 

At the time of writing, Bitcoin price is trading at $97,046, up 2% over the past 24 hours, with roughly $67 billion in daily trading volume. 

The asset is sitting about 1% below its seven-day high of $97,705 and 2% above its seven-day low of $95,318. Bitcoin’s circulating supply stands at 19.98 million BTC, giving it a total market capitalization of approximately $1.94 trillion, also up 2% on the day.

This post Bitcoin Price Climbs Above $97,000 on $1.7B ETF Inflow Surge first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Rhode Island Reintroduces Bitcoin Tax Exemption Bill for Second Straight Year

Rhode Island lawmakers have introduced a bill that would temporarily exempt small-scale Bitcoin transactions from state income taxes, marking the second consecutive year legislators have proposed the measure as somewhat of a pilot program to reduce tax friction on everyday Bitcoin use.

Senate Bill S2021, introduced on January 9 by Senator Peter A. Appollonio and referred to the Senate Finance Committee, would create a limited income tax exemption for Bitcoin transactions conducted by Rhode Island residents and Rhode Island–based businesses. 

Under the proposal, Bitcoin sales or exchanges would be exempt from state income and capital gains taxes up to $5,000 per month, with a $20,000 annual cap.

The bill amends Rhode Island’s personal income tax code by adding a new section specifically addressing Bitcoin.

It defines Bitcoin as a “digital, decentralized currency based on blockchain technology,” and applies the exemption to both individuals residing in the state and businesses that are based and operate primarily within Rhode Island.

If passed, qualifying Bitcoin transactions below the exemption thresholds would not be included in taxable income for state purposes. 

Taxpayers would be allowed to self-certify eligibility on their annual state tax returns and would not be required to report individual transactions, provided they maintain reasonable records demonstrating compliance with the annual limit. Those records would only need to be produced if requested by the state for audit purposes.

The legislation also directs Rhode Island’s Department of Business Regulation to issue plain-language guidance outlining acceptable recordkeeping practices and valuation methods, using publicly available Bitcoin price indices to determine market value at the time of each transaction.

It’s important to note that the proposal is explicitly temporary. The exemption would take effect on January 1, 2027, and sunset on January 1, 2028, unless extended or amended by the General Assembly after reviewing its fiscal and economic impact, per the bill.

Lawmakers characterize the measure as a practical program aimed at treating digital money more like traditional money for small, everyday transactions rather than speculative investments.

Other states like Rhode Island taking on pro-bitcoin initiatives

Only a handful of U.S. states have taken steps similar to Rhode Island’s proposed Bitcoin tax exemption, and most stop well short of treating Bitcoin like everyday money. 

Ohio is a close comparison, which is trying to adopt a narrow “de minimis” exemption that removes state capital gains taxes on small crypto purchases under a low dollar threshold. 

New Hampshire is another state actively championing Bitcoin. In May 2025, New Hampshire became the first U.S. state to allow its treasury to invest in Bitcoin and other large-cap digital assets, authorizing up to 5% of certain public funds to be allocated into crypto under House Bill 302. Bitcoin currently qualifies under the market-cap rule.

This post Rhode Island Reintroduces Bitcoin Tax Exemption Bill for Second Straight Year first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Roars Past $94,000 as Bulls Reclaim Key Resistance

Bitcoin price surged above the $94,000 level this afternoon, breaking through a key resistance zone and signaling renewed bullish momentum after weeks of range-bound trading. 

At the time of writing, the bitcoin price is trading at $94,435, up roughly 3% over the past 24 hours, according to market data.

The move marks a decisive reclaim of the upper end of January’s consolidation range, with the bitcoin price now sitting effectively flat relative to its seven-day high of $94,040 and roughly 4% above its seven-day low of $90,897. 

Trading volume over the past 24 hours totaled approximately $52 billion, reflecting heightened market participation as price pushed higher.

Bitcoin’s total market capitalization rose to $1.88 trillion, also up about 3% on the day, as the asset continues to assert its position as the dominant cryptocurrency. 

Bitcoin’s circulating supply currently stands at 19,975,465 BTC, just under the protocol’s hard-capped maximum of 21 million coins.

Is Powell getting pushed out of the Fed? 

Over the weekend, the U.S. Department of Justice opened a criminal investigation into Federal Reserve Chair Jerome Powell, a development that rippled through financial markets and coincided with renewed volatility in the bitcoin price.

The probe marks a sharp escalation in a months-long standoff between the White House and the U.S. central bank and its Chair.

Powell disclosed via a social media post that the DOJ served the Federal Reserve with grand jury subpoenas and raised the possibility of criminal charges tied to his June 2025 congressional testimony regarding the more than $2.5 billion renovation of Fed office buildings.

The Fed chair characterized the investigation as politically motivated, arguing it reflects mounting pressure from the Trump administration to push through deeper interest rate cuts rather than maintain the central bank’s data-dependent policy framework.

President Donald Trump has repeatedly criticized Powell’s leadership and the broader Fed monetary policy. Trump has somewhat denied direct involvement in the DOJ action, but he has continued to publicly express frustration with the central bank’s reluctance to ease policy (mainly interest rates) more aggressively.

The widening dispute unsettled traditional markets over the last two days. U.S. stock futures slid, while investors rotated into perceived safe-haven assets, driving gold and silver prices to fresh record highs. Bitcoin, often framed as an alternative hedge against political and monetary uncertainty, is reacting to this tension.

Bitcoin price analysis

Tuesday’s rally follows a period of technical indecision earlier in the week, when bitcoin repeatedly tested resistance near $94,000 but failed to hold above it.

Market structure over the past several weeks had been defined by choppy price action between roughly $84,000 and $94,000, with analysts warning that bulls needed a clean breakout above resistance to regain control.

That breakout now appears to be materializing. A sustained move above a bitcoin price of $94,000 could open the door to higher resistance zones between $98,000 and $103,500, levels that previously capped upside attempts.

Failure to hold above this threshold, however, could see bitcoin slip back into its prior trading range.

The price surge comes amid continued macro uncertainty, with investors closely monitoring inflation trends, interest-rate expectations, and broader political developments tied to monetary policy. 

In recent months, bitcoin has increasingly traded in tandem with macro narratives, with some market participants viewing the asset as a hedge against policy instability and long-term currency debasement.

While near-term volatility remains likely, bitcoin’s ability to reclaim and hold the $94,000 level marks a notable shift in market sentiment. Traders and analysts alike are now watching whether bulls can build follow-through and convert former resistance into support in the days ahead.

At the time of writing, the bitcoin price is $94,323.

This post Bitcoin Price Roars Past $94,000 as Bulls Reclaim Key Resistance first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Briefly Jumps Above $92,800 As CPI Meets Forecasts, Powell DOJ Dispute Fuels Safe-Haven Bid

The bitcoin price briefly climbed above $92,500 today after U.S. inflation data came in line with expectations as markets assessed the Federal Reserve’s policy outlook and rising political tensions surrounding the central bank.

The consumer price index rose 2.7% year over year in December, unchanged from November and matching economists’ estimates, according to the Bureau of Labor Statistics. 

On a month-over-month basis, headline inflation increased 0.3%, also in line with forecasts.

Core CPI, which excludes food and energy, rose 2.6% from a year earlier, compared with expectations for 2.7% and a prior reading of 2.6%. Core inflation increased 0.2% month over month.

December’s CPI report cleared late-2025 “data fog,” bolstering the soft-landing narrative and raising the odds of further Fed cuts, according to Matt Mena, Crypto Research Strategist at 21shares.

“The cooling core data, paired with the jobs data, seem to be inline with the fed’s dual mandate and increase chances of further cuts this year even amidst the political noise surrounding the DOJ’s investigation into Chair Powell,” Mena wrote to Bitcoin Magazine. “Bitcoin is increasingly behaving as a sophisticated macro hedge; in a world of weaponized energy and heightened geopolitical tensions, Bitcoin is being repriced as an international reserve that remains indifferent to sovereign border disputes.”

Bitcoin price analysis

Bitcoin, which had been trading just below $92,000 around the time of the report, spiked to around $92,800 in the minutes following market open before retreating to roughly $92,300. The cryptocurrency was up about 1%–1.7% over the past 24 hours at the time of writing.

Traditional markets showed a muted response. U.S. stock index futures rose about 0.3%, while the yield on the 10-year Treasury fell to 4.175% from above 4.19% ahead of the data. Interest-rate futures pricing reflected a roughly 95% probability that the Federal Reserve will leave rates unchanged at its January meeting.

The bitcoin price move followed a rally late Sunday that pushed prices back above $92,000 after new headlines involving Federal Reserve Chair Jerome Powell intensified concerns about central bank independence.

The bitcoin price rose roughly 1.5% late Sunday to around $92,000 after Powell released a video message stating that the U.S. Department of Justice had threatened criminal charges tied to his June 2025 congressional testimony. Powell said the dispute stemmed from the Fed setting interest rates based on its assessment of economic conditions rather than political pressure.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public,” Powell said in the video.

The DOJ has opened a criminal investigation related to Powell’s testimony on a renovation project for Federal Reserve office buildings that exceeded $2.5 billion in cost. Powell has characterized the investigation as politically motivated, while the White House has denied direct involvement, despite President Donald Trump’s repeated criticism of the Fed’s monetary policy.

Market participants said the headlines triggered a “safe-haven” response across some assets. Gold rose alongside the bitcoin price, with spot prices climbing about 1.3% during Sunday’s move.

The broader macro backdrop remains uncertain. Reuters reported that Goldman Sachs recently pushed back its expectations for Federal Reserve rate cuts to June and September 2026, from earlier forecasts of March and June.

Bitcoin price has traded largely between $88,000 and $94,000 so far in January, consolidating after pulling back from record highs above $126,000 reached in October 2025. Bitcoin Magazine Pro data shows the cryptocurrency reached an intraday high near $92,400 over the weekend.

At the time of writing, the bitcoin price was trading near $92,300, with a 24-hour trading volume of about $48 billion. The asset remains within its recent range as traders weigh inflation data, interest-rate expectations, and continued political developments tied to U.S. monetary policy.

Analysts said near-term price action is likely to remain volatile, with markets watching whether bitcoin can hold support above $87,000 or reclaim resistance near $94,000 in the days ahead.

At the time of writing, the bitcoin price is near $92,400.

This post Bitcoin Price Briefly Jumps Above $92,800 As CPI Meets Forecasts, Powell DOJ Dispute Fuels Safe-Haven Bid first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Crypto Firm BitGo Eyes Near $2 Billion Valuation in US IPO

Crypto custody firm BitGo has launched its initial public offering, seeking to raise up to $201 million, according to a filing with the U.S. Securities and Exchange Commission.

The Palo Alto, California-based company is offering roughly 11.8 million shares of Class A common stock at an expected price range of $15 to $17 per share.

The offering includes 11 million shares sold by BitGo and about 821,600 shares offered by existing stockholders, with the company not receiving proceeds from those secondary sales. Underwriters will also have a 30-day option to purchase up to an additional 1.77 million shares.

Founded in 2013, BitGo is one of the largest crypto custody providers in the U.S., offering secure storage and infrastructure services for digital assets as institutional participation in crypto continues to expand.

The company plans to list on the New York Stock Exchange under the ticker symbol BTGO. Goldman Sachs is serving as lead book-running manager, with Citigroup and several other banks participating in the offering.

Bitgo receives nod from OCC

In December, Bitgo was one of five digital asset firms to receive conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to become a federally chartered national trust bank, alongside Ripple, Circle, Fidelity Digital Assets, and Paxos. 

The decision marked a significant step in bringing major crypto companies further into the U.S. federal banking system.

The conditional approvals allow the firms to convert from state-level trust charters to national trust bank status, pending the fulfillment of OCC requirements. Once finalized, the companies will join roughly 60 existing national trust banks overseen by the OCC, enabling them to offer fiduciary and custody services nationwide. 

Unlike full-service national banks, trust banks cannot take deposits or issue loans, but they can safeguard and manage customer assets, including digital assets.

BitGo’s IPO adds to the growing wave of crypto companies testing the public markets, but it stands apart from the usual exchange-led listings. Instead of relying on trading activity, BitGo makes its money by providing custody, compliance, and infrastructure services tied to safeguarding digital assets.

That difference could resonate with regulators and investors who have grown more cautious about trading-driven crypto businesses.

As attention shifts toward firms focused on compliance, settlement, and asset protection, BitGo’s debut fits a broader narrative gaining momentum in U.S. markets.

This post Crypto Firm BitGo Eyes Near $2 Billion Valuation in US IPO first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Whales Keep Buying as 100+ BTC Addresses Set New Record

The number of Bitcoin addresses (bitcoin whales) holding at least 100 BTC has climbed to a new all-time high, according to on-chain data from Bitcoin Magazine Pro, pointing to continued accumulation among large holders despite some recent bitcoin price dips and broader crypto market volatility.

The metric tracks the total number of unique Bitcoin addresses with balances of 100 BTC or more — a cohort commonly associated with so-called “bitcoin whales,” including high-net-worth individuals, funds, corporations, and long-term strategic holders. 

The latest data shows the count has surpassed all previous peaks, extending a multi-year uptrend that has persisted across several market cycles, according to Bitcoin Magazine Pro. 

Unlike price charts, bitcoin whale and address balance data shows how bitcoin is actually being held across the network. When the number of wallets with large BTC balances grows, it suggests capital is concentrating in bigger holders, often read by analysts as a sign of long-term confidence rather than short-term speculation.

The milestone comes as bitcoin continues to trade down 30% from historic highs, following a year marked by increased institutional participation, growing acceptance of bitcoin as a treasury asset, and expanding access through regulated investment products. 

Analysts note that accumulation by large holders has remained resilient even during periods of consolidation and pullbacks, indicating limited distribution from this cohort.

While a single entity can control multiple addresses — meaning address counts do not directly equate to individual holders — changes in the metric are still widely used to assess structural trends in the market. 

Historically, sustained increases in bitcoin whale addresses have coincided with periods of long-term accumulation and reduced sell-side pressure.

Recent Bitcoin price action despite bitcoin whale buys 

Bitcoin hovered near the $90,000 level on Friday as markets steadied following a delay in a closely watched U.S. Supreme Court ruling related to President Donald Trump’s tariff policy. The postponement eased near-term macroeconomic uncertainty, helping limit volatility across risk assets, including digital currencies.

At the time of writing, bitcoin was trading at roughly $90,443, down about 1% over the past 24 hours. Daily trading volume stood near $45 billion, while total market capitalization slipped to around $1.80 trillion. 

Despite the modest pullback, bitcoin remains tightly rangebound near recent highs, sitting about 2% below its seven-day peak and slightly above its weekly low.

Bitcoin’s circulating supply has climbed to nearly 20 million coins, reinforcing long-term scarcity narratives.

In the near term, however, traders see the asset consolidating after an early-year rally, with the $90,000–$91,000 range emerging as a key technical support zone as markets await a clearer catalyst, according to Bitcoin Magazine Pro analysis. 

This post Bitcoin Whales Keep Buying as 100+ BTC Addresses Set New Record first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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This Investor Thinks the United States Could Start Buying Bitcoin in 2026

Cathie Wood is betting that politics, not just markets, could be the catalyst that pushes the United States into actively buying bitcoin.

The ARK Invest founder said this week that cryptocurrency has become a durable political issue for President Donald Trump, one that could shape policy decisions as the White House looks ahead to the 2026 midterm elections. 

In Wood’s view, that dynamic increases the odds that the federal government eventually moves beyond holding seized BTC and begins purchasing BTC outright for a national strategic reserve.

Crypto was “part of the reason he won the presidency,” Wood said on a recent episode of ARK’s Bitcoin Brainstorm podcast. With midterms looming, she argued, Trump has incentives to keep the industry onside and to deliver visible progress. 

“The most important one is that he doesn’t want to be a lame duck. He wants to have another one or two productive years, and I think he sees crypto as a path to the future,” Wood said. 

The U.S. BTC reserve was created by executive order less than a week into Trump’s second term, alongside a broader digital asset stockpile and a new interagency working group chaired by Special Advisor for AI and Crypto David Sacks. 

So far, however, the reserve has been capitalized only with bitcoin seized through criminal forfeitures — assets Trump has pledged not to sell.

“It seems as though there has been reticence about actually buying bitcoin for the strategic reserve,” Wood said. “So far, it’s confiscated [bitcoin].” That posture, she suggested, may not last. “The original intent was to own one million bitcoins, so I actually think they will start buying.”

Crypto has emerged as a more organized political constituency over the past election cycle. Industry-backed political action committees poured money into congressional races, while prominent executives publicly endorsed Trump and, in some cases, donated personally. Wood herself was among those supporters.

The administration has also made a point of signaling engagement with the sector. The White House has hosted crypto-related events, and firms including Coinbase, Tether and Ripple are among those contributing to the construction of a new White House ballroom. 

Bitcoin as a ‘scarce value’

On the policy front, Trump has signed executive orders establishing the bitcoin reserve and crypto stockpile, and backed legislative efforts such as the GENIUS Act, which would formalize stablecoin rules.

A July report from Sacks’ working group laid out additional recommendations, including granting the Commodity Futures Trading Commission authority over spot markets in non-security digital assets. It reaffirmed that the bitcoin reserve and crypto stockpile would be administered by the Treasury Department and, at least initially, funded with forfeited assets. The order also directed the Treasury and Commerce Departments to explore “budget-neutral” ways to acquire additional bitcoin.

Wood sees that constraint as the key hurdle, but not an insurmountable one. She framed potential government buying as a market inflection point, especially as bitcoin’s supply tightens. Nearly 20 million of bitcoin’s 21 million cap have already been mined.

“If we get the U.S. not just adding confiscated bitcoin to a strategic reserve but actually out there buying,” Wood said, “that would set off what we’re all waiting for — the scarcity value to reassert itself.”

This post This Investor Thinks the United States Could Start Buying Bitcoin in 2026 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Vexl: Empowering Peer-to-Peer Bitcoin Exchange Through Social Networks

In an era where centralized exchanges dominate cryptocurrency trading, Vexl stands out as a peer-to-peer (P2P) application designed to connect Bitcoin users within their personal networks for direct, non-custodial trades. The app facilitates buying and selling Bitcoin without intermediaries, emphasizing in-person meetings for cash exchanges while also supporting fiat transfers arranged privately between users.

As Viliam Klamarcik, CEO of Vexl, explained in an interview with Bitcoin Magazine, “we are an application that helps people to buy and sell Bitcoin directly with each other, without any intermediaries, without KYC. Vexl works without custody, so peer-to-peer, but what’s most important is that it is always within your own community, meaning we are not a global marketplace. We are basically a peer-to-peer notice board where you can connect with your first and second level degree of connections.”

At its core, Vexl prioritizes privacy, functioning as a high-trust notice board within your personal social network, rather than an exchange. It does not escrow Bitcoin or fiat, it does not hold user funds, nor store balances, messages, or personal data. All communications occur via end-to-end encrypted chats, and trades happen off-app, placing responsibility on users to verify counterparts. This design aligns with Vexl’s mission to support non-KYC Bitcoin acquisition and local economies, as confirmed on the app’s official website, which states, “We do not store any personal information or any of your messages, period.” 

User connections in Vexl are built on a web-of-trust model, drawing from imported phone contacts to create a personalized order book. Offers are visible only to first- and second-degree connections—your contacts and their contacts—enhancing liquidity while maintaining high trust through shared social links. This limits exposure to strangers, reducing scam risks, and usernames remain anonymous until users mutually reveal identities. Klamarcik noted, “The biggest difference between Vexel and the other applications is, first of all, its web of trust, which means you don’t trade with users; you trade with people with whom you are connected through real social links.” The app’s privacy measures include hashing contact data and separating components like profiles, chats, offers, and contacts into microservices that converge only on the user’s device, ensuring no centralized database exists.

To enable this system, Vexl requires a phone number for registration, serving as proof of humanity to deter bots and facilitating contact imports. Privacy concerns are addressed through encryption and hashing; as the website affirms, “Your contacts always remain encrypted, which means no one can see them. Not even us.” Klamarcik acknowledged imperfections but emphasized its necessity: “The phone numbers are a big topic, and we are aware of that. And it’s not perfect, but also it’s probably the best solution that we have out there to build trust upon that.” This mirrors mechanisms in apps like Signal and major social networks, primarily as a spam-prevention and authentication tool.

For users hesitant to import full contacts—particularly in privacy-focused regions like Germany—Vexl offers “clubs,” curated groups managed by local moderators, often meetup organizers. These act as public rooms where members can view offers without broad network sharing, though trust shifts to the moderator. Entry requires a one-time code or QR scan, regenerable for security, providing an onboarding boost for newcomers until they build direct connections.

Vexl is available on both Android and iOS, but iOS users face restrictions. The app is not officially listed on the App Store, limited to TestFlight beta slots or sideloading in the EU, due to Apple’s claims of “reckless behavior” for encouraging in-person trades (Tinder, however, remains in iOS without restrictions). Android offers seamless access via Google Play or APK downloads, making it the optimal platform for unrestricted use.

As a non-profit under the Vexl Foundation, the app avoids for-profit models that could attract regulatory scrutiny, focusing instead on donations and grants to preserve its peer-to-peer ethos. This structure reflects a broader trend in Bitcoin privacy tools, where governments have effectively criminalized for-profit operations. Samourai Wallet’s founders were sentenced in 2025 to prison terms for money laundering conspiracy and unlicensed transmission after facilitating over $2 billion in transactions via a non-custodial Bitcoin wallet. Tornado Cash faced U.S. sanctions in 2022 for billions in volume, accused of money laundering for a service that profited from giving Ethereum users basic financial privacy. These cases highlight how privacy-focused entities are opting for non-profit status to sustain operations without attracting the ire of regulators. Vexl is fully open source and is a project by Satoshi Labs, the creators of the Trezor hardware wallet.

Looking ahead, Klamarcik signaled expansion: “This year is hopefully going to be the year when we actually go overseas and also focus on markets outside of Europe when it makes sense.”

This post Vexl: Empowering Peer-to-Peer Bitcoin Exchange Through Social Networks first appeared on Bitcoin Magazine and is written by Juan Galt.

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Crypto Crime Soared to $154 Billion in 2025 as Russia, North Korea, and Iran Exploit Blockchain Tech

Crypto crime surged to unprecedented levels in 2025, fueled by a combination of nation-state activity, large-scale thefts, and increasingly professionalized criminal infrastructure, according to newly compiled data from Chainalysis shared with Bitcoin Magazine.

Illicit crypto addresses, an account involved in criminal activities like scams, ransomware, darknet markets, etc, received at least $154 billion over the year — a 162% increase from 2024 — with sanctioned entities accounting for a dramatic 694% of that growth. 

Even excluding sanctioned actors, 2025 still set a record for illicit crypto activity, highlighting the broadening scope of the threat landscape, according to the report. 

While these numbers represent a lower-bound estimate based on known illicit addresses, they signal an ecosystem that is maturing, diversifying, and, increasingly, intersecting with global geopolitical tensions. 

The report cautioned that although illicit activity remains under 1% of total crypto volume, the implications for national security, consumer protection, and regulatory oversight are growing.

Nation-states are driving new crypto crime records

Perhaps the most striking trend of 2025 was the rise of nation-state activity on-chain. 

Russia’s ruble-backed A7A5 token alone transacted over $93.3 billion within its first year, marking one of the clearest real-world examples of state-backed crypto-enabled sanctions evasion. 

Iran, meanwhile, continued to leverage proxy networks for money laundering, illicit oil sales, and arms procurement, funneling more than $2 billion through wallets confirmed in sanctions designations. 

North Korea also intensified its operations: DPRK-linked hackers stole $2 billion last year, including the largest crypto heist on record, the February Bybit exploit, which netted nearly $1.5 billion, per the report. 

These developments underscore a massive shift: nation-states are now participating in the same professionalized crypto service ecosystem originally designed to facilitate cybercrime and organized crime. 

By leveraging “full-stack” illicit infrastructure providers, states can conduct large-scale operations while minimizing exposure to enforcement.

Stablecoins are dominating illicit crypto activity

Stablecoins emerged as the preferred asset for illicit actors, accounting for 84% of all illicit transaction volume in 2025, according to the report. Stablecoin liquidity, price stability, and ease of cross-border transfer as primary drivers. 

As the broader crypto ecosystem relies on stablecoins for transactions and settlements, their dominance in illicit activity highlights a potential blind spot for regulators and compliance teams.

Chinese money laundering networks expanded

The year also saw the consolidation of Chinese money laundering networks (CMLNs) as major players in the illicit ecosystem. These operations provide a wide range of services, including laundering-as-a-service and technical infrastructure, supporting everything from North Korean hack proceeds to sanctions evasion and terrorist financing. 

By offering end-to-end criminal infrastructure, these networks have professionalized illicit finance in ways that mirror legitimate corporate operations, making enforcement increasingly complex.

The human cost of on-chain crime

While headlines often focus on hacks and sanctions evasion, the report emphasized that crypto crime is increasingly tied to physical-world violence. Human trafficking operations, coercion attacks, and other crimes now intersect with on-chain activity, sometimes timed to exploit cryptocurrency price volatility. 

This convergence of digital and physical crime underscores the importance of coordination among law enforcement, regulatory bodies, and crypto platforms, the report claimed.

As the on-chain ecosystem continues to grow, so too does the sophistication of those seeking to exploit it. Nation-states, transnational criminal networks, and professionalized infrastructure providers are converging, creating threats that span finance, security, and public safety. 

While illicit activity remains a small fraction of total crypto volume, 2025 demonstrates that even a small share can translate into tens of billions of dollars in illicit volume. 

Chainalysis is a blockchain analytics company that provides software and data to governments, law enforcement, exchanges, and financial institutions to track, analyze, and investigate cryptocurrency transactions for compliance and criminal investigations.

This post Crypto Crime Soared to $154 Billion in 2025 as Russia, North Korea, and Iran Exploit Blockchain Tech first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Rumble Launches Crypto Wallet With Tether Allowing Direct Creator Payments in Bitcoin and Crypto

Rumble on Wednesday announced the launch of a new digital wallet built in partnership with stablecoin giant Tether, allowing users and creators to send, receive and store cryptocurrency directly on the video-sharing platform without relying on banks or third-party payment processors.

The product, dubbed Rumble Wallet, will enable direct peer-to-peer payments using Bitcoin, Tether’s USDT stablecoin and Tether Gold (XAUt). 

The company said the wallet is designed to let creators get paid directly by their audiences, reducing fees and limiting the risk of payment restrictions, account freezes or deplatforming by traditional financial intermediaries.

Founder, chairman and CEO Chris Pavlovski said the wallet aligns closely with the company’s free-speech mission and its long-running push to build alternatives to Big Tech infrastructure.

“Rumble represents free speech and liberty the same way that cryptocurrency and a decentralized internet represent freedom, and Rumble Wallet is the natural combination of those things,” Pavlovski said in a statement. “We are putting more power into the hands of users and creators so they can engage with and financially support the content they like.”

Later, Pavlovski posted on X, “If its not clear, I’ll make it really clear. Rumble Wallet will compete directly against Coinbase and Venmo — but we’re NOT custodial and we CANNOT shutdown your account. Its true financial freedom to buy, hold and tip crypto.”

Bitcoin, crypto, and Rumble as ‘freedom first’

The announcement comes as the company continues to position itself as a “freedom-first” technology platform, appealing to creators and audiences frustrated with censorship, demonetization and opaque moderation policies on mainstream platforms.

The wallet is non-custodial, meaning users maintain confirmation of their own digital assets rather than handing control to a centralized provider. 

The wallet is built using Tether’s Wallet Development Kit, which is designed to help platforms integrate crypto payments directly into their products.

CEO Paolo Ardoino said the collaboration reflects the company’s broader focus on decentralization and user autonomy.

“At Tether, we champion technologies that break boundaries and promote freedom, decentralization and the fundamental right to free expression,” Ardoino said. “Rumble Wallet brings those ideals together into one product that will give tens of millions of users more control than any platform has offered before, even in the United States.”

The two companies already have deep financial ties. Tether holds nearly 104 million shares of Rumble, representing roughly 48% of the company, according to disclosures.

MoonPay will power Rumble Wallet’s crypto on- and off-ramps, allowing users to seamlessly convert between digital assets and traditional payment methods such as credit cards, Apple Pay, PayPal and Venmo.

“Peer-to-peer payments powered by crypto are the future of the internet economy,” said MoonPay CEO Ivan Soto-Wright. “Rumble is one of the first major platforms to adopt this model, giving creators the ability to get paid instantly in stablecoins or Bitcoin and easily move in and out of fiat.”

Shares of Rumble rose 3% following the announcement, reflecting investor optimism around the platform’s expanding crypto strategy and creator monetization tools.

This post Rumble Launches Crypto Wallet With Tether Allowing Direct Creator Payments in Bitcoin and Crypto first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Senate Republicans Makes ‘Closing Offer’ on Crypto Market Structure Bill as Tim Scott Pushes Markup

Senate Republicans are reportedly escalating efforts to advance the long-stalled crypto market structure legislation, delivering what they described as a “closing offer” to Democratic negotiators as Banking Committee Chair Tim Scott (R-S.C.) moves toward a committee markup as soon as next week.

Senate Banking Committee Republicans sent a document Monday night outlining a series of proposed changes to the bill ahead of a bipartisan member meeting Tuesday. 

The document, described as a “closing offer and state of play,” includes more than 30 revisions to Title I, which governs the legal classification of digital assets, as well as two new titles focused on investor protections and combating illicit finance, according to POLITICO.

The proposal was sent to Democratic negotiators by Scott and fellow GOP senators Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), and Bernie Moreno (R-Ohio).

Lawmakers met in Scott’s office Tuesday morning to review the offer and discuss unresolved issues that were not addressed in the document.

The renewed push comes as Scott prepares to hold a markup on the crypto bill on the legislation next week, per Punchbowl News. 

Senator John Kennedy (R-La.) told Punchbowl that the Senate Banking Committee is targeting Jan. 15 for the markup, though the committee would likely need to release an updated bill draft beforehand.

Crypto law pushback

Democrats have continued to press for concessions that remain major sticking points.

Those include demands for ethics provisions aimed at preventing elected officials — including members of the Trump family — from profiting from crypto businesses, as well as guarantees that Democrats are appointed to leadership roles at the Securities and Exchange Commission and Commodity Futures Trading Commission. 

Lawmakers are also debating whether crypto firms should be allowed to offer yield-bearing products that could compete with traditional banks.

Despite those unresolved issues, momentum appears to be building. Sen. Catherine Cortez Masto (D-Nev.), a moderate Democrat on the Banking Committee involved in negotiations, said she “definitely” expects a markup next week, describing talks as “very productive” and open on both sides, per POLITICO. 

Still, it remains unclear whether a bipartisan deal can be finalized on Scott’s timeline. Lawmakers are facing a compressed legislative calendar, with a Jan. 30 federal spending deadline looming to avert a government shutdown, as well as mounting political pressure ahead of midterm elections.

If Scott proceeds with a markup without Democratic buy-in, it could force negotiators to take public positions on a bill that has yet to bridge deep philosophical divides over regulation, enforcement authority, and decentralized finance. 

This post Senate Republicans Makes ‘Closing Offer’ on Crypto Market Structure Bill as Tim Scott Pushes Markup first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Morgan Stanley Seeks SEC Approval for Spot Bitcoin ETF

Morgan Stanley has filed with U.S. regulators to launch a spot bitcoin exchange-traded fund, marking the first time a major U.S. bank has sought approval to issue an ETF tied directly to the price of bitcoin.

The filing, submitted to the Securities and Exchange Commission, proposes the Morgan Stanley Bitcoin Trust, an exchange-traded fund designed to track the price of bitcoin, net of fees and expenses. 

If approved, the fund would hold bitcoin directly rather than relying on futures, derivatives, or leverage, according to the registration statement.

The move places Morgan Stanley alongside asset managers that have dominated the bitcoin ETF market since regulators approved the first U.S. spot products in early 2024. 

Those funds now manage more than $120 billion in assets, representing a meaningful share of bitcoin’s total market value. Much of that growth has flowed into bitcoin-only products from firms such as BlackRock and Fidelity.

Morgan Stanley’s entry signals a shift by large banks from distributing third-party crypto products toward issuing their own. 

Until recently, U.S. banks largely limited their role to custody and brokerage services, citing regulatory uncertainty and risk controls. That stance has begun to change as federal agencies clarified how banks can engage with digital assets.

In December, the Office of the Comptroller of the Currency said banks may act as intermediaries for crypto transactions, narrowing the divide between traditional finance and digital markets. The SEC has also adjusted listing standards for spot crypto ETFs, smoothing the approval path for new issuers.

Morgan Stanley steps deeper into bitcoin

The proposed bitcoin trust would be sponsored by Morgan Stanley Investment Management. Shares would be created and redeemed in large blocks by authorized participants, either in cash or in kind. 

The fund’s net asset value would be calculated daily using a pricing benchmark based on activity across major spot bitcoin exchanges. Retail investors would trade shares on a secondary market through standard brokerage accounts.

For Morgan Stanley, the filing builds on steps taken last year to expand crypto access across its wealth management business. In October, the bank widened eligibility for crypto investments to include all clients and account types.

By offering a proprietary bitcoin ETF, the firm can integrate the product directly into client portfolios and retain management fees that might otherwise go to rival issuers.

The move also reflects the economics of the bitcoin ETF market. Spot bitcoin funds have become some of the fastest-growing products in the U.S. ETF industry, with steady inflows even during periods of price volatility. BlackRock’s bitcoin ETF emerged as one of the firm’s top revenue contributors within its first year.

Morgan Stanley also filed paperwork for a similar fund tied to Solana, but bitcoin remains the core focus of institutional demand. Most assets in U.S. crypto ETFs are concentrated in bitcoin products, while funds linked to other tokens have drawn limited capital.

This post Morgan Stanley Seeks SEC Approval for Spot Bitcoin ETF first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Fedi to Go Open Source on Bitcoin Genesis Anniversary

Fedi will release its full software stack as open source on Jan. 3, completing a pledge made at launch in 2024.

The company said all Fedi software has now transitioned to the Affero General Public License (AGPL), following an interim period under a business source license. 

The change makes Fedi’s codebase publicly available under a copyleft license that requires derivative works to remain open, according to a spokesperson from Fedi. 

The date carries weight in Bitcoin history. Jan. 3 marks the anniversary of the Bitcoin genesis block, mined in 2009. Fedi said the timing reflects its focus on community ownership and grassroots financial infrastructure.

When Fedi launched, it said it aimed to become a “freedom technology” by giving control back to users and communities. The move to open source fulfills that commitment, the company said, and removes the risk of vendor lock-in for groups that rely on the software.

Fedi is used by communities to build local financial and social systems. Its app combines encrypted messaging, bitcoin payments, and additional services through Mini App extensions. Wallet infrastructure is powered by the Fedimint protocol, which allows groups to operate shared bitcoin custody using federated trust models.

The AGPL license is designed to ensure that improvements remain public, even when the software is used in hosted or networked services. Supporters say this aligns development incentives with user interests.

Fedi executives have highlighted the licensing shift in recent public appearances, including a BitcoinMENA pre-show segment featuring CEO Obi Nwosu.

With the transition complete, Fedi joins a growing group of Bitcoin-native projects returning to fully open development as adoption spreads beyond early adopters and into community-scale use cases.

Fedi: From Chaumian e-cash to federated bitcoin mints

Fedimint is built on ideas first proposed by cryptographer David Chaum in the early 1980s. Chaumian e-cash allows users to transact without revealing identity or transaction history to the issuer. Earlier versions of digital cash failed to gain adoption due to centralization, since a single mint controlled issuance and redemption. That structure created trust and censorship risks.

Bitcoin solved the double-spend problem by decentralizing transaction validation across a global network of nodes. It removed the need for a trusted mint but introduced tradeoffs. Transactions are public, and throughput remains limited.

Fedimint attempts to bridge those models. It uses Bitcoin as the reserve asset while distributing custody across a federation of independent operators, known as guardians. No single party controls funds or transaction data. This structure reduces censorship risk while preserving user privacy.

Fedi’s goal is to let communities deploy shared financial infrastructure without reliance on banks or centralized platforms.

This post Fedi to Go Open Source on Bitcoin Genesis Anniversary first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Struggled in 2025, but Long-Term Lows Show a Strong and Rising Floor

Bitcoin’s price action in 2025 pointed to a market shaped less by speculative and impulsive excess and more by macro forces.

The bitcoin price traded through a wide range last year. According to Bitcoin Magazine Pro data, bitcoin rallied above $126,000 during mid-to-late-year advances fueled by ETF inflows and optimism around U.S. regulatory clarity. Those highs did not hold.

By the fourth quarter, tighter financial conditions and elevated real yields weighed on risk assets. The bitcoin price slid sharply from its peak and ended the year near $87,000. It is on track for its first full-year decline since 2022.

While the drop from the highs was steep and can feel negative, longer-term charts tell a different, more bullish, story.

Bitcoin’s yearly lows continued to trend higher. Data shows the yearly low rose from $366 in 2016 to $76,329 in 2025. Each major cycle has set a higher floor despite deep drawdowns along the way.

The pattern held after major downturns in 2018 and 2022. In both cases, bitcoin later established higher yearly lows. The 2025 low stands well above prior cycle troughs, even after a volatile year.

The gap between yearly highs and lows widened in 2025. That spread reflects persistent volatility and rapid shifts in sentiment. It also highlights a market still adjusting to its growing size and popularity. 

Analysts say the rising floor suggests deeper capital support than in past cycles. Long-term holders have shown greater willingness to accumulate during declines. Forced selling has remained concentrated during brief liquidation events rather than extended crashes.

Macro conditions played a central role throughout the year. Inflation remained sticky. Central banks kept policy restrictive longer than expected. That backdrop favored yield-bearing assets and pressured speculative positioning.

The bitcoin price’s correlation with broader risk markets increased. Price movements tracked equities more closely, especially during U.S. trading hours. Late in the year, crypto assets often sold off while American stocks were open.

That pattern showed signs of shifting as 2026 began. The bitcoin price climbed above $90,000 during early U.S. trading sessions. 

October 10: Bitcoin price’s humbling ‘down to earth’ moment

Still, the defining moment of 2025 came earlier.

On Oct. 10, the bitcoin price suffered a massive and sharp intraday plunge of roughly $12,000. The move triggered billions of dollars in liquidations across derivatives markets. Total crypto market capitalization fell sharply in a single session.

The selloff set the stage for a prolonged pullback that is still being felt in the broader crypto market. Within weeks, bitcoin was trading more than 30% below its peak near $126,000. The decline erased much of the optimism that had dominated forecasts at the start of the year.

Entering 2025, price targets were aggressive. Many analysts and executives expected a sustained breakout well beyond prior highs. ETF inflows and institutional adoption formed the core of most bullish theses.

Those expectations failed to materialize. ETF demand absorbed supply but did not spark reflexive rallies. Liquidity conditions remained tight. Leverage repeatedly capped upside moves.

By year-end, the gap between forecasts and realized prices was clear. Bitcoin closed far below even the more conservative projections made earlier in the year.

Despite that, the yearly lows chart should attract attention and comforting thoughts.

The steady yearly lows reflect a maturing market. Bitcoin is larger, more regulated, and more integrated into global markets than during prior cycles. That structure may limit explosive rallies but also reduce the risk of total collapse.

The data suggests one clear trend. Even in a year marked by sharp corrections and unmet expectations, bitcoin price’s long-term floor will rise.

The bitcoin price is trading at $90,321, up 3% in the past 24 hours, with a market cap of $1.81 trillion and a 24-hour volume of $46 billion. Its price is near its 7-day high of $90,789 and 3% above its 7-day low of $87,967, with 19.97 million BTC in circulation out of a 21 million max supply.

This post Bitcoin Price Struggled in 2025, but Long-Term Lows Show a Strong and Rising Floor first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Limps Into New Year at $87,000, Down 30% From All-Time Highs 

Bitcoin is closing out 2025 near $87,000, ending the year in a narrow trading range after months of fading momentum. Thin holiday liquidity and a lack of fresh catalysts left the market drifting into the final session of the year, capping a period marked less by explosive gains than by consolidation and unmet expectations.

At the time of writing, bitcoin was trading just below $88,000, roughly flat over the past week and modestly lower than where it began the year. The price has spent much of December oscillating between the low $80,000s and the high $80,000s, with repeated attempts to reclaim $90,000 failing to attract sustained follow-through.

The muted year-end action stands in contrast to the optimism that defined the start of 2025. Bitcoin entered January trading in the mid-$90,000 range, buoyed by strong inflows into spot bitcoin exchange-traded funds, expanding institutional participation, and expectations that easier monetary policy would push risk assets higher. 

For a time, those narratives appeared intact.

Bitcoin went on to post a strong rally through the first half of the year, supported by steady ETF demand and continued accumulation by corporate treasuries and long-term holders. That advance culminated in October, when bitcoin briefly surged to a new all-time high above $125,000. The move was fueled by improving macro sentiment, positioning ahead of expected rate cuts, and renewed speculative interest across derivatives markets.

The rally, however, proved unsustainable. As the fourth quarter unfolded, tighter financial conditions, rising bond yields, and a stronger dollar began to weigh on risk appetite. Bitcoin rolled over alongside equities and other growth assets, giving back a significant portion of its gains.

By early December, the price had fallen more than 30% from its peak, re-entering a range that had defined much of the year’s trading.

Bitcoin macro pressures persist

Macro forces played a central role in shaping bitcoin’s performance in 2025. Inflation proved more persistent than many investors anticipated, prompting central banks to maintain a restrictive stance longer than expected. 

That environment favored cash and yield-bearing assets over speculative exposure, limiting upside across crypto markets. Bitcoin, often framed as a hedge against monetary debasement, struggled to attract marginal buyers while real yields remained elevated.

Liquidity conditions also deteriorated into year-end. Trading volumes declined sharply in December as market participants stepped away for the holidays. 

With fewer buyers and sellers active, price movements became choppy and conviction waned. The lack of strong inflows into spot ETFs during the final weeks of the year reinforced the sense of caution.

On-chain data reflected a similar dynamic. Long-term holders largely remained inactive, while short-term traders dominated flows, contributing to range-bound price action. Large holders reduced aggressive accumulation after the October peak, while retail participation ticked higher during pullbacks, a pattern consistent with consolidation rather than trend formation.

Still, 2025 was not without structural progress for bitcoin. The market continued to mature, with deeper derivatives liquidity, improved custody solutions, and broader integration into traditional financial infrastructure. 

Spot bitcoin ETFs ended the year with tens of billions of dollars in assets under management, anchoring a new class of long-term demand even as short-term flows fluctuated.

Bitcoin also maintained its position as the dominant digital asset by a wide margin, outperforming most alternative cryptocurrencies on a relative basis. 

While it lagged gold’s strong performance during periods of macro stress, bitcoin remained one of the most liquid and widely traded assets globally, reinforcing its role as the benchmark for the broader crypto market.

As bitcoin heads into 2026, the focus is shifting to whether the prolonged consolidation can resolve to the upside. Traders are watching the $90,000 level as a key psychological and technical threshold, while support in the low $80,000s has so far held. 

A meaningful change in macro conditions, renewed ETF inflows, or a resurgence in institutional accumulation could provide the catalyst needed to break the stalemate.

For now, bitcoin enters the new year subdued, trading around $87,000 and searching for direction. 

This post Bitcoin Limps Into New Year at $87,000, Down 30% From All-Time Highs  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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