Bitcoin Magazine

Bitcoin Magazine

UBS to Build Digital-Asset Infrastructure, Eyes Bitcoin Services for Individuals

UBS Group AG is exploring ways to offer bitcoin and crypto access to individual clients, CEO Sergio Ermotti said during the bank’s earnings call on Wednesday.

Ermotti said the Zurich-based lender is building the core infrastructure needed for digital-asset services while evaluating targeted products, ranging from crypto access for wealthy clients to tokenized deposit solutions for corporate customers.

“We are building out the core infrastructure and exploring targeted offerings from crypto access for individual clients to tokenized deposit solutions for corporates,” Ermotti said.

The UBS chief stressed the bank does not plan to be a first mover in blockchain-based technology. 

Instead, UBS is pursuing what Ermotti described as a “fast follower” strategy in tokenized assets, with expansion expected to unfold over the next three to five years alongside its traditional banking business.

It was reported last month that UBS is in the process of selecting partners for a crypto offering aimed at some of its high-net-worth clients, marking a shift for a bank that has historically taken a cautious stance on virtual tokens.

Like many global lenders, UBS has so far focused its digital-asset work on blockchain infrastructure for tokenized funds and payments. 

Banks have generally moved slowly into areas like crypto trading, in part due to stricter capital requirements under the Basel III framework.

Other European banks like UBS exploring bitcoin 

Other banks are also starting to embrace bitcoin and crypto offerings. DZ Bank recently secured MiCAR approval and will roll out its “meinKrypto” platform across cooperative banks, allowing customers to trade and custody Bitcoin and other digital assets directly within existing banking apps, while also joining a consortium developing a regulated euro stablecoin. 

Also, the Sparkassen-Finanzgruppe plans to launch Bitcoin and crypto trading for private customers by the summer of 2026, with technical support from DekaBank, marking a reversal from its earlier skepticism toward digital assets and crypto. 

Also earlier this week, ING Deutschland, one of Germany’s largest retail banks, said they will began offering retail clients access to cryptocurrency-linked exchange-traded notes (ETNs) and products, allowing customers to gain exposure to bitcoin and other crypto directly through their existing securities accounts.

According to information published on ING’s website, the products are physically backed exchange-traded instruments issued by established asset managers including the likes of 21Shares, Bitwise, and VanEck. 

This post UBS to Build Digital-Asset Infrastructure, Eyes Bitcoin Services for Individuals first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Plunges 40% From All-Time Highs to One-Year Lows

Bitcoin’s price dropped below $75,000 today, its lowest level in nearly a year, as global crypto markets endured a sustained wave of selling triggered by broader financial stresses and shifting investor appetite. 

The bitcoin price has now retraced more than 40% from its all‑time highs reached in late 2025. According to Bitcoin Magazine Pro data, the one-year low for the bitcoin price is $74,747. Bitcoin is dancing near that number.

Recent trading data showed Bitcoin price slipping through key technical support levels, driving forced liquidations across derivatives markets and intensifying downside price pressure. Over roughly the past 24 hours, around $2.56 billion in Bitcoin positions were liquidated, according to market data. 

This follows weeks of risk‑off sentiment across global asset classes.

The downturn in cryptocurrencies has coincided with stress in other markets like precious metals, tech sell-offs, and losses in equities. 

Institutional players report losses as policy signals remain dubious 

The market slide has had tangible impacts on key industry participants. Galaxy Digital, a major crypto investment firm led by Michael Novogratz, reported a $482 million loss for the fourth quarter of 2025, earlier today. 

The firm attributed this to the decline in digital asset prices and a sharp drop in trading volumes, which fell more than 40% from the prior quarter. Galaxy’s stock traded lower following the earnings release, reflecting investor concern about the broader bitcoin price and crypto downturn.

Also, Bitcoin price currently trades below $76,000, which is roughly the average price at which Strategy acquired a portion of its BTC holdings and well below the cost of many of its accumulated coins. 

Since Strategy owns hundreds of thousands of bitcoins at higher average purchase prices, the current market value is less than what was paid for much of its inventory, leaving a significant portion of its holdings “underwater.”

Market participants have also pointed to U.S. monetary policy developments as a significant driver of the sell‑off. 

The recent nomination of Kevin Warsh as chair of the U.S. Federal Reserve by President Donald Trump has prompted forecasts of tighter monetary conditions. 

A strengthening U.S. dollar in response to monetary policy shifts has also weighed on Bitcoin. A firmer dollar typically makes non‑yielding assets like Bitcoin less attractive, reducing inflows from investors seeking currency‑neutral hedges. Analysts noted that the dollar’s recent performance provided technical headwinds that amplified the crypto market’s decline.

The Trump administration has continued to engage with industry leaders on digital asset policy, including efforts to advance regulatory clarity through legislation such as the Digital Asset Market Clarity Act. 

This dialogue has really slowed down over the last couple of months, it has not yet translated into stabilizing price action amid current conditions.

Bitcoin price in genuine ‘crypto winter’

Despite this, Bitwise CIO Matt Hougan said in a recent memo that the crypto market has been in a genuine “crypto winter” since early 2025, rather than experiencing a short-lived correction. 

Hougan highlighted that bearish sentiment remains strong, as evidenced by the Crypto Fear and Greed Index, which shows near all-time fear levels despite positive developments like the appointment of a bitcoin-friendly Fed chair.

Hougan noted that institutional flows helped mask the severity of the downturn. U.S. spot bitcoin ETFs and digital asset treasury vehicles purchased over 744,000 BTC during this period—roughly $75 billion in demand — cushioning bitcoin price’s drawdown, which he estimated could have reached nearly 60% without this support. 

He compared the current environment to previous downturns in 2018 and 2022, where markets remained depressed despite incremental positive news.

Looking ahead, Hougan suggested that crypto winters often end not with exuberance but with exhaustion. In his words, “It’s always darkest before the dawn.”

Bitcoin price is currently at $74,800, with a 24-hour trading volume of 55 B. BTC is -5% in the last 24 hours. It is currently -5% from its 7-day all-time high of $78,994.

This post Bitcoin Price Plunges 40% From All-Time Highs to One-Year Lows first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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ING Deutschland Opens Retail Access to Bitcoin Exchange-Traded Products

ING Deutschland, one of Germany’s largest retail banks, has begun offering retail clients access to cryptocurrency-linked exchange-traded notes (ETNs) and products, allowing customers to gain exposure to bitcoin and other crypto directly through their existing securities accounts.

According to information published on ING’s website, the products are physically backed exchange-traded instruments issued by established asset managers including 21Shares, Bitwise, and VanEck. 

The instruments track the performance of individual cryptocurrencies and trade on regulated exchanges via ING’s Direct Depot platform, which is typically used for stocks, ETFs, and mutual funds.

The bank said the bitcoin offering is intended to lower barriers to entry for crypto investing by integrating digital asset exposure into familiar banking infrastructure. 

Clients do not need to set up third-party crypto exchanges, manage private keys, or operate self-custody wallets, as custody and execution are handled within the securities account framework.

“This creates another particularly low-threshold access to crypto investments via exchange-traded products,” said Martijn Rozemuller, CEO of VanEck Europe, in a translated press release. “Many investors want a solution that fits into existing depot structures and at the same time convinces them with transparent costs. That’s exactly what this partnership stands for.”

ING noted that the bitcoin and crypto ETNs receive the same tax treatment in Germany as directly held cryptocurrencies. Under current German tax rules, capital gains on crypto assets may be exempt if the position is held for more than one year, potentially making the products attractive to long-term investors.

Despite the expanded access, the bank emphasized that the products carry substantial risks. ING warned of “extreme” price volatility, the possibility of total loss in the event of issuer insolvency, liquidity risks, market manipulation, and ongoing regulatory uncertainty surrounding digital assets.

In educational materials published alongside the launch, ING took a notably cautious stance on the asset class itself.

 “Cryptocurrencies are speculative products that have no intrinsic value,” the bank stated, adding that crypto prices are “strongly dependent on psychological effects,” which also influence exchange-traded crypto products.

German banks are embracing bitcoin

Germany’s major banking groups are moving to bring crypto trading into the regulated retail banking system. DZ Bank has secured MiCAR approval and will roll out its “meinKrypto” platform across cooperative banks, allowing customers to trade and custody Bitcoin and other digital assets directly within existing banking apps, while also joining a consortium developing a regulated euro stablecoin. 

In parallel, the Sparkassen-Finanzgruppe plans to launch Bitcoin and crypto trading for private customers by summer 2026, with technical support from DekaBank, marking a reversal from its earlier skepticism toward digital assets. 

This post ING Deutschland Opens Retail Access to Bitcoin Exchange-Traded Products first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Is Coming Off a Brutal Week. Here’s What’s Happening

Bitcoin is stabilizing slightly today after one of its most punishing weeks in years, but the damage across crypto markets has already been done.

The bitcoin price fell below $80,000 over the weekend for the first time since April 2025, briefly plunging to lows near $75,000 amid cascading liquidations and a broader sell-off across global risk assets. 

As of early Monday, BTC was trading around $78,400, up about 1% on the day, according to Bitcoin Magazine data, after shedding roughly 12% over the past seven days.

That decline has erased more than $200 billion from bitcoin’s market capitalization, capping a brutal stretch that saw the asset lose roughly $800 billion in value since peaking above $126,000 in October.

Market participants point to a convergence of macroeconomic stress, geopolitical risk and structural fragility in crypto markets as the primary drivers of the sell-off.

Bitcoin’s drop coincided with a sharp “risk-off” move across global markets. U.S. equities slid late last week, led by steep losses in technology stocks after Microsoft’s earnings disappointed investors. That weakness spilled into European and Asian markets on Monday, while traditional safe havens also came under pressure.

Gold and silver both suffered historic losses, with silver posting its worst single-day decline since 1980. Analysts say the simultaneous sell-off in crypto and precious metals reflects a surging U.S. dollar and shifting expectations around U.S. monetary policy following the nomination of Kevin Warsh to succeed Jerome Powell as Federal Reserve chair.

Thin liquidity over the weekend exacerbated price swings, triggering a wave of forced liquidations across derivatives markets. 

According to Coinglass, more than $2 billion worth of BTC long and short positions have been liquidated since Thursday, including $2.56 billion across all cryptocurrencies on Saturday alone — one of the largest single-day liquidation events on record.

Liquidations occur when leveraged traders are automatically forced out of positions as prices fall, creating a feedback loop of selling pressure that can accelerate declines.

Institutional investors have also been pulling back. Digital asset investment products recorded a second consecutive week of outflows totaling $1.7 billion, according to CoinShares, wiping out all year-to-date inflows and pushing 2026 flows into negative territory. 

Bitcoin and Ethereum products led the withdrawals, while short BTC products and tokenized precious metals saw inflows, suggesting rising demand for downside protection.

Bitcoin whale activity 

Earlier today, Binance confirmed it purchased 1,315 bitcoin, worth roughly $100 million, as part of a plan to convert its $1 billion Secure Asset Fund for Users (SAFU) reserve from stablecoins into BTC over the next 30 days. 

Binance cofounder Changpeng “CZ” Zhao said he had lost confidence in a 2026 BTC “super cycle,” citing intense FUD, market turbulence, and accusations that Binance-related events contributed to a historic liquidation cascade. 

Members of the crypto community accused CZ of selling BTC over the weekend and accused him of being responsible for the massive October 10, 2025 crypto crash that led to large crypto liquidations. 

Corporate bitcoin holders have also come under scrutiny. Bitcoin’s brief dip below Strategy’s average purchase price put the company’s massive treasury holdings under pressure, though analysts say there is no risk of forced selling because the BTC is not pledged as collateral.

Bitcoin’s drop below Strategy’s $76,052 cost basis somewhat erased the psychological floor beneath Michael Saylor’s leveraged accumulation strategy, exposing growing strain as the firm’s stock trades far below its peak and its equity premium vanishes. 

While there’s no immediate financial distress and no forced selling risk, tightening capital markets and fading investor appetite are shrinking Strategy’s ability to fund further Bitcoin purchases through share issuance.

At the time of writing, BTC is rebounding to around $78,380, up 1% over the past 24 hours, trading just below its seven-day high as market capitalization climbs to roughly $1.57 trillion.

This post Bitcoin Is Coming Off a Brutal Week. Here’s What’s Happening first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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El Salvador’s Bitcoin Beach Hosts Global Summit: Strategies for Sustainable Bitcoin Circular Economies Emerge

The Bitcoin Circular Economy Summit just took place in El Salvador’s Bitcoin Beach, and what an event it was. The invite-only summit saw two days of presentations from communities from across the world, from Indonesia to Peru, from Africa to Bolivia. The summit saw an alleged 29 different countries represented among the small crowd of perhaps 60 attendees and speakers. 

The event was put together by the Bitcoin Beach team, lead by Mike Peterson and Roman Martinez, the BCES took place in El Zonte’s community center, a new location built up to support El Zonte’s growing population and economy.  

The topics covered ranged from overviews of various Bitcoin Circular Economies (BCEs), to discussions about strategy, tooling, financial sustainability, economic theory, and even education for leaders to become more effective communicators and fundraisers. 

Attendees told stories of incredible success with brick and mortar adoption in countries with failing currencies, of eye-watering transformation, growth, and gratitude from remote communities apparently forgotten by civilization, of hope and good-hearted behaviour demonstrated by the long reach of Bitcoin donors and Bitcoin activists, looking to deliver sound money to the furthest reaches of the world. 

The Bitcoin Beach White Paper

Since 2019, El Zonte’s Bitcoin Beach has become a world-renowned brand, the biggest success story in the Bitcoin circular economy world. Its novel story has been told many times, but some key takeaways were discussed in depth at the summit, providing an overview of what is documented in detail in the Bitcoin Beach White Paper. 

Concentrate Adoption in one Location

BCE leaders advised against taking a shotgun approach to Bitcoin adoption, especially when it comes to brick-and-mortar-like stores, and deep impact social work. Choose a town, street, or specific community and work hard to get mass adoption in a limited location first. This arguably benefits from multiple network effects seen in branding. Instead of random locations across a country accepting Bitcoin, a single location can attract tourists in higher numbers, resulting in more bitcoin payments being made to merchants, which they need to see to remain motivated.  

This contrasts a classic scenario of less organized attempts at getting brick and mortar adoption, where the shop clerk downloads the Bitcoin app but only sees bitcoin spenders show up once or twice a month. Volume strengthens the connection between Bitcoin and that local community, resulting in more sustainable interest and adoption. Concentrating the Bitcoin brand in one town or street in a city leverages commonly seen marketing strategies, where multiple stores of the same type cluster together, to benefit from each other’s broad advertising efforts.

Build a High-Trust Team

“Don’t be hasty in who you bring along,” said Mike Peterson on stage when discussing the Bitcoin Beach White Paper. People will want to join, but it is important not to rush into relationships with people you don’t know well. It is better to build a small team of high-trust, well-known individuals than grow too fast and take unnecessary risks. 

Bitcoin not crypto

The topic of crypto also came up, as donations are often offered to social impact communities of this sort in a wide range of cryptocurrencies; however, speakers and panelists all agreed that keeping Bitcoin as the main brand and flag was crucial. One of the reasons is the wide proliferation of crypto-related scams across the world, including in low-income, low-education communities. Bitcoin, unlike most other crypto brands, is very well known and has a strong reputation, with BCEs throughout the world working to educate on the same themes and network, it is a lot easier to bypass concerns from local community leaders and educate the public about the most secure and successful crypto currency available. 

Communicate in Bitcoin, not Dollars

Many of the BCEs represented had Bitcoin donors, some of them anonymous, with simple but powerful demands from the recipients. Bitcoin Beach’s founding donor, who still communicates with Peterson, originally demanded that the bitcoin be used to buy things, not sold for dollars and then used. Bitcoin adoption as a medium of exchange was a prerequisite for the donations and the relationship to continue.

Donors of this kind, who are likely OG Bitcoin maximalists, also insist that leaders talk about value in SATS, not in dollars, challenging a manner of speech that has become normalized in the industry, something like “I’ll send you 20 dollars worth of Bitcoin”.

Peterson insisted that donors hate this and want Bitcoin to be discussed in SATS (Satoshis, the smallest denomination of bitcoin) or in BTC terms, a condition clearly aimed at making bitcoin a common unit of account. 

Sustainability

Sustainability was also an important topic across the Summit. In the context of Bitcoin circular economies, it means being able to survive and continue to grow as a local bitcoin hub, when donations dry out. The question of how to achieve sustainability touches a variety of important topics, including what might eventually become an economic theory of microeconomies powered by Bitcoin. 

The Bitcoin Beach team highlighted the importance of tourism as a source of external capital into the local economy, but recognized that not all BCEs are conducive to tourism. Some are in very remote areas, others are in hostile and dangerous political environments. Attendees generally recognized that some BCEs might always depend on donations, depending on the situation, but also discussed ways in which some BCEs can form economic relationships with each other. 

Motiv in Peru, for example, serves two communities in particular who have developed an economic relationship, one produces artisan crafts, sewn by Indigenous women from a small town in the mountains of Peru, and the other is a tourist hub in Lima that buys the goods from them in bitcoin and resells them to Bitcoin tourists. Peterson highlighted the importance of understanding what makes your community special and working with locals to develop their local talent. 

Another aspect of sustainability is the focus of agency instead of assistance, in the non-profit version of BCEs. Rather than just buy things and gift them to impoverished communities, education and economic empowerment are encouraged, highlighting the “teach a man to fish” as superior and more likely to survive.

Bitcoin economic theory would suggest that teaching long lasting life-skills to developing communities is preferable to just giving them free stuff forever, since the faucet of bitcoin donations is fundamentally finite. While in the fiat model, more dollars will always be created — and the quicker they get spent, the better — eventually finding their way through the web of NGOs, to the hands of charity recipients. The never-ending printing machine creates a permanent underclass of economic dependence through foreign aid, defeating the sense of urgency that motivates the pursuit of sustainability.

Finally, sustainability at a personal level for BCE leaders was also discussed, as burnout, divorce, and self-sacrifice for a social cause is a familiar story. Martinez and Peterson spoke from personal experience, highlighting the importance of staying healthy as a Bitcoin leader in these communities, and not biting more than you can chew, so to speak, else you might “become a single point of failure”. Instead, they suggested leaders educate and train others to continue this important work. 

Fund Raising

When it comes to fundraising, a variety of organizations are actively contributing to the non-profit side of Bitcoin, some of them for-profit entities with non-profit arms, others fueled by Bitcoin donors of all sizes, from around the world. 

Paystand

Paystand, an American B2B payments company that uses Bitcoin in a variety of ways to provide its business solution to major corporations, also has a non-profit arm under the same brand, actively supporting BCEs across the world. They offer grants from 10k to 50k USD, depending on the project, can donate almost anywhere, even through the Human Rights Foundation, and are happy to offer mentorship to aspiring applicants. Applications to the Paystand non-profit can be made at their dot org site. 

Something that Paystand representatives insisted on communicating is that the organization does not expect any kind of advertising in return; their business operations do not depend on it at all, instead considering their work to support BCEs as part of their mission as Bitcoiners. 

Fedi

The Fedi for-profit technology company also provides grants to BCEs throughout the world, though largely focused on Africa until recently, they are now actively expanding into Latin America and have established deep roots in Indonesia. They also offer grants on a case-by-case basis, asking applicants what specific problem they are looking to solve, and providing support, but opting to empower leaders, rather than get deeply involved in specific communities.  

The Fedi app has now reached an impressive level of maturity, supporting collusion-resistant multi-signature mints, ecash denominated not just in Bitcoin but also local fiat for shorter-term payment requirements, social network-like capabilities for local communities to communicate and organize, payment rails to internet service providers in various countries, and much more. 

The Federation of Bitcoin Circular Economies

The FBCE, a growing association of Bitcoin circular economies, co-founded by Bitcoin Beach, El Zonte, Bitcoin Ekasi, South Africa, and Toronto’s Scott Wolfe, also offers grants, having completed two massive rounds since 2024.  The FBCE gives grants to initiatives that demonstrate enough proof of work, usually starting with small donations and growing from there, for a time, depending on the project.

Other Fundraising Platforms

Other fund raising platforms were mentioned by multiple attendees, as reliable ways to raise funds for BCE initiatives, among them were Angor.io and Geyser.fund which enable users to raise funds over time from many donors, kind of like a go-fund-me for Bitcoin. Bittasker.com also had a strong presence at the event as a sponsor, with a new platform for funding tasks and employing locals to get work done in BCEs, further advancing the medium exchange cause of Bitcoin. Donors could fund specific tasks, repairs, or infrastructure upgrades, like construction work via Bittasker in collaboration with BCE leaders on the ground. 

The Technology Stack

As digital money, Bitcoin requires a certain amount of infrastructure while also empowering BCEs with significant technological capabilities. To unlock Bitcoin circular economies, a variety of tools have been custom-built for this kind of adoption by various organizations and were regularly mentioned and used by the attendees.

Blink

Blink wallet, which rose to fame with El Zonte’s Bitcoin Beach, emerged as the most popular wallet among BCEs at the summit. Its Lightning native integration, on-chain capabilities, easy-to-use mobile app design, and stable SATS features appear to deliver the best experience so far for these kind of low-tech environments. 

Fedi Wallet

Fedi also had a very strong presence, supporting a large set of BCEs in Africa and Indonesia, with its broad set of tools, including local fiat-denominated ecash, lightning to ecash integration, and social network-like experiences, which are designed specifically to serve and empower Bitcoin circular economies of all kinds. 

Bittasker

Bittasker, a sponsor of the event, showed off its beautiful interface, boasted about its integration with Nostr as well as smart contract capabilities via Rootstock, which provides a trustless, smart escrow system for funding micro tasks in Bitcoin. Bittasker includes a job board and uses the Boltz back end for trust-less bridging between the various Bitcoin layers. 

K1 BTMs

K1, a Bitcoin ATM company, also sponsored the event and showed off their coins for sats BTM, which has become a staple of Bitcoin hubs, turning coins into SATS. The machines are lightning native, and have various upgrades and versions with more advanced capabilities, showing up at schools, retirement homes, and BCEs across the globe. 

Tiankii

Tiankii, another sponsor of the summit, showed off its bolt cards, which serve as bitcoin debit cards of sorts, for payments on terminals like the Bitcoinize machine. These cards are particularly useful in areas with low internet, where users might not have a mobile phone handy, nor data, accessing the Bitcoin network through the merchant’s terminal, delivering the ultimate payment experience in today’s digital world, offline tap to pay. 

Bitbooks

Anyone raising funds and trying to run a tight ship needs clear accounting, and one of the sponsors, BitBooks.com, focuses on just that. Their Bitcoin native accounting platform offers instant reconciliation across payments, dual currency view, automatic exchange rate calculations, and even a new experimental algorithm that can help users decide whether to pay in fiat or in bitcoin depending on price volatility and the user’s specific needs. 

AmityAge  

AmityAge is a Bitcoin financial services company with a strong educational offering. Dusan Matuska, its co-founder and CEO, delivered a memorable, interactive workshop on how to get past common objections in Bitcoin adoption, how to better understand and listen to the challenges faced by new users, and how to think about the process of evangelizing Bitcoin. Their platform hosts a variety of educational tools, financial and educational, available to the Bitcoin curious. 

Concluding Thoughts

Having attended Bitcoin conferences and events for over a decade, I was left both breathless and deeply satisfied with what I saw at the Bitcoin Circular Economy Summit. Unlike large industry conferences, which focus on how to gain traction in traditional markets, serve major corporations, and, in general, solve the problems of fiat at the top of the global markets, this summit looked in the opposite direction.

The BCEs represented, the individuals I met, and the stories I heard reminded me that Bitcoin is not a tool for its own sake, it is not a high-tech, science fiction endeavour, nor is it fundamentally about number-go-up. Bitcoin is a means to an end, and BCEs have that end goal, that objective very clear in their minds, to reach those whom society at large has failed, to onboard onto global finance those who live beyond Banks’ profit margin, to deliver sound money to good people in hostile environments, because they also deserve hope and are hungry for growth.

Bitcoin is a means to an end, not an end in itself. 

This post El Salvador’s Bitcoin Beach Hosts Global Summit: Strategies for Sustainable Bitcoin Circular Economies Emerge first appeared on Bitcoin Magazine and is written by Juan Galt.

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Plan B Network Launches CypherTank, a Bitcoin Pitch Series Showcasing Builders and Ideas

The Plan ₿ Network just announced the global premiere of CypherTank, a Bitcoin-focused pitch series designed to highlight innovative builders, explore bold ideas, and bring the global Bitcoin community directly into the conversation.

The series blends live pitching, founder storytelling, and community-driven discussion, all framed around Bitcoin culture and values. 

Each episode gives viewers an inside look at how entrepreneurs think, build, and pitch in the Bitcoin ecosystem, offering both entertainment and insight for enthusiasts, investors, and fellow builders alike.

Episode 1 is scheduled to debut on January 31, 2026, during Plan ₿ Forum El Salvador, with a live main-stage screening presented by Joe Nakamoto.

The premiere will also be released simultaneously online, making it accessible to the global Bitcoin community in real time, the company shared with Bitcoin Magazine.

This launch marks the first public chapter in a series designed to unfold episodically, giving viewers the chance to engage with the content as it develops.

Following the premiere, additional episodes will be released on a rolling schedule through February, leading up to a season finale. 

Winners of the CypherTank series will be formally recognized during Plan ₿’s anniversary celebrations in Lugano on March 3, offering a high-profile platform to celebrate and amplify the most promising ideas.

A series designed to ‘foster discussion’ around Bitcoin

CypherTank’s rollout is intentionally structured to foster discussion and debate among the Bitcoin community. Viewers are encouraged to analyze pitches, discuss founders, highlight key insights, and share their favorite moments across social media, creating a dynamic conversation that extends beyond the screen.

The series will be widely accessible across multiple platforms, including CypherTank.org, YouTube, Rumble, X, Instagram, TikTok, and Nostr. 

CypherTank is a Bitcoin-focused pitch series that showcases builders, projects, and the stories behind them. 

Created to entertain, educate, and spark meaningful discussion, the series offers a rare inside look at how Bitcoin entrepreneurs think, build, and pitch, highlighting innovation within the ecosystem.

This post Plan B Network Launches CypherTank, a Bitcoin Pitch Series Showcasing Builders and Ideas first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Jamie Dimon Tells Coinbase CEO Brian Armstrong He’s ‘Full of Sh—’ in Davos Clash: WSJ

Brian Armstrong, the CEO of Coinbase, found himself at the eye of a widening storm between Wall Street and the crypto industry last week at the World Economic Forum in Davos — and it got personal. 

During a chance encounter over coffee with former U.K. prime minister Tony Blair, JPMorgan Chase CEO Jamie Dimon abruptly cut in, pointing a finger and telling Armstrong bluntly, “You are full of s—,” according to reporting from The Wall Street Journal. The outburst underscored some of the raw tensions happening between traditional banks and crypto firms over the future of U.S. financial regulation.

The confrontation, described by some attendees as uncharacteristically heated for the annual gathering of global elites, followed Armstrong’s series of television appearances earlier in the week. 

On business networks, he accused big banks of trying to sabotage key provisions of the Senate’s Clarity Act — a crypto market-structure bill that could redefine how digital assets are regulated and whether exchanges can offer interest-like rewards on stablecoins. 

Armstrong argued that banks are using legislative muscle to stifle competition rather than compete fairly in a free market.

At the heart of the dispute is the issue of yield. Coinbase and others offer rewards on stablecoins — digital tokens pegged to the U.S. dollar — that can return about 3.5% to holders. Traditional banks, by contrast, pay near-zero on checking and savings accounts. 

Banking executives say allowing crypto platforms to offer such returns is economically indistinguishable from interest on bank deposits and could trigger a mass shift of consumer funds out of the banking system. They warn community banks might struggle to lend to businesses if deposits erode.

Coinbase’s role in crypto legislation 

Armstrong’s advocacy comes as the Clarity Act faces legislative gridlock. The Senate Banking Committee abruptly postponed a markup and vote after Coinbase withdrew its support for the bill, calling the current draft “materially worse than the status quo” because of its restrictions on stablecoin yields and other concerns. 

At Davos, other bank chiefs reportedly kept their distance. Bank of America CEO Brian Moynihan reportedly told Armstrong that if Coinbase wants to offer deposit-like products, “just be a bank,” pointing to the extensive regulatory oversight traditional deposit takers face. 

Citigroup’s Jane Fraser offered the Coinbase chief only a brief audience, and Wells Fargo’s Charlie Scharf declined to engage at all.

The clash highlights a broader struggle over how the U.S. financial system will evolve as crypto gains mainstream traction. Next week the White House will convene banking and crypto executives to discuss reviving stalled U.S. crypto legislation.

This post Jamie Dimon Tells Coinbase CEO Brian Armstrong He’s ‘Full of Sh—’ in Davos Clash: WSJ first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Binance to Move $1 Billion User Protection Fund Into Bitcoin 

Binance said Friday it will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users (SAFU) entirely into bitcoin over the next 30 days.

The exchange said the transition will be carried out gradually and accompanied by regular audits. 

Binance also pledged to replenish the fund if bitcoin price volatility causes its value to fall below $800 million, using treasury reserves to restore it to $1 billion.

Binance launched its SAFU back in 2018 to protect users against losses from extreme events such as hacks or major system failures. The fund is financed through a portion of Binance’s trading fees and is held separately from user assets in cold wallets.

Binance has repeatedly cited SAFU as a cornerstone of its risk-management and trust framework.

“This initiative is part of Binance’s long-term industry-building efforts,” the exchange said in its translated statement posted to X. “We will continue advancing related work and gradually share progress with the community.”

Binance’s decision comes as bitcoin slumps

The move comes during a period of heightened market stress. Bitcoin has declined significantly from recent highs, while liquidity dislocations during extreme price moves have revived debate over exchange infrastructure and transparency.

Binance framed the decision to re-denominate SAFU in bitcoin as a statement of conviction in the asset’s long-term role within the crypto ecosystem, positioning bitcoin not merely as a trading instrument but as the industry’s foundational reserve asset. 

The exchange said future reviews could consider allocations to other “core assets,” including its native BNB token.

SAFU was most visibly deployed in 2019, when Binance covered losses after a security breach resulted in the theft of roughly 7,000 BTC, reimbursing affected users in full without impacting account balances. Since then, the fund has remained largely untouched, serving as an assurance mechanism rather than an actively deployed resource.

At the time of writing, Bitcoin is trading below $83,000. It slid 6% over the past 24 hours, trading as heavy selling pushed daily volume to $94 billion. The asset is now down 6% from its seven-day high of $87,883, though it remains about 2% above its weekly low of $81,315, which hit late Thursday night. 

Bitcoin’s circulating supply stands at 19,982,315 BTC out of a capped 21 million, giving it a global market capitalization of roughly $1.65 trillion — also down 6% on the day.

This post Binance to Move $1 Billion User Protection Fund Into Bitcoin  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

Bitcoin Price Crashes 6% to $84,000 As Market Braces for Next Catalyst 

Bitcoin price fell sharply this morning, sliding to lows in the $84,000 range and extending a swift reversal from recent 24-hour highs above $90,000, as macro uncertainty and fragile market structure reasserted control.

The bitcoin price dropped to as low as $84,416, down roughly 6% over the past 24 hours if accounting for daily highs, according to Bitcoin Magazine Pro data.

The move came less than a day after bitcoin traded as high as $90,400, marking a rapid round-trip that underscored heightened volatility around this week’s Federal Reserve meeting.

Daily trading volume climbed to roughly $48 billion as the selloff accelerated, suggesting forced liquidations and short-term positioning unwind. Bitcoin’s total market capitalization fell to about $1.72 trillion, down approximately 4% on the day.

With unemployment at 4.4%, Powell emphasized labor market resilience and refrained from signaling urgency around easing policy — an outcome that proved unfriendly for speculative assets. 

For crypto markets that had rallied into the decision, the meeting quickly turned into a “sell the news” event.

Bitcoin price needs to hold $84,000

The reversal also came as bitcoin struggled to reclaim key technical levels. After briefly clearing $90,000, the bitcoin price failed to hold above resistance near $91,000, triggering renewed selling pressure. 

Analysts have flagged the $88,000 level as an important pivot for near-term stabilization, with $84,000 now emerging as critical downside support.

A sustained break below that level could expose deeper retracements toward the $72,000–$68,000 zone, according to Bitcoin Magazine analysts.

Bulls are expected to defend the $84,000 area aggressively to avoid a broader technical breakdown.

Meanwhile, Gold surged to new all-time highs above $5,550 per ounce this week, highlighting continued demand for hard assets amid currency uncertainty. Bitcoin initially appeared to benefit from similar tailwinds but failed to sustain momentum.

Next week, the White House will host banking and crypto executives on February 2 to discuss reviving stalled U.S. crypto legislation. 

The meeting, organized by the administration’s crypto council, will focus on contentious issues — especially how proposed rules would treat interest and rewards paid on dollar-pegged stablecoins — as the Trump administration seeks to broker a compromise after talks broke down.

At the time of writing, Bitcoin price is trading at $84,437, with a 24-hour trading volume of $48 billion.

The cryptocurrency is down 4% over the past 24 hours and is trading 6% below its seven-day high of $90,316. Bitcoin price is sitting at its seven-day low, down roughly 0% from the $85,417 level.

This post Bitcoin Price Crashes 6% to $84,000 As Market Braces for Next Catalyst  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

Russia to Roll Out Bitcoin and Crypto Framework This July, Allowing Retail Participation

Russia is preparing to introduce its first comprehensive regulatory framework for crypto like Bitcoin, with lawmakers aiming to finalize the draft for a parliamentary vote by the end of June, according to local media reports.

Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said that the long-anticipated rules could be approved as early as this summer. 

If passed, the framework would formally take effect one year later, opening regulated bitcoin and crypto trading to both qualified and non-qualified investors beginning July 1, 2027.

Under the proposed regime, retail investors would be allowed to participate in the crypto market, though with significant restrictions. 

State news agency TASS previously reported that non-qualified traders would be capped at annual purchases of 300,000 rubles (roughly $3,900) and would only be permitted to buy a limited set of what regulators deem the “most liquid” cryptocurrencies.

Professional and qualified investors, by contrast, would be allowed to trade cryptocurrencies in unlimited amounts, with the exception of privacy-focused tokens such as Monero and Zcash. Russian authorities have repeatedly cited concerns over anonymity and compliance with anti-money laundering standards as the rationale for excluding such assets.

‘Bitcoin will definitely be included’ 

Alexandra Fedotova, a lawyer at Moscow-based firm White Stone, said the Central Bank of Russia is expected to compile a shortlist of approved cryptocurrencies for retail trading. 

“Most likely, the Central Bank will compile a list of the top five to ten most traded cryptocurrencies on major exchanges,” Fedotova said in comments reported by local media. “Bitcoin and ether will definitely be included. Possibly SOL or TON will be added, given their popularity in our country. Everything else will be only for qualified investors.”

The framework would also permit Russian residents to purchase bitcoin abroad using foreign accounts and transfer those assets back to domestic platforms, provided the transactions are reported to tax authorities.

Stablecoins are expected to receive separate treatment under the law. Fedotova said regulators are likely to classify dollar-pegged tokens as instruments for cross-border economic activity, potentially clarifying their legal use in international settlements while maintaining existing domestic restrictions.

Beyond trading, the draft legislation seeks to establish formal rules governing the issuance, bitcoin and crypto mining, and circulation of digital assets. At the same time, it would reaffirm Russia’s long-standing ban on using cryptocurrencies for domestic payments, a position the central bank has consistently defended despite gradually softening its stance on crypto trading.

Aksakov said additional legislation is planned to define enforcement measures, including administrative, financial, and potentially criminal liability for illegal activity in the crypto sector. Penalties for unlawful operations by intermediaries are expected to mirror those applied to illegal banking activity.

Existing licensed exchanges and brokers would be allowed to continue operating under the new regime, while platforms and custodial services currently operating in a legal gray area would be required to obtain new licenses tailored to their specific activities.

This post Russia to Roll Out Bitcoin and Crypto Framework This July, Allowing Retail Participation first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

Bitcoin Price Surges Near $90,000 as Trump Downplays Dollar Decline, Gold Hits New Record

The bitcoin price rallied sharply into the close on Tuesday, surging above $89,400 after trading as low as $87,100 earlier in the day, according to Bitcoin Magazine Pro data, as markets reacted to fresh remarks from President Donald Trump on the U.S. economy.

The late-day move came as Trump, speaking in Iowa, dismissed concerns over the weakening U.S. dollar, telling supporters he was “not concerned” about its decline and insisting the dollar was “doing great.” The comments triggered an immediate reaction across markets, with the dollar sliding further and alternative stores of value catching a bid.

Gold climbed to a new all-time high of $5,223 per ounce at the time of writing, underscoring growing demand for hard assets amid mounting currency uncertainty.

The bitcoin price appeared to benefit from the same macro tailwinds, reversing earlier caution that had dominated trading following last weekend’s dip to $86,000.

The rally marks a notable shift in sentiment after bitcoin spent much of the past 24 hours struggling to reclaim the $88,000 level amid Federal Reserve uncertainty, ETF outflows, and lingering bearish technical pressure.

Monday’s breakout above $89,000 suggests buyers are reasserting control in the near term, though markets remain highly sensitive to macro signals as the Federal Reserve’s policy decision looms later this week.

At the time of publication, Bitcoin price traded at $89,320 today, up 2% over the past 24 hours, with $43 billion in daily trading volume. The asset’s circulating supply stands at 19,981,268 BTC, out of a fixed 21 million maximum.

Bitcoin mining stocks soaring along with bitcoin price

Bitcoin miners that have pivoted toward artificial intelligence and high-performance computing (HPC) infrastructure are roaring up near 10% on Tuesday, as investors continue to reward diversification beyond traditional mining revenues.

IREN ($IREN) and Cipher Mining ($CIFR) are each up more than 13%, while Hut 8 ($HUT) and TeraWulf ($WULF) are posting gains around 10%, extending a broader rally across the mining sector tied to AI-adjacent exposure.

The move comes as markets increasingly view large-scale miners as power and data-center plays rather than pure Bitcoin proxies, particularly in the wake of tighter post-halving economics. 

Companies like Cipher, IREN, Hut 8, and TeraWulf have spent the past year repositioning excess capacity toward long-term AI and HPC hosting contracts, which offer steadier cash flows and higher margins than block rewards alone. 

This post Bitcoin Price Surges Near $90,000 as Trump Downplays Dollar Decline, Gold Hits New Record first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Magazine

Samourai Letter #3: Notes From The Inside

Dear Reader,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sincerely,

Keonne

Write to Keonne:

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

Mailing Guidelines:

Please note: You can only send letters (no more than 3 pages long). No packages or other items are allowed. Books, magazines, and newspapers must be sent directly from the publisher or an online retailer like Amazon. All letters must include a full return address and sender name to be delivered.

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

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Bitcoin Magazine

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

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

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

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

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

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

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

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

Tether’s dominant role in the crypto space

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

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

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

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

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

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

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

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Bitcoin Magazine

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

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

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

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

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

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

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

They’re not paranoid. They’re prepared.

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

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

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

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

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

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

Yes, plural. Yes, anonymous.

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

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

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

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

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

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

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

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

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

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

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

Same data. Two conclusions. Infinite confidence. 

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

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

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

Respect the hustle.

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

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

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

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

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

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

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

One Event. Endless Energy. Absolute Chaos.

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

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

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

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

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Bitcoin Magazine

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Nasdaq Moves to Remove Position Limits on Bitcoin ETF Options

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

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

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

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

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

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

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

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

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

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

Nasdaq’s bitcoin and digital asset push

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

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

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

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

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Kansas Introduce Bill to Establish Strategic Bitcoin Reserve

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

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

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

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

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

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

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

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

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

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

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

States are actively pushing for bitcoin reserves 

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

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

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

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

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

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

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

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

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

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

Strive wants to buy more bitcoin

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Trump’s support for crypto legislation in the United States

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

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

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

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

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

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

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

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

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

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

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

CFTC’s ‘Future-Proof’ Initiative 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Strategy’s aggressive bitcoin purchasing strategy

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

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

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

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

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

Strategy and MSCI

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

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

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

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

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

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Blockspace Acquires Bitcoin Layers to Expand Bitcoin L2 Data Intelligence

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

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

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

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

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

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

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

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

Blockspace’s use of Bitcoin Layers tech

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin is driving revenue for Steak ’n Shake

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Quantum computing presents structural risks to Bitcoin 

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

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

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

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

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

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

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

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

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

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

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Bitcoin Adoption Surges in Iran Amid Protests and Rial Collapse

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

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

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

Bitcoin as a flight to safety

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

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

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

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

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

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

IRGC is dominating Iran’s crypto economy

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

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

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

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

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

Bitcoin, sanctions, and resistance

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

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

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

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

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

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

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

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

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

What Happened To Our 2025 Bull Run?

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

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

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

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

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

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

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

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

Is The Tide About to Turn?

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

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

Source: Sminston With

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

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

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

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

Is the 4-Year Cycle Dead?

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

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

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

Source: Sminston With

The $9 Trillion Debt Question

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

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

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

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

My View: 2026–2027

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

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

How Long Will The Next Money Printing Last?

Prediction: 18–24 months

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

How Much LIquidity Will Be Added?

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

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

How High Will The Bitcoin Price Go?

Prediction: $250,000

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

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

When Will The Price Top Out?

Prediction: Late 2026 to mid-2027

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

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

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

Good luck. 

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

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

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

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

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

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

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

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

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

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

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

Economic conditions affecting the bitcoin price

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

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

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

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

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

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

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Rhode Island Reintroduces Bitcoin Tax Exemption Bill for Second Straight Year

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

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

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

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

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

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

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

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

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

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

Other states like Rhode Island taking on pro-bitcoin initiatives

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

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

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

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

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

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

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

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

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

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

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

Is Powell getting pushed out of the Fed? 

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

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

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

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

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

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

Bitcoin price analysis

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

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

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

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

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

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

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

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

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

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