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BITCOIN BOX SCORE

Exchange Rate: $111,020
Market Capitalization: $2.21T
Hash Rate (90 days): 849.3 EH/s
Transactions (30 days): 11,783,834
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 64.06%

What do these numbers mean?

On May 22, 2010, a programmer named Laszlo Hanyecz paid 10,000 bitcoin for two Papa John’s pizzas. It was the first real-world transaction using bitcoin, and today we commemorate that act with Bitcoin Pizza Day. Back then, the world struggled to imagine a future where bitcoin could matter. Now, week after week of positive bitcoin news makes this undeniable.

Bitcoin just hit a new all-time high. JPMorgan CEO Jamie Dimon, the man who once called bitcoin a “fraud,” finally bent the knee. “We are going to allow you to buy it,” Dimon told investors. “…We’re going to put it in statements for clients.”

Meanwhile, President Trump declared that “The U.S.A. is DOMINATING in Crypto, Bitcoin, etc., and we are going to keep it that way!”

This is what bitcoinization looks like. The digital revolution’s second wave is rising, and bitcoin is helping propel it forward. In fact, bitcoin’s market cap has made major inroads amongst sovereign currencies.

Bitcoin is becoming the protocol we will use to coordinate human action and build ambitious projects that span centuries. It is truly remarkable that, in fifteen short years, bitcoin progressed from ordering its first pizza to inspiring the dream of human space settlement.

NEWS

U.S. leads world in bitcoin ownership, mining, and political support

A new report from River finds the U.S. dominates global bitcoin adoption, with Americans holding an estimated 40% of all bitcoin, which is more than Europe, Asia, and Oceania combined. Bitcoin ownership among Americans has surged to 14.3%, with the highest adoption among adults aged 31 to 45. The U.S. also leads corporate adoption: American public companies hold 94.8% of all bitcoin on corporate balance sheets globally, totaling over 733,000 coins. Since China’s 2021 mining ban, the U.S. has become the world’s mining powerhouse, producing 38% of all bitcoin mined and increasing its share of network hashpower by over 500% since 2020.

Bitcoin and grand strategy

The U.S. is positioning bitcoin as a pillar of national strength. With 59% of Senators and 66% of House members now backing pro-bitcoin policy, America’s financial and political institutions are converging around bitcoin’s role in the future economy. The White House itself noted in March, “There is a strategic advantage to being among the first nations to create a strategic bitcoin reserve.”

Jamie Dimon bows to reality as JPMorgan opens access

In a stunning reversal, JPMorgan CEO Jamie Dimon, long one of bitcoin’s loudest critics, announced the bank will allow clients to invest directly in bitcoin. The move ends years of resistance from the financial establishment's most prominent figure and signals a pragmatic shift driven by competitive pressure from firms like Goldman Sachs and Morgan Stanley. With $3 trillion in assets, JPMorgan can no longer afford to ignore the growing demand for bitcoin exposure among its wealthy clientele.

The King of Wall Street capitulates

Dimon’s capitulation marks the end of an era when top banks could publicly bash bitcoin while privately preparing to offer it. With political tailwinds from the Trump administration, including the repeal of SAB 121, the tide has turned definitively. Traditional finance has now gone from fighting bitcoin to racing to embrace it.

Bitcoin hits new all-time high with more expected

Bitcoin smashed through its previous records, reaching an all-time high of $111,980. This marks seven straight green weekly candles since the $74,500 low in April – a streak not seen since 2023. Analysts remain bullish, with 2025 price targets ranging from $135,000 to as high as $320,000 based on Fibonacci levels, megaphone breakouts, and Elliott Wave projections. Meanwhile, bitcoin's market cap now sits at $2.17 trillion, with a realized cap of $911.5 billion.

Senate advances stablecoin bill on bipartisan vote

The U.S. Senate advanced the GENIUS Act this week in a 66–32 procedural vote, setting the stage for the first federal regulatory framework for stablecoins. The breakthrough comes just two weeks after Senate Democrats blocked the measure. A bipartisan coalition led by Sens. Lummis, Hagerty, Warner, and Gillibrand agreed on new amendments to secure broader support. The bill includes consumer protection rules and restrictions on tech executives like Elon Musk issuing stablecoins while in public service. Though some Democrats remain opposed over concerns tied to Trump-linked crypto ventures, the chamber is expected to vote on the bill after the Memorial Day recess.

Does Congress finally get it?

While the GENIUS Act doesn’t directly address bitcoin, its progress signals a political moment when stablecoins and bitcoin cannot be ignored. As Sen. Warner put it, “Blockchain technology is here to stay.” He should've said "Bitcoin technology is here to stay." Maybe next time. Remember:

BITCOIN ADOPTION CONTINUES

KindlyMD, Nakamoto Holdings, and Anchorage Digital form strategic alliance with Anchorage as sole custodian and trading partner for the merged entity's bitcoin treasury, backed by $710 million in financing.

Blackstone, the world's largest alternative asset manager, invested $1.08 million in BlackRock's bitcoin ETF, shifting from previous skepticism to acceptance.

Bitcoin Liquid Network surpasses $3.27 billion in total value locked, marking a milestone for bitcoin's evolution into a platform for tokenized assets and global financial markets.

Spark partners with Breez to launch a bitcoin-native SDK for Lightning payments, enabling developers to integrate self-custodial bitcoin payments into everyday apps without relying on bridges or external consensus.

Nigel Farage, Brexit leader and Reform UK founder, will speak at Bitcoin 2025 Conference in Las Vegas next week along with Vice President JD Vance, Ross Ulbricht, and other prominent figures.

Al Abraaj Restaurants Group becomes the first publicly-traded Middle Eastern company to hold bitcoin in its corporate treasury.

H100 Group AB becomes Sweden's first publicly listed health technology company to adopt bitcoin as a treasury reserve asset.

HOW BITCOIN WORKS

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

BIP 177: Redefining Bitcoin's Base Unit

A Bitcoin Improvement Proposal (BIP) is a formal way to suggest changes to bitcoin's protocol or standards. Anyone can submit a BIP, and the community discusses whether to adopt it, usually for many years.

BIP 177, proposed by John Carvalho in December 2024, suggests a simple but controversial change: redefine what we call "bitcoin."

Currently, bitcoin works like this: 1 bitcoin equals 100 million smaller units called "satoshis" (named after bitcoin's pseudonymous creator, Satoshi Nakamoto). When you own a fraction of bitcoin, say 0.00050000 BTC, you actually own 50,000 satoshis.

BIP 177 proposes flipping this around. Instead of calling the small unit a "satoshi," it would become 1 "bitcoin." The total supply of what we call a bitcoin would change from 21 million to 2.1 quadrillion. Crucially, the number of accounting units would remain unchanged. The proposal is purely linguistic, analagous to saying "100 cents" instead of "1 dollar."

Supporters, including Twitter founder Jack Dorsey, argue this makes bitcoin easier for newcomers to understand. Instead of dealing with confusing decimals like 0.00050000 BTC, users would simply own 50,000 bitcoins.

Critics worry this could mislead people into thinking bitcoin's supply suddenly increased, undermining its reputation for scarcity. They also argue "satoshi" honors bitcoin's creator and provides clear distinction between units.

The debate reflects ongoing concern about “unit bias.” In the experience of these authors, there are many people who have decided not to invest in bitcoin because it’s “too expensive.” Even if they acknowledge the logic that it is possible to buy a fraction, they become emotionally attached to the desire to own a “whole coin.”

Should bitcoin prioritize simplicity for new users or preserve its established terminology? Many currencies successfully use multiple names—cents for dollars, pence for pounds. BIP 177 proponents argue that bitcoin could easily maintain both terms.

BIP 177 remains highly controversial, showing how even cosmetic changes to bitcoin spark intense debate (unlike altcoin projects that frequently undergo colossal changes at the behest of a small group of insiders).

COIN CHECK

How much did Laszla Hanyecz pay for two pizzas on May 22, 2010, in what became known as the first real-world bitcoin transaction?

1. 1,000 BTC

2. 5,000 BTC

3. 10,000 BTC

4. 20,000 BTC

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

3. 10,000 BTC. Laszlo Hanyecz, the programmer who made history by being the first to pay for a real-world good with digital currency, paid 10,000 bitcoins for two pizzas, worth about $41 at the time. Fast forward to May 22, 2025, Bitcoin reached an all-time high of $111,717.45. At this price, those 10,000 bitcoins would be worth approximately $1.125 billion.

   At the time, Bitcoin was a nascent technology with little to no real-world value, and Hanyecz viewed the purchase as a way to demonstrate Bitcoin's potential as a medium of exchange. Hanyecz has said he remains content with his decision, emphasizing the importance of contributing to Bitcoin's early adoption and real-world application.

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