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BITCOIN BOX SCORE

Exchange Rate: $87,230
Market Capitalization: $1.73T
Hash Rate (90 days): 801.4 EH/s
Transactions (30 days): 11,548,746
Network Fees (economy): 3 sat/vB
Bitcoin Dominance: 61.76%

What do these numbers mean?

Bitcoin’s use case as a treasury asset is proving itself out. GameStop, a household name, plans to issue $1.3 billion in convertible notes to fund bitcoin purchases, following Strategy's playbook that has resulted in the firm amassing 506,000 bitcoins worth more than $44 billion.

Meanwhile, France's The Blockchain Group added another 580 bitcoins to its treasury as its stock has soared 225% since beginning its bitcoin strategy in November.

The pace of corporate bitcoin adoption is accelerating worldwide. This week, HK Asia Holdings in Hong Kong became the first publicly traded company in Greater China to adopt a bitcoin treasury strategy. 

As significant as government adoption and the SBR news may be, the corporate sector is moving faster.

Watch for other public companies to follow suit, especially those with substantial cash reserves seeking alternatives to traditional treasury management. Companies across the planet are voting with their treasuries and placing their trust in the bitcoin network.

NEWS

Congress advances stablecoin legislation

Both chambers of Congress are moving forward with the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE Act). The House version was introduced by Representative Bryan Steil and Representative French Hill. The Senate Banking Committee has already advanced its counterpart with strong bipartisan support. Representative Tom Emmer noted that "minor differences" between the versions could be "ironed out" soon. Lawmakers at the DC Blockchain Summit expressed hopes that stablecoin regulation would be completed by August.

Regulatory clarity benefits bitcoin

The push for clear stablecoin regulation represents a tacit acknowledgment of the growing importance of bitcoin and other digital assets in the financial system. With President Trump's administration embracing bitcoin through the Strategic Bitcoin Reserve and regulations changing to accept the reality of a digital economy, this new approach to governance is refreshingly coherent.

Given the historical role of stablecoins as bitcoin on-ramps, bitcoin benefits directly from increased integration of stablecoins with the global economy.

Arizona legislature advances five bitcoin bills, including legal tender law

The Arizona legislature advanced five bitcoin-related bills in a sweeping push for bitcoin adoption. Two strategic bitcoin reserve bills were approved: SB 1025 and SB 1373. Each permits up to 10% of government funds to be invested in bitcoin. The state is also considering SB 1128, which would allow state agencies to accept bitcoin for taxes and fees, SB 1062, which would define bitcoin as legal tender and exempt bitcoin transactions from state income tax, and HB 2387, which would regulate bitcoin ATMs with a $2,000 daily limit to protect against scams.

States are innovation laboratories

Arizona's comprehensive bitcoin legislative package would accelerate bitcoin adoption at the state level. Twenty-four states have introduced bitcoin reserve bills, but Arizona is taking a holistic approach that simultaneously addresses legal tender status, tax implications, and practical usage. These state-level experiments are proving grounds that could eventually influence federal policy.

U.S. Treasury removes Tornado Cash from sanctions list

The Department of Treasury has lifted sanctions on Tornado Cash, open-source software that increases privacy of assets moving on the Ethereum blockchain. This change follows several legal challenges including a Texas federal court ruling that smart contracts couldn't be sanctioned.

Although this is a victory for financial privacy, spokespeople for Treasury continue to express concern about illicit activities linked to North Korea. Coinbase CLO Paul Grewal criticized Treasury's attempt to moot the necessity of a final court judgment, warning that without a formal ruling, there's no assurance Tornado Cash won't be re-sanctioned in the future:

SEC declares bitcoin mining is not a securities transaction

The U.S. Securities and Exchange Commission confirmed that bitcoin mining and other proof-of-work operations are not regulated by securities laws. In a statement released on March 20th, the SEC's Division of Corporation Finance clarified that miners don't need to register with the agency, as mining is not considered an "investment contract" under the Howey Test. This applies to both solo miners and mining pools, which the SEC described as administrative functions rather than securities offerings.

Mining industry poised for growth

Now that there is clarity about how mining will (or won’t) be regulated by the SEC, the mining industry will become more attractive to institutional investors. Combine this with the administration's broader pro-bitcoin stance, and the U.S. is now positioned to strengthen its leadership in bitcoin mining infrastructure.

BITCOIN ADOPTION CONTINUES

NYDIG is acquiring Crusoe's bitcoin mining operations, including its Digital Flare Mitigation business that converts natural gas flares into electricity, while Crusoe pivots to focus on AI infrastructure.

Bitcoin analyst Timothy Peterson predicts a 75% chance of bitcoin’s price reaching a new all time high in 2025, with $84,000-85,000 identified as a critical support level for this to happen.

HK Asia Holdings became the first publicly traded company in Greater China to adopt a bitcoin treasury strategy, acquiring 18.88 bitconis worth $1.7 million with plans for further accumulation.

Tabit Insurance has capitalized a $40 million insurance facility entirely in bitcoin, becoming the first property and casualty insurer to hold all regulatory reserves in bitcoin while offering dollar-denominated policies.

Strategy purchases an additional 6,911 bitcoins worth $584 million at an average price of $84,529 per coin, bringing its total holdings to 506,137 bitcoins acquired at a cost of $33.7 billion.

HOW BITCOIN WORKS

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

The Stablecoin Wars

Stablecoins are having a moment. With Fidelity and Trump's World Liberty Financial (USD1) entering the arena, stablecoins are poised to integrate deeply with traditional financial services. This is exciting and long overdue, but it doesn’t change the fundamental truths about money and value.

History shows that, in any given economy, the money people use naturally converges toward a single one. This is already evident in the stablecoin market, where Tether has accrued $144 billion in market cap, dwarfing its competitors. This winner-take-all dynamic creates fertile ground for regulatory capture and lobbying influence.

Despite their name, stablecoins aren't truly stable. They have a stable price in dollars, but they inherit all the same qualities of fiat – including an uncertain future supply. They purchasing power decreases over time, just like any other fiat currency. What differentiates stablecoins from current fiat currencies is their reserve composition. Tether, now the seventh largest buyer of US Treasury securities, backs its dollar stablecoin with approximately 82% cash and cash equivalents, 3.7% precious metals, 5.5% bitcoin, and a few other investments. This represents a significant improvement over fractional reserve banking, where, depending on the reserve requirements, bank digital dollars in the West are hardly "backed" by anything.

Today's stablecoins represent technological upgrades to existing digital fiat, occasionally with superior reserve structures. The ideal stablecoin would leverage bitcoin's unmatched security and decentralization rather than less secure altcoin networks. Bitcoin-native stablecoins via the Taproot Assets protocol remain in early development but show tremendous potential.

When we look back on this era, we will likely view stablecoin adoption as a significant leap toward a return to hard money. While stablecoins offer incremental improvements to fiat systems, bitcoin represents the clear endpoint in the transition to a cryptographically secure economy. The stablecoin race is worth paying attention to, but bitcoin remains the ultimate prize.

COIN CHECK

What’s the maximum block size for each bitcoin block?

1. 2 megabytes

2. 4 megabytes

3. 8 megabytes

4. 30 million gas

Check your answer at the end of the page.

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ANSWER

2. 4 megabytes

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