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BITCOIN BOX SCORE

Exchange Rate: $107,440
Market Capitalization: $2.14T
Hash Rate (90 days): 876 EH/s
Transactions (30 days): 10,726,935
Network Fees (economy): 1 sat/vB
Bitcoin Dominance: 65.81%

What do these numbers mean?

Three years ago in this newsletter, we outlined bitcoin's path forward. First, exchange tokens would devalue. Then, bitcoin would dominate the largest alt coins like ethereum. Finally, it would challenge the ultimate boss: fiat.

At the time, this was controversial. Few believed bitcoin would maintain market dominance, and fewer still imagined it would be able to compete with fiat currency in the near term.

Today, our prediction remains on track. Exchange tokens have largely collapsed (save for Binance's BNB), and alt coins never came close to "flipping" bitcoin as many predicted. Instead, bitcoin's dominance ratio – its market cap relative to other cryptocurrencies – has climbed steadily higher. Excluding stablecoins from this calculation, which are essentially blockchain dollars rather than true "crypto" competitors, bitcoin's supremacy becomes even more pronounced.

We're now in the final stage, one which will unfold over many years. Bitcoin is taking on fiat and traditional financial assets directly. The clearest evidence for this is the explosive pace of corporate bitcoin treasury announcements. So many companies are converting cash reserves to bitcoin that it's difficult to track them all.

Bitcoin has risen above the "exchange casino" and alt coin token world. Even mainstream finance professionals now mentally separate it from crypto as they observe bitcoin openly challenging the dollar and fiat system itself.

NEWS

Texas becomes first state to fund bitcoin reserve

Texas Governor Greg Abbott signed Senate Bill 21 into law, making the Lone Star State the first in the U.S. to establish a publicly funded bitcoin reserve. The state has initially allocated $10 million to the fund. Unlike Arizona and New Hampshire, which have authorized reserves but have not yet funded them, Texas is actively purchasing bitcoin and protecting it from being swept into general revenue through companion legislation HB 4488.

States lead where Washington hesitates

While the federal Strategic Bitcoin Reserve has developed little since it was announced, Texas is demonstrating how states can decisively commit to bitcoin with real capital. At just 0.0004% of the state budget, this modest investment sends a powerful signal that forward-thinking states understand bitcoin's role in the future of money, potentially triggering a competitive race among states to build strategic bitcoin positions.

Fed eliminates "reputational risk" banking weapon used to target bitcoin companies

The Federal Reserve announced it would no longer allow bank supervisors to consider "reputational risk" when overseeing financial institutions, ending a key tool used in Operation Chokepoint 2.0 that resulted in over 30 bitcoin and technology companies having been denied banking services since 2023. This makes the Fed the last major financial regulator to eliminate reputational risk guidelines, following similar moves by the OCC and FDIC earlier this year.

Operation Chokepoint officially dead

With all primary banking regulators now abandoning subjective reputational risk assessments, the systematic debanking of bitcoin businesses has come to an end. As U.S. Senator Cynthia Lummis noted, these policies "assassinated American bitcoin & digital asset businesses." Now, banks can finally make decisions based on actual financial metrics rather than regulatory prejudice, unleashing pent-up demand for bitcoin banking services.

Lightning Labs releases Taproot Assets v0.6 with enhanced stablecoin support on bitcoin

Lightning Labs announced Taproot Assets v0.6, a major update to the multi-asset Lightning protocol that simplifies how stablecoins can be minted, sent, and received over bitcoin's Lightning Network. The release introduces grouped asset identifiers that allow multiple tranches of the same stablecoin to share a common "group_key," streamlining the user experience and supporting up to 20 inbound channels for larger transactions.

Bitcoin as the stablecoin settlement layer

This technical advancement positions bitcoin as the ultimate settlement network for dollar-denominated transactions, with Tether's upcoming USDT integration serving as the proof of concept. By enabling efficient stablecoin flows on Lightning, bitcoin captures the massive global demand for dollar payments while remaining the underlying security and settlement layer, effectively making every USDT transaction a vote of confidence in bitcoin's monetary network.

Trump tariffs might slow U.S. bitcoin mining expansion but won't end American dominance

President Trump's tariffs on Southeast Asian nations will increase ASIC costs by 10-50% and likely slow the expansion of U.S. bitcoin mining, which currently controls over 40% of global hashrate. However, what some claim is the greater challenge facing American miners is competition from AI data centers, as tech giants like Microsoft and Google outbid mining operations for prime electrical infrastructure with their deeper pockets and higher profit margins.

Efficiency over expansion becomes the new strategy

While tariffs create headwinds, they're also accelerating "Made in America" ASIC production as manufacturers like Bitmain and MicroBT establish U.S. facilities to avoid import taxes. More importantly, the focus is shifting from capacity growth to efficiency upgrades, with older mining rigs needing replacement representing a $4-6 billion annual market that favors the most advanced operators regardless of tariff impacts.

BITCOIN ADOPTION CONTINUES

Anthony Pompliano's ProCap BTC acquired 3,724 bitcoins worth $386 million as part of its strategy to launch with up to $1 billion in bitcoin on its balance sheet through a merger with Columbus Circle Capital Corp.

"Dirty Coin," a feature-length documentary by filmmaker Alana Mediavilla exploring bitcoin mining's global impact, screened at FreedomFest's Anthem Film Festival to educate skeptics about bitcoin's role in building freer economies.

The Smarter Web Company purchased an additional 196.9 bitcoins for $20.6 million, bringing its total holdings to 543.52 coins as part of its "10 Year Plan" treasury strategy.

Amazing AI plc adopted a bitcoin treasury policy and plans to begin bitcoin acquisitions in July 2025.

French semiconductor firm Sequans Communications launched a $384 million bitcoin treasury initiative in partnership with Swan Bitcoin, raising funds through equity and convertible notes to build a bitcoin position alongside its IoT operations.

Southeast Asian fintech DigiAsia Corp signed a $3 million non-recourse debt facility as the first phase of its $100 million bitcoin treasury strategy, with bitcoin purchases expected to begin in Q3 2025.

HOW BITCOIN WORKS

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

The long road to ₿: bitcoin's official symbol

Last week marked "₿-Day" – the eighth anniversary of bitcoin's symbol joining the Unicode standard on June 20, 2017.

Unlike the dollar sign, whose origins remain mysterious but is likely derived from Spanish colonial peso markings, the origin of the bitcoin symbol is known. The process of selecting a symbol began almost immediately after bitcoin's creation, with community discussions starting as early as February 2010.

Initially, bitcoiners were divided. Some suggested borrowing the Thai baht symbol (฿), but others objected to "stealing" another country's currency symbol. The community also considered Ƀ, but ultimately settled on ₿ – a capital B with two vertical lines – because it most closely resembled the icon Satoshi designed for the original bitcoin client.

The path to official recognition was a lengthy one. Hardware hacker Ken Shirriff submitted the formal Unicode proposal in October 2015, backed by the Bitcoin Foundation's Standards Committee and prominent early developers. The Unicode Consortium accepted it just one month later, but implementation took nearly two years to complete.

When Unicode 10.0 was launched in June 2017, bitcoin's symbol was among 8,518 new characters, listed as an "important symbol addition." It became the first new currency symbol added in 24 years since the Korean won (₩) in 1993.

Today, ₿ is supported across all major platforms – macOS, iOS, Android, Windows, and Linux. However, bitcoin still lacks recognition from the International Organization for Standardization (ISO), which maintains official currency codes. Bitcoin cannot use "BTC" officially because it conflicts with Bhutan's country code. That’s why in many technical applications, the symbol for bitcoin remains “XBT.”

The ₿ symbol's inclusion in Unicode marked an important yet less discussed part of bitcoin's transition from experimental internet money to a recognized global currency – one character at a time.

COIN CHECK

Which of the following is not a reason bitcoin stands apart from the wider “crypto” scene?

1. A hard-coded supply cap of 21 million coins

2. A proof-of-work consensus mechanism that anchors value in real-world energy

3. A transparent, no-premine launch with zero venture-capital allocation

4. A built-in yield-farming smart-contract platform for alt-token liquidity mining

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

2. Bitcoin doesn’t chase yield-farming gimmicks or built-in alt-token plumbing. Those belong to the broader crypto casino, not the bitcoin monetary protocol. With apologies to J.P. Morgan, just remember: Bitcoin is money. Everything else is credit.

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