Wall Street has unequivocally arrived. The long awaited phase shift is here. We have discussed for years what this time period and shift will be like, many cheering it on in anticipation of the economic implications and shockwave it would cause in terms of liquidity and price movement.
In the last few years it has undeniably come to dominate the narrative, shaping dialogue and focus across the entire ecosystem. Where before large communities of people would spring up around technological innovations, or philosophical schools of thought on how Bitcoin can positively shape the direction of the world in a time of tumultuous change and metaphorical ground shifting out from under us, now the cultural zeitgeist is driven by the phenomenon of treasury companies.
There is an entire wave of recent entrants into the space who have never held their own keys, never directly interacted with the protocol themselves at all, they have simply acquired proxies such as treasury company equity or ETFs. This is a massive cultural, and philosophical/logistical shift, for the entire ecosystem. It is not going to wind itself back. This is a new presence and a new attitude that we are going to have to confront. It’s here to stay.
So what are the implications of that? Bitcoin is a peer-to-peer system, its very essence and nature is defined by the people who choose to participate directly in that system itself. By those who do interface with the protocol directly, who do not resort to TradFi wrappers such as ETF products and equity in holding companies.
It is one giant inter-subjective hallucination manifested through and verified with software. So what does it mean that a massive section of the population who chooses to interact with it financially avoid ever participating in that hallucination themselves? What does that mean for its nature, its functioning?
That is very much an existential question, and one that we are all going to have to grapple with over the coming years. Bitcoin is for anyone, and there is nothing we can do to stop people from using it in whatever fashion they so choose, no matter what the wider implications of those people’s choices might be.
Economic Consensus And Wall Street
The nature of Bitcoin, i.e. the consensus rules that nodes (and therefore its users) enforce, is defined by those who actually engage in economic activity on the network. In its most abstract sense Bitcoin is just a system composed of people “just doing things,” and the only reason that it is a singular coherent system, rather than a random collection of individuals doing very different and incompatible things, is because of the economic incentive to do the same thing.
Think of it in some ways as similar to a black hole. That black hole forms in the first place after reaching a point of “critical mass”, after which it literally implodes on itself and the resulting gravitational force begins pulling in everything around it, increasing its mass, and expanding the radius in which things are sucked into its dark maw.
The incentive to voluntarily choose to participate in one particular “set of rules” over another is the “black hole” of Bitcoin, and its gravitational pull is directly proportional to the economic mass of the system as it exists today. Unlike a black hole though, it is not truly a “singular” thing. Rather it is a number of different things (or entities), all holding themselves together to emulate being a singular thing. Unlike a blackhole, these entities can choose to defy the incentives to remain together, or follow counter-incentives against doing so, and enforce or follow different rules.
The reason this does not frequently happen at scale (such as the fork of Bitcoin Cash in 2017), is the complexity of coordinating all of those individual entities switching to the same thing at the same time, so as to maintain the same collective “gravitational force” as they had under the previous rules.
So what happens when the number of those entities starts shrinking? What happens when they condense and combine, and you wind up with fewer and fewer larger ones?
That complexity of coordination starts getting less complex.
Centralization Is Efficient, But It is Poison to Bitcoin
Bitcoin’s entire promise is to be an apolitical and neutral platform for economic activity. It is to be an unshifting and solid foundation for you to stand surely on, devoid of concerns that it could shift out from under your feet and throw you into economic chaos. ‘
That entire promise of stability is purely a result of Bitcoin being sufficiently distributed, i.e. being composed of independent actors performing their own self-validation of the system in large enough numbers that their ability of coordinating amongst themselves to change fundamental properties of the system is either exceedingly difficult, or literally impossible.
When the set of economic actors participating in self-validation collapses in size, when it turns into fewer and fewer entities operating on behalf of other stakeholders, that promise of stability and neutrality collapses in lockstep with it. Bitcoin must maintain some minimum degree of distribution of self-validating actors, that make up a substantial portion of economic activity, or else the core promise of stability and neutrality evaporate.
Wall Street isn’t going away, so this is something that we are going to have to confront. There is no shaming them away, or chasing them off. That is simply not possible in a system like Bitcoin, that at least for now, is robust in its distribution and decentralization. This is a war of incentives and counter-incentives.
We must create positive incentives to encourage more direct self-validating use of Bitcoin rather than legacy financial wrappers like ETFs and treasury companies, or Bitcoin will be confronted with a fundamental crisis as to whether its core promise was ever really possible.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Finance-Consensus-GfluJ6.webp6301200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-22 21:09:462025-10-22 21:09:46Wall Street Is Bitcoin’s Biggest Threat, Not Arbitrary Data
What is Bitcoin and who is it for? There are a plethora of catchphrases available on Twitter to cover this one. Bitcoin is for everyone… no wait, it’s for anyone! Bitcoin is a store of value. Bitcoin is a medium of exchange. We could do a classic appeal to authority and declare that Bitcoin is exactly what Satoshi described, “A Peer-to-Peer Electronic Cash System”.
Bitcoin becomes what we make it. It serves the people we choose to build for. If we want Bitcoin to be a store of value or medium of exchange, we have to build the protocols and services that make this happen.
Sometimes it’s more interesting to ask specifically, who are we building for? Are we building for Americans looking for a long-term investment? Are we building for a shop owner in Brazil? A reseller in Turkey? A software developer in Nigeria?
If we want bitcoin to be a medium of exchange, we need to focus on the users who need it most — and Taproot Assets is the tool for that job.
Taproot Assets
Taproot Assets allows us to take the assets, and units of account, that people want and need today as mediums of exchange — and move them to Bitcoin infrastructure on the Lightning Network.
From a technical perspective, Taproot Assets is a protocol that allows for the minting of assets on the Bitcoin blockchain in a very blockspace-efficient fashion using taproot transactions, made possible by the November 2021 Taproot soft fork activation. Client-side validation is used, the protocol is opt-in, and no consensus changes are required. Fungible assets are exchangeable on the Lightning Network, and you can use this protocol on mainnet today!
Taproot Assets is a flexible protocol that’s already opening the door to a wide variety of use cases, but the core use case is stablecoins on Lightning.
For those wanting to learn more, here are the docs, and tutorial and demo videos can be found here.
So, why is this such a powerful tool for adoption?
Meet People Where They Are
It’s easy to get immersed in the Bitcoin world — where we use bitcoin, talk about it constantly, and dive deep into all the things it fixes. That passion and curiosity is powerful. But the real magic happens when we connect that world to people outside it.
Most people don’t have the time available to study monetary theory or economic history. Free time and disposable income are not the norm in the world. Stay humble. If we want Bitcoin to serve the world, let’s meet people where they are. And we can: We have the tools and the skills to build things that are truly useful — products that people love not because they’re Bitcoin-powered, but because they solve real problems.
Adoption won’t come just from our impressive understanding of Austrian economics, it will come from building things that are so useful people can’t help using them. The true measure is in the utility. The true measure is in the users. Number of people go up!
Stablecoins
And so let’s talk about stablecoins. Love them or question them, stablecoins have clearly found product-market fit. The invisible hand has spoken!
Let’s look at some numbers:
In Brazil, approximately 90% of crypto transactions are tied to stablecoins, primarily for payments and remittances.
Tether estimates it has 434 million users worldwide, transacting $31 billion USDT daily. About 13% of the total USDT supply is held by savers who are likely emerging markets users without other access to dollars.
Tether (USDT) has a market cap of $153 billion and recorded over $10 trillion in total volume in 2024. USD Coin (USDC) follows with a $61 billion market cap. (Numbers from CoinGecko at time of writing.)
Utility
Why have the people chosen stablecoins? Utility.
Most people around the world don’t have the luxury to HODL through a bear market. Most humans don’t ponder the intricacies of fractional reserve banking. They’re busy living — busy being fathers, and mothers, and small business owners, and doctors, and carpenters, and farmers, teachers, and students. All the things that keep the world turning.
Most people are simply seeking an improvement in their day-to-day lives, and it’s our job, as experts on money, to give them what they need.
They need stability and affordability.
Infrastructure Adoption
As the Bitcoin adoption story goes, first we achieve store of value, then medium of exchange, and then unit of account — the final boss! But if we facilitate stablecoins, are we preventing bitcoin from achieving unit of account? No. Bitcoin will be a unit of account if and when the world needs it to, if and when we make it available.
Those choosing to use a stablecoin on the Lightning Network will be doing so because it is the best option for them; it’s the option that brings the most utility. They aren’t thinking about “adopting Bitcoin”, and they don’t intend to adopt bitcoin, the unit of account. But they will be adopting Bitcoin, the network. They will be adopting Bitcoin, the payments infrastructure.
We often think of replacing the Visa network and to do that we have to be more useful than Visa, which processes transactions in 175 different currencies.
Our Turkish reseller is an expert in what he does, and not an expert on decentralized networking technology. He’ll choose Lightning over Visa when it becomes the better, more affordable, easier option for running his business. And for many businesses, Lightning already is the faster, more affordable option.
Let’s imagine that precoiner shop owner in Brazil. She’s managing her business making transactions using a stablecoin via a Taproot Assets Lightning wallet. She’s made the switch to Bitcoin infrastructure. She was enticed to do so by a simple, easy-to-use mobile wallet that simplified her business, cut her costs, and reduced her risk. This wallet allows her to make instantly settled, global, incredibly affordable transactions, and to do so in a wide variety of currencies. She came for the utility of this medium of exchange, but is now one button away from losing her precoiner status.
And, should that global fiat money collapse finally arrive one random Tuesday afternoon, she just needs to push that button to switch out of fiat and into sats because she is already running on Bitcoin infrastructure.
A Multi-Asset Network
The potential and utility of a Taproot Assets-enabled, multi-asset Lightning Network is grossly underappreciated. Seriously: It’s a medium of exchange like the world has never seen before.
Application builders and their users can have any unit of account that they like — U.S. dollars, Brazilian reais, euros, etc. — and it’s all routed through Bitcoin. Taproot Assets Lightning transactions require Bitcoin liquidity. These transactions support and grow the Lightning Network and enable a plethora of options. A payment can be sent out by Alice in USD, but Bob can receive BTC. Alice can send another payment in USD that will be routed through the Lightning Network, through the sats-denominated liquidity in the center of the Lightning Network, on to Carol who opts to receive a euro-denominated stablecoin.
Our Turkish reseller can sell goods to our Brazilian shop owner using a stablecoin. Not only can he interact with businesses around the world without friction, but also any regular Bitcoiner can transact with either using sats, seamlessly. No need to touch that stablecoin if they don’t want to.
And it gets even cooler. Let’s imagine for a moment this scenario…
A global, scalable, instantly settled payment network that’s meaningfully cheaper than Visa — a payment network that now gives users the option to transact in whatever coin they prefer. This is the brilliance of building with Bitcoin as infrastructure — people adopt the network before they even know it’s Bitcoin.
Conclusion
If we want to see Bitcoin as a medium of exchange, if this is what we are building for, it’s our job as the experts to give the people what they are clearly telling us that they need: instant, low-fee, stable-value transactions. In other words, multi-asset Lightning.
Now, of course Taproot Assets is a versatile protocol. It can and will be used for all sorts of things — including use cases that appeal to the American crowd who see bitcoin primarily as a long-term investment. Yay, permissionless innovation! With this protocol, we’re helping usher Bitcoin in its medium of exchange era.
This piece is an article featured in the latest Print edition of Bitcoin Magazine, The Lightning Issue. We’re sharing it here to show the ideas explored throughout the full issue.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Taproot-Assets-Article-Header-DBDkrv.png12562400Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-21 21:32:262025-10-21 21:32:26Taproot Assets – Bitcoin As A Medium Of Exchange
BlackRock has officially listed its iShares Bitcoin Exchange-Traded Product (ETP) on the London Stock Exchange (LSE).
This comes after the Financial Conduct Authority’s (FCA) decision to ease restrictions on crypto-linked investment products.
The ETP, ticker IB1T, allows retail investors to gain exposure to Bitcoin without directly trading or storing the cryptocurrency, offering a simplified entry point into the digital asset market.
The product is fully physically backed, with all Bitcoin held in secure custody through Coinbase.
BlackRock emphasized that the ETP removes the technical challenges of holding cryptocurrency, transferring responsibility for secure storage to the issuer.
According to the firm, Coinbase employs a combination of physical security, multiparty computation, and daily transfers to segregated cold storage wallets, ensuring institutional-grade protection for investors.
“The iShares Bitcoin ETP leverages years of integration between Coinbase and BlackRock, providing UK investors with a secure gateway to digital assets through traditional trading platforms,” said Jane Sloan, EMEA Head of Global Product Solutions at BlackRock.
With UK crypto ownership projected to grow to nearly four million adults over the next year, the launch is seen as timely, providing access to a regulated, familiar investment vehicle.
The ETP has a total expense ratio (TER) of 15 basis points per annum, including a temporary fee waiver until the end of 2025.
From January 1, 2026, the TER will increase to 25 bps. The BlackRock Investment Institute advises that for investors with suitable governance and risk tolerance, a 1–2% allocation to Bitcoin within multi-asset portfolios is reasonable, reflecting both potential upside and the asset’s high volatility.
UK retail ban lift on ETNs and ETPs
The debut follows a regulatory shift in the UK after the FCA lifted its four-year ban on retail access to crypto-linked exchange-traded notes (ETNs) and ETPs. Previously, retail investors were barred from such products due to high volatility and consumer risk concerns.
The FCA noted that the market has matured, with institutional-grade custodians and improved liquidity making such investments more suitable for regulated markets.
While the retail ban on crypto derivatives remains, the FCA has indicated ongoing monitoring of high-risk investments and opened the door for fund tokenization initiatives in the asset management sector.
The UK launch mirrors the success of BlackRock’s U.S. Bitcoin offerings. Its flagship iShares Bitcoin Trust ETF (IBIT) now manages over $100 billion, attracting both retail and institutional investors through traditional brokerage accounts.
In the third quarter of 2025, BlackRock reported $17 billion in net inflows into digital asset products, underlining strong demand for regulated crypto exposure.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/BlackRock-Launches-Bitcoin-ETP-on-London-Stock-Exchange-as-UK-Lifts-Crypto-Ban-VPz84k.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-21 20:14:582025-10-21 20:14:58BlackRock Launches Bitcoin ETP on London Stock Exchange as UK Lifts Crypto Ban
Trezor, the company behind the first-ever hardware wallet, has unveiled the Trezor Safe 7, a device that brings two unusual ideas to consumer crypto security: a fully auditable secure element and a “quantum-ready” architecture.
For years, hardware wallets have faced a paradox. They’re designed to eliminate trust in third parties, yet the chips that secure them — known as secure elements — are typically closed systems. Trezor’s new design challenges that model.
At the core of the Safe 7 is TROPIC01, a secure element whose design and implementation can be publicly inspected and verified.
The company says the goal is to make security verifiable rather than taken on faith — a principle long central to Bitcoin itself.
Quantum computing and self-custody
The Safe 7 also looks toward the next decade of cryptography. Trezor built the device with a quantum-ready architecture, capable of receiving secure updates once post-quantum algorithms become standard.
While the timeline for quantum computing’s impact on Bitcoin security remains uncertain, the company’s approach reflects a growing awareness in the industry that long-term self-custody may need to adapt to new threat models.
The wallet uses a dual-chip design, pairing the transparent TROPIC01 element with a secondary EAL6+ secure component to protect against both physical and software attacks.
Private keys are isolated from the host system, and all transactions must be physically confirmed on a 2.5-inch color touchscreen.
On the usability side, Trezor has moved closer to what modern device owners expect. The Safe 7 supports Bluetooth connectivity, Qi2 wireless charging, and an anodized aluminum body with Gorilla Glass protection.
The company has also introduced the Trezor Host Protocol, an open-source communication layer meant to keep Bluetooth connections private and verifiable.
Through the Trezor Suite app, users can manage thousands of crypto, trade, and interact with third-party services. A Bitcoin-only version of the wallet will also be offered for those who prefer minimalism and focus.
The Safe 7’s hardware is built for longevity, featuring a LiFePO4 battery rated for four times more charge cycles than standard lithium cells and an IP54 resistance rating for dust and splashes.
Developed by SatoshiLabs in 2014, Trezor is a leader in the industry and was one of the first companies to create a hardware wallet. The name “Trezor” comes from the Czech word for “vault”.
Bitcoin price is holding steady around $111,000 after a turbulent few weeks, but TD Cowen analysts project that the bitcoin price could reach $141,000 by December.
In a note released Monday, the firm highlighted the recent crypto market crash and recovery as a testament to the resilience of the broader crypto and bitcoin ecosystem.
The flash crash earlier this month triggered roughly $19 billion in liquidations, the largest single-day event in crypto history. Despite the scale of the sell-off, TD Cowen noted that most exchanges remained operational with minimal disruption, demonstrating the market’s ability to absorb shocks, according to The Block reporting.
The downturn was initially spurred by the U.S. President Donald Trump’s confirmation of a 100% tariff on imports from China, which sent the total crypto market down more than 10%.
While less-reputable tokens suffered heavy losses, major digital assets like Bitcoin did well — Bitcoin briefly fell 15% before closing down just 8% on the day.
“Though it was the largest single-day liquidation ever, with open interest halved across venues, most crypto exchanges operated with little or no downtime,” the note read.
JUST IN: $15 billion TD Cowen says #Bitcoin’s recovery from the market crash shows resilience and predicts BTC will hit $141,000 by December pic.twitter.com/oF0gdxfn68
TD Cowen’s analysts credit the episode not only to market resilience but also to growing global adoption. In Japan, for instance, the number of registered accounts holding digital assets has quadrupled over the past five years, reaching more than 7.9 million.
The surge in adoption has prompted Japan’s Financial Services Agency to reconsider its long-standing restrictions on banks investing in digital assets such as Bitcoin.
Bitcoin price climbed back to around $111,000 today after falling into the $104,000 range last week, as renewed corporate accumulation and optimism over a potential end to the U.S. government shutdown lifted market sentiment.
Bitcoin closed September around it’s current range but prior to the flash crash, it hit all-time highs in early October.
Bitcoin price in a gridlock
According to analysts, key resistance for bitcoin now sits at $112K, $115.5K, and $117.6K, with a convincing break above $122K needed to shift the bias back to bulls, while support below $105K could fail, with stronger levels at $98K–$96K.
The coming week may see a modest bounce, but failure to hold above $106.9K could open the door to sub-$100K prices, especially if the FOMC does not deliver a significant rate cut.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin-Price-Holds-111000-as-TD-Cowen-Predicts-141000-by-December-hEgRKu.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-20 21:07:242025-10-20 21:07:24Bitcoin Price Holds $111,000 as TD Cowen Predicts $141,000 by December
Shares of leading Bitcoin mining firms surged today alongside renewed strength in Bitcoin markets.
Marathon Digital Holdings (NASDAQ: MARA) climbed 7.97% to $21.13, Riot Platforms (NASDAQ: RIOT) jumped 11.21% to $22.28, and CleanSpark (NASDAQ: CLSK) rose 9.09% to $21.30, at the time of writing.
Earlier during Monday’s trading hours, some of these tickers saw stock increases of 10% or more.
The rally follows a rebound in Bitcoin prices and growing investor confidence in miners’ profitability and AI-initiatives.
Cleanspark announced a move into AI and HPC that marks a pivotal moment for the company. The miner said it is positioning itself to serve as a leading technology company, thanks to its large-scale energy and data infrastructure.
Other notable gainers included Bitdeer Technologies (NASDAQ: BTDR) Canaan Inc. (NASDAQ:CAN), and Coinbase (NASDAQ: COIN), which all saw strong upside as Bitcoin rebounded above key support levels. Canaan continues an impressive month as their stock jumped after launching a Calgary pilot to convert stranded natural gas into power for Bitcoin mining and HPC.
Bitcoin mining stocks or Bitcoin corporate treasuries?
Bitcoin’s corporate treasuries and mining stocks have reached somewhat of a pivotal moment this cycle.
Firms like Strategy and Metaplanet collectively hold over 1 million BTC — more than 5% of supply — cementing their role as structural pillars of Bitcoin’s rise. But, valuations are sliding and compressing, with MicroStrategy’s stock sliding toward parity with its net Bitcoin holdings.
This marked a key inflection point: while corporate treasuries stalled, Bitcoin miners surged ahead. Marathon Digital rose 61%, Riot Platforms 231%, and Hive Digital 369% over six months, with the WGMI Mining ETF outperforming Bitcoin by roughly 75% since September.
Historically, miner equities like Marathon had led Bitcoin’s major rallies, and their latest breakout suggested renewed bullish momentum.
Major Bitcoin mining companies are also pivoting toward Artificial Intelligence (AI) and High-Performance Computing (HPC) to diversify their business models. Some major hitters like Core Scientific, Bitdeer, IREN, Hut 8, Cipher Mining, and TeraWulf have seen strong stock gains as investors reward this transition. The trend signals a broader evolution of the mining industry into a key player in powering the AI-driven digital economy.
Over the past two weeks, Bitcoin’s price has experienced rocky and volatile fluctuations, reaching a high of over $126,000 on October 6 before dropping to $104,000 recently.
This decline was attributed to geopolitical tensions and market corrections, with a significant $1 billion sell-off on October 10 as U.S.-China trade tensions escalated.
Aureo, formerly known as Swapido, has raised $1.1 million in pre-seed funding from Early Riders to develop a specialized Bitcoin platform targeting high-net-worth individuals (HNWIs), family offices, and companies in Mexico and Latin America.
The funding, announced on October 20, 2025, will support the creation of a white-glove service focused on secure Bitcoin transactions, custody, and advisory for institutional and long-term holders. Aureo positions itself alongside U.S.-based firms like Onramp and River, adapting similar models to regional needs.
Launched as Swapido on October 11, 2024, by CEO Gustavo Flores Echaiz, the company initially operated as a web app facilitating Lightning Network-to-peso conversions. In its first year, it processed over 5 BTC in volume for hundreds of advanced users, serving as Mexico’s simplest off-ramp for spending Bitcoin.
The rebrand to Aureo reflects an expansion into comprehensive Bitcoin services, looking to build trust and offer high security white glove services, tailored for Latin America’s unique challenges in this area. The platform enables large-volume buys and sells with discreet execution, self-custody guidance, multi-institution custody (MIC) advisory, local fiat integration, and inheritance planning.
Aureo has a Bitcoin Service Provider (BSP) license from El Salvador, and “holds full compliance with Mexican regulations” according to the press release shared with Bitcoin Magazine. “Bitcoin is transforming how investors and corporations manage their wealth by offering a neutral and secure store of value,” the company stated in the announcement, highlighting potential for billions in idle capital across the region to fuel the next wave of adoption.
Looking ahead, Aureo plans to roll out a “Buy” feature and partner with Onramp Bitcoin to build a LatAm-specific MIC platform. This collaboration will leverage Onramp’s infrastructure while tailoring it to local regulations and investor profiles.
The executive team draws from established Bitcoin expertise. Echaiz, who leads as CEO, reunites with original co-founders from Veriphi, a Canadian Bitcoin firm that assisted thousands of clients in buying, selling, and custodying Bitcoin. Nathaniel Kitzkte serves as fractional Chief Technology Officer, Tristan Borges Solari as Chief Product Officer, and Maciej Cepnik as Chief Marketing Officer.
Team members bring experience from companies including Bull Bitcoin, Unchained Capital, Wasabi, Bitrefill, Bitcoin Well, and Zaprite. Aureo, based in Mexico, plans to expand its workforce with upcoming job postings.
Aureo invites sign-ups at aureobitcoin.com, with newsletters for updates and an X account at x.com/AureoBitcoin. As Bitcoin adoption grows in LatAm, firms like Aureo may play a key role in bridging traditional finance and digital assets, offering the region more tailored access to Bitcoin, an asset that has historically been a life raft for nations suffering high inflation throughout the global south.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/TN-4-XEfQuM.webp6301200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-20 18:12:542025-10-20 18:12:54Early Riders Backs Aureo with $1.1M for Secure Bitcoin Custody in Latin America
Bitcoin’s corporate treasuries and bitcoin mining sector have become two of the defining narratives of this cycle. From (Micro)Strategy’s MSTR billion-dollar balance sheet buys to the rise of MetaPlanet and the explosive growth of bitcoin mining companies, institutional and industrial adoption have emerged as powerful structural supports for the network. But now, after years of near-constant accumulation and market outperformance, the data suggests we’re entering a critical inflection point — one that could determine whether Bitcoin’s corporate treasuries and mining equities continue to lead or begin to lag as the next phase of the cycle unfolds.
Bitcoin Treasury Accumulation
Our new Bitcoin Treasury Tracker provides day-by-day insight into how much Bitcoin these major public and private treasury companies hold, when they’ve accumulated, and how their positions have evolved. These treasuries now collectively hold over 1 million BTC, a staggering sum representing over 5% of the total circulating supply.
Figure 1: The Bitcoin Treasury Tracker illustrating cumulative company holdings.View Live Chart
The scale of this accumulation has been a cornerstone of Bitcoin’s current cycle strength. However, some of these companies are facing increasing pressure as their equity valuations struggle to keep pace with the Bitcoin price itself.
Valuation Compression Across Bitcoin Treasuries
(Micro)Strategy / MSTR, the pioneer of corporate Bitcoin adoption, remains the most significant publicly traded Bitcoin holder. Yet, recent months have seen its stock underperform relative to Bitcoin’s own price action. While Bitcoin has consolidated in a broad range, MSTR’s equity has fallen more sharply, pushing its Net Asset Value (NAV) Premium, the ratio between its market valuation and the underlying Bitcoin it holds, closer to parity at 1.0x.
Figure 2: MSTR NAV premium trending toward 1.0, signaling reduced equity leverage relative to Bitcoin.View Live Chart
This compression signals that investors are valuing the company increasingly in line with its pure Bitcoin exposure, with little added premium for management execution, future leverage, or strategic innovation. Last cycle and earlier this cycle, MSTR traded with a significant premium as markets rewarded its leveraged exposure. The trend toward parity suggests waning speculative appetite and highlights just how closely this cycle’s market psychology mirrors prior late-stage expansions.
A Cycle-Defining Inflection for Bitcoin and Bitcoin Mining Stocks
The most revealing view comes from the BTCUSD to MSTR ratio, essentially measuring how many MSTR shares can be purchased with one Bitcoin. At present, the ratio sits around 350 shares per BTC, placing it squarely at a major historical level of support turned resistance that has defined price action turning points.
Figure 3: The BTC/MSTR ratio is at a critical cycle support zone.
Right now, this chart is sitting at a make-or-break region. A sustained move above the 380–400 zone would imply renewed Bitcoin dominance and potential underperformance in MSTR. Conversely, a reversal lower, especially below 330, would suggest that MSTR could reassert itself as a leveraged leader heading into the next leg of the bull market.
Bitcoin Mining Stocks Take the Lead
In contrast to the underperformance of treasury companies, Bitcoin miners have been surging. Over the past six months, Bitcoin itself has gained roughly 38%, while Listed Miner equities have exploded higher: Marathon Digital (MARA) is up 61%, Riot Platforms (RIOT) has surged 231%, and Hive Digital (HIVE) has soared a staggering 369%. The WGMI Bitcoin Mining ETF, a composite of major listed miners, has outperformed Bitcoin by approximately 75% since September, underscoring the sector’s newfound momentum.
Figure 4: Bitcoin miners outperforming Bitcoin itself.View Live Chart
Zooming in on Marathon Digital, the world’s largest publicly traded Bitcoin miner, provides additional insight. Historically, the MARA chart has been a reliable leading indicator of market inflection. At the tail end of the 2022 bear market, for example, MARA surged over 50% just before Bitcoin entered a new multi-month rally. This pattern has occurred multiple times this cycle.
Figure 5: BTC/MARA ratio historically leading Bitcoin’s next major directional moves.
BitcoinMining Stocks and Corporate Treasuries: Diverging Paths in Bitcoin Market Leadership
With over 1 million BTC now held on corporate balance sheets, the influence of these entities on Bitcoin’s supply-demand equilibrium remains profound. But the balance of leadership appears to be shifting. Treasuries like Strategy and MetaPlanet, while structurally bullish over the long term, are now sitting at major ratio inflection points, struggling to outperform spot BTC. Meanwhile, miners are experiencing one of their strongest periods of relative performance in years, often a signal that broader market momentum may soon follow.
As always, our goal at Bitcoin Magazine Pro is to cut through market noise and present data-backed insights across every facet of the Bitcoin ecosystem, from corporate holdings to miner behavior, on-chain supply, and macroeconomic liquidity. Thank you all very much for reading, and I’ll see you in the next one!
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
NEW YORK – October 17, 2025 – “UNBANKED,” an award-winning, feature-length Bitcoin documentary officially lands on Apple TV, Amazon Prime and Google TV on October 31st—the 17th anniversary of Satoshi Nakamoto’s release of the famous Bitcoin White Paper on Halloween Day.
About the Film:
From the 2008 financial disaster arose Satoshi Nakamoto, who released the Bitcoin protocol, then disappeared forever. Since then, over $2.4T has been poured into this decentralized digital alternative to the US dollar. Is Bitcoin a myth or a pathway to mass monetary self-determination? Featuring interviews with Jack Dorsey, Adam Back, Michael Saylor, Erik Voorhees, Ted Cruz and Meltem Demirors and footage from 4 continents including Patagonia, Ghana, Nigeria, London, Portugal and across the US. Unbanked explores how millions may find financial freedom by becoming their own banks and cutting out the middleman.
Directed by David Kuhn and Lauren Sieckmann (2025, 85 min).
Awards and Early Recognition:
UNBANKED is already making waves on the festival circuit, winning Best Documentary at the Manhattan Film Festival and winning the Harlem International Film Festival Spotlight Award. The film now enters the 2026 Academy Awards season as a qualified contender for Best Documentary Feature, and the trailer is approaching half a million views in just 10 weeks.
Renowned Bitcoin educator and host of “Coin Stories” podcast Natalie Brunell praises the film:
“This stunning film takes you across continents to meet people whose lives are being transformed by Bitcoin. From communities facing crushing inflation to individuals cut off from the traditional banking system, UNBANKED captures real stories of hope, resilience, and financial freedom. It’s visually breathtaking, emotionally powerful, and a reminder of why Bitcoin matters far beyond charts and headlines. Uplifting. Inspiring. Unforgettable. If you care about the future of money and human freedom, don’t miss this.”
Release Information:
UNBANKED is available worldwide on 10/31/25 on Apple TV, Amazon Prime, and Google TV.
Disclaimer: This is a sponsored press release. Readers are encouraged to perform their own due diligence before acting on any information presented in this article.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/UNBANKED-Documentary-to-Premiere-ED6tUm.jpg6301200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-17 19:00:002025-10-17 19:00:00“UNBANKED” Documentary to Premiere on Apple TV, Amazon Prime, Google TV on Anniversary of Bitcoin White Paper
Charles Schwab is seeing booming engagement from retail investors in its crypto products.
In an interview with CNBC, CEO Rick Wurster said that visits to Schwab’s crypto platform have increased by 90% year-over-year, signaling strong investor appetite for Bitcoin ETFs, Bitcoin futures, and other crypto exchange-traded products.
Schwab clients now hold roughly 20% of all crypto ETPs in the U.S. Wurster emphasized that the company is responding to this demand by providing a wide array of crypto investment options and educational resources, combining digital access with traditional client support through calls and branch offices.
Charles Schwab will also offer spot Bitcoin trading in the first half of 2026. CEO Rick Wurster shared the news during Schwab’s third-quarter earnings call, where the company reported $134.4 billion in net new assets, marking a 48% year-over-year increase.
JUST IN: $11 trillion Charles Schwab says the interest in their crypto products is increasing, with 90% more visits to their crypto site.
Earlier this year, the firm announced plans to offer Bitcoin and Ethereum trading, driven by client demand, noting many wanted to consolidate their crypto holdings with Schwab.
Wurster’s thoughts in the Charles Schwab’s earning call marked the first time the bank put a tentative date on the initiative.
The push into crypto comes alongside Schwab’s broader record-breaking quarter: total client assets reached $11.59 trillion, up 17% year-over-year, and daily average trades jumped 30%.
The firm’s strategy, Wurster explained, focuses on offering both advanced trading platforms like ThinkorSwim and guidance for new investors, making crypto accessible and understandable for a broader audience.
Traditional finance is jumping into bitcoin
Earlier this month, Morgan Stanley released a report telling clients to allocate at maximum between 2% and 4% of their portfolios to crypto, primarily bitcoin, based on risk profiles. The report described bitcoin as a scarce asset akin to digital gold and suggested it could play a legitimate role in diversified strategies.
It recommended regular portfolio rebalancing, ideally quarterly, and gaining exposure through exchange-traded products to manage volatility.
The guidance followed the firm’s expansion of digital asset access via E*Trade and coincided with bitcoin reaching a new all-time high of around $126,200.
Earlier this week, U.S. Bank announced their new Digital Assets and Money Movement organization, in hopes to “to accelerate development of and grow revenue from emerging digital products and services such as stablecoin issuance, cryptocurrency custody, asset tokenization and digital money movement.”
Also, institutional holdings in Bitcoin ETFs rose to $870.7 million in Q3 2025, up $117.3 million from the previous quarter.
Bitcoin mining stocks felt the pain today as the broader market reacted to a third consecutive day of declines for Bitcoin.
Many major miners are losing double-digit percentages, with Bitfarms ($BITF) leading the losses down over 18%. Riot Platforms ($RIOT) and Marathon Digital Holdings ($MARA) also saw sharp drops of 10%–11%, while Hut 8 and Strategy followed with smaller declines.
The pullback has put a dent in the momentum miners had enjoyed over the past few months, when strong BTC prices and expanding hash rates drove the sector to multi-year highs.
Despite the rough day, much of the Bitcoin mining sector is substantially in the green over the week, with the likes of Applied Digital and Cipher Mining jumping 3-4x in the last year.
According to bitcoinminingstocks.io (image below), much of the bitcoin mining industry’s stocks ended the day in the red, some by more than 10%.
Bitcoin mining stocks often follow bitcoin’s direct price action. Today, bitcoin dipped to the $107,000 range which resulted in many BTC mining stocks closing in the red.
This price action follows a rough two weeks that saw over $19 billion in leveraged positions liquidated, forcing more than 1.6 million traders out of their positions as cascading margin calls swept across exchanges. Investors are watching closely to see if miners can stabilize or if further BTC weakness will drive more pain across the space.
Earlier this week, Bitcoin mining stocks extended their multi-month rally, pushing the sector’s combined market capitalization above $90 billion — more than double from two months prior. Bitdeer Technologies led gains with a 30% surge after reporting a 32.9% increase in realized hashrate and mining 452 BTC in September.
Crypto stocks got crushed as well
Crypto-related equities were in the red Thursday as selling pressure hit across the sector. Coinbase (COIN) fell 1.8% to $330.25, extending its recent slide alongside the broader crypto market.
Robinhood (HOOD) also slipped 2.0% to $131.44 as risk appetite among retail investors continued to wane. Strategy (MSTR) fell 4.3% throughout the day.
Bitcoin miners are firms that run massive bitcoin mining operations — many powered by renewable energy — where they validate transactions and earn bitcoin rewards. Their profitability depends heavily on bitcoin’s price, mining efficiency, and energy expenses.
In recent months, several have begun diversifying by repurposing their computing infrastructure for artificial intelligence and other high-performance data center services.
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It’s been a turbulent stretch for the crypto market, with many investors stressing as bitcoin continues to slide day by day.
But Grant Cardone’s investment arm, Cardone Capital, doesn’t seem to be fazed, reportedly adding another 200 BTC to its holdings, following a 300-BTC purchase just last week. Cardone is doubling down, seeing opportunity where others see risk.
In a recent interview with Bitcoin Magazine, Cardone elaborated on his perspective, framing money and attention as nearly identical “formulas.”
“I got to keep [my money] stored some place. Saving it doesn’t keep it because it’s going down in value,” he said, basically saying that traditional saving erodes wealth over time.
For him, a good bitcoin strategy isn’t simply buying bitcoin outright — it’s about multiplying it through thoughtful structures.
Cardone has pioneered a model that merges institutional-quality real estate with bitcoin acquisition. Instead of purchasing crypto directly, he uses cash flow from carefully selected properties to buy bitcoin over time.
“Basically, our renters are buying the investors in a building bitcoin,” he explained. The structure starts conservatively, with about 15% of the fund allocated to bitcoin, but over several years, the goal is a roughly 50/50 balance between real estate and crypto, both assets appreciating over time.
Bitcoin as an exciting store of value
This approach reflects a pragmatic philosophy: Bitcoin is an exciting store of value, but cash flow remains essential.
Cardone warned in his interview that while some enthusiasts want to convert all assets to bitcoin, liquidity is necessary for everyday life. His method bridges this gap, giving investors exposure to digital assets without sacrificing income stability.
Beyond the mechanics of investment, Cardone sees Bitcoin as part of a broader cultural shift. He celebrates wealth creation and financial literacy, noting that comfort in the middle class offers little protection against inflation or economic upheaval.
“The moment you become comfortable, you’re probably at risk of having everything taken away,” he said. Bitcoin, with its limited supply and censorship-resistant design, fits into a vision of long-term financial sovereignty.
Cardone also emphasizes accessibility to bitcoin. Most people entering his funds have had no prior exposure to bitcoin and little interest in mastering its technical complexities.
By pairing it with something tangible like real estate, investors gain exposure passively, learning as they go.
“I’m going to onboard people into Bitcoin that don’t know anything about Bitcoin,” he said, underscoring his belief in intuitive, real-world adoption over ideological purity.
Bitcoin’s recent price action
Bitcoin pulled back to high $107,000’s today after recently hovering between $110,000 and $112,000 following a volatile surge to all-time highs. Market sentiment is dominated by fear, with the Fear & Greed Index at 28/100, signaling heightened anxiety among traders and keeping bitcoin range-bound.
Technical indicators, like the Advanced NVT Signal, suggest bitcoin may be temporarily undervalued relative to its network activity.
Meanwhile, gold continues to rise, underscoring the divergence between risk-on assets like Bitcoin and traditional safe havens.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Real-Estate-Mogul-Grant-Cardone-Doubles-Down-on-Bitcoin-Purchases-During-Market-Sell-Off-2J88xj.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-16 18:01:462025-10-16 18:01:46Real Estate Mogul Grant Cardone Doubles Down on Bitcoin Purchases During Market Sell-Off
Bitcoin price has tumbled to the $107,000 range as all markets enter a phase of pronounced caution.
According to the Bitcoin Fear & Greed Index, sentiment currently sits at 28/100, firmly in the ‘Fear’ category. The market would enter the ‘Extreme Fear’ category if the sentiment fell below 25/100.
The index, which gauges market emotion on a scale from 0 (extreme fear) to 100 (extreme greed), is a barometer for investor sentiment, highlighting periods when Bitcoin may be undervalued or overextended.
The current “fear” in the market and ensuing sell-off may be linked to a rising trade tension between the U.S. and China. President Donald Trump is set to address the nation from the Oval Office on Thursday at 3 p.m. EST, though details about the announcement remain unknown.
The Fear & Greed Index has become a popular tool for investors and traders seeking to separate their own emotions from broader market movements.
When fear dominates, it’s often a signal for buying opportunities, as investors may be overreacting to price dips.
Conversely, periods of extreme greed can indicate overheating and heightened risk.
For context, when bitcoin was priced above $124,000 almost two weeks ago, the index was priced above 70, which would be in the ‘greed’ category, according to Bitcoin Magazine Pro data.
Bitcoin’s recent pullback follows a volatile stretch in which the asset surged to all-time highs before retreating.
Over the past several days, Bitcoin has hovered between $110,000 and $112,000, bouncing from oversold levels on the Advanced NVT Signal for the first time since the $75,000 mark.
According to Bitcoin Magazine Pro, these readings suggest Bitcoin may be temporarily undervalued relative to its network activity. As fear dominates the market, traders may be reluctant to commit capital, keeping Bitcoin in a range-bound pattern.
In stark contrast, gold continues its meteoric rise, hitting new all-time highs near $4,270 per ounce. The metal’s year-to-date gain of nearly 60% has outpaced Bitcoin’s roughly 20% growth, reinforcing its status as a safe-haven asset.
Right now, the diverging trajectories of Bitcoin and gold illustrate the split between risk-on and risk-off assets. Bitcoin’s Fear & Greed Index reading of 28 really shows heightened market anxiety, while gold continues to attract investors seeking stability.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin-Price-Crashes-to-107000-As-Fear-Index-Flirts-With-Extreme-Fear-lS5eWW.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-16 17:15:422025-10-16 17:15:42Bitcoin Price Crashes to $107,000 As Fear Index Flirts With “Extreme Fear”
A customer just bought a coffee using bitcoin at Compass Coffee. This reportedly marked the first-ever Square terminal in the world to accept bitcoin.
The pilot launch, showcased during DC Fintech Week, was made possible through Square’s new Bitcoin payment integration. According to a Compass Coffee X post, the system worked seamlessly across multiple Bitcoin wallets, demonstrating the power of open payment standards and the Lightning Network.
Compass Coffee, a beloved D.C. chain with 27 locations, hosted the demonstration and invited lawmakers and fintech leaders to see the technology in action. “Cannot wait to see this come to Square devices worldwide soon,” the team posted on X.
Legendary coffeehouse with 27 locations @CompassCoffeeDC is showing off Square Bitcoin Payments at DC Fintech week right now.
Square recently announced the launch of Square Bitcoin, which is going to be a new suite of tools designed to make bitcoin usable for everyday businesses — from coffee shops to local retailers.
The platform will let merchants and small businesses accept bitcoin payments, automatically convert a portion of their sales into BTC, and manage holdings in a built-in Bitcoin wallet — all from the same dashboard they already use for point-of-sale and banking.
Square’s technology is now a familiar sight across the U.S. — an all-in-one payment and business management system that runs right on mobile devices. It gives businesses of any size the tools to process payments, track sales and inventory, and manage customer relationships.
The rollout will begin November 10, 2025, with no processing fees for Bitcoin payments during the first year. Square says the goal is to make using Bitcoin “as seamless as card payments,” simplifying what has long been a complex process for small businesses.
JUST IN: Jack Dorsey’s Square introduced a #Bitcoin wallet solution to enable local businesses to accept BTC payments with zero fees.
By integrating Bitcoin directly into Square’s ecosystem, sellers won’t need external wallets or third-party apps. They can choose to hold Bitcoin on their balance sheets or instantly convert it to dollars.
Miles Suter, Head of Bitcoin Product at Block, said the move aims to make Bitcoin “everyday money.”
For merchants, it could mean lower costs and faster settlement than traditional card networks. For Bitcoin, this news is just another step toward mainstream adoption.
Bitcoin can be used as payment elsewhere, popularly, Steak ‘n Shake began accepting Bitcoin payments at all U.S. locations in May using the Lightning Network via QR codes on kiosks and POS systems.
The move boosted same-store sales by roughly 11% in Q2, cut payment processing fees in half, and drove more customer visits, establishing Bitcoin as a strong alternative to traditional payments.
Gold’s massive rise in 2025 is capturing investor attention, with market veteran Ed Yardeni declaring it the “new bitcoin.”
Yardeni argued that gold has outperformed bitcoin as a safe-haven asset amidst growing geopolitical uncertainty.
“Bitcoin has been described as ‘digital gold,’ but we would describe gold as ‘physical bitcoin,’” Yardeni wrote, highlighting gold’s historical reliability compared with bitcoin’s shorter track record and risk-on behavior, Yardeni wrote in a Wednesday note from Yardeni Research reported by CNBC.
The numbers back up his claim. Gold has surged roughly 60% year-to-date, while bitcoin’s gains have been closer to 20%. In recent weeks, gold has rallied nearly 4%, while bitcoin has fallen 9%, and the Nasdaq has dipped almost 1%.
Gold is currently priced at over $4,200 an ounce. One year ago, it was roughly $2,600 an ounce.
The surge in gold today can be partially attributed to President Trump threatening China with “retribution” over trade, including a potential ban on Chinese cooking oil, amid longstanding tensions involving soybeans and other commodities.
The escalation raises U.S. economic uncertainty, boosting demand for gold as a safe-haven asset.
Yardeni: Bitcoin has liquidity strain
Yardeni attributed bitcoin’s decline to liquidity strains, with around $19 billion in recent liquidations in leveraged positions, forcing some auto-deleveraging and widening market spreads.
By contrast, gold climbed after President Donald Trump hinted at 100% tariffs against China, reflecting its role as a geopolitical hedge.
Yardeni sees gold pushing past $5,000 in 2026, potentially reaching $10,000 by decade’s end.
“Investors seeking protection from mounting geopolitical risks have been heading for the hills to mine for gold as well as silver,” he said.
JUST IN: The #Bitcoin Fear and Greed Index is now back at “Fear”
Bitcoin has settled near $111,000 this week, following a record high above $126,000 and one of the market’s most violent corrections in years. The rally to all-time highs was driven by renewed institutional demand, falling real yields, and growing adoption of the “debasement trade,” as investors sought protection against monetary expansion.
The recovery came after a brutal weekend that wiped out over $19 billion in leveraged positions, forcing more than 1.6 million traders to liquidate in cascading margin calls.
Despite the turbulence, long-term holders remained steady, and metrics like Coin Days Destroyed suggested most selling came from new entrants capitulating at a loss. Bitcoin’s fundamentals, including hash rate, transaction throughput, and active addresses, continued to trend upward.
Bitcoin is holding steady in the $110,000s today, a little over a week after surging to a new all-time high above $126,000.
Bitcoin price slipped from 24-hour highs near $113,600 to the low $110,000s today. This price action follows a rough weekend that saw over $19 billion in leveraged positions liquidated, forcing more than 1.6 million traders out of their positions as cascading margin calls swept across exchanges.
The bitcoin price fell to the low $100,000s on Friday, October 10, as U.S. and China trade tensions rattled global markets. President Donald Trump announced new 100% tariffs on Chinese goods after Beijing unveiled sweeping export controls set to begin Nov. 1.
At the time of writing, bitcoin is trading around $111,500.
Bitcoin and growing corporate interest
Corporate interest in bitcoin accelerated sharply in the third quarter of 2025, with 172 public companies now holding the cryptocurrency — a 38.7% increase from the previous quarter, according to Bitwise Asset Management’s latest Corporate Bitcoin Adoption report.
The total Bitcoin held by public firms climbed to 1.02 million BTC, representing nearly 4.9% of the entire Bitcoin supply.
That marks a 20.9% increase quarter over quarter, driven by new entrants and major additions from existing holders. At prices of roughly $114,000 per Bitcoin — those holdings are valued at $117 billion, up 28% from Q2.
JUST IN: Corporations now own over 1.02 million #Bitcoin, after buying the most BTC ever in Q3
Leading the charge is Strategy, which holds 640,031 BTC, followed by MARA Holdings (52,850 BTC), XXI (43,514 BTC), Metaplanet (30,823 BTC), and Bitcoin Standard Treasury Company (30,021 BTC).
Notably, Metaplanet more than doubled its bitcoin position in the last three months.
Key developments this quarter included Strive’s acquisition of Semler Scientific in the first major Bitcoin treasury M&A deal, and the launch of a $1.5 billion Bitcoin SPAC by Bitcoin Standard Treasury Company. Meanwhile, Bullish, the crypto exchange backed by Block.one, went public holding over 24,000 BTC.
Altogether, corporations added 176,762 BTC in Q3 — a sign that institutional conviction is deepening even as Bitcoin’s price continues to climb.
In Q3 2025, Bitcoin rose 6.2% despite being historically the weakest quarter, reaching all-time highs of $123K, $124K, and $126K shortly after quarter-end.
The broader equities market also rallied, with precious metals, especially silver and gold, outperforming due to the ongoing “debasement trade.” Bitcoin’s correlations with U.S. equities remained elevated, while correlations with gold stayed near zero, indicating it hasn’t fully acted as “digital gold,” according to NYDIG research.
All this data underscores a clear trend: Bitcoin isn’t just for retail investors anymore. Companies are increasingly positioning bitcoin as a strategic reserve and long-term hedge.
Bitcoin price is holding near $113,000 today, about a week after reaching a new all-time high above $126,000, as the market stabilizes from one of its most violent corrections in years.
The bitcoin price to record levels last week was fueled by renewed institutional demand, falling real yields, and growing adoption of the “debasement trade” — investors seeking protection against monetary expansion.
The recovery comes after a bruising weekend that saw over $19 billion in leveraged positions wiped out and more than 1.6 million traders forced to liquidate positions as cascading margin calls swept across exchanges.
Bitcoin slipped from 24-hour highs near $116,000 to around $110,000 overnight, as large on-chain movements from both the U.S. government and BlackRock fueled speculation about potential institutional repositioning.
At the time of writing, bitcoin is trading at $113,055.
According to blockchain analytics, the U.S. government transferred 667.6 BTC earlier today — worth roughly $74.8 million — to a new wallet early Tuesday morning.
Also earlier today, the U.S. government announced a seizure of 127,271 BTC, worth roughly $14 billion, from Chinese émigré Chen Zhi and his Cambodia-based Prince Group criminal network. The accused ran a global “pig butchering” crypto scam and laundered billions through shell companies, real estate, and mining operations.
Chen faces charges of wire fraud and money laundering, while U.S. and U.K. authorities imposed coordinated sanctions on 146 entities and individuals linked to the operation.
Bitcoin’s recent turbulence
The turbulence follows last week’s massive deleveraging event, the largest in crypto history. Analysts noted that the $19 billion in liquidations reflected “a clearing of speculative excess” rather than broad-based selling. Funding rates swung sharply negative — the most bearish since late 2023 — suggesting an overextension of leveraged bets.
On-chain data supports that interpretation. Long-term holders have remained steady, while metrics such as Coin Days Destroyed and Spent Output Profit Ratio show that most selling came from new entrants capitulating at a loss.
Despite the volatility, bitcoin’s fundamentals remain strong. Hash rate, transaction throughput, and active addresses all continue to trend upward, underscoring resilient network health.
Adding to the pressure, renewed U.S.–China trade tensions have weighed on risk assets. Beijing’s restrictions on rare-earth exports prompted President Donald Trump to threaten a 100% tariff on Chinese goods, driving stocks — and bitcoin — lower.
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A new House bill aims to lock in President Donald Trump’s August executive order directing the Labor Department to open retirement plans to alternative assets — including bitcoin.
The Retirement Investment Choice Act, expected to be introduced Tuesday by Rep. Troy Downing (R-Mont.), would give Executive Order 14330 “the force and effect of law.”
The one-page bill cements Trump’s directive that Americans saving for retirement should be allowed access to crypto and other alternative assets if plan providers deem them appropriate.
“Alternative investments hold the transformative potential to supercharge the financial security of countless Americans saving for retirement,” Downing said in a statement reported by Politico. “I applaud President Trump for his leadership to democratize finance and am proud to be leading the effort in Congress to codify his EO.”
If enacted, it would permanently authorize 401(k) providers to include crypto-exposed products alongside traditional funds. This could unlock billions of dollars in new flows to Bitcoin and other digital assets.
JUST IN: Congressman Troy Downing to introduce bill that would cement President Trump’s executive order allowing #Bitcoin in 401(k)s into law pic.twitter.com/egTr4wNnJo
The executive order, signed in August, directed the Labor Department (DOL) and Securities and Exchange Commission (SEC) to expand access to “alternative assets” such as private equity, commodities, insurance products — and crypto.
It gave the DOL 180 days to propose rules. That deadline falls in early February, though the recent government shutdown and staffing cuts at the Employee Benefit Security Administration could delay progress.
Senate Republicans urged the DOL in August to move quickly, calling for a “regulatory safe harbor” to protect plan sponsors that offer such investments. “Doing so will maximize the order’s effectiveness,” they wrote, “and ensure industry has the certainty needed to deliver on behalf of American retirees.”
Industry groups largely welcomed the shift. “Professional retirement plan fiduciaries — not the federal government — are in the best position to assess what is in the financial best interest of participants,” said Brian Graff, CEO of the American Retirement Association.
Still, the bill’s fate remains uncertain. Democrats are unlikely to support legislation seen as expanding crypto access in retirement accounts. And no Senate version has been introduced.
Even so, for a party increasingly embracing Bitcoin as a symbol of financial sovereignty, Downing’s proposal signals intent. Some lawmakers clearly want Bitcoin to be part of America’s retirement future.
Back in March, President Trump signed an Executive Order creating a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile to centralize government-held crypto. The Reserve, including the $14 billion in seized bitcoin at the time, would be held as a store of value and not sold.
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Stablecoin issuer Tether has agreed to pay $299.5 million to the Celsius Network bankruptcy estate, settling years of litigation tied to the crypto lender’s 2022 collapse.
The payment is far below the nearly $4.5 billion Celsius originally sought in bitcoin.
The Blockchain Recovery Investment Consortium (BRIC) — a partnership between VanEck and GXD Labs — announced the settlement Tuesday, saying it settles “all issues” between Tether and the Celsius estate.
“We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” said David Proman, managing partner at GXD Labs.
Tether and the Celsius collapse
The settlement ends one of the most contentious cases in crypto bankruptcy history. Celsius sued Tether in August 2024, claiming the stablecoin issuer improperly liquidated roughly 39,500 Bitcoin used as collateral before Celsius filed for bankruptcy in July 2022.
Celsius said Tether violated an agreement requiring a 10-hour notice before selling the assets, costing the lender any remaining equity in the position.
Tether pushed back, calling the suit a “baseless shakedown.” The company said it acted within the terms of a 2022 agreement requiring Celsius to post more collateral as Bitcoin prices fell.
When Celsius failed to meet the margin call, Tether said it liquidated the bitcoin at Celsius’s direction to cover an $815 million debt.
A U.S. bankruptcy judge in New York allowed Celsius’s case to move forward earlier this year, though Tether denied wrongdoing.
The $299.5 million payment was arranged through BRIC, a joint recovery vehicle set up in early 2023 to pursue claims and recover assets from collapsed crypto firms.
BRIC was appointed by the Celsius debtors and creditors’ committee in January 2024 to oversee asset recovery and litigation management, according to the BRIC release on the matter.
While the payment represents a win for Celsius creditors, it’s a modest one compared to the scale of losses from the company’s collapse.
Celsius, once one of the largest crypto lenders, froze withdrawals in mid-2022 amid plunging token prices and failed investments. Its bankruptcy exposed billions in customer losses and alleged mismanagement by top executives.
Former Celsius CEO Alex Mashinsky was sentenced in May to 12 years in prison for fraud and market manipulation. Prosecutors said he misused customer funds and inflated the price of the platform’s CEL token. In June, Mashinsky agreed to forfeit any claims to assets from the bankruptcy estate.
The Celsius collapse became one of the defining moments of crypto’s 2022 credit crisis, alongside failures at Voyager, BlockFi, and FTX.
The fallout triggered a wave of litigation and recovery efforts that continue to reshape how courts treat crypto lending and collateral agreements.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Tether-Pays-300-Million-to-Settle-4.5-Billion-Celsius-Bankruptcy-Claims-yRj9wU.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-14 20:47:062025-10-14 20:47:06Tether Pays $300 Million to Settle $4.5 Billion Celsius Bankruptcy Claims
It’s been a rocky three days for the crypto market… to say the least.
But bitcoin holders are faring best, as bitcoin price bounced back sharply to around $116,000 today following a volatile weekend that saw the broader crypto market slump.
The bitcoin price fell to the low $100,000s on Friday as U.S. and China trade tensions rattled global markets. President Donald Trump announced new 100% tariffs on Chinese goods after Beijing unveiled sweeping export controls set to begin Nov. 1.
But over the weekend, market jitters eased and the bitcoin price gradually rebounded. President Trump walked back some of the fear and posted that ‘it will all be fine’ in reaction to the trade tensions.
The recovery comes as both institutional inflows and corporate treasury activity help stabilize sentiment across crypto markets.
The latest leg higher was sparked, in part, by Strategy’s announcement that it had purchased an additional 220 BTC for roughly $27.2 million, bringing its total holdings to 640,250 BTC — about 3.1% of Bitcoin’s total supply.
The company funded the purchase through proceeds from several at-the-market (ATM) share offerings over the past week.
While Strategy’s accumulation has long been a fixture of bull market narratives, analysts say the timing of this latest buy sent a strong signal of confidence to jittery investors following Friday’s sell-off.
Bitcoin price panic to recovery
Technical analysts now view a bitcoin price of $105,000 as key short-term support, while $118,000 remains the level to reclaim for bulls to reassert control. The broader bias remains cautious, with oscillators still tilting bearish following the steep drawdown.
Beyond short-term price action, the recovery highlights Bitcoin’s growing foothold among corporate treasuries and institutions. Recent data show continued inflows into U.S. spot Bitcoin ETFs, with BlackRock’s IBIT ETF surpassing 800,000 BTC in assets under management — valued near $97 billion.
That steady institutional accumulation, coupled with corporate entities like Strategy, DDC Enterprise, and others adopting Bitcoin as a treasury reserve, has become a defining feature of this market cycle.
With the next Bitcoin halving approaching in April 2026 and macro conditions still volatile, analysts expect more turbulence ahead. But the underlying narrative remains supportive: limited supply, rising institutional demand, and growing legitimacy as a treasury asset.
At time-of-writing, bitcoin is trading around $116,050, up roughly 9% from its weekend lows.
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Citi is reportedly preparing to roll out a crypto custody service by 2026, joining a growing list of Wall Street institutions expanding into bitcoin and other assets due to a friendlier U.S. regulatory climate.
Biswarup Chatterjee, Citi’s global head of partnerships and innovation for its services division, told CNBC the bank has been developing its custody offering for over two years and plans to bring it to market “in the next few quarters.”
The service would allow Citi to hold native bitcoin and other crypto on behalf of clients, a significant move for one of the world’s largest custodians of traditional financial assets.
“We may have certain solutions that are completely designed and built in-house that are targeted towards certain assets and certain segment of our clients, whereas may we may use a third party, lightweight, nimble solution for other kind of assets,” Chatterjee told CNBC.
Earlier this month, Citigroup analysts issued a bullish 12-month outlook for bitcoin, setting a target of $181,000 and revising their year-end forecast to $132,000. They cited strong inflows of around $7.5 billion and rising institutional demand.
The analysts said they were more positive on bitcoin than ethereum, noting that bitcoin was capturing most of the new capital entering crypto markets and that a supportive U.S. regulatory backdrop could help sustain momentum into 2026.
Custody — the safekeeping of client assets — is considered one of the most crucial and challenging aspects of institutional crypto adoption. Just today, JPMorgan said they would not directly hold their clients’ crypto.
While specialist firms like Anchorage and BitGo have dominated the space, large banks see an opening to offer regulated alternatives backed by decades of experience safeguarding securities.
Citi’s crypto embrace comes as Washington has taken steps to provide clearer rules for digital assets through measures such as the GENIUS Act, giving major financial institutions confidence to develop crypto-related products.
Citi’s exploration of custody runs parallel to its broader blockchain efforts, including Citi Token Services, which enables real-time cross-border payments using tokenized deposits.
The bank is also studying stablecoins — digital tokens typically backed by fiat currency — as tools for global trade and payments in regions with less-developed banking systems.
Other banks are advancing similar initiatives As mentioned earlier, JPMorgan recently unveiled plans for a deposit token, while Bank of America is reportedly developing a stablecoin product.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Citi-to-Launch-Crypto-Custody-Service-in-2026-YvEu1p.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-13 19:39:482025-10-13 19:39:48Citi to Launch Crypto Custody Service in 2026 as Wall Street Deepens Bitcoin Push
JPMorgan has re-confirmed it will allow clients to trade Bitcoin and other cryptocurrencies.
While the bank will not immediately offer custody services, it is expanding its blockchain initiatives and exploring how crypto fits into its broader markets strategy.
Scott Lucas, JPMorgan’s global head of markets digital assets, outlined the bank’s approach in a CNBC interview, emphasizing an “and” strategy that balances existing financial infrastructure with emerging blockchain opportunities.
On trading crypto, Lucas said that, “Jamie [Dimon] was pretty clear during investor day that we were going to be involved in the trading of that, but custody is not on the table at the moment,”
The bank has been experimenting with deposit tokens and stablecoins, tools that enable cash-like digital assets on distributed ledgers.
“Naturally, we need custodians. So we’re exploring what the right custodians for us for the business footprint of,” Lucas said.
Lucas highlighted JPMorgan’s deposit token, JPMD, which is currently a prototype in the U.S., as a platform for potential client services and cash management solutions.
JUST IN: JPMorgan confirms on CNBC that they will allow clients to trade #Bitcoin and crypto but not yet launch custody services pic.twitter.com/N2oYWPwwhL
Stablecoins remain a focus as well, though Lucas noted that any future issuance would likely be led by the bank’s payments business, rather than its markets division.
Instead, JPMorgan’s trading clients can use stablecoins to execute transactions and explore new financial workflows, reflecting the bank’s interest in bridging traditional markets with blockchain-based infrastructure.
Lucas also acknowledged the growing role of public blockchains in capital markets, noting that while JPMorgan maintains proprietary internal platforms, it expects an increasing share of market activity to shift toward public networks.
Earlier today, JPMorgan also announced a $1.5 trillion, decade-long “Security and Resiliency Initiative” to bolster key U.S. industries, including energy, manufacturing, and defense.
The bank said it would invest up to $10 billion in equity and venture capital to support domestic companies driving innovation and strategic manufacturing.
JPMorgan: Bitcoin is undervalued
Earlier this month, JPMorgan research suggested Bitcoin may be undervalued compared to gold, with potential upside if the “debasement trade” continues. Analysts estimated Bitcoin could reach $165,000, about 450% above current levels, based on volatility-adjusted comparisons with gold.
They noted that Bitcoin is increasingly attractive relative to gold as the bitcoin-to-gold volatility ratio falls below 2.0.
Earlier this year, JPMorgan Chase also was said to consider a policy to lend directly against clients’ Bitcoin and crypto holdings, marking a potential first for the bank in accepting digital assets — not ETFs — as loan collateral.
Earlier in 2025, JPMorgan allowed clients to use Bitcoin ETFs as collateral and began including crypto holdings in net worth evaluations alongside traditional assets.
Bitcoin price dropped to the $108,000 range today as escalating U.S.-China trade tensions and tariff talks sent shockwaves through global markets.
President Donald Trump posted on Truth Social today that China has announced “aggressive” and “unprecedented” export controls on nearly all products, affecting all countries starting November 1, 2025. In response, Trump said the U.S. will impose a 100% tariff on Chinese goods and enforce export controls on critical software from the same date.
Bitcoin price dumped as a result of the news, dumping from roughly $117,000 in early afternoon to below $108,000. At the time of writing, the bitcoin price is back to the $113,000 range with high volatility.
At times, the bitcoin price was down roughly 10% with many other cryptocurrencies down 20-40%
JUST IN: #BITCOIN FALLS BELOW $109,000 AS US ANNOUNCES 100% TARIFFS ON CHINA
Global markets sold off earlier today following President Trump’s announcement of plans to dramatically increase tariffs on Chinese goods. The move came in response to Beijing’s new restrictions on rare-earth exports, which the U.S. president accused China of using to “monopolize” critical resources.
China’s tightened export controls now extend to foreign-made products that contain or were processed using Chinese rare-earths, signaling a major escalation in the trade dispute.
The policy expansion — targeting defense, semiconductor, and AI sectors — sparked concerns of a global supply chain shock.
Risk assets broadly tumbled today, with the S&P 500 falling 2% and the Nasdaq down 2.7%. Trump also canceled a planned meeting with Xi Jinping at APEC, vowing to “financially counter” China’s move.
Trump earlier described Beijing’s actions as “sinister and hostile,” claiming the U.S. holds even greater leverage but has refrained from using it — until now.
Crypto-related stocks, like Circle (CRCL), Robinhood (HOOD), Coinbase (COIN), and MicroStrategy (MSTR), declined 3%-12% throughout the day.
Bitcoin price reaction
Bitcoin started October on a tear, hitting fresh all-time highs above $126,000 during the first week of the month before easing back into the $121,000 range in recent days.
Market analysts say the rally reflects what many describe as the “euphoria phase” of the ongoing bull cycle — a stage historically marked by rapid price acceleration and growing retail enthusiasm.
If past cycles are any guide, the current momentum could propel Bitcoin toward the $180,000–$200,000 range before sentiment cools.
The leading cryptocurrency has climbed more than 30% since the start of the year, fueled by steady inflows into U.S.-listed Bitcoin ETFs and a resurgence of investor confidence across the digital asset market.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin-Price-Crashes-to-108000-As-Trump-To-Impose-100-Tariffs-on-China-hifqPi.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-10 21:36:092025-10-10 21:36:09Bitcoin Price Crashes to $108,000 As Trump To Impose 100% Tariffs on China
People close to Changpeng Zhao, the former CEO of Binance better known as ‘CZ,’ say discussions are intensifying inside the Trump White House over whether to issue a presidential pardon for the embattled crypto executive, according to reporting from Charles Gasparino, a Senior Correspondent at FOX Business.
Zhao, once among the most influential figures in the digital asset world, served time following a plea deal with the U.S. Department of Justice in 2023 that included a money-laundering conviction and $4.3 billion in fines for Binance.
But according to several sources familiar with the matter, many within Trump’s inner circle now view the case as politically motivated — a hallmark of what they describe as the Biden administration’s broader crackdown on crypto.
Zhao remains Binance’s largest individual shareholder, and a pardon could clear the way for his formal return to the exchange, which he founded in 2017 and grew into the world’s largest Bitcoin and crypto trading platform.
Speculation of a Trump pardon has been looming for most of this year, but the decision is reportedly coming soon.
CZ background
Zhao’s 2023 conviction marked one of the most high-profile cases in the government’s campaign against major exchanges.
U.S. prosecutors accused Binance of allowing illicit transactions with sanctioned entities and failing to implement proper anti-money-laundering controls. CZ pleaded guilty, stepped down as CEO, and paid a personal fine of $50 million.
Zhao served a four-month prison sentence. He was sentenced in April 2024 and released in September 2024, after spending time in a low-security federal prison in California and then a halfway house.
Despite this, even critics of Binance have questioned whether the criminal charges were proportionate. Trump’s team reportedly sees Zhao’s situation as an opportunity to demonstrate a “new era” of crypto policy — one that favors innovation over punishment.
A decision could come before year’s end, but Trump’s attention is divided between foreign policy flashpoints — including conflicts in Gaza, Ukraine, and renewed trade tensions with China — and that clemency discussions often take longer than expected, according to Gasparino.
For now, the crypto world is watching closely. A Trump pardon for CZ would mark not only a personal vindication for Zhao, but also be somewhat of a political statement: Trump signaling that the world’s most powerful government is truly open for Bitcoin business.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Trump-White-House-Could-Soon-Pardon-Former-Binance-CEO-Changpeng-Zhao-FOX-mghS3o.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-10 20:50:572025-10-10 20:50:57Trump White House Could Soon Pardon Former Binance CEO Changpeng Zhao: FOX
Venezuelan opposition leader María Corina Machado has been awarded the 2025 Nobel Peace Prize, recognized for what the Norwegian Nobel Committee called her “tireless work promoting democratic rights for the people of Venezuela.”
But for many in the Bitcoin community, the win carries another layer of meaning — because Machado isn’t just a democracy activist. She’s also one of few (but growing) global political figures who has openly embraced Bitcoin as a tool of resistance against authoritarianism.
The Nobel Committee described Machado, 58, as “a woman who keeps the flame of democracy going amidst a growing darkness.”
It’s a description that fits not just her fight against the current regime but her larger vision of how technology — and decentralized money — can empower citizens when governments fail them.
2025 Nobel Peace Prize winner said Venezuela should create a national #Bitcoin reserve because it is a “lifeline” pic.twitter.com/qmPcTI1fk7
“I’m in shock,” Machado said after the announcement. “I am just one person. I certainly do not deserve this.”
“I dedicate this prize to the suffering people of Venezuela and to President Trump for his decisive support of our cause,” she wrote on X.
A recognition for courage — and for staying
Machado’s political story is one of persistence under threat. Barred from running in last year’s presidential election — which international observers widely dismissed as rigged — she was forced into hiding but refused to leave Venezuela.
The Nobel Committee praised her as “a key, unifying figure in a brutal authoritarian state that is now suffering a humanitarian and economic crisis.”
That crisis is something Machado has long tried to explain in global forums: Venezuela’s economic collapse, she argues, was not an accident but a predictable outcome of financial repression and state control of money.
And it’s here that her views intersect directly with Bitcoin.
Machado: Bitcoin is a ‘lifeline’
In an interview first aired by Bitcoin Magazine last year, Machado spoke at length about Venezuela’s economic collapse and the role Bitcoin has played in helping citizens survive it.
“The Venezuelan bolívar has lost 14 zeros,” she said, recalling how inflation once hit 1.7 million percent. “This financial repression — rooted in state-sponsored looting, theft, and unchecked money printing — has destroyed our economy despite our vast oil wealth.”
For many Venezuelans, Bitcoin became the only alternative. It has allowed families to store value outside the collapsing bolívar, receive remittances without confiscation, and even fund their escapes from the country.
Machado called Bitcoin a “lifeline” for Venezuelans, a way to bypass government-controlled exchange rates. She proposed including Bitcoin in Venezuela’s future national reserves as the country seeks to recover its stolen wealth and rebuild from the dictatorship.
Machado also proposed including Bitcoin in Venezuela’s future national reserves as part of the country’s post-dictatorship recovery.
“We envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole,” she told Bitcoin Magazine.
Machado’s emphasis on transparency echoes one of Bitcoin’s core principles — a public ledger that is incorruptible by design. It’s an idea that resonates with freedom and justice.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Maria-Corina-Machado-Wins-Nobel-Peace-Prize-E28094-Could-She-Become-the-First-E28098Bitcoin-Nobel-Winner-WKbXoU.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-10 19:31:342025-10-10 19:31:34Maria Corina Machado Wins Nobel Peace Prize — Could She Become the First ‘Bitcoin Nobel’ Winner?
Roger Ver — once dubbed “Bitcoin Jesus” for his early evangelism of bitcoin — has reached a tentative deal with the U.S. Justice Department to resolve criminal tax fraud charges, according to The New York Times reporting.
The agreement, still awaiting court approval, would require Ver to pay roughly $48 million in back taxes. In return, prosecutors would drop the case if he meets the terms of a deferred-prosecution deal.
The case against Ver, filed in 2024, accused him of evading taxes tied to his massive bitcoin holdings before renouncing his U.S. citizenship in 2014. He was arrested in Spain last year as prosecutors sought extradition.
If finalized, the deal would mark a sharp turn for one of crypto’s most controversial pioneers — and signal that Washington’s tone toward digital assets is shifting once again.
Ver’s massive bitcoin holdings
Ver’s indictment claims that Ver gave false or misleading information to a law firm and an appraiser, hiding the true number of bitcoin owned by him and his companies. This allegedly led to the filing of false tax returns that significantly undervalued both the companies and their bitcoin holdings.
By 2017, Ver’s companies reportedly still held around 70,000 bitcoins, which he sold on cryptocurrency exchanges for roughly $240 million.
Although he was not a U.S. citizen at the time, Ver was still legally required to report certain distributions to the IRS and pay taxes on them. The indictment says he failed to do so, resulting in an estimated $48 million loss to the IRS.
The potential settlement comes as the Trump administration continues to unwind a yearslong federal crackdown on crypto.
Ver’s defense leaned into Trump’s pro-bitcoin political currents. He paid longtime Trump ally Roger Stone $600,000 and hired lawyers tied to the former president — including David Schoen and Christopher Kise — as well as the lobbying firm of GOP fundraiser Brian Ballard, according to The New York Times.
In January, Ver publicly appealed to Trump for help, claiming his case was politically motivated and warning he faced a potential 100-year sentence.
Neither the Justice Department nor Ver has commented publicly on the reported agreement.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Roger-Ver-aka-E28098Bitcoin-Jesus-Reaches-Deal-in-U.S.-Tax-Fraud-Case-fo6mlH.png10241536Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-09 20:39:252025-10-09 20:39:25Roger Ver aka ‘Bitcoin Jesus’ Reaches Deal in U.S. Tax Fraud Case
Shares of Strategy (MSTR) are down about 3.6% today, weighed by a slide in Bitcoin.
The broader crypto market is under pressure. Bitcoin slipped roughly 2% over the past 24 hours, retreating from recent highs. That drop is rippling into crypto-linked equities — Strategy is one of the most exposed.
Strategy (MSTR) is currently trading at $319.84
Strategy, co-founded by Michael Saylor, reported $3.9 billion in fair value gains for the third quarter of this year. The company holds roughly 640,000 Bitcoin, with an average purchase price of $73,983 per coin.
Investors see Strategy now as nearly a pure Bitcoin play. Its multiple relative to its Bitcoin holdings has decreased compared to its BTC value. That means when Bitcoin falls, Strategy feels it hard.
Recently, in a wide-ranging conversation with Bitcoin Magazine, Saylor sketched out an “endgame” where his firm builds a trillion-dollar bitcoin balance sheet — and then uses that capital base to help reinvent the global credit system.
Like Strategy, institutional adoption of digital assets is expected to surge, with State Street research showing average portfolio exposure was expected to rise from 7% to 16% within three years.
Nearly 60% of surveyed executives by State Street plan to boost digital asset allocations, reflecting a shift toward strategic crypto shift — much like Strategy.
Analysts are bullish on Strategy
But analysts remain bullish. Benchmark’s Mark Palmer kept a Buy rating and a $705 target, arguing that recent pressure is more about a contracting premium and macro volatility than a flawed strategy.
A $705 price target is more than double the stock’s current price.
Palmer said the company’s bitcoin-linked perpetual preferred shares provide permanent, non-dilutive capital and eliminate refinancing risks tied to bitcoin’s volatility. Despite some stock drops, Benchmark highlighted Strategy’s 640,031 BTC treasury and structural advantages as key long-term strengths
But the market mood is fragile. With Bitcoin under stress, Strategy stock is following closely — down roughly 3.6 % on the day.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Why-Is-Michael-Saylors-Strategy-MSTR-Down-Today-jTrpQ5.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-09 20:13:372025-10-09 20:13:37Why Is Michael Saylor’s Strategy (MSTR) Down Today?
Bitcoin price was holding steady near the $120,000 mark today but recently slumped below that mark to $119,768. All this movement is after a volatile and bullish start to October.
Some analysts point to signs that the market has entered what many describe as the “euphoria phase” of the current bull cycle.
Bitcoin price surged more than 30% since the start of the year, buoyed by sustained inflows into U.S.-listed Bitcoin exchange-traded funds, renewed investor confidence in digital assets, and expectations that the Federal Reserve will move toward cutting interest rates.
Bitcoin price briefly touched above $126,000 earlier this week — its highest ever — before easing slightly to the $120,000–$123,000 range over the last couple of days as traders digested macroeconomic and on-chain signals.
Bitcoin’s late-stage rally
Despite the pause, on-chain analysts suggest that the broader uptrend may be far from over. Data frameworks like the Bitcoin “Cycle Master” model indicate that the market is entering a late-stage rally, historically marked by sharp price acceleration followed by steep corrections.
The model divides bitcoin’s long-term price range into undervalued, fair value, and overvalued zones — and currently places the upper “overvalued” boundary around $260,000, with a more conservative cycle peak near $180,000.
The short-term holder Market Value to Realized Value (MVRV) ratio — a measure of how much profit recent investors are sitting on — reinforces that view. When this metric has historically approached 1.7, Bitcoin has neared its top before major pullbacks.
At current realized price levels, that ratio would correspond to a bitcoin price between $180,000 and $195,000, suggesting room for continued upside before euphoria turns into excess.
Economic conditions affecting Bitcoin
Meanwhile, macro conditions remain mixed. Minutes from the Federal Reserve’s September policy meeting revealed that most officials still see scope for rate cuts later this year, even as inflation concerns linger.
The ongoing U.S. government shutdown and stronger U.S. dollar have tempered some of the “debasement trade” narrative that previously fueled bitcoin’s rise alongside gold.
If the historical pattern holds, Bitcoin’s current euphoria phase may carry it toward the $180,000–$200,000 zone before sentiment shifts.
For now, with prices steady around $120,000 and volatility compressing, traders are watching closely for the next leg higher — and for clues about when exuberance might turn into excess.
Institutional appetite for Bitcoin has surged to new and unprecedented levels this year.
As of October 8, global bitcoin exchange-traded products (ETPs) and publicly traded companies have collectively acquired 944,330 BTC — already surpassing the total amount purchased in all of 2024.
To put this in perspective, these institutions have bought roughly 7.4 times the new supply of bitcoins mined this year.
With three months remaining in 2025, it’s safe to assume that rate will only go up.
FUN FACT: Institutions have already bought MORE #Bitcoin this year than all of 2024
According to a monthly report shared by Bitcoin Treasuries with Bitcoin Magazine, public and private treasuries added a combined 46,187 BTC, worth approximately $5.3 billion, in September 2025, marking steady growth comparable to August’s 47,718 BTC increase.
By month’s end, tracked entities collectively held more than 3.8 million BTC — valued at about $435 billion — including holdings by public companies, private companies, governments, ETFs and similar entities, and DeFi platforms.
Around 130 non-U.S. companies now hold 96,997 BTC, reflecting ongoing global adoption, according to the report.
Source: Bitcointreasuries.net
As of September 30, 2025, a total of 338 entities were tracked holding Bitcoin, including 265 public and private companies. The number of listed entities has more than doubled since January, reflecting more-and-more institutional adoption.
In September alone, 26 new entities were added —18 public companies and 8 private firms. Publicly traded Bitcoin treasury companies continue to dominate the landscape, and analysts from bitcointreasuries.net suggest they remain the primary drivers of new listings and Bitcoin acquisitions moving forward.
Some of the largest Bitcoin holders include MicroStrategy Inc. (MSTR) from the U.S. with 640,031 BTC, Marathon Digital Holdings, Inc. (MARA) also from the U.S. with 52,850 BTC, 21Shares/XXI (CEP) from the U.S. with 43,514 BTC, Metaplanet Inc. (MTPLF) from Japan with 30,823 BTC, and Bitcoin Standard Treasury Company (CEPO) from the U.S. with 30,021 BTC.
The U.K.’s Financial Conduct Authority (FCA) has officially lifted its four-year ban on retail access to bitcoin and crypto exchange-traded notes (cETNs).
Starting today, firms can offer retail investors exposure to bitcoin and other cryptoassets through ETNs traded on FCA-approved investment exchanges such as the London Stock Exchange or Cboe UK.
The change came into effect today after months of consultation and signals a more open — though still cautious — regulatory stance toward crypto.
“Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood,” said David Geale, executive director of payments and digital finance at the FCA. “In light of this, we’re providing consumers with more choice, while ensuring there are protections in place.”
Unlike exchange-traded funds (ETFs), ETNs are debt instruments that track the price of an asset rather than holding it directly. They allow investors to gain exposure to bitcoin through regulated markets without taking custody of the underlying crypto.
UK market impact and investor interest
According to new research from IG Group, the U.K. crypto market could grow by as much as 20% following the introduction of retail-accessible ETNs. IG’s survey found that nearly a third of U.K. adults would consider investing in crypto via ETNs, with interest strongest among younger investors — about half of those aged 18 to 34.
“Crypto ETNs represent a significant step forward for the U.K. market, opening access to millions of investors who have previously been cautious or excluded,” said Michael Healy, IG’s U.K. managing director. “The ability to hold crypto within familiar, tax-efficient vehicles like ISAs and pensions is a real milestone.”
Analysts say the move brings the U.K. closer to peers such as the U.S., Canada, and the EU, where regulated crypto investment products are already available. However, experts warn that progress must continue if the country hopes to position itself as a true digital asset hub.
From ban to breakthrough
The FCA first banned the sale and marketing of crypto derivatives and ETNs to retail investors in January 2021, citing volatility, valuation concerns, and investor protection risks. The restriction was partially eased in 2024, when professional investors gained access to ETNs backed by bitcoin and ether.
That access expanded further in June 2025, when the FCA began consulting on lifting the retail ban — a process that culminated in today’s formal approval.
For now, the reintroduction of crypto ETNs for retail marks a milestone moment for the U.K. — one that could reignite its ambitions to become a leading global center for digital finance.
“ETNs are just one part of the puzzle,” IG’s Healy said. “To fully unlock crypto’s potential, the UK needs a proper regulatory framework – and it needs it fast, or we risk falling far behind global peers.”
https://bitcoindevelopers.org/wp-content/uploads/2025/10/UK-Lifts-Ban-on-Bitcoin-ETNs-Research-Shows-Retail-Crypto-Market-Could-Jump-20-L6iz7k.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-08 20:42:542025-10-08 20:42:54UK Lifts Ban on Bitcoin ETNs, Research Shows Retail Crypto Market Could Jump 20%
Polymarket, the crypto-native prediction market, has added support for bitcoin deposits, giving users a direct way to fund their accounts with BTC alongside other existing crypto options.
The move coincides with bitcoin’s recent rally to all-time highs above $126,000, currently trading around $124,300, and reflects growing demand for crypto-native funding options on prediction platforms.
Polymarket has taken the world by storm over the past two years, emerging as the largest prediction market where users trade shares tied to the outcomes of real-world events — essentially betting on what the future holds.
On Polymarket, traders are bullish about the bitcoin price. About 83% of participants now predict bitcoin will hit $130,000 this year, while 52% and 35% are betting on $140,000 and $150,000, respectively. Total long-term betting volume has exceeded $30.6 million.
Polymarket also accepts other crypto and stablecoins like USDC, USDT, Ethereum, Polygon, and Solana.
NYSE parent eyes major investment
Adding a layer of institutional intrigue, the Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is reportedly considering a $2 billion investment in Polymarket. If completed, the deal could value the platform between $8 billion and $10 billion, according to The Wall Street Journal.
Shayne Coplan, the 27-year-old founder of Polymarket, has become the youngest self-made billionaire after this investment, per Bloomberg. Just a few years ago, Coplan was a NYU dropout building Polymarket from his bathroom after becoming fascinated by the potential of prediction markets.
Polymarket has already attracted notable investors, including 1789 Capital, backed by Donald Trump Jr., and acquired derivatives exchange QCEX for $112 million, gaining a U.S. CFTC license in the process.
Polymarket’s expansion comes after navigating significant regulatory hurdles. In 2022, the CFTC fined the platform $1.4 million for unregistered activities, and the Department of Justice conducted an investigation that was closed in 2025.
Founded in 2020, Polymarket gained traction during the 2024 U.S. presidential elections and has since integrated Chainlink oracles for price-focused contracts, launched earnings markets with U.S. clearance, and competes with regulated rivals like Kalshi.
Brazil witnessed something new today on its B3 stock exchange — a company going public not for its products, but for its Bitcoin.
OranjeBTC, a Brazilian firm founded by former Bridgewater Associates executive Guilherme Gomes, began trading today on B3, the São Paulo–based exchange that anchors Latin America’s capital markets.
Backed by some of the biggest names in global crypto, the company enters public markets holding 3,675 BTC instantly becoming the region’s largest corporate Bitcoin holder. At current prices, its holdings are worth more than $444 million.
Their haul dwarfs the 605 bitcoin held by fellow Brazilian fintech Méliuz, which last year became the country’s first listed firm to adopt a Bitcoin treasury strategy.
The company’s model mirrors Strategy’s playbook in the United States: issue convertible debt, raise capital, and buy Bitcoin.
Earlier this year, OranjeBTC secured a $210 million investment from Brazil’s largest bank, Itaú, through its investment arm Itaú BBA, positioning its BTC reserves as a long-term strategic asset.
That financing round also attracted heavyweight backers including Tyler and Cameron Winklevoss, Mexican billionaire Ricardo Salinas, FalconX, and Adam Back of Blockstream, alongside U.S. funds Off the Chain Capital and ParaFi Capital.
Bitcoin education for future investors
But Gomes insists OranjeBTC’s vision goes beyond balance sheets. The company is launching an educational platform designed to teach shareholders and institutional investors about Bitcoin’s monetary properties — what it calls a “learning layer” for Brazil’s next generation of savers.
“We want to be an information center and help Brazilians and Latin Americans understand what money is, the role of a tangible asset, and how Bitcoin works,” Gomes told WIRED en Español in September.
The mechanics of the listing will follow a reverse IPO, with OranjeBTC merging into Intergraus, already listed on B3.
After the transaction, about 85% of shares will be in free float—opening the door for both institutional and retail investors to gain direct exposure to a company whose only real product is bitcoin accumulation.
https://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.png00Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-07 20:40:492025-10-07 20:40:49OranjeBTC Goes Public on Brazil’s B3, Driving Latin America’s Bitcoin Push
Brazil witnessed something new today on its B3 stock exchange — a company going public not for its products, but for its Bitcoin.
OranjeBTC, a Brazilian firm founded by former Bridgewater Associates executive Guilherme Gomes, began trading today on B3, the São Paulo–based exchange that anchors Latin America’s capital markets.
Backed by some of the biggest names in global crypto, the company enters public markets holding 3,675 BTC instantly becoming the region’s largest corporate Bitcoin holder. At current prices, its holdings are worth more than $444 million.
Their haul dwarfs the 605 bitcoin held by fellow Brazilian fintech Méliuz, which last year became the country’s first listed firm to adopt a Bitcoin treasury strategy.
The company’s model mirrors Strategy’s playbook in the United States: issue convertible debt, raise capital, and buy Bitcoin.
Earlier this year, OranjeBTC secured a $210 million investment from Brazil’s largest bank, Itaú, through its investment arm Itaú BBA, positioning its BTC reserves as a long-term strategic asset.
That financing round also attracted heavyweight backers including Tyler and Cameron Winklevoss, Mexican billionaire Ricardo Salinas, FalconX, and Adam Back of Blockstream, alongside U.S. funds Off the Chain Capital and ParaFi Capital.
Bitcoin education for future investors
But Gomes insists OranjeBTC’s vision goes beyond balance sheets. The company is launching an educational platform designed to teach shareholders and institutional investors about Bitcoin’s monetary properties — what it calls a “learning layer” for Brazil’s next generation of savers.
“We want to be an information center and help Brazilians and Latin Americans understand what money is, the role of a tangible asset, and how Bitcoin works,” Gomes told WIRED en Español in September.
The mechanics of the listing will follow a reverse IPO, with OranjeBTC merging into Intergraus, already listed on B3.
After the transaction, about 85% of shares will be in free float—opening the door for both institutional and retail investors to gain direct exposure to a company whose only real product is bitcoin accumulation.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/OranjeBTC-Goes-Public-on-Brazils-B3-Aiming-to-Lead-Latin-Americas-Bitcoin-Revolution-WIlGNU.png10241536Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-07 20:40:492025-10-07 20:40:49OranjeBTC Goes Public on Brazil’s B3, Driving Latin America’s Bitcoin Push
BlackRock, celebrated for its diverse suite of exchange-traded funds spanning decades of market trends, has a new crown jewel: its Bitcoin ETF.
The iShares Bitcoin Trust ETF (IBIT), launched just 21 months ago, is on the verge of reaching $100 billion in assets under management, making it BlackRock’s most profitable fund — outranking even products that have been in circulation for more than two decades.
According to Bloomberg Intelligence analyst Eric Balchunas, IBIT currently generates roughly $244.5 million in annual revenue.
“Check out the ages of the rest of the Top 10. Absurd,” Balchunas noted on X, highlighting the speed and stark contrast between the Bitcoin fund and BlackRock’s long-established revenue leaders like the 25-year-old iShares Russell 1000 Growth ETF.
Last quarter, IBIT passed Coinbase Global’s Deribit platform to become the world’s largest venue for Bitcoin options.
A Bitcoin ETF lets investors gain exposure to Bitcoin without actually buying or storing the cryptocurrency themselves. Instead, the fund holds Bitcoin (or Bitcoin-related contracts) while investors simply buy shares on a stock exchange, with the share price moving alongside Bitcoin’s market value.
Being a regulated financial product, it provides a safer, more accessible way to invest in Bitcoin through familiar brokerage accounts.
BlackRock and other investors are turning to Bitcoin
The fund’s meteoric rise underscores a broader shift in investor behavior. Bitcoin itself hit a new all-time high of $126,200 on Monday, fueling inflows into IBIT.
Market conditions are playing a critical role: declining U.S. interest rates, combined with a weakening dollar amid the ongoing government shutdown, are driving investors to seek alternative stores of value.
ETFs tracking digital assets like Bitcoin have emerged as a natural destination for capital in this climate.
For IBIT, every 1% increase in Bitcoin’s price translates into nearly $1 billion added to assets under management, bringing the $100 billion milestone tantalizingly close. In less than two years, IBIT has leapfrogged traditional stalwarts and cemented itself as a central player in both the crypto and ETF worlds.
Bitcoin slipped today, retreating from a record high as the U.S. government shutdown entered its seventh day. Bitcoin edged down to the $121,000 range, and remains below Monday’s all-time peak of $126,296, per Bitbio data.
Despite the minor pullback, Bitcoin has surged roughly 30% since the start of the year and is up about 9% over the past week.
Gold, meanwhile, continued its historic rally, briefly topping $4,000 per ounce overnight, with futures trading at $3,980 early Tuesday, reflecting a 50% gain for the year.
At the time of writing, bitcoin is trading at $122,096.
Markets appear largely unfazed by the shutdown, even after the Senate failed to pass a Republican bill on Monday to reopen government operations.
Bitcoin dips are for buying
Analysts say Bitcoin’s recent correction — from its all-time high down to around $122,000 — is healthy and may be setting the stage for further gains. The $120,000 level currently acts as key support, while resistance is seen near $135,000.
“Overall, dips are for buying,” said market analyst Mags on X, noting that a daily close above $123,300 could trigger additional upside.
Onchain data underscores strong buying momentum. Glassnode reports that Bitcoin’s relative strength index has risen from 44 to 66 over the past week, signaling growing market confidence.
Glassnode also noted that bitcoin futures open interest surged as traders added longs during the breakout to new highs. The current pullback is testing these positions, and watching where buyers step in will reveal if support levels can attract renewed demand.
The ongoing U.S. fiscal impasse may be further fueling demand for perceived safe-haven assets.
Geoffrey Kendrick, head of digital assets at Standard Chartered, suggested last week that Bitcoin could reach $135,000 soon and possibly $200,000 by year-end if current conditions persist.
As mentioned earlier, gold continues its surge, supported by central bank purchases, dollar weakness, and expectations of future Fed easing.
Investors appear to be positioning for an extended period of policy uncertainty, with both bitcoin and traditional safe havens benefiting from market jitters.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin-Price-Pulls-Back-from-Record-High-to-122000-Range-Momentum-Remains-Strong-zaysas.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-07 17:38:212025-10-07 17:38:21Bitcoin Price Pulls Back from Record High to $122,000 Range, Momentum Remains Strong
Morgan Stanley’s Global Investment Committee has formally recommended that clients allocate between 2% and 4% of their portfolios to bitcoin and crypto.
The new report, issued on October 1, outlines crypto (primarily bitcoin) allocations based on investor risk profiles. Opportunistic growth portfolios, which target higher-risk and higher-return strategies, should include up to 4% in crypto, while balanced growth portfolios are capped at 2%, the report read.
The committee who wrote the report characterized bitcoin as a scarce asset comparable to digital gold, suggesting that it now occupies a legitimate role within diversified investment strategies.
“We place the emerging asset class within real assets and focus our commentary here primarily on bitcoin, which we consider a scarce asset, akin to digital gold,” the report read.
While Morgan Stanley acknowledged the asset class’s historical volatility and potential for high correlation with broader markets during stress periods, it also noted that crypto’s total returns and structural maturity have improved in recent years.
Morgan Stanley: Buy crypto ‘every quarter’
Morgan Stanley said that clients should regularly rebalance their multi-asset portfolios to include crypto — ideally every quarter, or at least once a year.
“Such rebalancing will dampen the potential for swelling positions, which could mean outsized portfolio-level volatility and cryptocurrency risk contributions in periods of macro and market stress,” the report read.
The report recommended gaining exposure through exchange-traded products to manage volatility and prevent portfolio distortion during strong uptrends. The approach indicates a measured but open stance toward integrating crypto within traditional investment frameworks.
The announcement coincided with bitcoin reaching a new all-time high of roughly $126,200 today. The move extended a nine-day rally, supported by spot ETF inflows and a weakening U.S. dollar amid renewed government shutdown concerns.
Morgan Stanley’s latest guidance follows its September decision to expand digital asset access through its E*Trade platform, enabling trading in bitcoin and other crypto via a Zerohash partnership.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Morgan-Stanley-Advises-Up-to-4-Bitcoin-Allocation-in-Portfolios-wEhGt3.png12322374Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-06 20:28:082025-10-06 20:28:08Morgan Stanley Advises Up to 4% Bitcoin Allocation in Portfolios
Strategy, the world’s largest corporate holder of Bitcoin, reported $3.9 billion in fair value gains for the third quarter, according to a company press release.
Strategy holds roughly 640,000 Bitcoin, with an average purchase price of $73,983 per coin. At current prices near $124,500, its holdings are valued at approximately $78.7 billion, representing unrealized gains of about $31.4 billion.
“For every $10,000 change in BTC price, we generate $6 billion in unrealized gains on our BTC holdings,” noted Chaitanya Jain, a Bitcoin Strategist at Strategy.
The company has also issued several types of preferred shares this year to access additional funding beyond convertible debt and common stock. Three of these preferred share classes carry an annualized dividend rate of 10%.
Strategy disclosed in an SEC filing that payouts on its STRC and STRD shares included accrued interest, totaling $22.4 million and $37.6 million for the quarter, respectively.
Shares of Strategy rose roughly 3% to around $364 on Monday, extending a year-to-date gain of roughly 25% and reaching a high of $450 in July.
All this comes as Bitcoin surged past short-term resistance last week, entering a “blue sky breakout” as bulls regained control and pushed the price to a record weekly close of $123,515.
With no prior highs to guide resistance, technical analysis suggests potential barriers at $131,000, $135,000, and $140,000.
Strategy did not purchase Bitcoin last week
The company also did not make any purchases of bitcoin last week. The move coincided with $140 million in dividend payments, marking the first time the company halted Bitcoin accumulation since the end of July.
The pause in Bitcoin purchases is part of a pattern the company has previously followed. This year, Strategy issued three weekly updates in which it did not buy Bitcoin, two of which aligned with the ends of its first and second fiscal quarters.
Last week’s announcement coincided with the close of the third quarter.
Over the weekend, Strategy co-founder and Executive Chairman Michael Saylor hinted at the company’s halt in purchases via X, noting there would be “no new orange dots this week,” a reference to the chart used to track past Bitcoin acquisitions.
Strategy’s long-term vision
Michael Saylor envisions Strategy building a trillion-dollar Bitcoin balance sheet, using it to transform the global credit system.
He expects Bitcoin’s historical long-term appreciation, around 21% annually, to supercharge the firm’s capital stock. On top of that, Saylor proposes issuing Bitcoin-backed credit with yields higher than traditional fiat debt, creating a dual flywheel of growing collateral and expanding digital credit markets.
He predicts that as corporations, banks, and sovereign funds adopt Bitcoin, traditional financial instruments and equity indexes would become indirect Bitcoin vehicles, benefiting from its compounding growth.
Ultimately, he sees Bitcoin treasury companies as central to a new financial architecture, enabling higher-yield savings, Bitcoin-based money markets, reimagined insurance, and global adoption by tech giants.
Billionaire investor Paul Tudor Jones said Bitcoin is among the top beneficiaries of the current market environment, calling it “very, very appealing” during an interview on CNBC.
Jones, known for his endorsements of Bitcoin as a hedge against inflation, said the current market setup resembles the 1999 tech bubble, though with key differences that could make the upside even more dramatic.
Bitcoin is currently pricing at all-time highs. It surpassed its previous record of $124,466 over the weekend. Over the past week, it climbed more than 13%, rebounding from $109,000 at the end of September to $125,900 today.
Bitcoin last approached these levels in August.
JUST IN: Billionaire Paul Tudor Jones said #Bitcoin is one of the biggest winners in this market.
The legendary hedge fund manager pointed to a combination of unprecedented fiscal and monetary conditions driving the rally.
Jones pointed to the combination of a 6% U.S. budget deficit and an ongoing Fed easing cycle creating conditions unlike 1999, when a surplus and rate hikes prevailed. He noted that while the next year could see substantial market gains, investors should remain cautious, as the peak could arrive abruptly.
Jones noted that the largest price increases occur in the 12 months leading up to a market top, so active risk management is essential even during strong rallies. When asked which assets are positioned to benefit, Jones singled out gold and Bitcoin.
“The biggest winners are gold… Bitcoin, I want to say it’s up 50 or 60%,” he said, adding that crypto and digital gold are particularly appealing in a market poised for continued speculative fervor.
He also cited a basket of retail-favored “meme stocks,” noting they have seen sharp gains, but emphasized the long-term potential of crypto.
For investors considering exposure, Jones suggested a mix of gold, crypto, and tech equities like the Nasdaq.
As Bitcoin continues to attract attention from both retail and institutional players, Jones’ endorsement reinforces its position as a hedge in a market where traditional equities may be approaching a frothy peak.
Earlier this year, Billionaire venture capitalist Tim Draper, a longtime Bitcoin advocate, predicted that retailers will eventually move from accepting Bitcoin to exclusively using it as payment.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Billionaire-Paul-Tudor-Jones-Calls-Bitcoin-a-Big-Winner-as-Bitcoin-Price-Heats-Up-uln8xC.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-06 18:16:242025-10-06 18:16:24Billionaire Paul Tudor Jones Calls Bitcoin ‘Very Appealing’ as Bitcoin Price Heats Up
Bitcoin reached an all-time high today, surging past its previous all-time high of $124,466. Bitcoin climbed more than 13% over the past week, quickly rebounding from $109,000 at the end of September to touch $125,750today, according to Bitcoin Magazine Pro data.
The last time bitcoin was close to these levels was in August.
BREAKING: #BITCOIN OFFICIALLY HITS NEW ALL TIME HIGH!
There are several key drivers for the bullish reversal. Macroeconomic uncertainty — including the ongoing U.S. government shutdown — has led investors toward alternatives like bitcoin, historically seen as a hedge against traditional financial risks.
Geoffrey Kendrick, head of digital assets at Standard Chartered, believes that bitcoin’s role as a safe haven is being amplified by the fiscal gridlock in Washington.
This rally has also been bolstered by so-called “Uptober” seasonality — a term traders use to describe bitcoin’s typical pattern of strong October gains.
Over the past decade, the month has produced average returns exceeding 21%, often setting the stage for outsized fourth-quarter performance.Since 2015, bitcoin has averaged a gain of nearly 58% in the fourth quarter, outperforming every other three-month period.
Institutions appear to be playing a role in this jump as well, with increased flows into exchange-traded funds and digital custody services signaling renewed appetite from both retail and professional investors.
Where is Bitcoin headed?
Bitcoin has traded sideways in recent months, but key liquidity indicators suggested this breakout was coming. Global M2 growth, stablecoin supply trends, and gold’s rally — which bitcoin has closely tracked with a 40-day lag — all pointed upward.
JPMorgan analysts think bitcoin is undervalued relative to gold, estimating a theoretical upside to $165,000 if the “debasement trade” — investing in assets that hedge fiat currency risk — continues.
Market watchers, like Kendrick, are raising their targets in response to bitcoin’s rally, with some forecasts calling for prices to exceed $135,000 in the near term and possibly reach $200,000 by year’s end if current trends continue.
At the time of writing, bitcoin is trading at $123,319.82.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin-Price-Skyrockets-to-All-Time-High-of-125750-E28094-What-Comes-Next-GspZXU.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-05 11:48:192025-10-05 11:48:19Bitcoin Price Skyrockets to All-Time High of $125,750 — What Comes Next?
Bitcoin has kicked off the fourth quarter of 2025 with a strong rally, surging more than 10% over the past week — from around $109,000 on September 27 to over $122,000 today.
But Bitcoin could surge to fresh all-time highs if the U.S. government shutdown continues, according to Geoff Kendrick, head of digital assets at Standard Chartered.
Kendrick believes that Bitcoin’s historically positive correlation with U.S. Treasury term premiums, suggesting the cryptocurrency may benefit from prolonged fiscal uncertainty.
Kendrick noted that during prolonged market stress — conditions that often favor digitally scarce assets — Bitcoin has historically shown remarkable resilience. In this case, the prolonged stress comes from the U.S. government’s extended shutdown.
Bitcoin has now entered what has historically been it’s MOST BULLISH period of price action!
But will BTC really have the positive end to 2025 everyone is expecting?
This new Bitcoin chart is telling us EXACTLY what we can expect ot happen next!
Standard Chartered’s forecast now targets Bitcoin at $135,000 in the near term, with a year-end projection of $200,000, signaling strong confidence in the token’s upside potential.
Currently, bitcoin trades around $122,200, just shy of its August all-time high of $124,480.
Bitcoin poised for a rally
The potential for an extended U.S. government shutdown adds another layer of market uncertainty, often influencing both equities and fixed-income instruments.
For bitcoin, these conditions may serve as a catalyst, reinforcing its role as a hedge against traditional market volatility.
Bitcoin has traded sideways in recent months, but key liquidity indicators suggest a breakout may be near. Global M2 growth, stablecoin supply trends, and gold’s rally — which Bitcoin has closely tracked with a 40-day lag — all point upward.
JPMorgan analysts also see Bitcoin as undervalued relative to gold, estimating a theoretical upside to $165,000 if the “debasement trade” — investing in assets that hedge fiat currency risk — continues.
With September closing roughly 5% higher at $114,000, historical patterns suggest a strong potential for outsized gains in Q4, supported by growing retail and institutional interest in Bitcoin ETFs and custody solutions.
Data shows that in years such as 2015, 2016, 2023 and 2024, positive September closes were followed by fourth-quarter rallies averaging more than 50%.
Samsung has partnered with Coinbase to give 75 million of its Galaxy device owners in the U.S. access to Bitcoin and other cryptocurrencies.
The union brings Coinbase One’s premium features — including zero trading fees and boosted staking rewards — directly into Samsung Wallet, allowing users to explore Bitcoin and crypto without downloading any additional apps or moving funds across different platforms, Coinbase said.
The integration will also connect Samsung Pay to Coinbase accounts, allowing Galaxy users to make purchases with Bitcoin and other crypto holdings in the same place they already store payment cards, transit passes, and IDs.
For the millions of everyday Americans who own Galaxy devices, this is a major step toward mainstream crypto adoption.
For now, the pairing will start in the United States, but could soon expand globally.
“We’re pairing their global scale with Coinbase’s trusted platform to deliver the best value for people to access crypto — starting with more than 75 million Galaxy users in the U.S., and soon expanding globally,” said Shan Aggarwal, Chief Business Officer at Coinbase.
The move highlights a growing trend in mobile finance: bringing Bitcoin and other digital assets directly to users’ fingertips.
By embedding Bitcoin trading, staking, and payments into a device most Americans already carry, Samsung and Coinbase are removing barriers that have historically kept retail, every-day users from entering the crypto ecosystem.
For example, earlier today, OnePay, the fintech venture majority-owned by Walmart, said it will soon allow its customers to buy, sell and hold bitcoin directly in its mobile app. This access will also help bring bitcoin access to mainstream U.S. retail consumers.
Coinbase’s updated stock rating
It seems like Wall Street is taking crypto more-and-more seriously, and Coinbase is benefiting from the bitcoin adoption trend.
Rothschild & Co Redburn upgraded Coinbase (Nasdaq: COIN) from Neutral to Buy today, raising its stock price target to $417, citing the company’s diversification beyond retail trading fees.
Transaction fees now make up ~50% of revenue, while institutional adoption, crypto derivatives via Deribit, USDC distribution, and custodial services provide additional growth.
Coinbase serves over 200 financial firms and is less reliant on transaction volume than before. Shares have gained 50% this year and closely track Bitcoin.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/samsung-adds-bitcoin-to-smartphone-wallet-app-nFivfd.jpg397600Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-03 14:39:582025-10-03 14:39:58Samsung Brings Bitcoin Access to 75 Million People via Coinbase Partnership
OnePay, the fintech venture majority-owned by Walmart, will soon allow its customers to buy, sell and hold bitcoin directly in its mobile app. This access will help bring bitcoin access to mainstream U.S. retail consumers.
According to CNBC reporting, OnePay plans to launch the service later this year in partnership with crypto infrastructure firm Zerohash.
Founded in 2021 by Walmart and Ribbit Capital, OnePay has steadily built out an “everything app” for digital finance, offering savings accounts, cards, buy now–pay later services, and even wireless plans.
By adding bitcoin custody and trading, the firm jumps on the bitcoin boat alongside other U.S. fintech leaders like PayPal, Venmo and Cash App, all of which already allow crypto purchases.
The integration could give OnePay users the ability to convert bitcoin into dollars for everyday use — whether to make purchases at Walmart stores or to pay down card balances.
JUST IN: Walmart-backed fintech OnePay to offer #Bitcoin and crypto trading and custody.
With Walmart’s 150 million weekly U.S. shoppers already plugged into its ecosystem, OnePay’s Bitcoin offering may reach a far broader audience than rival apps.
For OnePay, the timing appears favorable. The company’s mobile app now ranks No. 5 among free finance apps in Apple’s App Store, ahead of JPMorgan Chase, Robinhood, and Chime, per CNBC.
FinTech’s embrace of Bitcoin
Nearly every app ahead of OnePay in the App Store — such as PayPal and Cash App — already has some form of bitcoin trading.
Back in July, PayPal said it will let U.S. small businesses accept over 100 cryptocurrencies, including bitcoin, through its online payments platform.
Merchants pay a promotional 0.99% fee in the first year, rising to 1.5% afterward — both below the average U.S. credit card processing cost.
Although OnePay operates as a separate entity, its real strength comes from being deeply integrated into Walmart’s well-established and massive retail ecosystem — appearing directly at checkout both online and in stores.
That level of distribution positions it as one of the most accessible on-ramps for everyday Americans to interact with bitcoin, underscoring how the world’s largest retailer increasingly views bitcoin as part of mainstream commerce.
OnePay itself isn’t just a single service but a suite of financial tools. The lineup includes a digital wallet for payments and rewards; OnePay Later, a buy-now-pay-later option powered by Klarna; and OnePay Cards, which feature both a debit card and a rewards credit card for earning points on purchases.
In addition to bitcoin, the app will also support trading in Ethereum.
Bitcoin surged past $121,000 today, pushing towards its all-time high as the fourth quarter of 2025 kicked off with renewed momentum for Bitcoin.
The rally follows a strong September finish, when Bitcoin gained about 5% to close around $114,000 — a performance that somewhat defied Bitcoin’s reputation for seasonal weakness.
Historically, when September has ended in the green, Bitcoin has often gone on to post outsized fourth-quarter gains. Data from Bitcoin Magazine Pro shows that in years such as 2015, 2016, 2023, and 2024, fourth-quarter rallies averaged more than 50%.
That seasonal trend has already earned October the nickname “Uptober” among traders. Since 2015, the month has produced average gains of 21.8%, with November adding another 10.8%.
If history rhymes, Bitcoin could be on track to clear $150,000 before the end of the year.
Bitcoin all-time high coming?
According to Bitcoin Magazine Pro data, Bitcoin has climbed nearly 3% in 24 hours, advancing from around $117,500 to just over $121,000. Over the last month, Bitcoin has notched a gain of more than 9%, rising from roughly $110,700.
On a year-to-date basis, Bitcoin has delivered a return of 27%, underscoring its resilience despite ongoing volatility across broader markets.
With prices now less than 3% away from the all-time high of over $124,000, it looks like the stage is set for a breakout if buying pressure continues.
Bitcoin’s bullish momentum
This latest surge came as traditional economic metrics reeled from the U.S. government’s shutdown at midnight after Congress failed to pass a funding bill. With Wall Street under pressure and economic data releases now on hold, investors flocked to hard assets.
This year’s gains also build on April’s halving event, which cut Bitcoin’s new supply in half — a milestone that has historically preceded significant upward pressure on price. At the same time, key liquidity signals are flashing green.
Global M2 money supply growth, stablecoin issuance, and a rally in gold — which Bitcoin has often tracked with a lag — all point to strengthening demand.
Citigroup analysts this week set a 12-month projection for Bitcoin at $181,000, citing robust inflows that could reach $7.5 billion by December.
“We are more positive on Bitcoin compared to Ether, as it captures an outsized portion of incremental flows into crypto markets,” Citi analysts wrote, adding that a friendlier regulatory environment could sustain momentum into 2026.
With Bitcoin already logging record highs in 2025, the fourth quarter now looms as a decisive stretch.
Yesterday, two members of the New York State (NYS) Senate introduced Senate Bill 8518 (S8518), which imposes excise taxes on digital asset mining using the proof-of-work consensus mechanism, making it even more difficult than it already is for bitcoin miners to operate in the state.
NEW: New York introduces anti-bitcoin mining bill
S8518 would impose an excise tax on proof-of-work mining, to fund low income utilities affordability programs. pic.twitter.com/Yw5TguNkGv
S8518, which was co-sponsored by Liz Krueger (D) and Andrew Gounardes (D), stipulates that bitcoin and digital asset miners in the state will pay increased taxes based on the amount of energy that they use.
The rates are as follows:
0 cents per kilowatt-hour (kWh) for every kWh less than or equal to 2.25 million kWh per year
2 cents per kWh for every kWh between 2.25 million and 5 million kWh per year
3 cents per kWh for every kWh between 5 million and 10 million kWh per year
4 cents per kWh for every kWh between 10 million and 20 million kWh per year
5 cents per kWh for every kWh over 20 million kWh per year
The proposed taxes will not apply to miners who utilize renewable energy sources, as defined by Section 66-P of NYS public service law, to power their facilities. The mining facility would also have to “not [be] operated in conjunction with an electric corporation’s transmission and distribution facilities,” according to the bill.
The bill also stipulates that all taxes, interest, and penalties collected as a result of this potential law be used to subsidize energy customers enrolled in NYS energy affordability programs.
The introduction of this bill comes approximately one year after NYS’ digital asset mining moratorium expired. The moratorium banned any digital asset mining that required the use of fossil fuels.
Now that bitcoin mining companies can technically operate in the state again, they will likely think twice about doing so, as the increased taxes will likely cause these companies to look to set up facilities elsewhere in the U.S..
Instead of thinking about the jobs that the bitcoin mining industry could bring to upstate New York, home to a number of cities and regions that suffer from poverty in this post-industrial era, Democrats seem more hellbent on sticking it to bitcoin miners.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin_Mining_New_York_State-Ho6yGL.webp6281200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-02 19:18:172025-10-02 19:18:17New York Targets Bitcoin Mining with Proposed Tax Hike Bill
It’s been over five years since the U.S. government issued its first $1,200 COVID-19 stimulus checks. For many Americans, the money was used for bills, groceries, or other necessities.
But if you invested those funds into Bitcoin and held on without selling, you’d now be sitting on a sum worth roughly $21,617 today — a staggering 1,701% gain.
This figure is based on the initial handout provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Had you invested your $1,200 on April 15, 2020, when Bitcoin was trading around $6,642, you would have acquired about 0.18 BTC.
Today, with Bitcoin price surpassing $120,000, that same holding has grown exponentially and will probably keep going higher.
The story gets even more interesting when factoring in subsequent stimulus payments. Some Americans received two additional checks — $600 in January 2021 and $1,400 in March 2021.
If someone had invested all three payments for a total of $3,200 near the days they arrived, their Bitcoin holdings today could easily surpass $50,000, depending on timing and BTC’s price movements.
Regardless of where you bought, those who held through market volatility — including multiple price dips and spikes — have been handsomely rewarded.
Bitcoin to $150,000?
The surge in Bitcoin’s value over the past five years was a combination of institutional adoption, growing mainstream acceptance, and macroeconomic conditions that pushed investor interest into crypto and Bitcoin.
It’s now October and seasonal patterns suggest early-quarter strength may be particularly important for higher Bitcoin price action. Since 2015, October has delivered average gains of 21.8%, while November has added 10.8%, according to Bitcoin Magazine Pro data.
If similar patterns repeat this year, Bitcoin could clear past $150,000 before the end of the year.
On top of that, Citigroup analysts reinforced a positive 12-month outlook for Bitcoin in a note to clients this week, setting a Bitcoin target of $181,000 while revising their year-end forecast to $132,000.
The bank cited robust inflows — estimated at $7.5 billion through year-end — and growing demand from institutional investors.
“We are more positive on Bitcoin compared to Ether, as it captures an outsized portion of incremental flows into crypto markets,” the Citi analysts wrote.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Your-COVID-Stimulus-Check-Would-Be-Worth-1700-More-If-You-Bought-Bitcoin-O3YEZT.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-02 18:29:252025-10-02 18:29:25Your COVID Stimulus Check Would Be Worth 1,700% More If You Bought Bitcoin
Bitcoin ended the third quarter of 2025 at a record high, fueling the belief among investors that Bitcoin’s price will go up further into the final quarter of the year.
The Bitcoin price closed September about 5% higher at roughly $114,000, defying expectations of seasonal weakness. September has often been a difficult month for Bitcoin, but when it has finished higher, the final quarter has tended to deliver outsized gains.
Data shows that in years such as 2015, 2016, 2023 and 2024, positive September closes were followed by fourth-quarter rallies averaging more than 50%.
Seasonal patterns suggest early-quarter strength may be particularly important. Since 2015, October has delivered average gains of 21.8%, while November has added 10.8%, according to Bitcoin Magazine Pro data.
If similar patterns repeat this year, Bitcoin could clear past $150,000 before the end of the year. That is a familiar sentiment in the Bitcoin space and add another leg higher in a year already defined by new all-time highs, and it would come in the wake of the April halving event that cut new supply of the asset in half — a milestone often followed by upward price pressure.
Bitcoin has traded sideways in recent months, but key liquidity indicators suggest a breakout may be near. Global M2 growth, stablecoin supply trends, and gold’s rally — which Bitcoin has closely tracked with a 40-day lag — all point upward.
Happy ‘Up’tober
Bitcoin surged past $118,000 today as the U.S. government officially shut down at midnight after Congress failed to pass a funding bill. While Wall Street tumbled, investors turned to safe-haven assets, sending gold to a record above $3,900 an ounce.
The shutdown immediately affects federal workers, Social Security recipients, and travelers, while markets face disruptions from halted economic data.
Weekly jobless claims, September payrolls, and mid-October inflation figures may be delayed, complicating Federal Reserve policy decisions.
Bitcoin ETFs and institutional buy-in
Institutional activity is adding to a bullish sentiment. BlackRock moved more than $130 million worth of Bitcoin onto Coinbase, a transfer some market watchers interpret as a sign of potential inflows into its investment products.
Since 2015, Bitcoin has averaged a gain of nearly 58% in the fourth quarter, outperforming every other three-month period. Whether 2025 follows that historical playbook will depend on how long investors sustain risk appetite in the months ahead.
The U.S. government officially shut down at midnight after lawmakers in Congress failed to pass a new funding bill.
While Wall Street dumped in early trading, Bitcoin’s price surged to fresh highs above $118,000.
At 12:01 a.m., the funding bill that kept the government running expired, leaving large parts of the federal apparatus shuttered. Social Security recipients, federal workers, and travelers will feel the immediate effects, but markets are already showing signs of stress.
Bitcoin has traded sideways in recent months, but key liquidity indicators suggest a breakout may be near. Global M2 growth, stablecoin supply trends, and gold’s rally — which Bitcoin has closely tracked with a 40-day lag — all point toward upward momentum, with some analysts eyeing $150,000 in early November.
Futures on the three major U.S. indexes pointed lower today ahead of the opening bell in premarket trading: the S&P 500 was down 0.58%, Dow futures off 0.52%, and Nasdaq futures lower by 0.67%.
Meanwhile, along with Bitcoin’s price, gold spiked to an all-time record above $3,900 an ounce as investors fled into safe-haven assets.
Government black out?
Markets are also contending with a sudden blackout of government statistics. The shutdown means the Bureau of Labor Statistics will not release weekly jobless claims or the September payrolls report. Inflation data slated for mid-October could also be delayed if the standoff drags on.
This week’s economic outlook is murky, with no jobs report on Friday, leaving the Federal Reserve to make rate decisions in the dark. Economists warn that each week of a government shutdown could trim GDP growth by 0.1–0.2 percentage points, with a quarter-long closure potentially shaving 2.4 points off Q4.
Amid the uncertainty, Bitcoin is stepping into gold and Wall Street’s traditional role.
The cryptocurrency has rallied sharply, rising more than 25% year-to-date, driven by institutional adoption and growing perception as a hedge against inflation and political risk.
The key question is how long the momentum will last. Historically, markets rebound quickly from shutdowns, with equities ending positive in over half of the 20 shutdowns since 1976. But threats of benefit cuts and layoffs could heighten risks this time.
Bitcoin is trading at $118,193 at the time of writing.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin-Standard-Treasury-To-Go-Public-With-30021-BTC-In-SPAC-Merger-zCkSLV.jpg6301200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-01 16:47:432025-10-01 16:47:43Bitcoin Price Roars Past $118,000 as U.S. Government Shuts Down
For node runners, setting up a remote Lightning node to send and receive your own payments has never been easier. Thanks to modern wallets and managed platforms, getting up and running can be low friction, secure and even enjoyable. But the moment you decide to take on the role of routing payments for others — hoping to earn satoshis from fees — the game changes completely.
The Hidden Pitfalls of Running a Remote Lightning Node
Running a remote Lightning node can be a powerful way to participate in the Bitcoin ecosystem. For the technically inclined, it offers not only a hands-on way to interact with the Lightning Network but also the possibility of earning satoshis by routing payments. However, while the rewards are real, so are the risks — and the learning curve can be steep. Operating a Lightning node remotely introduces a host of subtle (and not-so-subtle) pitfalls that can jeopardize your uptime, your reputation in the network, and potentially even your funds.
Even if you’re just running a remote node for personal payments, it’s still important to understand how things like backups, channel quality, and remote access can impact your experience.
Let’s explore the common pitfalls of remote node operation for both the low-stakes plebs who just want to make payments and the high-stakes ones — those operating routing nodes.
Payments vs. Routing: Choose Your Role
Running a Lightning node to make your own payments is very different from running one to route payments for others. The former can be achieved with minimal setup and a few strategic channels. The latter demands constant attention, capital deployment, and a firm grasp of fee markets and liquidity dynamics.
Problems arise when node operators try to do both without understanding the trade-offs. Sending payments requires outbound liquidity. Routing payments often depends on maintaining balanced channels with high uptime and connectivity. And yet, too often, node runners configure their nodes to serve neither purpose well. They set routing fees too low to be sustainable or too high to be competitive; as a result, their nodes end up doing nothing at all.
Recommendations: Decide what you want to achieve from the onset and optimize your node accordingly. Sure, you can try to do both but know that becoming a successful router will be much more time-consuming and require more capital.
Don’t Cheap Out On Node Runner Hardware
The hardware behind your Lightning node might not seem like a big deal — after all, it’s just running software, right? But in reality, the demands are higher than many newcomers expect. Lightweight cloud instances or single-board computers like the Raspberry Pi may work fine for basic usage, but they’re far from ideal for a remote, 24/7 routing node.
Unreliable VPS (virtual private server) providers and sudden server shutdowns can result in corrupted databases or channel closures. If the underlying disk performance is poor, your node may lag behind the blockchain or crash unexpectedly. Most dangerously, if your node goes offline without a recent backup, your channels could be force closed in an outdated state, risking real financial loss.
High-availability setups with sufficient memory, fast SSD storage, and reliable backups are not optional — they’re the foundation of a robust remote node.
Recommendations: If not going with a VPS, get something beefier than a Pi with an AMD or Intel chip and at least 8GB of RAM.
Surge protectors aren’t enough: Get yourself a UPS (uninterruptible power supply) for your node and a router for optimal uptime. Consider setting up a second disk drive as a clone in case the first one gets corrupted, or at the very least, set up email backups of your channel state.
If looking for a pre-built node solution, Start9 makes some great devices. MyNode and Umbrel are solid choices as well.
Software: Get Your Stack Right
Once the hardware is in place, the software stack comes into focus. Lightning clients like LND, Core Lightning, and Eclair each have different functionality. Some have more robust APIs than others, some have features that others don’t (e.g., BOLT12, hop picking, coin control). Worse still, each has its quirk, and selecting the wrong tool for your use case can cause friction down the line.
Many node runners overlook automation entirely. Without systems in place for regular backups, channel monitoring, liquidity rebalancing, or fee updates, your node may work fine — until the day it doesn’t. Equally problematic is a lack of observability. If you’re not tracking your node’s performance using tools like ZEUS, Thunderhub, or Prometheus-based monitoring, you may not realize something is wrong until it’s too late.
For the less technical, bundled node platforms like StartOS and Umbrel could make for good options, but the software available on them (and their functionality) vary wildly.
Recommendations: Do some research into what functionality you’re looking for from your Lightning node and select your client and platforms accordingly. If you don’t have the technical ability to spin up everything manually, don’t overextend yourself; there are great projects like RaspiBolt that can walk you through all the steps if you’re interested.
Lastly, check to see if software is actively maintained before relying on it too heavily. Unmaintained software may also have security vulnerabilities.
Security: Hot, Online, and Vulnerable
By far the most critical and least forgiving pitfall is security. Lightning nodes, by design, require hot wallets. This means your funds are available on an internet-connected machine, potentially accessible by malicious actors if proper safeguards aren’t in place.
Unfortunately, most node operators don’t implement strong operational hygiene. Backups are often skipped or poorly stored. Login credentials are reused or poorly managed. Firewall rules are lax. And when disaster strikes — whether it’s a server wipe, accidental deletion, or a compromised key — the result can be permanent loss.
Security isn’t just about avoiding theft. It’s also about ensuring continuity. A secure, well-backed-up node can recover from a crash or migration. An insecure one can lose everything.
Recommendations: If you don’t know what you’re doing, don’t mess with the default system or networking settings or roll out your own security, and definitely don’t open up ports on your router.
Do be mindful of what services you expose to the internet, and use unique, secure passwords everywhere. Password managers are a necessity in today’s day and age.
Backups, Backups, Backups
If there’s one mantra that every remote Lightning node operator should repeat daily, it’s this: backups, backups, backups. Unlike traditional Bitcoin wallets, which can often be recovered with a single seed phrase, Lightning nodes require a more nuanced and fragile recovery process. If you lose your node state, you don’t just lose access — you risk losing funds.
The most critical piece is your channel database, which tracks the current state of all open channels. If this becomes outdated or corrupted and your node reconnects to the network, your peers may see a discrepancy and force close the channels. In the worst-case scenario, if the backup is too old, the network will assume you’re trying to cheat — and penalize you by seizing your funds. Yes, you can be punished for recovering improperly.
To mitigate this, most Lightning clients support static channel backups (SCBs) — snapshots of your channel structure that allow for a safe recovery via cooperative close. While SCBs won’t let you recover your exact balances immediately, they at least prevent the loss of funds by enabling channels to be closed in a safe state.
However, SCBs aren’t automatic unless you configure them to be. Too many node runners forget to export and store them regularly. And even when they do, they often store backups on the same machine, or worse, the same drive. When that server goes down, so does the backup.
Recommendations: Make sure you have a rock-solid backup strategy. If you don’t have a duplicate drive, at least set up a process to email your SCBs to yourself (they’re encrypted with your seed by default, so err more on availability than privacy when it comes to them).
Consider having your backups in multiple locations and periodically conduct tests to restore them — even when you don’t have to — to make sure everything is in place and working. This applies to your cold storage Bitcoin keys, passwords, and general file backups. You don’t want to be stressed and unsure of your setup when you are forced to do a recovery.
Remote Connection: The Weakest Link
If you’re using your remote node for payments, you obviously want to be able to access it on the go. By default, the prebuilt node platforms give you remote access to your node via Tor, but Tor is notorious for being slow and unreliable.
Thankfully, there are a bunch of alternatives for remote connections, including Tailscale, Nostr Wallet Connect (NWC), Lightning Node Connect (LNC) [LND only], and private VPN connections.
Recommendations: Don’t be the guy holding up the line by fiddling with their Tor connection. Most remote node wallets allow you to switch between multiple connections, so consider having some alternative connection methods to fall back on.
I maintain ZEUS so that’s my clear recommendation for a remote mobile wallet, but the folks over at BitBanana (Android) make a fine free and open source app as well.
Lastly, if you’re running a big routing node, it’s not smart to connect to the main wallet in public. You really should only have accessible what you’re comfortable with carrying in your fiat wallet. Consider either setting up a subaccount with NWC or LNC. Alternatively, just set up a mobile wallet and connect a channel to it from your routing node. Both of these methods work with ZEUS.
Channels: Not Set-and-Forget
If Lightning is a road network, then channels are the lanes. And like real roads, they need to be built well and maintained regularly. Many new node runners open channels at random, without assessing peer reliability, capacity, or connectivity. As a result, their channels either sit idle or become dysfunctional due to unbalanced liquidity.
It’s also easy to fall into the trap of overextension. Eager to be a “routing node,” some users open too many channels too quickly, burning through funds and transaction fees while diluting their ability to manage liquidity effectively. Without tools or practices for assessing channel health and performance, even a well-funded node can struggle to route a single sat.
Recommendations: Start slow if you’re a routing node and don’t just deploy a bunch of capital haphazardly until you understand all the nuances. As you become a bigger node, you may want to consider setting up a channel acceptor to prevent smaller nodes from opening channels to you at random and adding operational complexity.
If you’re going down the routing path, look into LNDg (LND only) or CLBOSS (Core Lightning only), both of which are incredibly useful for automated channel rebalancing. Balancing protocols like Peerswap, and swap services like Loop (LND only), Boltz.exchange, and ZEUS Swaps can also be powerful tools to consider.
If you’re not looking to be as hands-on with your channel management, there’s nothing wrong with getting your first channels from a Lightning service provider (LSP) to ensure you can send and receive payments reliably.
Final Thoughts: Tread Carefully, Build Confidently
Operating a Lightning node remotely can be incredibly rewarding — but only if approached with the same seriousness you’d apply to running a financial service. Because in many ways, that’s exactly what it is. The Lightning Network is still growing and maturing. While its promise of instant, low-cost, global payments is very real, the infrastructure behind it is still nascent.
If you’re setting up a node just to pay over Lightning or receive some sats, modern wallets and platforms make that easier than ever. For users in this category, most of the headaches described in this article won’t apply.
But if you’re trying to run a profitable routing node — or even just a performant one — you need to treat uptime, liquidity, security, and observability as nonnegotiables. There are no shortcuts. It’s not set-it-and-forget-it. It’s a living system that demands your attention.
For those who do invest the time and care to do it right, however, the rewards go far beyond routing fees. You gain a front-row seat to the future of Bitcoin — and help shape it.
New Bitcoin Magazine issue on Lightning hitting newsstands soon
Don’t miss your chance to own The Lightning Issue — featuring an exclusive interview with Lightning co-creator Tadge Dryja. It dives deep into Bitcoin’s most powerful scaling layer. Limited run. Only available while supplies last.
This piece is an article featured in the latest Print edition of Bitcoin Magazine, The Lightning Issue. We’re sharing it here to show the ideas explored throughout the full issue.
As highlighted in last week’s analysis, bitcoin had a big drop last Sunday night, down to $111,800. The price then bounced back to retest the $113,800 resistance level and the 21-day EMA at $114,000, but was rejected there, falling back down to the $111,300 support level. This level produced another bounce for the bulls back to the 21-day EMA, but was denied access again above the $113,800 resistance level, dumping down just below the weekly support at $109,500 on Thursday. Price rallied from that Thursday low to close the week out at $112,225.
Key Support and Resistance Levels Now
Since the price closed above the 21-week EMA at $109,500 to finish the week, the bulls will look for this support to hold going forward. $109,500 should be the floor heading into this week if the bulls are to produce a weekly higher low and turn things around. $105,000 is the next support level down, and there is potential for a major reversal from there down to about $102,000. Losing $102,000 opens the door down to major long-term support, at $96,000.
On the upside, bulls will look for the price to close above the $115,500 resistance level to re-establish the uptrend. This would provide confidence for the bulls to tackle the $118,000 resistance once again and likely move above it. $121,000 sits above here as the gateway to new highs, but likely won’t hold for long if we get a weekly close above $118,000.
Outlook For This Week
Look for price to re-test the $109,500 low early in the week, with potential to secure this level as support for a bullish move back up to $113,800. It would likely take very strong buying pressure to push above the $115,500 resistance level this week, so expect this level to keep a lid on things if $113,800 can be conquered. Bulls will look to put in a green candle this week to confirm last week as a higher low.
Bias is still bearish on the weekly chart, however, so we should anticipate the $113,800 resistance level to hold over the short term. Losing $109,500 on the daily chart could lead to another big price drop this week, down to new lows, testing the $105,000 to $102,000 support zone.
Market mood: Bearish — with a big red candle to close the week out, the bears are firmly in control. The bulls will need to come out strong this week to defend the 21-week EMA support.
The next few weeks The weekly chart is still bearish until proven otherwise. Bulls must tilt the bias back in their favour to foster more positive price action going forward; it is possible for them to do that with a strong close to end this week. With September’s interest rate cut now behind us, markets will be looking for more rate cuts into the October and December FOMC meetings to keep capital flowing. Investors will be eyeing US financial reports closely over the coming weeks for data supportive of further cuts. Any impediments to further cuts in the data will likely result in more bearish price action and further selling.
Terminology Guide:
Bulls/Bullish: Buyers or investors expecting the price to go higher.
Bears/Bearish: Sellers or investors expecting the price to go lower.
Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.
Resistance or resistance level: Opposite of support. The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.
EMA: Exponential Moving Average. A moving average that applies more weight to recent prices than earlier prices, reducing the lag of the moving average.
Michael Saylor has never shied away from grand visions, but his latest roadmap Strategy’s Bitcoin strategy may be his boldest yet.
In a wide-ranging conversation with Bitcoin Magazine, the Strategy co-founder sketched out an “endgame” where his firm builds a trillion-dollar bitcoin balance sheet — and then uses that capital base to help reinvent the global credit system.
“I think the endgame is we accumulate a trillion dollars worth of bitcoin and then we grow it 20, 30% a year,” Saylor told Bitcoin for Corporations Managing Director George Mekhail. “The endgame is get to a trillion dollars of collateral growing 30% a year”
At the core of Saylor’s vision is scale. He believes Strategy — and other Bitcoin treasury companies likely to follow — can ultimately accumulate a trillion dollars worth of BTC.
Once there, the mechanics of bitcoin’s long-term appreciation, historically averaging around 21% annually, would supercharge that capital stock.
Bitcoin-backed credit with favorable yields
Layered on top of that, Saylor sees new opportunities to issue bitcoin-backed credit at yields far superior to the fiat system.
The result, he argues, would be a dual flywheel: a massive store of digital collateral growing in value while simultaneously fueling the creation of digital credit markets.
Unlike today’s fiat-based debt systems, where risk-free rates are often suppressed near zero, Bitcoin-collateralized credit could deliver healthier yields, potentially two to four percentage points above traditional corporate or sovereign debt.
That, in Saylor’s telling, could reinvigorate credit markets worldwide. Instead of investors enduring years of “financial repression” in Europe or Japan, where trillions of dollars sit in low-yielding bonds, digital credit backed by Bitcoin would provide stronger returns and greater transparency.
With capital 2x over-collateralized, he says, the system could be safer than even the most conservative AAA corporate debt.
Traditional financial means will become indirect Bitcoin vehicles
Saylor extends the vision beyond credit. As bitcoin becomes embedded in the balance sheets of corporations, insurers, banks, and even sovereign wealth funds, equity indexes like the S&P 500 would gradually become indirect bitcoin vehicles.
That shift, he argues, would inject health into equity markets as well — allowing public companies to benefit from bitcoin’s compounding growth.
The implications stretch across finance: savings accounts yielding closer to 8–10% instead of near-zero; money market funds denominated in bitcoin rather than fiat; insurance products reimagined around bitcoin collateral.
Tech giants like Apple and Google could eventually integrate bitcoin custody and services into their global platforms, pulling hundreds of millions into the digital economy almost overnight.
In this scenario, Bitcoin treasury companies serve as the dynamos powering a new financial architecture — what Saylor calls the foundation of 21st-century banking, credit, and capital markets.
The scale could reach tens of trillions in digital credit backed by hundreds of trillions in Bitcoin capital.
The transformation, he says, would create a world that is “smarter, faster, stronger — 10x better” than the current system, with those participating in the Bitcoin economy enjoying vast advantages over those left outside.
Over the course of the final full week in September, Strategy added 196 bitcoin to its treasury last week for $22.1 million at an average price of $113,048 per coin.
https://bitcoindevelopers.org/wp-content/uploads/2025/09/Why-Michael-Saylor-Is-Building-Toward-a-Trillion-Dollar-Bitcoin-Balance-Sheet-Oa3nQk-scaled.jpg17072560Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-09-30 21:16:152025-09-30 21:16:15Why Michael Saylor Is Building Toward a Trillion-Dollar Bitcoin Balance Sheet
Billionaire venture capitalist Tim Draper, a long-time Bitcoin advocate, believes that one day retailers will only accept bitcoin as a payment.
“There will be a moment when all the retailers say ‘I accept bitcoin’ and then there will be a moment when retailers will say ‘I only accept bitcoin,” Draper said on Bloomberg Television.
Tim Draper’s support for bitcoin goes far beyond words. In 2014, he made headlines by spending $19 million to purchase 30,000 bitcoins seized from the shutdown of the Silk Road marketplace.
Today, those coins are valued at roughly $3.5 billion. Draper has also backed major crypto firms, like Coinbase and Robinhood Markets, cementing his reputation as one of the sector’s most influential investors.
In the interview with Bloomberg, Draper acknowledged that for now, bitcoin is primarily being held, not spent — a trend fueled by its consistent value growth, which makes it a favored store of value and a hedge against inflation.
But Draper sees change on the horizon. He said that eventually, retailers will start accepting bitcoin as a primary payment method.
According to a Tuesday SEC filing, the firm has secured $200 million for its eighth fund, with its website hinting at the official launch. Draper Associates, which manages $2 billion in assets, focuses heavily on crypto investments.
This latest fund follows the 2022 raise of nearly $124 million for Fund 7.
The timing coincides with a strong crypto market rally. The total cryptocurrency market recently surpassed $4 trillion for the first time, buoyed by congressional legislation regulating stablecoins and Bitcoin surging past $120,000 in recent months.
Draper, 67, began his venture capital career in 1985 with a $6 million loan and quickly became known for early investments in companies like Skype, Baidu, Tesla, SpaceX, and Robinhood.
Draper has predicted in the past that bitcoin could hit $250,000 — a forecast that, while not yet realized, is seeming more and more likely as Bitcoin sits above $113,000.
https://bitcoindevelopers.org/wp-content/uploads/2025/09/Billionaire-Tim-Draper-Predicts-Future-Where-Retailers-Accept-Only-Bitcoin-Payments-uAbopr.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-09-30 18:10:562025-09-30 18:10:56Billionaire Tim Draper Predicts Future Where Retailers Accept Only Bitcoin Payments
Today, in a media scrum after his opening remarks at the SEC-CFTC Roundtable on Regulatory Harmonization Efforts, U.S. Securities and Exchange Commission (SEC) chairman Paul Atkins expressed his excitement in regard to bringing tokenized securities on-chain, though he didn’t offer any insight into what platforms or protocols these assets might trade on.
The latter may be particularly important to Bitcoin enthusiasts, because the wallets that you use to trade tokenized securities on-chain will likely require identifying information, and such a rule could spill over to bitcoin wallets.
So, I asked the chairman what securities coming on-chain looked like to him: Would it look like gated platforms like Fidelity and Charles Schwab employing blockchain to settle transactions on the back end or would it look more like tokenized stocks trading on decentralized exchanges?
He did not respond to my questions directly.
He instead first shared how securities trading on blockchains can reduce settlement time.
“The great thing about tokens [is that] you can have payment and exchange of the actual asset online at the same time — it’s T zero, basically instantaneous clearance,” Chairman Atkins told me.
And he followed up this statement with some mildly concerning language.
“So, maybe we’ll have to even build in like a speed bump to make sure that we don’t have any mistakes or wire money to the wrong place,” the chairman added. “We will be working realistically for the next year or two to try to get where we have good guardrails around the system.”
Words like “speed bump” and “guardrails” triggered alarm bells, as they indicate some form of control, and where there’s control, there’s often KYC.
If tokenized securities end up trading within the walled gardens of traditional brokerages, then the issue of KYC isn’t so concerning, as these platforms already KYC their customers.
The issue becomes more critical if tokenized securities can be traded through protocols like Uniswap via wallets like MetaMask and Trust Wallet, which would then likely be required to KYC their users.
If this happens, it begs the following questions: Will this lead to all crypto wallets having to KYC their users? Will this rule eventually bleed over to bitcoin-only wallets?
Based on my interaction with the chairman, I got the impression that he doesn’t currently have the answers to these questions. That is, he wasn’t being evasive as much as he genuinely didn’t seem to know exactly what the broader picture around tokenized securities looks like right now, as he’s waiting for Congress to act.
Much regarding crypto market regulation hangs in the balance as the Senate discusses and revises the CLARITY Act (CLARITY), the digital asset market structure bill. The chairman stated that he’s paying attention to CLARITY as it works its way through the legislative process.
“There’s the market structure act that cleared the House and is now [being discussed] in the Senate,” he told me. “We’ll see what happens.”
Bitcoin Magazine will follow up with Chairman Atkins on this issue when and if CLARITY passes.
In the meantime, if you want to protect your right to use you bitcoin wallet privately and permissionlessly, be sure to contact your elected officials as part of the Satoshi Needs You campaign.
YoungHoon Kim, a South Korean figure who calls himself the “world’s highest IQ record holder,” says he has converted all of his assets into bitcoin.
Kim also predicted that bitcoin will grow at least 100-fold within the next decade, eventually becoming the world’s “ultimate reserve asset.”
Kim made these bold declarations in recent posts on X, identifying himself as both a “Grand Master of Memory” and the person with the highest IQ ever recorded — a claim somewhat disputed by experts.
“I believe that Bitcoin is the only hope for the future economy. Therefore, I have converted all my assets into Bitcoin,” Kim wrote on X.
At the time of his remarks, bitcoin was trading at about $114,000. If his forecast were realized, each coin would top $10 million by the mid-2030s.
He also shared a photo of himself meeting Matt Prusak, president of American Bitcoin, a firm tied to the Trump family.
JUST IN: World record holder for having the highest IQ says “Bitcoin is the only hope for the future economy. Therefore, I have converted all my assets into Bitcoin.” pic.twitter.com/vbKE8Q2QW2
Kim’s assertions rest on his reputation as an intellectual prodigy, but that status is far from universally accepted. He has claimed an IQ score of 276 — far beyond the limits of standard psychometric scales, which typically lose reliability past the 160–200 range.
Independent verification of the score is lacking. While organizations such as the GIGA Society and the United Sigma Intelligence Association (which Kim himself helped found) have touted his record, major psychologists and high-IQ communities have dismissed the figure as implausible.
VICE and other outlets have also reported difficulty tracing credible evidence of Kim’s claimed test results.
Financial analysts are equally cautious about Kim’s Bitcoin forecast. While crypto adoption has expanded in recent years, few institutional projections call for a 100× increase in the next 10 years. Even bullish forecasts from major investment firms typically project 5× to 20× gains under favorable conditions.
Beyond finance, Kim is outspoken in his Christian faith, declaring in mid-2025 that “Jesus Christ is God, the way and the truth and the life.”
His posts, blending religion, high-IQ branding, and crypto evangelism, have generated both attention and controversy on social media.
Adrienne Harris, Superintendent of the New York Department of Financial Services (NYDFS), announced her resignation after four years in the role.
“It has been a privilege and an honor to serve New Yorkers, delivering positive outcomes for consumers; cementing DFS as a global regulatory leader; and transforming the Department’s operations,” Harris said.
In her final interview, Harris expressed support to Financial Times for the potential US-UK crypto passporting scheme, emphasizing the need for international cooperation in the digital asset space.
Harris highlighted the “borderless nature” of the crypto market, suggesting that a passporting system — where companies regulated in one jurisdiction can operate in another without undergoing a full authorization process — could enhance investor protection, reduce compliance costs, and improve market interoperability.
This proposal aligns with recent efforts by the US and UK to collaborate on financial market innovation, including the establishment of a joint task force focused on “markets of the future.”
Despite these efforts, the UK government ruled out creating a national Bitcoin reserve earlier this year. Treasury Secretary Emma Reynolds said mirroring the U.S. strategy of stockpiling Bitcoin is “not appropriate” for Britain’s market.
Harris’s role in advancing crypto regulation in the U.S.
The NYDFS, under Harris’s leadership, has been at the forefront of crypto regulation in the United States. The department oversees major financial institutions such as Goldman Sachs, Deutsche Bank, and Barclays, as well as prominent crypto firms like Coinbase and Circle.
Additionally, the NYDFS has implemented stringent regulatory frameworks, including the BitLicense, and has engaged in cross-border initiatives like the Transatlantic Regulatory Exchange with the Bank of England.
Despite her departure, Harris remains optimistic about the future of crypto regulation. She told Financial Times that integrating traditional financial institutions into the crypto ecosystem can help mitigate risks such as money laundering, fraud, and cybersecurity threats, thereby raising industry standards.
Harris’s resignation marks the end of a significant chapter in US crypto regulation. Her tenure was characterized by a balanced approach, aiming to protect consumers while fostering innovation.
Her successor, Kaitlin Asrow, will now take the helm of the NYDFS, continuing the mission to navigate the complexities of digital asset oversight.
As the world shifts from a U.S.-dominated unipolar order to a multipolar landscape led by BRICS nations, the U.S. dollar faces unprecedented pressure from declining bond demand and rising debt costs. The Genius Act, passed in July 2025, signals a bold U.S. strategy to counter this by legalizing Treasury-backed stablecoins, unlocking billions in foreign demand for U.S. bonds.
The blockchain hosting these stablecoins will shape the global economy for decades. Bitcoin, with its unmatched decentralization, Lightning Network privacy, and robust security, emerges as the superior choice to power this digital dollar revolution, ensuring low switching costs when fiat inevitably fades. This essay explores why the dollar must and will become digitized via blockchains and why Bitcoin must become its rails for the U.S. economy to have a soft landing from the highs of being a global empire.
End of the Unipolar World
You might have heard that the world is transitioning from a unipolar world order — where the United States was the only superpower and could make or break markets and dominate conflicts across the globe — to a multipolar world, where a union of Eastern-allied countries can organize despite U.S. foreign policy. This eastern alliance is called BRICS and is made up of major countries like Brazil, Russia, China and India. The inevitable consequence of the rise of BRICS is the restructuring of geopolitics, posing a challenge to the hegemony of the U.S. dollar system.
There are many apparently isolated data points that signal this restructuring of the world order. Take, for example, the United States’ military alliance with a country like Saudi Arabia. The U.S. is no longer defending the petrodollar agreement, which saw Saudi oil sold only for dollars in exchange for military defense of the region. The petrodollar strategy was a major source of demand for the dollar and was considered pivotal to the strength of the U.S. economy since the ’70s, but has effectively ended in recent years — at least since the start of the Ukraine war, when Saudi Arabia began accepting currencies other than the dollar for oil-related trades.
The Weakening of the U.S. Bond Market
Another critical data point in the geopolitical change of the world order is the weakening of the U.S. bond market. Doubts about the long-term creditworthiness of the U.S. government are growing. Some have concerns about the country’s internal political instability, while others are skeptical that the current government structure can adapt to the rapidly changing, high-tech world and the rise of BRICS.
Elon Musk, reportedly the richest man in the world and arguably the most effective CEO in history, capable of running multiple seemingly impossible companies simultaneously — such as SpaceX, Tesla, The Boring Company andX.com — is one of these skeptics. Musk recently spent months with the Trump administration figuring out how to restructure the federal government and the country’s financial position via DOGE, the Department Of Government Efficiency, before an abrupt exit from politics in May.
Musk recently shocked the internet in an All-In Summit appearance where he commented on his experience on the matter, saying, “I haven’t been to DC since May. The government is basically unfixable. I applaud David (Sacks’) noble efforts… but at the end of the day, if you look at our national debt.. .if AI and robots don’t solve our national debt, we’re toast.”
ELON MUSK: “I haven’t been to DC since May. The government is basically unfixable. I applaud David (Sacks’) noble efforts…but at the end of the day if you look at our national debt…if AI and robots don’t solve our national debt, we’re toast.” pic.twitter.com/XKSes4fBfq
If Elon Musk can’t get the U.S. government to pivot away from financial doom, who can?
Doubts of this sort are reflected in the low demand for long-term U.S. bonds, as evidenced by the need for higher interest rates to attract investors. Today, the US30Y is at 4.75%, a 17-year high. Demand in long-dated auctions of U.S. bonds, like the US30Y, has also trended downward with “disappointing” demand in 2025, according to Reuters.
The weakening demand for long-dated U.S. bonds has significant consequences for the U.S. economy. The U.S. Treasuryhas to offer higher interest rates to entice investors, in turn increasing the payments the U.S. government has to make on the interest of the national debt. Today, the U.S. interest payments are close to one trillion dollars a year, more than the whole military budget of the country.
If the United States fails to find enough buyers for its future debt, it may struggle to pay its immediate bills, having to rely instead on the Fed to buy that debt, which expands its balance sheet and the money supply. The effects, though complex, would likely be inflationary on the dollar, further harming the U.S. economy.
How Sanctions Wounded the Bond Market
Further weakening the U.S. bond market, in 2022, the United States manipulated the U.S.-controlled bond market rails against Russia in response to its invasion of Ukraine. As the Russians invaded, the U.S. froze Russian treasury reserves held overseas, which were intended in part to pay its national debt to Western investors. In what looks like an attempt to force Russia into a default, the U.S. also reportedly began blocking all attempts made by Russia to pay off its own debt to foreign bondholders.
“Today is the deadline for Russia to make another debt payment,” the spokeswoman said.
“Beginning today, the U.S. Treasury will not permit any dollar debt payments to be made from Russian government accounts at U.S. financial institutions. Russia must choose between draining remaining valuable dollar reserves or new revenue coming in, or default.”
The U.S. effectively weaponized the bond market against Russia through a novel use of its foreign policy sanctions regime. But sanctions are a double-edged sword: Since then, foreign demand for U.S. bonds has weakened as nations not aligned with U.S. foreign policy looked to diversify their risk. China has led this trend away from U.S. bonds, its holdings peaked in 2013 at over 1.25 trillion dollars and has accelerated downward since the beginning of the Ukraine war, sitting today at close to 750 billion.
While this event demonstrated the devastating effectiveness of sanctions, it also deeply wounded confidence in the bond market. Not only was Russia blocked from paying off its debts under the Biden administration sanctions, also harming investors as collateral damage, but the freezing of its foreign treasury reserves showed the world that if you, as a sovereign nation, go against U.S. foreign policy, all bets are off — and that includes the bond market.
Following the arguable overreach of sanctions from the previous administration, the Trump admin has backed off from sanctions as a strategy, since they harm the U.S. financial sector, and pivoted to a tariff-based approach to foreign policy. These tariffs so far have had mixed results. While the Trump administration boasts record revenue and infrastructure investments by the private sector in the country, Eastern nations have accelerated their collaboration through the BRICS alliance.
The recent SCO summit in Tianjin, China, brought together world leaders, including Chinese President Xi Jinping, Russian President Vladimir Putin and Prime Minister of India Narendra Modi, among others. The most notable news to come out of the SCO summit was a joint pledge by India and China to be “partners not rivals,” a further step toward the multipolar world order.
The Stablecoin Playbook
While China has divested from U.S. bonds in the past decade, a new buyer has emerged, quickly entering the top echelons of power. Tether, a financial technology company born in the early days of Bitcoin and originally built on top of its network through the Mastercoin layer-two protocol, today owns $171 billion worth of U.S. bonds, close to a quarter of the amount China owns and more than most other countries.
Tether is the issuer of the most popular stablecoin, USDT, with a market cap of 171 billion dollars in value in circulation, equivalent to its reported bond holdings. The company reported $1 billion in profits for Q1 of 2025, with a simple yet brilliant business model: buy short-dated U.S. bonds, emit USDT tokens backed 1-for-1, and pocket the coupon interest payments from the U.S. government. With 100 employees at the beginning of the year, Tether is said to be one of the most profitable companies per employee in the world.
Circle, the issuer of USDC and the second-most popular stablecoin in the market, also holds close to $50 billion in short-dated treasuries. Stablecoins are used all over the world, particularly in Latin America and developing nations, as an alternative to local fiat currencies, which suffer far deeper inflation than the dollar and are often hindered by capital controls.
The volume processed by stablecoins today is beyond a niche, nerd financial toy; it is in the trillions of dollars. A 2025 Chainalysis report states, “Between June 2024 and June 2025, USDT processed over $1 trillion per month, peaking at $1.14T in January 2025. USDC, meanwhile, ranged from $1.24T to $3.29T monthly. These volumes highlight the continued centrality of Tether and USDC in crypto market infrastructure, especially for cross-border payments and institutional activity.”
Latin America, for example, accounted for 9.1% of total crypto value received between 2023 and 2024, with year-to-year usage growth rates of 40-100%, of which over 50% were stablecoins, according to a 2024 Latin America-focused report by Chainalysis, demonstrating the strong demand for alternative currencies in the developing world.
The U.S. needs new demand for its bonds, and that demand exists in the form of demand for the dollar, given that most people throughout the world are locked into fiat currencies that are far inferior to those of the United States. If the world transitions to a geopolitical structure that forces the dollar to compete on even terms with all other fiat currencies, it nevertheless may continue to be the best among them. The United States, for all its faults, remains a superpower, with incredible wealth, human capital and economic potential, particularly when compared to many smaller countries and their questionable pesos.
Latin America has demonstrated a deep hunger for the dollar, but there’s a supply problem as local nations resist legacy banking dollar rails. Getting access to dollar-denominated accounts in many countries outside of the United States is not easy. Local banks are often tightly regulated and serve at the behest of local governments, who also have an interest in defending their peso. The U.S. is not the only government that understands the value of printing money and defending its value, after all.
Russia warns US exploits world CRYPTO users to pay its eyewatering $35T debt
Stablecoins solve both problems; they create demand for U.S. bonds and can deliver dollar-denominated value to everyone, anywhere in the world, despite the interests of their local governments.
Stablecoins, leveraging the censorship-resistant qualities of their underlying blockchains, can provide individuals plausible deniability and privacy from their local state, a feature that local banks cannot provide. As a result, the U.S., through the promotion of stablecoins, can access foreign markets it has yet to reach, expanding its demand and user base, while also exporting dollar inflation to nations that do not have a direct influence on American politics — a long tradition in the history of the USD. From a strategic perspective, this sounds ideal for the United States, and it is a simple extension of how the USD has worked for decades, just on top of new financial technology.
The U.S. government understands this opportunity. According to Chainalysis, “The stablecoin regulatory landscape has evolved significantly over the past 12 months. While the GENIUS Act in the U.S. (which legalized U.S. bond-backed stablecoins) has not yet taken effect, its passage has driven strong institutional interest.”
Why Stablecoins Should Ride On Top of Bitcoin
The best way to make sure Bitcoin benefits from the elevation of the developing world out of mediocre fiat currencies is to make sure the dollar uses Bitcoin as its rails. Every dollar stablecoin wallet should be a Bitcoin wallet as well.
Critics of the Bitcoin dollar strategy will say that it goes against Bitcoin’s libertarian roots, that Bitcoin was supposed to replace the dollar — not enhance it or bring it into the 21st century. However, this concern is largely U.S.-centric. It is easy to condemn the dollar when you get paid in dollars and your bank accounts are denominated in USD. It is easy to critique a 2-8% dollar inflation rate (depending on how you measure it) when that’s your local currency. In too many countries outside of the U.S., 2-8% yearly inflation would be a blessing.
A large portion of the population of the world suffers from fiat currencies far worse than the dollar, with inflation rates in the low-to-high double digits and even triple digits, which is why stablecoins have already gained massive adoption throughout the third world. The developing world needs to get off the sinking ship first. The hope is that once they are on a stable boat, they might start looking around for ways to upgrade to the Bitcoin yacht.
Unfortunately, most stablecoins are not on top of Bitcoin today, despite having started on Bitcoin, a technical reality that is a big source of friction and risk for users. The majority of the stablecoin volume today runs on the Tron blockchain, which is a centralized network run on a handful of servers by Justin Sun, a Chinese national who can be easily targeted by foreign states that dislike the spread of dollar stablecoins inside their borders.
Most of the blockchains on top of which stablecoins move today are also totally transparent. Public addresses, which serve as account numbers for their users, are publicly trackable, often linked by local exchanges to the user’s personal data, and easily accessible by local governments. That’s a lever foreign nations can use to push back on the spread of dollar-denominated stablecoins.
Bitcoin does not have these infrastructure risks. Unlike Ethereum, Tron, Solana, etc., Bitcoin is highly decentralized, with tens of thousands of copies of itself throughout the world and a robust peer-to-peer network used to transmit transactions in a way that can easily route around any bottlenecks or choke points. Its proof-of-work layer provides a separation of powers that other proof-of-stake blockchains do not have. Michael Saylor, for example, despite his massive stack of bitcoins, 3% of the total supply, does not have a direct vote on the consensus politics of the network. The same can not be said for Vitalik, and the proof-of-stake consensus politics of Ethereum, or Justin Sun and Tron.
Furthermore, the Lightning Network on top of Bitcoin unlocks instant transaction settlement, which benefits from Bitcoin’s underlying blockchain security. While also providing users significant privacy, as all Lightning Network transactions are off-chain by design, and do not leave an eternal footprint on its public blockchain. This fundamental difference in approach to payments grants users privacy from those they send money to, as well as from third-party observers who do not run Lightning wallets or high-liquidity Lightning nodes. This reduces the number of threat actors that can invade user privacy from anyone who feels like looking at the blockchain, to a handful of highly competent entrepreneurs and technology firms, at worst.
Users can also run their own Lightningnodes locally and choose how they connect to the network, and plenty of people do, taking their privacy and security into their own hands. None of these qualities can be seen in the blockchains that most people use for stablecoins today.
Compliance policies and even sanctions could still be applied to dollar stablecoins, their governance anchored to Washington, with the same analytics and smart-contract-based approaches used today to stop criminal use of stablecoins. There’s no fundamental way to decentralize something like the dollar; after all, it is centralized by design. However, if most of the stablecoin value were to be transferred over the Lightning Network instead, user privacy could also be maintained, protecting users in developing nations from organized crime and even their local governments.
Ultimately, what users care about is transaction fees — the cost of moving their money around — which is why Tron has dominated the market so far. However, with USDT coming online on top of the Lightning Network, that could soon change. In the Bitcoin dollar world order, the Bitcoin network would become the medium of exchange of the dollar, while the dollar would remain, for the foreseeable future, as the unit of account.
Can Bitcoin Survive This?
Critics of this strategy are also concerned about the impact the Bitcoin dollar strategy may have on Bitcoin itself. They wonder if putting the heavy incentives of the dollar on top of Bitcoin can distort its underlying structure. The most obvious way in which a superpower like the U.S. government might want to manipulate Bitcoin is to bend it into compliance with sanctions regimes, something they could theoretically do at the proof-of-work layer.
However, as discussed earlier, the sanctions regime has arguably already peaked, giving way to the era of tariffs, which seek to control the flow of goods rather than the flow of funds. This post-Trump, post-Ukraine war shift in U.S. foreign policy strategy actually relieves pressure off Bitcoin.
Furthermore, as major Western corporations, such as BlackRock, and even the U.S. government, continue to adopt bitcoin as long-term investments, or, in the words of President Donald J. Trump, a “Strategic Bitcoin Reserve,” they too start to align with the future success and survival of the Bitcoin network. Attacking Bitcoin’s censorship resistance qualities would not only undermine their investment in the asset but would also weaken the network’s ability to deliver stablecoins to the developing world.
The most obvious compromise that Bitcoin would have to make in the Bitcoin dollar world order is to give up the unit of account dimension of money. This is bad news for many Bitcoiners, and rightfully so. Unit of account is the mecca of hyperbitcoinization, and many of its users live in that world today, as they calculate their economic decisions based on the ultimate impact on the amount of sats they hold. However, nothing can really take that away from those who understand Bitcoin as the most sound money to have ever existed. In fact, the conviction of Bitcoin as a store of value and a medium of exchange will be reinforced with this Bitcoin dollar strategy.
Sadly, after 16 years of attempts to make bitcoin a unit of account as ubiquitous as the dollar, some are recognizing that in the medium term, the dollar and stablecoins will likely fulfill that use case. Bitcoin payments will never go away, and bitcoiner-led companies will continue to rise and should continue to accept bitcoin as payment to build up their bitcoin treasuries — but stablecoins and dollar-denominated value will likely dominate crypto trade in the coming decades.
Nothing Stops This Train
As the world continues to adapt to the rising powers in the east and the emergence of the multipolar world order, the United States will likely have to make difficult and pivotal decisions to avoid a long-lasting financial crisis. The country could, in theory, lower its spending, pivot, and restructure in order to become more efficient and competitive in the 21st century. And the Trump administration is certainly trying to do just that, as seen by the tariff regime and other related efforts, which attempt to bring back manufacturing of essential industries into the United States and bolster its local talent. However, in the now legendary words of Lyn Alden, nothing stops this train.
While there are a few miracles that perhaps could solve the United States’ financial woes, such as the science-fiction-like automation of labor and intelligence, and even the Bitcoin dollar strategy, ultimately, even putting the dollar on the blockchain won’t change its fate: to become a collectible for history buffs, a rediscovered token of an ancient empire fit for a museum.
The dollar’s centralized design and dependence on American politics ultimately doom the dollar as a currency, but if we are realistic, its demise might not be seen for another 10, 50 or even 100 years. When the time does come, if history repeats, Bitcoin should be there as the rails, ready to pick up the pieces and fulfill the prophecy of hyperbitcoinization.
BM Big Reads are weekly, in-depth articles on some current topic relevant to Bitcoin and Bitcoiners. Opinions expressed are those of the authors and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. If you have a submission you think fits the model, feel free to reach out at editor[at]bitcoinmagazine.com.
https://bitcoindevelopers.org/wp-content/uploads/2025/09/Big-Read-Template-1-eh8pri.webp6281200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-09-27 17:02:422025-09-27 17:02:42Stablecoins: Genius Act Paves Way for Bitcoin to Dominate Global Infrastructure
Onramp, a Bitcoin-only financial services company, recently launched an institutional-grade asset management offering, built on top of their multisignature, multi-institutional, multi-jurisdictional custody platform. Onramp is by all intents and purposes a 21st-century, full-reserve Bitcoin bank, leveraging Bitcoin’s unique and paradigm-shifting technology, in partnership with institutional custodians like BitGo, CoinCover, and Tetra Trust.
Founded in Texas in 2022 by Michael Tanguma, a former Google and Unchained Capital executive, Onramp looks to democratize institutional-grade custody, offering the full range of financial services to Bitcoiners of all sizes; Onramp offers IRAs, trusts, bitcoin-backed loans, inheritance planning, tax/advantaged accounts, and more.
Onramp operates globally (except for nations sanctioned by the U.S. like Venezuela and Iran), offering its services not just to institutions but to Bitcoin OGs and Bitcoiners with more than 10% of their portfolios in the emerging asset. Today, Onramp is a “profitable business that has billions of dollars in assets under custody,” with a lean team of over 25 people, according to Tanguma, who spoke with Bitcoin Magazine.
A Bitcoin Bank in Cypherspace
Looking to take full advantage of the paradigm shift in financial security that Bitcoin unlocks, Onramp leverages Bitcoin’s smart contract tools, one of which is known as multisignature script (or multisig for short). These are a high-security, low-complexity set of programming tools native to the Bitcoin protocol that have wide ranges and use cases — from payment networks like the Lightning Network, to wealth protection greater than any single bank can offer.
Historically there’s been only two fundamental forms of wealth custody: People either buried their gold in their own land, the modern equivalent of putting cash under the mattress, or they looked for a reputable bank with the most compelling trust-me-bro offer, and had them hold that wealth instead (in exchange for an IOU note or a title of ownership over the assets). This second form of custody is how fiat currency was born. Both forms of custody have their benefits and risks_ one is vulnerable to petty crime and home invasion theft, the other to financial fraud and invading armies. Users have to trade off one for the other, or split their wealth and diversify their risks. The invention of Bitcoin shattered this paradigm.
As a distributed or decentralized network, Bitcoin effectively exists everywhere, with over 80,000 known copies of itself all over the world, gossiping with each other about the latest transactions is a way that routes around bottlenecks and choke points by design. To guarantee the value of its transactions, the network leverages the most powerful computing network in history, known as proof-of-work or Bitcoin mining. What most people don’t know is that Bitcoin transactions are programmable. Users can effectively create transactions that are like if-else statements —they are only valid if certain conditions are met. The most popular implementations of this Bitcoin scripting language are as multisig transactions, meaning that multiple independent signatures need to be valid for the transaction to be accepted and processed by the Bitcoin network.
Multisig accounts are similar to shared accounts in traditional banks, except that instead of being secured by lawyers and accountants, they are secured by mathematics and cryptography on top of a global, decentralized network. The result is something new: a money account that can resist the whims of specific political jurisdictions, wars, or even natural disasters, distributing those keys among custodians across the world. The balances of these accounts can be publicly audited as well by running a full copy of Bitcoin on a home computer, or using a Bitcoin explorer — something unimaginable in the traditional finance world. To invoke ex-President Obama, this is a lot better than having a “Swiss bank account in your pocket.”
Up until now, most Bitcoin users are ironically still stuck in the pre-Bitcoin paradigm of custody, either holding all their coins in high-tech trust-me-bro exchanges like Coinbase, while holding a large portion of the bitcoin represented by the various ETFs and bitcoin treasury companies in the United States, or by putting all their coins into a hardware wallet that they control. More advanced users leverage multisig protocols for “cold storage”, high security wallets for personal use that distribute the keys geographically, while keeping them within the control of the user. Onramp does a similar thing but at the institutional level.
Leveraging three independent custodians across different countries — BitGo in the U.S., Tetra in Canada, and CoinCover in the UK — Onramp can offer financial security that diversifies risk from any single nation, jurisdiction, team, or hardware device. This provides an alternative to the otherwise highly concentrated custody options.
“Half of Bitcoin’s $2 trillion market cap sits on hardware wallets,” Tanguma told Bitcoin Magazine, adding that aside from Ledger’s massive representation in the self-custody market, “Trezor has about 7%, with Coldcards and other hardware devices, the rest on Coinbase. If we’re generalizing, Fidelity and other institutions hold some, but Coinbase and Ledgers hold the vast majority of Bitcoin. If we think 15 years from now, with Bitcoin at $1 million to $10 million, $1 million puts it at a $20 trillion market cap, $10 million at a $200 trillion market cap. There’s no way it will scale with people putting it on Ledgers.” Taguna’s skepticism about the future of Bitcoin custody reveals a great deal of work needed to improve the financial security of the world, and he invites Bitcoiners to be more creative about how to deliver the promises of Bitcoin to the next $200 trillion of wealth.
Bitcoin treasury companies have become one of the most important demand drivers in this cycle. Collectively, 86 publicly traded firms now hold more than 1 million BTC on their balance sheets. What began with MSTR (Strategy) in 2020 has since spread across the corporate landscape, with new entrants joining seemingly every week. But a closer look at their purchase history reveals a surprising insight that many of these companies could be holding considerably more Bitcoin today if they had followed a simple, rules-based strategy for accumulation.
MSTR Leads the Current State of Bitcoin Treasury Holdings
MSTR (Strategy) remains the clear leader among corporate Bitcoin holders, with almost 640,000 BTC. Across all Top Public Bitcoin Treasury Companies, over 1 million BTC is now effectively locked away, a dynamic that permanently reduces liquid supply and strengthens Bitcoin’s monetary premium (assuming, of course, they never sell!) While this has been a huge net positive for Bitcoin’s supply-demand economics, the data shows that a large share of these purchases occurred during overheated market conditions, particularly at local peaks.
Figure 1: Public treasury companies now hold more than 1 million BTC.View Live Table
MSTR’s Example: Buying the Top in Bitcoin Cycles
Take MSTR’s (Strategy) activity as an example. The company made some of its heaviest allocations during late 2024, as Bitcoin surged above $70,000 following ETF approvals. This was far from unique, as the broader treasury sector showed the same pattern of front-loading purchases during euphoric phases.
Figure 2: Many treasury purchases cluster around cycle peaks rather than troughs.View Live Charts
While understandable (capital is easiest to raise when prices are rising and sentiment is high), the result is that treasury companies are often overpaying. In fact, backtesting shows that waiting for even modest pullbacks could have saved firms 10–30% on average compared to their actual entry prices. Of course, nobody has a crystal ball to predict price action, but at the very least, not buying immediately after triple-digit percentage gains in a few weeks would probably help!
A Simple MVRV Data-Driven Fix for MSTR and Treasuries
One straightforward adjustment could have made a massive difference: using the MVRV Ratio as a filter. This approach is not complex. It doesn’t attempt to time exact bottoms, nor does it rely on subjective judgment. Instead, it uses a rolling MVRV percentile threshold to avoid allocating during the most overheated phases of bull markets.
Figure 3: Using MVRV-based signals, BTC accumulation can be effectively timed.View Live Chart
By avoiding purchases when the MVRV ratio was in its top 20% of historical readings (a proxy for overvaluation) and simply deploying that capital during cooler periods, MSTR (Strategy) alone would be holding almost 685,000 BTC today, nearly 50,000 BTC more than it currently owns.
At current prices, that’s over $5 billion in additional Bitcoin. To put that in perspective, the “missed” Bitcoin is roughly equivalent to the combined lifetime holdings of the other Active Bitcoin Treasury Companies (except Marathon Digital).
Figure 4: A simple MVRV-based filter would have yielded ~50,000 more BTC for MSTR (Strategy).
Similar frameworks have been tested on other markets such as altcoins, equities, and even the S&P 500, and they consistently outperform blind dollar-cost averaging. Strategic dollar-cost averaging beats emotional dollar-cost averaging pretty much regardless of market conditions.
Implications for MSTR, Treasuries, and Individual Investors
For treasury companies, implementing this model could mean billions in extra value over time. For individual investors, the same principle applies of simply avoiding chasing rallies during euphoric phases, and instead let the market come to you.
Figure 5: Adopting a more strategic DCA approach, by avoiding the most over-valued dates, would have driven higher returns for MSTR and other investors.
Of course, we must acknowledge the nuances. Corporations face constraints in raising capital, executing large block trades without slippage, and managing shareholder expectations. But even within those limits, a simple data-driven filter could materially improve outcomes.
Conclusion: MSTR’s Path to Smarter Bitcoin Accumulation
Bitcoin treasury companies have been an enormous net positive for the network. Their combined 1 million BTC holdings reduce supply, increase the money multiplier effect, and highlight the growing institutional adoption of Bitcoin. But the data shows that most of them could almost certainly be doing better. A simple strategy of avoiding purchases during overheated conditions would have netted MSTR (Strategy) alone an extra 50,000 BTC, worth more than $5 billion today.
For both corporations and individuals, the message is the same: discipline outperforms FOMO. Treasury accumulation has reshaped Bitcoin’s supply landscape, but the next evolution may be smarter accumulation strategies that maximize returns and limit the markets downside volatility without increasing risk.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
https://bitcoindevelopers.org/wp-content/uploads/2025/09/How-MSTR-Could-Have-Gained-50K-Extra-Bitcoin-with-MVRV-BTC-Strategy-7t5epo.jpg7201280Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-09-26 13:49:512025-09-26 13:49:51How MSTR Could Have Gained 50K Extra Bitcoin with MVRV BTC Strategy
After the less than ideal outcomes of this summer’s Tornado Cash trial and the Samourai Wallet case, it’s more important than ever to protect peer-to-peer (P2P) transaction rights.
This is why the Bitcoin Policy Institute has joined forces with Save Our Wallets, CoinCenter, the Bitcoin Design foundation and regional Bitcoin hubs throughout the United States to launch the “Satoshi Needs You!” campaign.
Self-sovereign Bitcoin use is under threat — but there’s still hope!@Btcpolicyorg, @CoinCenter, @SaveOurWallets & others are launching a decentralized campaign to mobilize Bitcoiners and urge Congress to defend peer-to-peer, non-custodial software rights.
The initiative aims to catalyze Bitcoin enthusiasts from coast to coast to reach out to their elected officials to request that they support the provisions from the Blockchain Regulatory Certainty Act (BRCA) that were included in the most recent version of the Senate version of the CLARITY Act.
This draft of the bill provides robust protections for developers and providers of noncustodial crypto technology as well as protections for everyday users who utilize noncustodial bitcoin and crypto tools.
Without such protections, Bitcoiners could lose their right to transact with bitcoin freely, and we could see more developers put on trial for creating noncustodial crypto technology.
“This is a moment of great danger and great opportunity for the Bitcoin network,” said Kyle Olney, co-founder of SaveOurWallets.org, in a press release shared with Bitcoin Magazine.
“We can’t take anything for granted until our fundamental rights to economic liberty in the digital realm have been codified into law. We need EVERY Bitcoiner to get involved, contact their representatives in Washington, D.C., and ensure this congress continues to execute on pro-Bitcoin policy,” he added.
“We have a responsibility to fight for our freedoms like the right to transact, and to pass those rights on for future generations.”
So, please don’t hesitate: Take action immediately by heading over to SaveOurWallets.org to learn more about the CLARITY Act and to obtain contact information for your Senators so that you get can in touch with them to tell them to support the most current Senate draft of the bill — particularly Section 109.
SaveOutWallets.org screenshot — The website makes it easy for you to find the contact information for your Senator.
With your help, we can ensure that we remain free to use bitcoin the way that Satoshi intended for us to use it — as peer-to-peer electronic cash that doesn’t require third party assistance or identifying information.
It’s up to each of us to make sure that Bitcoin — a system imbued with the American values of economic freedom and financial liberty — remains open and easily accessible for all.
Knut Svanholm, the Swedish author, Bitcoiner, podcaster and educator, is a prolific writer and eccentric, charismatic persona in Bitcoinland. We don’t have royals in Bitcoin and we routinely slay our heroes, which means that anybody who sticks around for a long time has Lindy-proven integrity. Svanholm is one such character: If you’ve attended the conference circuit in recent years, you’re likely to have encountered Svanholm’s enchanting voice and scruffy beard — cowboy hat included for fashion and good measure.
I’ve always had a weak spot for this fellow Scandinavian, whether it be his uncompromising words or impressive output, his funky demeanor or funny personality. In a recent interview with Bitcoin Magazine, we chatted about publishing books in the modern age, writing, praxeology — the arcane science underpinning Austrian economics — spirituality, nation-states, the cooperative nature of Bitcoin, how Bitcoin wins and why leaning into “the fun” makes for a better path to the brilliant, bright, orange future we both see.
Together with his sidekick and co-author Luke de Wolf, Svanholm has incorporated the publishing house Lemiscate Media in Estonia, which allowed them to accept sats and keep bitcoin on the balance sheet — a bitcoin treasury company, the old-fashioned way. It also offered a convenient way around Amazon’s book publishing gatekeeping and meant that all books became print-on-demand. (All of Knut Svanholm’s previous book — including “Everything Divided by 21 Million” and “The Inverse of Clown World” — are available via Lemiscate.)
JB: Knut, tell me about your publishing company. Are you trying to copy Saifedean Ammous and make Lemiscate Media be like his The Saif House?
Knut: Yeah, I’ve always been a little bit Saifedean-like, or rather: Saif with a pirate hat. But it’s not because I’m copying Saif on purpose, but rather that things have just played out this way… There’s a reason why that happens. The same thing happened with my book “Praxeology: The Invisible Hand That Feeds You” — I re-wrote it this year and turned it into a full course for Plan ₿ that’ll be released this winter. It was all a very Saifedean-like approach, echoing what he did with his “Principles of Economics” textbook. Mine is much less dense: The chapters are shorter and a bit more accessible than in Saif’s book.
JB: One question I had for us sitting down was about your book “Praxeology,” your attempt to connect Bitcoiners with Austrian economists. When it came out, I saw almost nobody writing about it (I did!) — what happened? “Everything Divided by 21 Million,” massive success; “Praxeology,” almost nothing. What gives?
Knut: Generally speaking, I think people read less and it’s hard to follow up on a hit. Plus, there are a little too many Bitcoin books right now as well; people don’t know what to choose. The more long-term goal here is to assemble all of the books into one, a “collected volumes” type of thing, leatherbound etc. The podcast I run with Luke de Wolf, Bitcoin Infinity Show, is more for hardened Bitcoiners — conviction-deepening rather than orange-pilling…
JB: …then why are you clowning about so much on the show?
Knut: Haha… it doesn’t matter what you do, the absolute most important thing is that what you deliver is entertaining in some way. That can be because it’s interesting or because it’s passionate — or because it’s fun! And fun can be a shortcut to entertaining: If it’s fun, people stick around. If you keep your humor about, that becomes a tool for making people listen. We think about this when it comes to Satoshi Rockamoto [the pop-up concert events that Svanholm runs together with Mike Jarmuz, Samson Mow, Martti Malmi etc., eds. remark]. It started way back, at an event in Mexico and we all just borrowed some instruments and were all surprised at how good it sounded… Wouldn’t it be a good idea to do this at different conferences?!
JB: Yeah, those shows are amazing, and you can really tell that you guys are having fun. Is it all planned and rehearsed, or do you guys just wing it?
Knut: No, it’s completely improvised. This time in Helsinki at BTCHel was the first time we rehearsed together — once. I often gotta pinch myself… Am I really in a band with Martii Malmi and Samson Mow?! What everyone who is anyone in Bitcoin have in common is that they’re just themselves, and that just works.
Knut: I’m trying to live by my words, practice what I preach… and I’ve long had this idea that we are our satoshis.
JB: I remember the first time I heard you say that, on stage in Prague 2023 — and you just looked completely out of your mind!
Knut: The entire distinction between satoshis and personhood is pretty blurry: All there is to Bitcoin is keeping a secret from someone else… All nodes, all miners, etc., have a person behind them. They’re not “backed by energy,” but by human action (…which, technically, is also backed by energy). At the end of the day, I always say that Bitcoin is an agreement on a fixed set of rules, and the reason we agree on this specific set of rules is that they are costlier to try to break than to just follow. And that’s what allows for resistance, irreplicability and finiteness.
JB: There’s a quote in economics and game theory to the effect of “trading is cheaper than raiding,” but still world history is littered with wars. What do you make of that?
Knut: Yes, but if the aggressor thinks that he has enough to profit from violence, there’s a risk he will. Where Bitcoin is different is that I can threaten you with a gun — Joakim, give me all of your sats! — but there is no way for me to know how many sats you have. So game-theoretically, it’s better for me to offer you something of value and trade with you… Bitcoin has moved the point at which aggression pays further out, and this aspect of Bitcoin is so underappreciated.
But let’s return to this idea that we are all our satoshis. Everybody wants to pump their bags, and we all benefit from number-go-up, which means all companies and everybody in Bitcoin have an incentive to help each other.
With Lemiscate and Bitcoin Infinity Show we’re really trying to put that in practice right now, by giving as much as we can because, in the end, it all comes back to us! Why not cooperate? Take Vexl, the peer-to-peer trading platform out of Prague; they’re not paying us a dime to say this, but I still want everyone to be on Vexl — it’s an excellent service.
Bitcoin jobs in general is so completely different than fiat jobs; you don’t even need to, or can expect, to be paid anything to begin with. Rather, you must provide value first and then reap rewards later. That’s so powerful, and most people don’t get that: All I want is for you to flourish.
JB: The connection to Praxeology is so obvious: We’ve sort of fiat-ized what “work” is. A job is: you’re employed by someone, you do something and you’re paid by the hour… And there are laws around this, it’s your right as a laborer to receive this money. And nobody thinks about how working is about creating value for someone else.
Knut: And that doesn’t stop being true just because someone — the state, labor unions — is trying hard to make that not true. Still, an employer won’t hire anybody if it’s too costly. Say you want to hire somebody in Sweden. Then you have to consider that you can’t fire them very easily, you gotta pay payroll taxes, and income taxes etc., if they’re ill, you have to pay for their recovery, and blah-blah-blah.
It leads to this entitlement idea, a culture or I deserve all this. Most people don’t understand how Bitcoin is different here: What happens when there is a way to signal value that’s deflationary, absolutely finite, such that all prices — including salaries — fall over time, while purchasing power rises.
If you hire someone, and that someone gets the same amount of satoshis every month, their real salary is effectively increasing… You never need to readjust salaries. Micropayments is such a fiat idea… The entire model of velocity of money is a Keynesian idea.. I think subscription models will increase in popularity. On a deflationary standard, a company has every incentive to receive one larger payment early over many smaller payments later, because it will receive fewer and fewer satoshis every time.
JB: Uh, ok…
Knut: I think people just underestimate what deflation is. That’s the main thesis in “The Inverse of Clown World”: Everything that’s true in fiat, the inverse of that is true in Bitcoin.
On a bitcoin standard, we’ll have fewer transactions — not more. It’s a pet theory I have, and it was in a Bitcoin Magazine article (“The Real Scaling Solution for Bitcoin”) a few years ago: With a richer society, you’ll have fewer transactions. Say ten rich people and ten poor people are having dinner. Among the rich people, at the end of the night, someone picks up the tab, so over time there’ll be ten transactions — one per dinner. But for the poor people, who don’t have enough wealth, everyone has to pay for their own meal on every occasion, meaning a hundred transactions.
If we focus on quality instead of quantity, which is what happens in a deflationary economy, what happens is fewer transactions but more significant, valuable transactions.
“Will give everyone a reason to save rather than overconsume, giving more people access to whatever they want over time because of the falling prices. If you postpone your spending, your bitcoin will buy you more in the future. In other words, fewer transactions. Quality before quantity. The necessity for transactions per second will diminish.”
This article really didn’t pull any punches. In a hundred years, you won’t pay for coffee anymore; the barista will give it to you for free, since he has built up this entire chain of trust over generations, which will ensure that you want to give him something of value.
JB: Like that quote you referred to on stage here at BTCHel, know-your-customer laws are economically illiterate; trust is the opposite of money. Trading partners only need to use money when they don’t trust someone. The difference is, you use credit money with those you trust, and commodity money with strangers.
Knut: Precisely! You only need money in trade when you don’t trust the people you’re trading with. That’s the problem with credit money altogether: It isn’t money. Even if you have debt notes or credit money, it has to be denominated in something — and that something is what constitutes money.
I learned this in Murray Rothbard’s excellent book “What Has Government Done to Our Money?” There’s no doubt about it: Credit money is not money. Money represents something valuable; even if that’s a debt, it has to be denominated in something — and it’s that thing that is money. When you accept a receipt for something and you don’t receive the thing back, that’s theft.
And that’s what banknotes are.
JB: You write something to that effect in the beginning of your 2020 book “Independence Reimagined”, about how collective imagination is one of our greatest strengths as humans — but also our worst weakness. Natural law, property rights, money etc, aren’t out there, in nature, right; we don’t discover them, but invent them, no…?
Knut: No, all the way down to molecular biology or complex societies like ant hills, I think, where we find examples of what looks like cooperation and herd behavior, but in reality, you’re backstabbing them — the black sheep of the herd, etc. What’s evolutionarily good for the herd isn’t always the same as what’s good for the herd.
JB: This is something monetary scholars often talk about, what is it that money does in a society? Large-scale cooperation, overcoming Dunbar’s number etc. It’s these collective delusions that let a billion Catholics cooperate, or 330 million Americans to all believe in their shared stories — not that America is doing extraordinarily well, but that’s beside the point — the belief that we are one unit is what lets us cooperate so we’ll create bigger things.
Knut: Organized religion and, after that, nation-states, might be good for your tribe, for convincing people that they go to heaven if you murder members of this other tribe. And to do that, we have to cooperate, so we need to tax citizens this or that much and then demand that you give your life for the herd. That’s rarely good for the individual soldier. And some of these units have created pretty destructive things, too.
For some of these topics — like the question of God — I’m perfectly comfortable not knowing certain things, if I know these are questions we can’t answer. If you were to order the great Austrians in order of religiosity, I think we’d get Mises -> Rothbard -> Hoppe.
What I’ve changed my mind about is that I nowadays believe democracy to be the most dangerous religion. It’s better that people believe in a fake friend in the sky than an earthly friend who swindles them. Religion is a tool for managed control, the best way to fool 18-year-olds into war — and psychopaths will use it!
JB: What’s the connection to economics or praxeology?
Knut: Well, economic thought was actually better before the Enlightenment than after. At that time, all economists were also theologians grappling with the basic question, What does God want? Many of them are opposed to the phenomenon of interest, unethical practices and turning people into debt slaves
Knut: Precisely, and it’s not until we get Austrian economics that we actually can explain how interest is ethical — That it’s just the price of tomorrow, to quote Booth.
And prices and interest rates fall in a free market.
JB: Everything we talk about here is so in the weeds, so deep, so spiritual. Praxeology itself is a bit like that, making us wonder what in the world is this thing we call consciousness, choice, economics?
Knut: The basic tenet is that science cannot derive an ought from an is — but with praxeology, we can get pretty darn close! Hans-Hermann Hoppe explains it best, but if I were to try, I’d say, “All communications and interaction between humans are the result of some sort of conflict.” We perceive value in communicating rather than attacking, which means all language is for resolving conflict; we have human language so that we can comprehend one another.
From there, you’re very close to absolute property rights. And here’s argumentation ethics:
If I say every human owns their own bodies, you cannot rebuke that without proving my point.
And from there, we can derive so much knowledge from that, if you only accept those axioms. But they are still pretty darn sound axioms.
JB: So why isn’t this sexy? Why doesn’t it sell? I think this is, big-brain gigachad boom stuff… but nobody cares.
Knut: …and it’s so goddamn simple that it’s better to cooperate than to use violence. People don’t understand how much they’re being robbed today; everybody underestimates their own value. It’s tragic, but not that hard to explain: You have an institution — public school — entirely funded by theft. You learn math and English and whatever, but you also learn social science, which is nothing but opinions and bullshit. We’re taught obedience rather than providing value.
Everything that at some level is supported by government money is corrupt and unethical. These ideas have existed for centuries, but it’s so hard for normies to get past this:
If there’s one thing public education shoves down our throats more than anything else, it’s that democracy is the most important and most beautiful thing we have. It’s not. It’s a system that says, because of a popularity contest, you have the right to take others’ stuff; it’s completely wrong, beginning to end.
JB: How do you see this fixed? How do we win?
Knut: The more we use bitcoin, KYC-free, between each other without paying taxes, and without inflation, the more we disarm the psychopaths.
JB: Very, very slowly, one person at a time?
Knut: Yes: Sooner or later, everyone wakes up to this. Anyone who attends these Bitcoin conferences can see for themselves how freakin’ superior bitcoin is to fiat money.
JB: We went on a Bitcoin Walk in Helsinki yesterday. We stopped at a café — cute, small, two people working there, and 50 Bitcoiners show up. Obviously, everyone was gonna try to orange-pill this poor barista: wallets, zapping, the whole ordeal. Just think about it for a minute, 50 people, 5,000-10,000 sats zapped each, that’s a good couple of hundred bucks. Easy money, right? No, the dude had zero interest; he just wanted to serve coffee and get on with his day.
Knut: Well, at dinner last night, we met a server who was exactly the other way around. She was super interested, “Oh yes, I’ve heard about bitcoin but I’ve never tried it, don’t know how it works.” From just a handful of us, she got some $50 — super happy about it!
JB: So the guy we met yesterday just didn’t have curiosity awakened yet, whereas your server from last night did…? You think that’s the difference?
Knut: Yes! The biggest reason for this is that to even grasp what Bitcoin is or what it does, you need to spend 100 hours on self-education… and most people aren’t willing to do that! The biggest hurdle to adoption is that people don’t have time; they don’t have 10,000 hours or whatever to invest into Bitcoin in order to fully understand it.
JB: But we do have that time — certainly in a country like Finland. At least in the West, we work fewer hours, we have higher real wages, more leisure time. You can devote your time to whatever.
Knut: Sure, but most people want to go to work, then go home and feel like they made a living for themselves when actually they worked three out of five days for the government, and another for the banks.
That we still have money and time left is a testament to how strong the free market is: Everything good in the world comes from the free market. It’s a more powerful force than any totalitarian, self-pompos leader ever could be.
Despite democracy, taxes and inflation, things move forward. We have progress.
JB: Alright, wrapping up. What gives you hope? Where do you see the light? I don’t think the future is dark — it’s bright af — but the more you look out into fiatland, the worse things look.
Knut: That’s because the future isn’t in fiat — it’s in Bitcoin. The future is bitcoin. It’s definitely this “Which Way, Western Man” meme. Either we’re in a world where everyone cooperates — like Booth says, eight billion people in service of eight billion people — or we’re going further down totalitarian oppression, darker and darker.
If we didn’t have Bitcoin, I’d be much less hopeful for the future.
Bitcoin exists, it’s easy to learn, and when a system is better, people make the change — put like that, why wouldn’t Bitcoin win?
The UK’s newest Bitcoin-focused public company wasted no time putting capital to work.
Fresh off its debut on the Aquis Stock Exchange, B HODL (AQUIS: HODL) announced it acquired 100 Bitcoin worth $11.3 million, establishing itself as one of the first British firms to formally adopt a corporate Bitcoin treasury strategy.
The purchase, disclosed Wednesday, comes just a day after B HODL raised £15.3 million ($20.7 million) in its IPO to fund a long-term digital asset strategy.
With its inaugural buy, B HODL now holds 100 BTC at an average price of £83,872 ($113,227) per coin. That position places the company 98th on Bitcoin Treasuries’ global leaderboard of public firms holding Bitcoin.
Following Saylor’s playbook
B HODL’s model echoes the trail blazed by Michael Saylor’s Strategy (formerly MicroStrategy), the U.S. software company that transformed itself into the world’s largest corporate Bitcoin holder.
Since first adopting Bitcoin as its primary reserve asset in 2020, Saylor’s firm has raised billions through equity offerings and convertible debt, using proceeds to aggressively accumulate Bitcoin.
By mid-2025, Strategy’s stash had surpassed 500,000 BTC, worth tens of billions of dollars, acquired at an average cost basis far below current market levels. Saylor often describes Bitcoin as “digital gold” and has positioned his company as a leveraged bet on the asset’s long-term adoption curve.
Strategy recently purchased 525 BTC for $60.2 million at an average price of $114,562, raising its total holdings to 638,985 BTC
The model has three key pillars: disciplined buying (often “buying the dip”), using capital markets to finance purchases, and treating Bitcoin as a non-yielding, inflation-proof balance sheet reserve.
B HODL’s decision to move quickly into Bitcoin mirrors this precedent — with one twist. Rather than a purely passive hold, the UK firm intends to activate its treasury through Lightning, effectively turning its Bitcoin into productive infrastructure.
While B HODL’s entry marks a milestone for UK markets, the company still trails domestic peers. Smarter Web Company leads the British pack with 2,525 BTC ($286 million), ranking 29th worldwide.
Just yesterday, the London-listed technology firm added to its holdings under “The 10 Year Plan,” its long-term treasury strategy of accumulating Bitcoin. The company purchased an additional 55 BTC as part of the program.
https://bitcoindevelopers.org/wp-content/uploads/2025/09/B-HODL-Joins-Global-Bitcoin-Treasury-Race-With-11.3-Million-Bitcoin-Purchase-A3PAcU.jpg6291200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-09-24 20:12:012025-09-24 20:12:01UK-listed B HODL Joins the Bitcoin Treasury Race With $11.3 Million Bitcoin Purchase
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