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BITCOIN BOX SCORE

Exchange Rate: $96,590
Market Capitalization: $1.92T
Hash Rate (90 days): 832.0 EH/s
Transactions (30 days): 12,353,536
Network Fees (economy): 3 sat/vB
Bitcoin Dominance: 64.73%

What do these numbers mean?

Warships are shadow-boxing in the South China Sea, tariff salvos are ricocheting across supply chains, and every major central bank is still toggling between hiking rates to quash inflation and slashing them to dodge recession.

In the background, the U.S. Dollar Index has already slid more than 8 percent this year, which is its worst opening stretch since 1989. Global faith in the greenback’s safe-haven status is wobbling at exactly the wrong moment.

History offers a brutal precedent for what happens when confidence evaporates: by 1865 the Confederate “greyback” had collapsed from one-to-one parity with the Union dollar to barely six cents, a near-total wipe-out for anyone still holding paper.

Today, investors watching the dollar’s stumble are discovering an escape hatch that didn’t exist in the 1860s. Since the administration’s “Liberation Day” tariff decree on April 2, bitcoin has surged 13.11% while every major asset class has struggled to clear 3%.

If the dollar’s slide accelerates, bitcoin’s terminal value in dollars approaches infinity by definition; its supply is fixed, the ledger is public, and settlement is final.

That logic is no longer academic. Corporations have gotten the message and they are mobilizing their treasuries. Strategy led the charge, followed by Tether, SoftBank, Cantor Fitzgerald, Semler, and Metaplanet. The list will only grow.

This quiet war for bitcoin is about survival in an increasingly uncertain world. Those who recognize it earliest will be best positioned for whatever comes next.

NEWS

Two Prime goes BTC only

Major digital asset firm Two Prime is pivoting to a bitcoin-only strategy after six years as a leading derivatives trader and becoming the second-largest lender for BTC- and ETH-secured loans globally. The SEC-Registered Investment Advisor has determined that ETH's risk-reward profile is no longer justifiable when bitcoin is available as an alternative.

Data-driven decision

Two Prime's analysis shows ETH has fundamentally changed, exhibiting increased volatility more similar to memecoins than a predictable asset. Their charts reveal ETH showing negative momentum without the "buy the dip" behavior seen in bitcoin, plus significantly weaker ETF adoption compared to BTC. As the firm states: "Bitcoin stands alone in its use case. It has no competitor in digital assets. It aims to be one thing, and it does it well."

Court Bans Treasury From Sanctioning Tornado Cash

A Texas District Court has ruled against the Treasury Department's attempt to retain the power to re-list Tornado Cash on OFAC's sanctions list after the Department removed the privacy tool from sanctions last month. The court rejected Treasury's argument that a final ruling was unnecessary, noting that the Department did not suggest they wouldn't sanction the software again in the future.

Setting legal precedent

The ruling reinforces the Fifth Circuit's earlier finding that Treasury overstepped its authority when it decided to sanction what is effectively smart contract software. The court emphasized that if Treasury wants to sanction software it would need Congress to amend the International Emergency Economic Powers Act (IEEPA) rather than engaging in capricious enforcement actions.

Tornado Cash is software that enhances the privacy of financial transactions, making them more difficult to surveil and censor. It matters because financial privacy defends your freedom to transact. Individuals, not governments, must be the deciders of when and with whom voluntary exchanges take place.

U.S. Now Hosts 75% of Bitcoin Mining Hashrate

A new study from the Cambridge Centre for Alternative Finance (CCAF) reveals the United States now dominates global Bitcoin mining, controlling 75.4% of the network's hash power. This concentration, which sums up to approximately 600 exahashes per second of the global 796 EH/s, marks a dramatic shift from the industry's previous concerns about Chinese mining dominance, which peaked at 65-75% in 2021 before China banned bitcoin mining.

Centralization concerns

While Commerce Secretary Lutnick promotes U.S. mining through streamlined regulations for off-grid power plants, extreme concentration of hash power in a single jurisdiction would make the network vulnerable to political forces. Future U.S. administrations might attempt to regulate mining operations or use its leverage over the industry to censor transactions. The threat to the Bitcoin Network would be short lived as miners would simply relocate operations to friendlier jurisdictions. In that way, having too much hashpower concentrated in the U.S. is more of a threat to U.S. energy security and economic strength than to bitcoin.

"Bitcoin Needs Insurance, Insurance Needs Bitcoin"

Resolvr CEO Aaron Daniel delivered a keynote speech at the inaugural Bitcoin Insurance Summit in Miami, arguing for deeper integration between the bitcoin and insurance industries. Drawing historical parallels, Daniel highlighted how the insurance industry's response to catastrophic fires shaped modern building safety, while coffee houses in 17th-century England became commercial hubs that gave birth to modern insurance practices.

Lessons from history

Daniel's presentation connected bitcoin to two transformative historical developments: how insurance industry standards made new technologies like electricity safer, and how coffee houses (particularly Edward Lloyd's, which evolved into Lloyd's of London) created information networks that modernized global commerce. He suggests bitcoin requires similar engagement from insurers to develop standards and best practices for security, while insurers need bitcoin to remain relevant in a rapidly digitizing economy. View the full speech below:

BITCOIN ADOPTION CONTINUES

Morgan Stanley plans to offer direct bitcoin trading to E*Trade's retail customers in 2026, becoming the first major U.S. bank to provide such services amid favorable regulations.

Coinbase Asset Management launches bitcoin-only yield fund for non-U.S. institutional investors, promising 4-8% annual returns in bitcoin through conservative cash-and-carry arbitrage strategies.

Bitwise predicts bitcoin will reach $1 million by 2029 to match gold's market cap, with near-term projections of $200,000 for 2025, potentially reaching $500,000 if the U.S. government makes direct bitcoin acquisitions.

El Salvador's Ministry of Education and Bitcoin Office launch "What Is Money?" program for children aged seven to thirteen, integrating three hours of weekly bitcoin education into the national Social Studies curriculum across fifty schools.

ARK Invest raises its 2030 bitcoin bull case price target to $2.4 million per coin, projecting a 72% compound annual growth rate driven by institutional investment, digital gold status, and emerging market demand.

HOW BITCOIN WORKS

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

Bitcoin mortgages will save us all

The average first-time buyer today faces a median existing-home price of ≈ $404,000 and mortgage rates still stuck near 7 percent – conditions that demand about nine years of a young worker’s income, up from five in 1969.

No surprise, then, that the home-ownership rate for householders under 35 has slid to 36.6 percent, its lowest reading in more than a decade and nearly thirty points below their grandparents’ cohort at the same age.

That housing lock-out is reverberating far beyond real estate: the United States now posts a total fertility rate of just 1.63 births per woman, well beneath the replacement level of 2.1 and close to the lowest on record.

Decades of research show how tightly those two trends interlock; when low-down-payment mortgages debuted in the 1930s they lifted home-ownership among would-be parents by 30 percentage points and accounted for roughly 10 percent of the post-war baby-boom surge in births.

The key barrier to bitcoin mortgages lies in regulatory guidelines, particularly those from Fannie Mae and Freddie Mac. It’s time to take a look at how regulatory reform could let a young person today, whose net worth may be weighted toward bitcoin instead of dollars, more easily own a home. A simple tweak to Fannie Mae’s Selling Guide that would allow income earned in bitcoin to be considered when qualifying borrowers, as well as permit bitcoin to serve as an asset for establishing coinsurance for certain income types, would plug those savers straight into America’s mainstream mortgage pipeline.

Because Fannie and Freddie touch roughly 40 percent of all securitized home loans, any guideline change would ripple almost immediately through private lenders, spawning products that let borrowers pledge a portion of their bitcoin stack while still retaining upside.

In practice, that could slice years off the time required to assemble a down-payment, raise the under-35 ownership rate, and lower the average age at first child – critical steps toward reversing today’s demographic slide.

Project the tape forward to 2030 and the compounding effects look substantial. Higher family formation boosts durable-goods demand, local school enrollment, and small-business creation; each additional percentage-point gain in home ownership historically adds about $80 billion to household net worth over a decade, reinforcing the financial security that supports larger families.

Couple that with Bitcoin’s capped supply that shields borrowers from the silent tax of monetary debasement and you create a virtuous loop: sound money underpinning sound housing finance, which in turn underpins a society built around the single-family household.

In short, a modest policy update today could give an entire generation a clearer path to the American dream – and the country a fighting chance to arrest its fertility free-fall before it’s too late.

COIN CHECK

On which date did bitcoin contributor Kiba declare “Satoshi Disappear Day,” celebrating that the bitcoin community could thrive without its founder/creator?

1. April 26, 2011

2. April 26, 2012

3. April 28, 2011

4. April 29, 2011

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

2. April 28, 2011. Read more about Satoshi Disappear Day in this interesting article.

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