Bitcoin Magazine

Swiss Bitcoin-Only App Relai Secures MiCA License in France

Swiss Bitcoin app Relai has become one of the first Bitcoin-only companies to receive regulatory approval under Europe’s landmark Markets in Crypto-Assets (MiCA) framework. 

The Zurich-based firm announced today that it has been granted authorization as a Crypto-Asset Service Provider (CASP) by France’s Financial Markets Authority (AMF), according to a note shared with Bitcoin Magazine.

The approval marks a significant moment not just for Relai, but for the broader Bitcoin ecosystem in Europe. The MiCA regulation, which came into effect earlier this year, establishes uniform rules for crypto companies across the EU, aiming to increase investor protection and reduce regulatory fragmentation between member states. 

While large exchanges like Binance and Coinbase are still navigating the complex licensing process, Relai’s early authorization gives it a head start as one of the first Bitcoin-only firms to achieve compliance.

“We’re incredibly proud to be one of the first Bitcoin companies to get the MiCA license and are eager to expand to France first — and Europe in a second step,” said Julian Liniger, co-founder and CEO of Relai. “This is a big moment for Bitcoin adoption on the continent.”

Relai is expanding a bitcoin-only vision across Europe

Founded in Zurich in 2020, Relai has grown despite a rough regulatory environment for digital assets.

The company closed a Series A funding round last year and surpassed 500,000 app downloads, establishing itself as a user-friendly gateway for European retail investors seeking exposure to Bitcoin without intermediaries.

With the MiCA license secured, Relai can now “passport” its services across the EU — meaning it can operate in all 27 member states once formal notification procedures are complete. 

The company plans to introduce a suite of new features tailored to European users, including Instant SEPA payments, higher trading limits, fixed-price transparency, and enhanced security standards.

Relai also intends to invest in education and community-building, launching localized learning resources and sponsoring Bitcoin events across Europe. 

“Our goal is clear: bringing Bitcoin to as many people as possible — simple, secure, and regulated,” said Adem Bilican, co-founder and president of Relai EU.

The company is also strengthening its governance with a newly appointed advisory board, featuring industry veterans Jean Guillaume, Daniel Astraud, and Herve de Kerdrel, who will provide guidance on regulatory compliance and strategic growth. 

Relai plans to leverage its MiCA approval to expand across Europe, with marketing campaigns and app updates scheduled for 2026.

Yesterday, Blockchain.com announced it received a MiCA license as well, granted by the Maltese Financial Services Authority (MFSA),

This post Swiss Bitcoin-Only App Relai Secures MiCA License in France first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Source: Bitcoin Magazine – Read More

Bitcoin Magazine

Spark and Ark: A Look At Our Newest Bitcoin Layer Twos

In my quest to find the best solution for Cake Wallet to offer user-friendly, non-custodial Lightning to our users, I’ve gone deep down the rabbit hole of both Spark and Ark. Both are quite novel approaches to Bitcoin layer two networks, and are designed at their core to be interoperable with the broader Bitcoin network for payments via the Lightning Network. While both can be used “just” for Lightning payments, both networks are positioned to rapidly expand and be used for far more than that over the coming months and years.

One thing to keep in mind is that while Spark and Ark on their face seem rather similar, in practice and in implementation they are quite distinct.

Why do we need new layer twos?

Bitcoin at its core is an incredible tool for freedom, but due to block size constraints, we know that the majority of the world will never be able to make transactions on-chain. Enter Lightning, a solution that allows one on-chain transaction to allow for essentially infinite off-chain transactions, expanding the usefulness of Bitcoin’s base layer and making it possible for more people to transact.

While Lightning provided a promising approach to scaling Bitcoin payments, ultimately the realization that its best role is as an interoperability layer and not as a tool for end-users to run themselves has become clear. On-chain requirements, liquidity management, liveness requirements, and other core hurdles make the implementation of user-friendly, self-custodial Lightning next to impossible. This has become apparent as most Lightning wallets and use-cases have opted to use custodial or federated models out of a need to simplify the user experience and the implementation difficulty.

The biggest win that Spark and Ark provide to the Bitcoin space out of the gate is providing a much simpler and easier way for the average developer to provide Lightning to their users, while allowing for greatly expanded functionality down the line beyond Lightning payments.

Ark, simplified

History

The concept of Ark was created in May of 2023 by Burak, a Lightning advocate and developer. The driving force behind its creation was the realization that the Lightning network as constructed was not effective as an onboarding tool for the average individual due to inbound liquidity requirements among many other things, and that privacy was often lacking. While Burak invented the protocol itself, two companies – Ark Labs and Second – have stepped in to build the Ark protocol into an end-to-end layer-two network for Bitcoin.

While both companies are building around the same open-source Ark protocol, their implementations and objectives are rather dissimilar. As a result, I’ll do my best to distill both below where possible.

Terminology

Ark: Ark is a protocol for moving Bitcoin transactions off-chain by leveraging multisig and pre-signed transactions between users and the Ark Operator. Anything you can do on Bitcoin, you can do on Ark but faster and with lower fees.

Ark Operator: The entity running the centralized Ark server infrastructure and responsible for providing liquidity for user’s VTXOs before expiry.

Lightning Gateway: The entity that provides the ability for Ark users to send or receive Lightning payments using trustless atomic swaps of Ark VTXOs. This function can be provided by the same entity as the Ark Operator, but is often distinct to spread out counter-party risk.

Virtual Transaction Outputs: Also called “VTXOs”, these are very similar to on-chain UTXOs in nature, but are virtual as they aren’t represented as unique UTXOs on-chain and live entirely off-chain. Users send and receive VTXOs within Ark.

Rounds: In order to gain true finality and/or refresh VTXOs, Ark users will need to join rounds, where they work together with other Ark users and the Ark Operator to get new VTXOs in exchange for a fee.

Making transactions

Ark functions very similarly to on-chain Bitcoin transactions, and inherits many of the same mannerisms while allowing transactions to be near-instant and trust-minimized between Ark participants. The sender works with the Ark Operator to sign the VTXO over to the recipient, or in the case of Ark Labs to create a new, chained VTXO for the recipient. This allows a user-experience similar in many ways to on-chain payments, but with far lower fees and far faster transaction times. When the user wants to send or receive Lightning payments, they can work with a Lightning Gateway to atomically swap VTXOs for Lightning payments as-needed. At the moment no offline receive for Lightning payments in Ark is possible, but it’s likely this will be solved in a similarly trust-minimized way within Ark as it is in Spark.

If the user desires finality (i.e. they’ve received a large payment), they can choose to join a round to finalize the payment and gain the same finality assumptions as on-chain Bitcoin. The frequency of this round process will vary by Ark Operator –  with estimates ranging from every 10min to every hour – and requires a relatively lengthy coordinated signing process between all users seeking to join the round with the Ark Operator. The round frequency can even vary based on demand, and is not something that has to be set in stone to a single frequency unlike Bitcoin block times.

As Ark inherits Bitcoin scripting and the UTXO model directly from on-chain Bitcoin, Ark will likely be extended to support token protocols like Taproot Assets in the future.

Trust tradeoffs

Ark targets a very trust-minimized approach to scaling Bitcoin, striking something of a middle-ground in terms of usability and tradeoffs between Lightning and Spark. Note that Ark as a protocol is rapidly developing, and some of these tradeoffs will hopefully be solved through the use of novel off-chain methods or after the implementation of covenants in Bitcoin.

Lack of out-of-round finality

While Spark lacks provable finality, Ark strikes something of a middle ground. For small payments, users can rely on the Ark Operator and previous senders to not collude for security, allowing for instant transfers with no need for collaborative signing rounds. Note that by default, payments within Ark will be “out-of-round” payments that lack true finality, a tradeoff that allows Ark to deliver a good user experience out of the box.

That being said, users who do need or want true finality can have it by joining a round and receiving a new VTXO from the Ark Operator. Receivers are essentially in control of their preferred trust model.

VTXO expiration

As a result of the liquidity requirements to operate an Ark instance, Ark Operators need a way to reclaim liquidity regularly. To allow this liquidity reclamation, Ark VTXOs will expire regularly (i.e. after 30d, with the VTXO expiry being set by each Ark Operator), requiring their owners to either join a round to refresh the VTXO or risk giving up control of their funds entirely to the Ark Operator. While the Ark Operator has strong incentives to merely issue a new VTXO to the owner of the expired one when they come back online, both the Ark Operator and the user will have the ability to spend funds until a new VTXO is issued to the user.

To avoid funds expiring, users will be required to refresh their VTXOs within that window either directly or by offloading refresh to a delegate. Alternatively, atomic swaps of an expiring VTXO for one with a longer lifecycle could be done with an entity like Boltz for a fee, but that is not yet implemented.

Complex round user experience

If you’ve ever used Coinjoin on Bitcoin, you know how tedious and unreliable collaboratively signing a transaction with other Bitcoiners can be. In Ark, those seeking true finality for their VTXOs will need to be available throughout a round signing process until its completion, something that will depend heavily on other participants properly completing the signing process. While this is quite trivial to accomplish for a wallet running on an always-online server, it’s rather complex to reliably perform on mobile platforms, especially iOS where no background execution (and thus no ability to be online at the right time for signing) can be guaranteed for any app.

As a result of this complex user experience, Ark Labs have come up with a system that leverages delegated third parties performing the refresh in a trust-minimized way for users, offloading the liveliness requirement to a third party. While this third party has no ability to steal funds, if they are offline for any reason or refuse to refresh a given VTXO, the user will be forced to join a round themselves before the expiry period. To mitigate this risk, users can designate multiple delegates, shifting the trust assumptions for expiry to a 1-of-N assumption, where if any delegate is honest their VTXO will be refreshed properly.

Second also have a similarly designed system that enables trustless, non-interactive rounds for users, allowing any number of parties to sign for a user during a round (i.e. the wallet provider and a third-party delegate) where if any of those parties signs properly, the users VTXO is properly refreshed.

Note that while these two solutions can refresh expiring VTXOs, they cannot give users true finality without the user actively participating in the round themselves.

Lastly, it’s important to call out that the vast majority of complexity with the round process can be entirely mitigated if a simple covenant is deployed in an upgrade to Bitcoin, something that would unlock a vastly improved user experience for Ark.

Privacy tradeoffs

At its core, Ark inherits Bitcoin’s poor privacy and doesn’t provide any notable privacy improvements as a protocol. That being said, its ability to offload execution off-chain and expand Bitcoin’s functionality allows existing and novel privacy protocols to be built on top of it in the future, with covenants fully unlocking things like private rounds within Ark.

In the short-term, Ark Labs have planned to use WabiSabi-like blinded credentials to improve privacy from the operator when users participate in rounds.

Transaction visibility

While all transactions within Ark don’t need to be published on-chain, providing some loose ephemerality, all transaction details are visible to the Ark Operator and shouldn’t be considered private in the truest sense. Instead, viewing the ephemeral privacy provided by Ark as analogous to the VPN model (offloading visibility into transactions from the Bitcoin blockchain to a trusted third-party) is a useful mental model.

It’s unclear at this time if Ark Labs and Second will keep transaction data private or publish it publicly, but as with a VPN users should not rely entirely on a promise to not log for their privacy.

Learn more

• Official docs (Ark Labs): https://docs.arkadeos.com/
• Official docs (Second): https://docs.second.tech/
• Excellent Ark explainer video from Second: https://www.youtube.com/watch?v=WvwmLv0SgAc
• “Ark and the train analogy”: https://pakovm.substack.com/p/ark-and-the-train-analogy-a-guide

Spark, simplified

History

The Spark network was launched earlier this year by the folks at Lightspark, a Bitcoin-adjacent company with an interesting history. From UMA (a username system with natively integrated compliance features for their banking partners) to connections with the failed Libra currency, they have an odd track record of building tools that aren’t quite up to par with Bitcoin’s more cypherpunk roots. But, when I put aside their odd track record and focused purely on what Spark the protocol actually is, it presents a rather useful, pragmatic, and powerful tool overall.

Spark at its core takes a lot of the useful features of statechains, a novel approach to layer twos on Bitcoin created by Ruben Somsen in 2018. Spark specifically extends statechains with the idea of “leaves”, allowing users to send any amount in a transaction instead of being solely able to transact with whole UTXOs, one of the biggest issues with statechains up to this point.

Terminology

Spark Entity: the entity running a given Spark instance, i.e. Lightspark, made up of a collection of Spark Operators. As Spark is an open-source protocol, anyone can start their own Spark Entity, but each Spark Entity controls which Spark Operators can join.

Spark Operator: each Spark Entity is composed of one or more Spark Operators, each of which are responsible for validating and signing operations of users within the Spark instance, including transfers of funds and tokens, issuance of new tokens, etc. These can be the same entity as the Spark Entity, or (hopefully) distinct in relationship and jurisdiction from the Spark Entity. Currently the two Operators for Spark are Lightspark themselves and Flashnet, but more are slated to be added in the near future.

Spark Service Provider: an entity that provides various services to Spark users, including using atomic swaps to trustlessly send and receive Lightning payments on the users behalf.

Spark leaves: Spark solves the issues around whole-coin transfer requirements in statechains with the introduction of leaves. These can be thought of similarly to UTXOs within Bitcoin, as they can be freely broken up into any size necessary.

Making transactions

At its core, Spark functions by allowing users to easily move Bitcoin around the Spark network near-instantly by working in a trust-minimized way with Spark Operators to transfer ownership of individual leaves to another person. There is no need for a blockchain, confirmations, or liveness between sender and receiver, making payments simple and very fast. When a user wants to make a payment on Lightning, they atomically swap a leaf or leaves from their wallet with a Spark Service Provider who then sends the payment trustlessly on their behalf for a fee.

To transfer a Spark leaf, the sender co-signs ownership of the leaf over from themselves + Spark Operators to the new owner + Spark Operators. This is done in such a way that if any of the Spark Operators or previous owner honestly deletes their keyshare used in the co-signing operation, the leaf is then solely owned by the recipient and no double-spend is possible. As this operation only requires collaboration between the Spark Operators and sender and not any other Spark users, these signing rounds are very fast and resistant to DoS attacks.

Spark also includes a similar 1-of-N trust model to do offline receive for Lightning payments, a key user-experience improvement over standard Lightning wallet usage. This is especially important when using Spark on a mobile wallet, as mobile platforms cannot guarantee background execution or perfect network access 24/7.

In addition to regular payments, Spark has extended the idea to include native token support, with the core focus being on stablecoins like USDT and USDC able to be issued and transferred seamlessly within the Spark network. Tokens transfers themselves share a similar trust model to standard transactions on Spark, and retain the ability to unilaterally exit on-chain.

Lastly, users in Spark can unilaterally exit on-chain at any time by publishing a pre-signed exit transaction on-chain. While the cost of exiting can vary widely due to variables like leaf depth and on-chain fee rates, likely pricing out smaller amounts, it’s a critical tool to ensure that funds can be retrieved in the event of a malicious or unavailable Spark Entity.

Trust tradeoffs

Spark makes a very pragmatic set of tradeoffs that compliment the current issues befalling Lightning and Bitcoin usage today. That being said, there are some major differences with Spark compared to on-chain Bitcoin or Lightning usage. I prefer to use the term “trust-minimized” when talking about Spark (and most other layer two networks) as only self-custody of Bitcoin on-chain can truly be viewed as “trustless”.

Lack of true finality

The core risk to self-sovereignty in Spark is the lack of true finality, where users can never know for sure that their funds cannot be double-spent through collusion between the Spark Operators and a previous spender. Within Spark, finality (knowing that your funds can only be moved with your keys) exists – but is not provable – on the condition that any single Spark Operator deletes their keyshare after signing off on a Spark transaction. On the flip side, if all Spark Operators are malicious and refuse to delete their keyshare and collude with a previous sender of a leaf you own they can double-spend that leaf and effectively steal funds.

While in practice I think this 1-of-N trust assumption is reasonable, it obviously falls far short of the regular, on-chain Bitcoin trust assumptions where true finality is a default. It’s also important to note that due to the pseudonymous nature of Spark transactions, the previous sender could be the same entity as the Spark Entity.

Potentially centralized token control

While transfers of tokens themselves share the 1-of-N trust assumption of regular Spark payments, the tokens themselves can be frozen at any time if the issuer decides to enable this functionality. While this is similar to many centrally controlled stablecoins like USDT (who freeze and confiscate Tether quite often for legal reasons), it’s important to callout and will likely be enabled in many regulated stablecoins like USDC and USDT.

1-of-N offline Lightning receive security

While offline Lightning receives are not trust-minimized in the same way standard Lightning payments are, theft of funds would require all Spark Operators to collude to steal a single Lightning payment, something that is disincentivized due to the small size of Lightning payments and the massive reputational risk if caught stealing from users, something that is easy to detect due to the inherent proof of payment in the Lightning network.

Privacy tradeoffs

Spark itself should not be viewed as a privacy tool, as it inherits core privacy problems from Bitcoin’s base layer and has made some poor design choices initially when it comes to privacy. That being said, Spark’s core technology could be extended to have fantastic privacy with the introduction of blind signing for all transactions, confidential amounts for token transfers, and other privacy technologies that aren’t normally possible within the Bitcoin ecosystem.

Transaction visibility

While transactions within Spark aren’t published for all time to a blockchain like on-chain transactions, all Spark Operators do get full visibility into transactions. In theory this could provide ephemerality if Spark Operators had a non-logging policy, but in practice all transaction data is currently being published to an explorer by Flashnet, one of the Spark Operators. This means that outside observers can trivially look up Spark addresses and see all transaction details, token balances, and even link Lightning payments to addresses using timing and amount analysis.

Note that Spark is working to add the ability for wallet developers to opt-out of this data publishing by marking transactions as private, which then falls back to the same VPN-like trust model as previously described for Ark. If a wallet developer opts to enable this (as I hope they all will!), the Spark Operators will promise not to publish this transaction data publicly, but of course still have the ability to store this data locally if they so choose.

Lack of address rotation

In its current form, Spark doesn’t support spending funds from multiple distinct Spark addresses in a single transaction. While this is slated to be fixed and already acknowledged as a key shortcoming of Spark, at present it means that most Spark implementations will rely on a single, static address for all transactions, making Spark’s privacy at the moment worse than even on-chain Bitcoin. Combining this address re-use with all amounts being visible means that it would be trivial for an attacker to perform timing + amount heuristics on payments to ascertain which Lightning payments pertain to which Spark addresses.

Spark address leaks

To complete the trifecta of current privacy problems in Spark, the core SDKs provided by Spark (and used by the most common implementation of Spark in Wallet of Satoshi) by default include the user’s Spark address unnecessarily in BOLT 11 Lightning invoices. This means that anyone can easily decode a provided BOLT 11 invoice and learn every transaction from that user in Spark, thanks to the use of static addresses and all details being published to an explorer as detailed above.

Note that this isn’t absolutely necessary, can easily be disabled by wallet developers, and is already removed in the Breez Nodeless SDK that utilizes Spark and is rapidly gaining adoption but is important to callout nonetheless.

Learn more

• Official docs: https://docs.spark.money/home/welcome
• Bitcoin Layer 2: Statechains: https://bitcoinmagazine.com/technical/bitcoin-layer-2-statechains

Conclusion

While both Spark and Ark present an exciting new time in the world of Bitcoin usability and scalability, as with all things they come with their own unique sets of tradeoffs. While neither is a perfect solution, it’s exciting that wallet developers finally have two competing and interesting options to solve the implementation of Lightning, native tokens, and other functionality into their wallets and software without the complexity traditionally associated with Lightning. Both Spark and Ark present a pragmatic outcome for scaling Bitcoin, representing a hard but sane path to do things in a way that balances trust-minimization with user-experience and scaling.

As both are rapidly evolving protocols, the hope is that the tradeoffs presented by both solutions will be rapidly improved upon and minimized in the coming months and years, providing an even better option that gets non-custodial Bitcoin into the hands of many more people while extending the things that we can build on top of Bitcoin.

A special thank you to the folks at Spark, Ark Labs, Second, Breez, Spiral, and Bitcoin QnA for taking the time to provide feedback on this article! It takes a tribe to work out all of the trust assumptions and tradeoffs of these novel systems, and I’m extremely grateful to each for taking out some of their valuable time to help here.

This is a guest post by Seth For Privacy Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

This post Spark and Ark: A Look At Our Newest Bitcoin Layer Twos first appeared on Bitcoin Magazine and is written by Seth For Privacy.

Source: Bitcoin Magazine – Read More

Bitcoin Magazine

Crypto Market Structure Bill Gains Bipartisan Momentum as Coinbase’s Armstrong Says “We’re 90% There”

Even as Washington remains hobbled by a partial government shutdown, momentum for U.S. crypto market structure legislation is quietly reaching new heights.

Coinbase CEO Brian Armstrong says the industry is “90%” of the way there, describing unprecedented bipartisan cooperation among senators working to finalize the long-awaited regulatory framework for digital assets.

Armstrong, who spent this week meeting with both Senate Democrats and Republicans, said the last few sticking points of the CLARITY Act — including rules for decentralized finance (DeFi) and stablecoin rewards — are close to being resolved. 

“Both sides are working hard to figure out the final 10%, and we’re getting close,” he said in a social media post. “We’re bullish on getting a bill passed by year-end, and hopeful it’s out of Committee by Thanksgiving.”

The Coinbase chief’s optimism comes amid a surge of engagement between lawmakers and crypto executives, marking one of the most serious bipartisan pushes to bring clarity to digital asset regulation since Congress first began debating the issue years ago.

JUST IN: Coinbase CEO Brian Armstrong says, “There is strong bipartisan support to get this market structure legislation done.” pic.twitter.com/Z8PI1OXDJc

— Bitcoin Magazine (@BitcoinMagazine) October 23, 2025

Bipartisan crypto breakthrough in July

The legislation at the center of these discussions — the Digital Asset Market Clarity Act (CLARITY Act) — passed the House of Representatives in July with a strong bipartisan majority of 294–137. 

The bill now sits before the Senate Banking Committee, chaired by Sen. Tim Scott (R-SC), with hopes it could advance to the Senate floor before the end of the year.

In a CNBC interview on Wednesday, Armstrong described “very productive” meetings with senators from both parties, calling the level of collaboration a positive sign for the U.S. crypto industry.

According to multiple people familiar with the meetings, senior lawmakers including Senate Majority Leader Chuck Schumer (D-NY), Sen. Kirsten Gillibrand (D-NY), and Sen. Cynthia Lummis (R-WY) attended or participated in discussions with Armstrong and other crypto leaders such as Kraken co-CEO David Ripley, Uniswap Labs founder Hayden Adams, and Chainlink Labs’ Sergey Nazarov.

The CLARITY Act seeks to end years of regulatory ambiguity by clearly distinguishing which digital assets qualify as securities under the Securities and Exchange Commission (SEC) and which fall under the Commodity Futures Trading Commission (CFTC).

Under the bill’s framework, sufficiently decentralized networks would fall under CFTC oversight, while tokens with more centralized control or that function as investment contracts would remain under SEC jurisdiction.

The legislation also introduces clearer rules for decentralized finance, secondary trading markets, and custody services — areas where the lack of uniform federal guidance has long frustrated both innovators and investors.

DeFi and stablecoin legislation

Still, the final 10% of negotiations may prove the toughest. One of the key unresolved questions is how to regulate decentralized finance platforms. 

Armstrong has urged lawmakers to focus oversight on decentralized intermediaries — such as interfaces or aggregators — rather than attempting to regulate open-source protocols themselves.

Another area of tension involves stablecoin rewards, which Armstrong says the banking lobby is working to eliminate. Coinbase and other industry advocates argue that consumers should be able to earn yield on regulated stablecoin holdings, similar to how traditional savings accounts pay interest.

These debates underscore the competing visions within Congress: Democrats remain focused on preventing illicit finance and ensuring consumer protection, while Republicans emphasize innovation and competitiveness.

Despite the bipartisan goodwill, the timing remains precarious. The ongoing government shutdown has slowed committee work and pushed back the formal markup of the bill. Some lawmakers, including Sen. John Kennedy (R-LA), have expressed skepticism that the committee is ready to move forward, citing unanswered questions about regulatory authority and industry influence.

Still, supporters say the momentum is undeniable. Sen. Lummis, who has long championed digital asset legislation, recently told attendees at the SALT Wyoming Blockchain Symposium that she expects the market structure bill to reach the president’s desk “before the end of the year — hopefully before Thanksgiving.”

This post Crypto Market Structure Bill Gains Bipartisan Momentum as Coinbase’s Armstrong Says “We’re 90% There” first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Source: Bitcoin Magazine – Read More

Bitcoin Magazine

Bitcoin Price Slips Below $107,000, Analysts See a Buy-the-Dip Moment

Bitcoin price is hovering in the mid $107,000’s range as analysts from both VanEck and Standard Chartered see more upside.

Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, sees a near-term dip in bitcoin price below $100,000 as “inevitable” due to factors like renewed U.S.–China trade tensions. 

However, Kenrick views any bitcoin price pullback as likely short-lived and a buying opportunity. 

Kendrick highlights gold-to-Bitcoin flows as a key indicator, noting that recent rotations — selling gold to buy Bitcoin — could signal stabilization and mark a bottom. 

Despite the volatility, Kendrick remains bullish, maintaining his forecast of $200,000 by year-end, and $500,000 by 2028. 

He advises investors to stay flexible and ready to buy on dips below $100,000, describing it as potentially “the last time Bitcoin is EVER below” that threshold. 

Bitcoin price pullback marks a liquidity-driven mid-cycle reset

Bitcoin’s sharp October correction reflects a liquidity-driven mid-cycle adjustment rather than the start of a bear market, according to VanEck’s latest ChainCheck report. 

The asset manager highlighted that while Bitcoin fell roughly 18% in early October, leverage has normalized, on-chain activity continues to mature, and the cryptocurrency’s macro role as a hedge against fiat debasement is strengthening.

VanEck analysts Matthew Sigel and Nathan Frankovitz noted that global liquidity — measured through M2 money supply — continues to explain over half of Bitcoin’s price variance, reinforcing its position as an “anti–money printing” asset. 

The firm points out that Asian trading sessions have increasingly led global Bitcoin price movements, with recent declines tied to tightening liquidity in Asia as central banks defend their currencies. 

Bitcoin price flush creates an opportunity

Speculative leverage peaked in early October, with futures open interest reaching $52 billion before cascading liquidations triggered Bitcoin’s drop from above $125,000 to around $105,000. 

As of mid-October, leverage levels have normalized to the 61st percentile of historical ranges. VanEck views the drawdown as a healthy “deleveraging event” that clears speculative excess and creates entry opportunities.

The firm emphasizes that institutional participation in regulated markets like CME has increased, signaling a maturing derivatives landscape and greater integration of Bitcoin into traditional finance.

On-chain activity reflects a maturing market

Bitcoin’s fundamentals continue to strengthen. On-chain metrics show steady activity growth, with 722,000 daily active addresses and total transfer volume rising 21% month over month to over $86 billion. 

VanEck maintained in their report that Bitcoin’s long-term trajectory is tied to global liquidity trends and its growing status as a macro hedge. 

VanEck includes Bitcoin in its model portfolios at allocations between 1.5% and 6%, viewing systematic exposure and opportunistic buying during market pullbacks as prudent strategies.

Bitcoin price volatility

Bitcoin had a surge yesterday after Federal Reserve Governor Christopher Waller signaled a major shift in U.S. crypto policy, announcing a “skinny master account” program. This initiative would give eligible fintechs and digital-asset firms limited, direct access to the Fed’s payment system, bypassing traditional banks. 

Since then, the price has slowly bled down over the last 24 hours.

Bitcoin price surged past $125,500 in early October 2025, hitting new all-time highs as political gridlock in Washington and expectations of Federal Reserve rate cuts drove investors toward alternative assets.

The price rose over 13% in a week, rebounding from $109,000 to nearly $126,000, supported by inflows into spot Bitcoin ETFs and growing institutional demand. The market really viewed Bitcoin’s climb as a safe-haven response to fiscal uncertainty. There were projections and potential targets of $135,000 to $200,000 by year-end.

The rally coincided with Bitcoin’s seasonal “Uptober” trend, historically its strongest quarter. Gold also extended its record run this month as well, rising to $4,381 per ounce amid central bank buying and dollar weakness.

This post Bitcoin Price Slips Below $107,000, Analysts See a Buy-the-Dip Moment first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

Taproot Assets – Bitcoin As A Medium Of Exchange 

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…

(https://x.com/MichaelLevin/status/1885402488955662448) 

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.

This post Taproot Assets – Bitcoin As A Medium Of Exchange  first appeared on Bitcoin Magazine and is written by Hannah Rosenberg.

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Trezor Launches Safe 7 Hardware Wallet With Auditable Secure Element

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”. 

This post Trezor Launches Safe 7 Hardware Wallet With Auditable Secure Element first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Mining Stocks Surge Today as Market Optimism Builds

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.  

This post Bitcoin Mining Stocks Surge Today as Market Optimism Builds first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Mining Stocks Outperform Bitcoin and Corporate Treasuries in Latest Market Rally

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. 

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.

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.

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. 

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.

Bitcoin Mining 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!

For a more in-depth look into this topic, watch our most recent YouTube video here: Now Or Never For These Bitcoin Stocks

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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.

This post Bitcoin Mining Stocks Outperform Bitcoin and Corporate Treasuries in Latest Market Rally first appeared on Bitcoin Magazine and is written by Matt Crosby.

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Charles Schwab Sees 90% Spike in Crypto Interest, Plans Spot Bitcoin Trading in 2026

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.

Institutions are here pic.twitter.com/y6NURYEcHN

— Bitcoin Magazine (@BitcoinMagazine) October 17, 2025

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.

This post Charles Schwab Sees 90% Spike in Crypto Interest, Plans Spot Bitcoin Trading in 2026 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Real Estate Mogul Grant Cardone Doubles Down on Bitcoin Purchases During Market Sell-Off

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.

This post Real Estate Mogul Grant Cardone Doubles Down on Bitcoin Purchases During Market Sell-Off first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Compass Coffee Shop Debuts First-Ever Bitcoin Payment on Square Terminal in Washington, DC

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.

Tell your senator to go give it a try! pic.twitter.com/AazPN6ljuB

— Miles (@milessuter) October 15, 2025

What is Square Bitcoin?

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.

Bullish pic.twitter.com/giHUcQTLLr

— Bitcoin Magazine (@BitcoinMagazine) October 8, 2025

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.

This post Compass Coffee Shop Debuts First-Ever Bitcoin Payment on Square Terminal in Washington, DC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Falls to $110,000 as Bitcoin Corporate Adoption Hits Record Highs

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

That’s about 4.87% of the total BTC supply pic.twitter.com/D8zf1xSv1U

— Bitcoin Magazine (@BitcoinMagazine) October 15, 2025

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.

This post Bitcoin Price Falls to $110,000 as Bitcoin Corporate Adoption Hits Record Highs first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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New GOP Bill Wants to Solidify Trump’s Bitcoin-Friendly 401(k) Order

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

— Bitcoin Magazine (@BitcoinMagazine) October 14, 2025

Trump’s bitcoin-related executive order 

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.

This post New GOP Bill Wants to Solidify Trump’s Bitcoin-Friendly 401(k) Order first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Surges Back to $116,000 After Bloody Crypto Weekend 

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.

JUST IN: $116,000 #Bitcoin pic.twitter.com/CExFQL01Zw

— Bitcoin Magazine (@BitcoinMagazine) October 13, 2025

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.

This post Bitcoin Price Surges Back to $116,000 After Bloody Crypto Weekend  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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JPMorgan Confirms Clients Will Trade Bitcoin and Crypto

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

— Bitcoin Magazine (@BitcoinMagazine) October 13, 2025

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. 

This post JPMorgan Confirms Clients Will Trade Bitcoin and Crypto first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Trump White House Could Soon Pardon Former Binance CEO Changpeng Zhao: FOX

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.

This post Trump White House Could Soon Pardon Former Binance CEO Changpeng Zhao: FOX first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Roger Ver aka ‘Bitcoin Jesus’ Reaches Deal in U.S. Tax Fraud Case

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.

This post Roger Ver aka ‘Bitcoin Jesus’ Reaches Deal in U.S. Tax Fraud Case first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Slumps Below $120,000, But Market Enters ‘Euphoria Phase’ and Analysts Eye $180K Peak

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.

This post Bitcoin Price Slumps Below $120,000, But Market Enters ‘Euphoria Phase’ and Analysts Eye $180K Peak first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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UK Lifts Ban on Bitcoin ETNs, Research Shows Retail Crypto Market Could Jump 20%

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.”

This post UK Lifts Ban on Bitcoin ETNs, Research Shows Retail Crypto Market Could Jump 20% first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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BlackRock’s Bitcoin ETF Nears $100 Billion, Becomes Firm’s Most Profitable Fund

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.

This post BlackRock’s Bitcoin ETF Nears $100 Billion, Becomes Firm’s Most Profitable Fund first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Morgan Stanley Advises Up to 4% Bitcoin Allocation in Portfolios 

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. 

This post Morgan Stanley Advises Up to 4% Bitcoin Allocation in Portfolios  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Billionaire Paul Tudor Jones Calls Bitcoin ‘Very Appealing’ as Bitcoin Price Heats Up

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.

It’s “very, very appealing” pic.twitter.com/frAbC2svCi

— Bitcoin Magazine (@BitcoinMagazine) October 6, 2025

Fiscal policy and economic speculation

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.

This post Billionaire Paul Tudor Jones Calls Bitcoin ‘Very Appealing’ as Bitcoin Price Heats Up first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Soars to $122,000, Standard Chartered Projects $200,000 BTC by Year-End

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!

Full video here: pic.twitter.com/xD4V4undD5

— Bitcoin Magazine Pro (@BitcoinMagPro) October 3, 2025

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%.

This post Bitcoin Price Soars to $122,000, Standard Chartered Projects $200,000 BTC by Year-End first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Walmart-Backed OnePay to Offer Bitcoin Trading in App

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.

Bullish pic.twitter.com/bSacjCOlWN

— Bitcoin Magazine (@BitcoinMagazine) October 3, 2025

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.

This post Walmart-Backed OnePay to Offer Bitcoin Trading in App first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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New York Targets Bitcoin Mining with Proposed Tax Hike Bill

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

— Bitcoin Laws (@Bitcoin_Laws) October 2, 2025

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..

This new bill is just another in a series of bad regulatory proposals from Democratic lawmakers and bureaucrats in NYS that disincentivize the Bitcoin and crypto companies from setting up in NYS.

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.

This post New York Targets Bitcoin Mining with Proposed Tax Hike Bill first appeared on Bitcoin Magazine and is written by Frank Corva.

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Bitcoin Price Hits Historic Quarterly Close — Is $150,000 Next?

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.

This post Bitcoin Price Hits Historic Quarterly Close — Is $150,000 Next? first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Remote Node Runner Pitfalls

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.

How Zeus is Redefining Bitcoin with Cashu Ecash Integration

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

Featuring an article from our very own @evankaloudis https://t.co/LHFsj7ILBX

— ZEUS (@ZeusLN) August 7, 2025

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.

This post Remote Node Runner Pitfalls first appeared on Bitcoin Magazine and is written by Evan Kaloudis.

Source: Bitcoin Magazine – Read More

Bitcoin Magazine

Why Michael Saylor Is Building Toward a Trillion-Dollar Bitcoin Balance Sheet

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.

This post Why Michael Saylor Is Building Toward a Trillion-Dollar Bitcoin Balance Sheet first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Source: Bitcoin Magazine – Read More