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BITCOIN BOX SCORE

Exchange Rate: $105,140
Market Capitalization: $2.08T
Hash Rate (90 days): 765.0 EH/s
Transactions (30 days): 11,249,827
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 59.35%

What do these numbers mean?

In December, letters obtained via a lawsuit by Coinbase revealed that the Federal Deposit Insurance Corp (FDIC) instructed banks to avoid working with bitcoin and crypto companies. "We respectfully ask that you pause all crypto asset-related activity," wrote the regulator in one of the letters.

The letters reveal that banks in the United States were interested, going back as far as 2022, in rolling out bitcoin and crypto products around custody, lending, and more. Yet regulators informed the banks to halt their efforts.

A few things have changed since then. Under the Presidential administration, regulatory bodies, like the FDIC, Fed, SEC, etc., are being revamped with a focus on supporting the industry rather than stopping it. The first example is the Securities and Exchange Commission's repeal of Staff Accounting Bulletin 121 (SAB 121), which effectively prevented banks from holding bitcoin and other digital assets in custody.

In addition to that, at the latest Fed meeting, Federal Reserve Chair Jerome Powell stated, "Banks are perfectly able to serve crypto customers," giving banks an even clearer signal that they should feel comfortable servicing the industry. One can reasonably expect 2025 to be the year banks begin rolling out bitcoin products, reaching an entirely new audience and introducing them to the best form of money yet discovered.

NEWS

Egg prices reach historic highs amid avian flu and inflationary pressures

Egg prices have surged to near-record levels this week, driven by outbreak of avian flu and broader inflationary trends. Because it is a good that has few substitutes, egg demand tends to be inelastic. The cost of a dozen Grade-A eggs now sits at an astonishing national average of $4.15.

Supply disruptions, rising feed prices, and elevated transportation costs highlight the fragility of food supply chains. When coupled with activist central bank policies, any minor disruption can be amplified into a towering wave of inflation.

Fed stands pat on rates, but stays hawkish on inflation

In its first pause since last September, the Federal Reserve held the benchmark fed funds rate at 4.25%-4.50%, citing a “somewhat elevated” inflation level and removing last month’s note of “progress” toward its 2% target. Bitcoin initially dipped to about $101,800 on the hawkish tone, but bounced back above $103,000 as Fed Chair Jerome Powell downplayed the language tweak in his post-meeting remarks. U.S. equities slid on the announcement, while the 10-year Treasury yield jumped 5 basis points to 4.59%.

Czech central bank head considers bitcoin allocation

The Czech National Bank (CNB) is considering a bold move to allocate up to 5% of its €140 billion reserves into bitcoin, surpassing its current gold reserves. Governor Aleš Michl justified the move by highlighting bitcoin’s benefits relative to other reserve assets, reflecting a growing institutional trend.

National reserves redefined

Michl’s stance mirrors a broader shift in central banking toward exploring new financial instruments as bonds lose favor. If successful, the Czech Republic’s move may catalyze further acceptance of bitcoin at the highest levels of global finance.

Nasdaq seeks green light for in-kind bitcoin ETF redemptions

Nasdaq has filed a rule change proposal with the Securities and Exchange Commission (SEC) to allow the BlackRock iShares Bitcoin Trust (IBIT) to offer in-kind share creation and redemptions. This mechanism lets authorized participants directly exchange fund shares for bitcoin instead of cash, potentially boosting efficiency by letting large investors swiftly balance supply and demand without handling fiat currency. Retail investors would remain ineligible for this direct exchange.

Only institutions would get the in-kind option with this change

Despite the potential upgrade to in-kind redemptions, the benefit remains firmly in the hands of institutional players; retail investors still couldn’t redeem ETF shares for actual bitcoin. ETF shares exist within the traditional financial system and are subject to brokerage hours, regulatory oversight, and centralized custody. That setup prevents everyday investors from enjoying true bearer-asset benefits, including around-the-clock liquidity, freedom to transact without third-party permission, and protection from confiscation, bankruptcy, failure, and fraud.

We’re telling you right now, paper bitcoin is NOT real.

Holding “paper bitcoin” through a spot ETF can provide price exposure, but it doesn’t stack up against the security and sovereignty of bitcoin held in self-custody. ETFs are essentially IOUs for the price of bitcoin (not physical bitcoin). In contrast, privately held bitcoin is sound money. For those seeking meaningful diversification and autonomy, owning physical bitcoin remains the best way to hedge against systemic financial risk fully.

BITCOIN ADOPTION CONTINUES

Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, increased its indirect bitcoin exposure by 153% via holdings like MicroStrategy, Mara Holdings, and Riot Platforms, illustrating bitcoin’s growing role in diversified portfolios.

Grayscale has launched the Bitcoin Miners ETF (MNRS), providing exposure to major BTC mining companies.

Illinois has introduced a bill proposing a state-run bitcoin reserve with a mandatory five-year holding period, reflecting an emerging trend among U.S. states embracing bitcoin as a strategic financial asset.

MicroStrategy acquired 10,100 more BTC for $1.1 billion, raising its holdings to 471,100 BTC (worth $46 billion) as it doubles down on a bitcoin-centric treasury strategy.

HOW BITCOIN WORKS

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

The great bitcoin and crypto decoupling

Bitcoin has quietly pulled away from the broader “crypto” market in recent months, defying the notion of an inevitable “altcoin season.” While thousands of new meme tokens flood exchanges weekly, bitcoin’s market dominance has steadily climbed, now nearing 59%. It would be even higher if stablecoins were excluded from the ratio.

Institutional inflows have played a key role in this phenomenon. Spot bitcoin ETFs, approved just last year, now manage nearly $40 billion, which represents an extraordinary surge from a mere $1 billion a year ago. This influx has placed bitcoin squarely on Wall Street’s radar, attracting fresh capital. At the same time, bitcoin whales continue to amass considerable holdings. Contrary to claims that government involvement would hamper bitcoin’s ethos, President Trump’s executive order exploring a national bitcoin reserve has further bolstered confidence.

Unlike altcoins, which rely on hype and fleeting narratives to sustain their value, bitcoin is in the process of monetizing – becoming money – as it finds its way into personal portfolios, corporate balance sheets, and government treasuries.

As alt-season chatter fades, bitcoin grows stronger. The story of a new global reserve asset is still in its initial chapters, but savvy economists can already see how it ends.

COIN CHECK

How often is the bitcoin mining reward reduced by half (what is known as the “halving” event)?

1. Every 21,000 blocks

2. Every 210,000 blocks

3. Every 2.1 million blocks

4. Every 1,050,000 blocks

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

2. Every 210,000 blocks

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