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BITCOIN BOX SCORE

Exchange Rate: $103,820
Market Capitalization: $2.06T
Hash Rate (90 days): 841.8 EH/s
Transactions (30 days): 12,494,289
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 63.19%

What do these numbers mean?

"What are the investment ideas and opportunities that are in front of you, and do you think or do you believe that the return on those ideas or opportunities will exceed the opportunity cost of bitcoin?" asked Fidelity VP, Research, Chris Kuiper, to a crowd of corporate leaders.

We covered this extraordinary statement last week, but it is worth bringing up again because the question captures what every corporate, nation state, and ultimately, individual will eventually consider when deciding how to allocate their hard-earned capital.

Corporations employ enormous finance teams whose only focus is to generate value for shareholders by efficiently managing assets. (Individuals don't have this luxury, which might explain why corporations are buying more bitcoin than retail right now.) Such teams are recognizing the need to accumulate bitcoin – fast.

This week, more firms entered the bitcoin accumulation race. Publicly listed DDC Enterprise (Chinese), Eric Trump's "American Bitcoin" (US), Vinanz Limited (UK), and Coinsilium Group (UK) all announced bitcoin accumulation strategies. Dozens of private companies are following suit.

This year is the year that bitcoin takes over public markets. But that is just a symptom of a broader trend – bitcoin stepping into the role of the global reserve asset, the de facto store of value in the digital revolution's second wave:

NEWS

OCC clears banks for bitcoin services while SEC signals self-custody breakthrough

The Office of the Comptroller of the Currency issued Interpretive Letter 1184 confirming that national banks and federal savings associations can provide bitcoin custody and trading services, including outsourcing to third parties. Acting Comptroller Rodney Hood stated, "This digitalization of financial services is not a trend. It is a transformation." He noted that banks can now offer custody, can buy and sell bitcoin at the direction of their customers, and provide bitcoin-focused recordkeeping and tax reporting services.

Meanwhile, at the Crypto Task Force roundtable, SEC Chairman Paul Atkins delivered a landmark address about how the agency's approach to bitcoin is changing. Notably, Atkins indicated that self-custody arrangements may satisfy SEC custody requirements under certain circumstances, stating that "many advisers and funds have access to self-custodial solutions that incorporate more advanced technology to safeguard crypto assets as compared to some of the custodians in the market."

Banking meets bitcoin, custody rules evolve

This regulatory clarity represents a watershed moment for bitcoin's integration into traditional finance. The OCC's guidance removes uncertainty for banks wanting to serve bitcoin customers, while the SEC's openness to self-custody means the agency is finally recognizing the consumer protection benefits that self-custody provides.

Atkins emphasized that the Commission will pursue "fit-for-purpose standards" rather than enforcement-driven policy, declaring "it is a new day at the SEC." Together, these developments clear the path for mainstream financial institutions to embrace bitcoin services while preserving the self-sovereign principles that make bitcoin unique.

In Gold We Trust Report 2025 framework places bitcoin at $925,000 by 2030

The prestigious 450-page In Gold We Trust Report 2025, released today and titled "The Big Long," dedicates an entire chapter to bitcoin's emergence as a strategic reserve asset. The report, renowned in macro and precious metals circles, provides a comprehensive framework for pricing bitcoin. In a bullish scenario, where bitcoin captures 50% of gold's market capitalization, a single bitcoin could command a price of $925,000 by 2030.

The analysis models bitcoin's growth relative to gold using a probability-weighted matrix, building on their established gold price target of $5,000 by 2030 (implying a $38 trillion gold market cap). The scenario-based framework shows bitcoin prices ranging from $185,000 to $1.85 million depending on whether bitcoin captures 10% to 100% of gold's market cap, with the 50% scenario representing the baseline bullish case.

Sound money thesis validated

The report's bitcoin chapter represents a significant endorsement from the gold community's most respected analysis, acknowledging bitcoin's role as a "complementary reserve asset alongside gold" in an evolving monetary system. Authors note that "despite slowing relative adoption, nominal price increases remain significant" due to overall growth in hard asset markets driven by fiat currency debasement. The framework suggests bitcoin could achieve a "tenfold increase by 2030" while transitioning from a tech proxy to a neutral reserve asset, potentially decoupling from the Nasdaq as sovereign and corporate adoption accelerates.

Coinbase reports $400M hack involving bribed employees, refuses ransom demand

Coinbase disclosed that cybercriminals bribed overseas support agents to steal customer data in a sophisticated insider attack, potentially costing the exchange up to $400 million in remediation costs. The attackers demanded a $20 million bitcoin ransom after accessing sensitive information including names, addresses, phone numbers, masked bank account details, and government ID images for a subset of customers.

CEO Brian Armstrong and the company received the ransom demand on May 11. Coinbase immediately refused to pay, instead establishing a $20 million bounty for information leading to the arrest and conviction of those responsible. The company had already independently detected the breach months earlier, terminated the involved employees, and enhanced fraud monitoring systems.

Another hack brought to you by the unintended consequences of government regulation

Coinbase could've done better at monitoring its globally-distributed support team and securing its data. Still, the incident demonstrates how governments have created “honeypots” for attackers by forcing companies to collect private information and become extensions of the surveillance state. Remember, “Know Your Customer,” or KYC, requirements are not for your benefit, but for the government’s – and there is no evidence that they have had a net benefit effect.

Conor McGregor proposes Irish Bitcoin reserve in presidential campaign

Former UFC champion Conor McGregor endorsed a strategic bitcoin reserve for Ireland as part of his 2025 Irish presidential campaign. He stated that "an Irish Bitcoin strategic reserve will give power to the people's money." McGregor, who announced his presidential aspirations in March, stated on X that bitcoin "was founded to give power back to the people."

The proposal caught attention from Anthony Pompliano and David Bailey, a bitcoin advisor to President Trump, with McGregor inviting them to discuss the plan during an upcoming X Spaces event. McGregor recently visited the White House and received President Trump's support, but he has yet to be nominated as a presidential candidate for Ireland's election.

Global bitcoin reserve movement spreads

McGregor's bitcoin reserve proposal aligns with the growing global trend of nation-state adoption, joining calls from politicians worldwide to establish strategic bitcoin reserves.

BITCOIN ADOPTION CONTINUES

CleanSpark reported Q2 revenue of $181.7 million, up 62.5% year-over-year, while maintaining its target to reach 50 EH/s hashrate by June and holding $979.6 million in bitcoin on its balance sheet.

NEUTRON, Asia's leading Lightning Network infrastructure provider, partnered with digital asset custody platform Cobo to integrate Lightning capabilities across Cobo's institutional services, accelerating bitcoin payment adoption throughout Asia.

MARA Holdings reported Q1 revenue of $213.9 million, up 30% year-over-year, while growing its bitcoin holdings 174% to 47,531 BTC and nearly doubling its energized hashrate from 27.8 EH/s to 54.3 EH/s.

Eric Trump-backed American Bitcoin will go public through an all-stock merger with Gryphon Digital Mining on Nasdaq, with existing shareholders including Eric Trump, Donald Trump Jr., and Hut 8 retaining 98% ownership of the combined entity.

Twenty One Capital became the third-largest corporate bitcoin holder after purchasing 4,812 BTC worth $458.7 million, bringing its total holdings to 36,312 BTC as it pursues its strategy to become the "ultimate bitcoin investment vehicle."

HOW BITCOIN WORKS

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

Bitcoin in a World of Capital Controls

Arthur Hayes has outlined a compelling thesis in his essay "Fatty Fatty Boom Boom": Trump's administration will pivot from tariffs to capital controls as their primary tool for rebalancing America's trade deficit.

The math is straightforward. Hayes points out that foreigners hold roughly $33 trillion in U.S. portfolio assets (stocks, bonds, and property). A modest 2% annual tax on these holdings could generate $660 billion in revenue – enough to eliminate income taxes for the bottom 90% of American earners. This approach is politically attractive because it taxes foreigners rather than domestic voters.

Unlike tariffs, which face practical limitations due to supply chain complexity and diplomatic friction with allies, capital controls can be implemented uniformly. "The U.S. Treasury has complete control over the banking system and financial markets," Hayes notes. This makes collection far easier than trying to track the origin of every imported good.

The consequences for global capital flows would be profound. When foreigners face taxation on their U.S. asset holdings, they'll seek alternatives. Some will repatriate capital to their home countries, causing Asian currencies to strengthen and the dollar to weaken – achieving a rebalancing effect similar to tariffs but without immediate price shocks to consumers.

This is where bitcoin becomes critical. As Hayes explains, "Bitcoin is the perfect and only lifeboat for global capital that must leave America." Unlike gold, which requires trusted intermediaries for digital transactions, bitcoin is a "digital bearer asset" that can move globally without intermediaries or government approval.

With an estimated $33 trillion in foreign assets potentially seeking a new home, even a small fraction flowing into bitcoin could create strong upward pressure on price. Hayes predicts this dynamic, combined with continued dollar debasement through money printing, will drive bitcoin toward $1 million by 2028.

COIN CHECK

In bitcoin terminology, what is a "coinbase"?

1. The headquarters of Coinbase exchange

2. The first transaction in every block that creates new bitcoin

3. A type of wallet for storing bitcoin

4. The fee paid to miners for transactions

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

2. The coinbase transaction is the first transaction in every Bitcoin block, created by the miner to claim the block reward and any included transaction fees. Unlike regular transactions, it has no inputs and instead generates new bitcoin out of nothing, anchoring the block's legitimacy and linking the work done to secure the network.

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