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BITCOIN BOX SCORE

Exchange Rate: $104,780
Market Capitalization: $2.08T
Hash Rate (90 days): 879.0 EH/s
Transactions (30 days): 10,877,572
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 64.83%

What do these numbers mean?

"Soon you're going to be able to live your whole financial life on the platform," X CEO Linda Yaccarino announced this week, describing the social media giant's push to become an "everything app" with integrated payments, trading, and financial services.

Meanwhile, Rumble, with its 78 million users, is integrating the Lightning Network into its bitcoin wallet. The video platform joins a growing list of mainstream companies recognizing that superior payment rails matter more than political positioning.

Apps are investing in advanced money features – everything from micropayments, to tipping, to streaming sats. While X partners with Visa to develop "X Money," many other platforms and fintechs are preparing to integrate stablecoins. The race is on to develop software to facilitate pervasive financial flows.

As Allen Farrington outlines in depth, we're witnessing an inevitable technical migration. Today, crypto casinos Coinbase and Gemini, long known for their altcoin preferences and offerings, are “orangewashing” themselves in response to consumer demand. Both offer bitcoin credit cards and regularly promote bitcoin in their ads.

Stablecoins will inevitably move from expensive, centralized blockchains to Lightning Network settlement. Payment companies will abandon costly intermediaries for atomic bitcoin transactions. And eventually, as users realize they can "live their whole financial life" on superior money rather than downgrading to dollars, the final switch becomes as simple as changing a preference setting.

The firms offering what consumers want (speed, security, and sovereignty) in the most elegant package will dominate. And the world's only truly decentralized, programmable money just happens to have the best payment infrastructure ever built on top of it.

NEWS

Metaplanet flips Coinbase's bitcoin holdings, achieves 2025 goal six months early

Japanese investment firm Metaplanet purchased 1,112 bitcoins for $117.2 million, bringing its total holdings to 10,000 and making it the 9th largest corporate bitcoin holder globally. The acquisition surpassed Coinbase's 9,267 coins in what could only be characterized as an embarrassment for one of the earliest bitcoin innovators.

Corporate bitcoin strategies expose exchange hypocrisy

Metaplanet's achievement highlights how serious companies are accumulating bitcoin while Coinbase, despite generating billions in revenue from bitcoin trading, holds relatively little. The contrast reveals which firms truly understand bitcoin's value versus those merely extracting rent from low-information traders.

Senate passes GENIUS Act despite progressive backlash

The Senate voted 68-30 to pass the GENIUS Act, establishing the first federal regulatory framework for stablecoins after prolonged bipartisan negotiations. Senator Elizabeth Warren and other progressives demanded Democrats oppose the legislation, but the bill advanced with strong bipartisan support. President Trump celebrated the victory on Truth Social, declaring, "The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets" and urging the House to pass it "LIGHTNING FAST."

Warren suffers another crushing defeat

The GENIUS Act's passage marks yet another loss for Elizabeth Warren's authoritarian faction that seeks to force Americans onto surveillance-friendly CBDCs while debanking anyone who opposes progressive orthodoxy. Warren's "crypto corruption" hysteria failed to derail the legislation. Stablecoins are a step in the right direction because they offer significant improvements over traditional banking – fast settlement, low transaction costs, and global access. However, they will eventually lose to out to bitcoin's superior properties of having a fixed supply and complete independence from Warren or any other politicians' schemes.

Ohio House passes bill allowing tax-free bitcoin payments under $200

Ohio's House of Representatives voted 70-26 to pass the Ohio Blockchain Basics Act, which exempts bitcoin transactions under $200 from capital gains taxes and protects bitcoin mining operations from discriminatory government overreach. The bill also eliminates money transmitter license requirements for bitcoin mining, staking, node operation, and self-custody wallets, while allowing residential bitcoin mining that complies with local noise ordinances.

States lead the charge toward bitcoin-friendly America

Ohio joins the growing list of states (except Connecticut, whose blunder we covered last week) recognizing that bitcoin adoption requires practical regulatory frameworks, not federal hostility. By removing tax friction on small bitcoin transactions and protecting mining operations, Ohio is setting an example for federal legislation and positioning itself to attract bitcoin businesses fleeing less friendly jurisdictions.

CBO warns Trump's spending bill will add $2.4 trillion to deficits as debt interest hits $1.13 trillion

The Congressional Budget Office estimates President Trump's "One Big Beautiful Bill" will add $2.4 trillion to deficits over ten years, even as the federal government already paid a record $1.13 trillion in debt interest during fiscal 2024 - nearly $7,400 for each of the 153 million taxpayers. Interest payments now consume 21% of total federal revenue, approaching 1980s peaks, while the U.S. outpaces all major developed economies in debt-service burden.

Fiat money's endgame accelerates bitcoin adoption

The debt-interest death spiral demonstrates why fiat monetary systems inevitably collapse under their own mathematical impossibility. Politicians face an impossible choice: raise rates and bankrupt the government through interest costs, or lower rates and destroy the currency through inflation. Bitcoin offers the only escape route from this fiscal trap because it’s a unit of value that cannot be debased to finance endless government spending that burdens future generations.

BITCOIN ADOPTION CONTINUES

France's The Blockchain Group shareholders approved an €10 billion capital raise to accelerate bitcoin treasury accumulation, with 95% of votes cast supporting the initiative to increase bitcoin per share without diluting existing ownership.

Swiss bitcoin platform Relai partnered with Casa to offer its 85,000 users multisig custody solutions for enhanced bitcoin security.

Singapore-based Bitdeer raised $330 million through convertible notes to expand bitcoin mining operations and AI infrastructure, bringing total 2024-2025 fundraising to over $800 million.

Prenetics became the first healthcare company to launch a bitcoin treasury strategy, purchasing $20 million worth of bitcoin and planning to allocate most of its $117 million balance sheet.

Semler Scientific appointed Joe Burnett as Director of Bitcoin Strategy and targets accumulating 105,000 bitcoins by 2027, currently holding 4,449 coins after achieving 287% bitcoin yield since adopting the strategy.

UK's Smarter Web Company acquired 104.28 bitcoins for £8.1 million, bringing total holdings to 346.63 and pushing its stock up 8% as it becomes one of Britain's most aggressive corporate bitcoin holders.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

The Bitcoin Milkshake Theory

Cole Walmsley outlined a compelling framework called the "Bitcoin Milkshake Theory" that builds on Brent Johnson's Dollar Milkshake Theory but reaches a different conclusion about the ultimate destination of global liquidity.

While Johnson's theory suggests the U.S. dollar will strengthen as other fiat currencies weaken, Walmsley argues that bitcoin – not the dollar – is at the other end of the straw. As trust in fiat erodes, smart money won't flee to another fiat currency but to the hardest asset ever created.

The theory unfolds in three phases. Phase One sees institutions and individuals quietly adopting bitcoin as a hedge against fiat debasement. Phase Two begins as fiat currencies continually face crises. Debt then balloons, which forces central banks to print more money. Confidence evaporates at the same time that bitcoin's anti-fragility becomes undeniable. Capital flight accelerates, creating the "suddenly" moment that sends bitcoin's exchange rate soaring.

Phase Three represents the monetary singularity, when bitcoin has absorbed all liquidity from failing fiat systems. The global economy reprices everything in bitcoin terms, establishing it as the new standard measure of value and ownership.

According to Walmsley, we're currently in Phase Two. Bitcoin's fixed supply amid fiat’s expansion is accelerating the transition. Each new dollar, euro, or yen added to the global supply of fiat money makes bitcoin relatively more scarce.

Unlike the Dollar Milkshake Theory, which assumes people will continue accepting fiat money indefinitely, the Bitcoin Milkshake Theory recognizes that bitcoin offers a genuine exit from monetary manipulation. As Walmsley puts it: "Bitcoin is the apex predator—the black hole of all liquidity."

COIN CHECK

Why are some companies putting bitcoin on their balance sheet?

1. To avoid corporate taxes

2. To bet on short-term price spikes

3. To hedge against fiat debasement

4. Because Dogecoin was too volatile

Check your answer at the end of the page.

FROM THE MEME POOL

Follow us on X for more fresh content

ANSWER

3. To hedge against fiat debasement.

   In 2020, Strategy (then called MicroStrategy) had hundreds of millions in cash sitting idle. CEO Michael Saylor saw the writing on the wall: the Fed was printing dollars with wild abandon and there was no turning back.

   Instead of letting inflation drain his treasury, Saylor made a bold move – he swapped dollars for bitcoin. At first, Wall Street called it reckless. But then bitcoin doubled, and then it tripled. In recent months, Strategy has branched out into convertible notes, bond offerings, and other financial products – finding increasingly sophisticated ways to speculatively attack the dollar. Today, many CFOs are asking themselves: what’s our plan if fiat keeps bleeding out?

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