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BITCOIN BOX SCORE

Exchange Rate: $89,070
Market Capitalization: $1.77T
Hash Rate (90 days): 791.3 EH/s
Transactions (30 days): 11,920,326
Network Fees (economy): 3 sat/vB
Bitcoin Dominance: 61.29%

What do these numbers mean?

The world woke up on Sunday morning to a bizarre post on President Trump’s X account announcing a "Crypto Strategic Reserve" that named three altcoins, but did not name bitcoin. The resulted was bitcoin’s fiat exchange rate erasing the prior week's losses – before a follow-up post did mention both bitcoin and ethereum. The damage was done, and there are many observers now wonder whether an insider might have somehow influenced the release of this now infamous post.

Then, tariff threats caused the price of bitcoin to drop again before it bounced back days later. Swings are to be expected from a global asset that is monetizing before our eyes and trades 24/7. Even still, the price has bounced so much that instead of a bull market or bear market, a better term might be kangaroo market.

The idea of a five-coin (potentially more) reserve is a bad idea. Trump's post does not mean that any decisions have been made. More information will come to light after tomorrow’s "Digital Asset Summit," where those who work on crypto policy within the Trump administration will hold a roundtable with industry leaders.

"The President definitely thinks that there's a Bitcoin strategic reserve… now, there will be a question of, how do we handle the other cryptocurrencies. And I think the model is going to be announced on Friday when we do that," said U.S. Commerce Secretary Howard Lutnick.

At the same time as Trump's altcoin antics, bitcoin is being discussed at the national level in other parts of the world. Korean politicians met yesterday to discuss "the need for a strategic response if the U.S. moves to create a 'national strategic reserve of cryptocurrencies,' as announced by President Donald Trump."

Tshering Tobgay, the Prime Minister of Bhutan, spoke at length with Al Jazeera in a widely circulated interview about how Bhutan is leveraging bitcoin to fund pay raises for civil servants and improve the country's infrastructure.

It's no longer just El Salvador implementing a bitcoin strategy and driving nation-state demand.

Today, central banks in emerging markets are some of the primary drivers of gold demand, which has surged recently. What would happen to the price of bitcoin if they suddenly started accumulating it en-masse, given that it is even more scarce? We might see sooner than you think.

NEWS

President of Belarus: Let’s mine bitcoin using surplus energy

Belarus President Alexander Lukashenko announced this week that he is exploring a plan to utilize his country's excess electricity for bitcoin mining. Drawing inspiration from President Trump's support of American mining firms and a growing global focus on strategic bitcoin reserves, Lukashenko suggested that tapping Belarus' surplus power could offer a valuable revenue stream and position the nation at the forefront of bitcoin adoption.

Game theory finally begins?

With the U.S. and other countries signaling that they understand the national security implications of bitcoin, Belarus's move is no surprise. If Minsk follows through, it would further legitimize state-level interest in the potential of bitcoin mining to be considered part of a nation’s grand strategy.

U.S. Senate's Banking Chair unveils debanking bill

Senator Tim Scott, the Republican chair of the Senate Banking Committee, introduced a bill to eliminate the use of "reputational risk" as a justification for banks to terminate client relationships. The bitcoin and broader crypto industry have long argued that regulatory pressure forced banks to sever ties with lawful businesses, effectively cutting of an important American technology industry from accessing banking services.

Anti-debanking, anti-chokepoint

Scott's proposed legislation seeks to protect legitimate enterprises from indiscriminate regulatory clampdowns. By preventing unlawful discrimination against bitcoin companies, Congress could pave the way for the U.S. banking sector to prioritize innovation over unnecessary bureaucratic constraints.

Bitcoin used to secure Tennessee County's Republican convention vote

In Williamson County, Tennessee, a hotly contested local Republican leadership vote was anchored to the bitcoin timechain via Simple Proof's Immutable Proof service.

The process recorded final tallies in block 886,370, making the results tamper-resistant and permanently verifiable on humanity’s most secure ledger. The county's decision follows similar uses of bitcoin's blockchain in Guatemala and the state of Georgia, reflecting growing faith in bitcoin-based authentication for election records.

Will a Fort Knox audit lead to a gold revaluation?

President Donald Trump and DOGE Director Elon Musk are advocating a thorough audit of U.S. gold reserves, a move that has fueled speculation about a possible official revaluation of America's bullion stockpile. Currently recorded at $42.22 per ounce, the reserves' true market value may approach $3,000 per ounce, raising questions about whether the government might modernize its gold balance sheet or even monetize the asset to fund emerging initiatives, such as a strategic bitcoin reserve.

Everything is good for bitcoin

If the U.S. does formally revalue gold, it would demonstrate how shifting macroeconomic conditions are driving renewed interest in sound money principles – something that simultaneously applies to gold and bitcoin. Any large-scale moves to fortify gold reserves or revalue bullion would, by proxy, highlight bitcoin's superior monetary properties, accelerating its appeal as a digital hard asset.

BITCOIN ADOPTION CONTINUES

Tokyo-based Metaplanet purchased 497 BTC for $43.9 million, raising its total to 2,888 BTC, boosting its stock by 19%, and becoming Asia’s largest corporate bitcoin holder.

The Texas Senate passed a bill creating a strategic bitcoin reserve, moving it to the House and potentially making Texas the first U.S. state to officially hold bitcoin.

Brazil’s fintech unicorn Meliuz purchased millions in bitcoin for its treasury, allocating up to 10% of its cash to BTC and forming a strategic committee to explore broader adoption.

One of the richest men in the world, Mexican billionaire Ricardo Salinas revealed that he now holds 70% of his portfolio in bitcoin.

New Hampshire’s House commerce committee voted 16-1 to pass a bill allowing up to 5% of state funds to be invested in bitcoin, sending it to the full House for approval.

HOW BITCOIN WORKS

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

Unpacking bitcoin’s volatility

One of the most frequent critiques of bitcoin is that it’s “too volatile," and this week was no exception as bitcoin’s fiat-exchange rate moved up and down by thousands of dollars per day.

Such volatility is normal for an emerging asset going through what’s called “price discovery.” Like any new market, bitcoin initially attracts waves of buyers and sellers with different ideas of what it’s worth. Still, bitcoin’s volatility is often overstated.

Over the past few years, several high-profile stocks some in the S&P 500 - have been just as volatile as bitcoin, if not more so.

Although bitcoin used to have annualized volatility above 200% in its early years, that figure has steadily trended downward.

A similar pattern played out with gold in the 1970s, when it was “set free” from the U.S. dollar peg. The price began to rapidly fluctuate, but eventually stabilized as the market found its footing.

Volatility isn’t always bad. Despite big price swings, long-term bitcoin holders have often been rewarded for their patience. This is because much of bitcoin’s volatility has historically been to the upside.

As adoption expands and investors become more familiar with it, the logical conclusion would be that bitcoin’s market cap will grow. Since bitcoin is scarce, each new person that discovers it and begins to use it becomes an equity holder in a finite asset. Rather than diluting others, they take some of the available bitcoin off the table.

In short, volatility is not an inherent flaw. Instead, it’s a normal stage in bitcoin’s journey as it becomes more and more widely recognized as money.

COIN CHECK

During what year and month did bitcoin experience its biggest drawdown?

1. April 2013

2. June 2011

3. November 2022

4. March 2020

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

2. June 2011. Following the Mt. Gox hack, bitcoin experienced a 99% drawdown during a flash crash, during which its exchange fiat exchange rate fell from $32 to $.01.

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