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BITCOIN BOX SCORE

Exchange Rate: $80,640
Market Capitalization: $1.60T
Hash Rate (90 days): 794.5 EH/s
Transactions (30 days): 11,679,609
Network Fees (economy): 1 sat/vB
Bitcoin Dominance: 61.67%

What do these numbers mean?

"There are decades where nothing happens; and there are weeks where decades happen," Vladimir Lenin supposedly said. With bitcoin, it feels like decades of change are happening every week, and this one was no different.

First, President Trump issued an executive order to establish a Strategic Bitcoin Reserve (SBR) at the end of last week. The order also established a U.S. Digital Asset stockpile. Importantly, the order draws a bright line between bitcoin and altcoins. The bitcoin will be held in the SBR and any alts will be kept in the stockpile.

The order directs that no bitcoin in the SBR should be sold. It also directed Treasury and Commerce to develop budget-neutral strategies for acquiring more. In contrast, altcoins can be sold from the stockpile, and the government is not authorized to proactively acquire additional altcoins.

It's hard to overstate the significance of the most important government in the world recognizing bitcoin's uniqueness.

All eyes are on Secretaries Bessent and Lutnick to announce potential "budget neutral" strategies for bitcoin acquisition. There are many interesting options summarized here:

NEWS

Public companies doubled their bitcoin holdings in 2024

According to Bitcoin Treasuries data, the number of bitcoins held by public corporations reached 592,112 in 2024, doubling the total accumulated in the previous five years combined. As of March 6, publicly traded companies held $52 billion worth, equivalent to 3% of total supply. Strategy, led by Executive Chairman Michael Saylor, accounts for a substantial portion of this number.

Institutional FOMO is real

Acceleration of corporate bitcoin adoption reflects a growing confidence in bitcoin's viability as a treasury asset. Add in governments and fund managers, and we may be witnessing the early stages of a global race just as supply becomes even more constrained.

Checking in on BRICS: De-Dollarization and a Multipolar World

The BRICS bloc — which now includes Egypt, Ethiopia, Iran, and the UAE — is moving forward with its strategy to reduce reliance on the dollar. BRICS Pay, a new initiative to build a decentralized payment system, aims to challenge Western-led financial institutions and reshape the global power balance. The bloc’s member nations are also accumulating gold at a rapid clip in preparation for a multipolar financial world.

Neutral assets on the rise

The dream (or prediction) of de-dollarization of the global economy is driving demand for alternatives like gold and bitcoin. Bitcoin’s status as the only viable digital commodity, and its politically-neutral monetary network, may accomodate a global shift toward commodity money.

OCC clears path for banks to embrace bitcoin and stablecoins without prior approval

The Office of the Comptroller of the Currency (OCC) issued a new interpretive letter allowing federally regulated banks to engage in bitcoin custody, stablecoin development, and node operation without seeking prior approval. Acting Comptroller Rodney E. Hood emphasized that, while banks must maintain strong risk management controls, this action "will reduce the burden on banks to engage in crypto-related activities." Notably, the OCC has withdrawn its 2023 statement on crypto liquidity risks, signaling a significant shift in regulatory stance toward the industry.

Chipping away at Operation Chokepoint, one step at a time

This regulatory pivot may be a watershed moment for bitcoin's integration into the traditional banking system. With regulatory barriers lowered, we'll likely see a surge in institutional adoption as banks can now confidently offer bitcoin and stablecoin services alongside traditional offerings. The OCC's withdrawal of previous risk warnings suggests growing confidence in the maturity and stability of the bitcoin ecosystem – and an acknowledgment that it is here to stay.

Treasury consults firms on Strategic Bitcoin Reserve custody

The U.S. Department of the Treasury met this week with executives from leading bitcoin and crypto custody providers, including Anchorage Digital, to discuss safeguarding the nation's Strategic Bitcoin Reserve. Anchorage CEO Nathan McCauley revealed that federal officials have asked for guidance on bitcoin custody. Sources indicate the government is considering third-party custody in the short term for its approximately $16.4 billion in current holdings.

Planning Fort Nakamoto

Treasury's engagement of industry experts signals recognition of the technical challenges involved in securing a strategic federal bitcoin reserve. Officials appear to favor third-party custody initially while developing the expertise and infrastructure needed to potentially build a bespoke custody solution in the future.

BITCOIN ADOPTION CONTINUES

California legislators endorse bitcoin nonprofit founder and firefighter Dom Bei for a seat on the $500 billion CalPERS pension board, potentially bringing the first openly pro-bitcoin voice to oversee retirement funds for 2 million public employees.

Deutsche Börse announces it will launch bitcoin custody services for 2,500 institutional clients in April 2025 through its Clearstream unit.

Senator Lummis and Congressman Begich introduced bills to purchase one million bitcoin for a strategic reserve, building on President Trump's recent executive order.

Investment bank Cantor Fitzgerald partners with Anchorage Digital and Copper.co to launch a $2 billion bitcoin financing operation for institutional investors.

Bitcoin mining pool Braiins achieves 1,000 daily payouts via Lightning Network, demonstrating 20% month-over-month growth in transaction volume since launching the instant payout feature in February 2024.

HOW BITCOIN WORKS

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

BitBonds: Treasury innovation with bitcoin

The world is moving toward a financial system recapitalized by hard assets. The Honorable Judy Shelton recently proposed gold-backed treasuries, an idea that would allow the United States to restructure the maturity profile of its debt by issuing long-dated gold-backed treasuries. Investors could convert these treasuries to gold, making them an attractive investment for managing currency risk.

There is now a similar idea applied to bitcoin, called BitBonds. Presented by Newmarket Capital CEO Andrew Hohns, BitBonds would combine traditional U.S. Treasury bonds with a bitcoin allocation.

Here's how BitBonds would work: Treasury would issue bonds where 10% of proceeds purchase bitcoin and the other 90% fund government spending. These bonds would pay just 1% annual interest (versus current ~4.5% for 10-year Treasuries), dramatically reducing federal interest expenses.

At maturity, investors would receive a guaranteed 4.5% compound annual return, plus 50% of any bitcoin appreciation. The government would retain the other 50% of bitcoin gains, potentially generating enormous revenue.

The numbers are compelling. A $2 trillion BitBond issuance could save taxpayers $354 billion in present value interest costs while acquiring 2.22 million bitcoin. For American families investing $2,900 each, historical bitcoin performance suggests tax-free returns between 7% and 177% over ten years.

For the government, the upside is even more dramatic. At just the 25th percentile of bitcoin's historical rate of appreciation (37% annually), the government's share would reach $1.776 trillion after ten years. Extended to twenty years, BitBonds could generate enough money to cover the entire projected national debt.

BitBonds offer triple benefits: low interest rates, wealth-building opportunities for families, and a path to decrease the national debt, all while acquiring bitcoin for the Strategic Bitcoin Reserve in a revenue-neutral way. This concept represents the kind of innovation that merges traditional markets with bitcoin's unique properties to solve real economic challenges. Watch Hohn's presentation below:

COIN CHECK

What physical object were some private keys stored on before specialized hardware wallets existed?

1. Gold bars

2. Encrypted floppy disks

3. Casascius coins

4. Cash notes

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

3. Casascius Coins, created by Mike Caldwell between 2011 and 2013, are physical coins designed as tangible representations of Bitcoin. Each coin includes an embedded private key beneath a tamper-resistant hologram, allowing the holder direct ownership of actual Bitcoin stored on the blockchain. Originally intended to bridge the gap between digital and physical currency, Casascius Coins became prized collector's items due to their limited supply and historical significance. Production ceased in 2013 due to regulatory pressure in the U.S., making these coins rare artifacts.

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