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BITCOIN BOX SCORE

Exchange Rate: $108,300
Market Capitalization: $2.15T
Hash Rate (90 days): 873.3 EH/s
Transactions (30 days): 11,536,665
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 64.16%

What do these numbers mean?

The United States is in a "debt trap," declared billionaire investor Paul Tudor Jones this week. He argued that bitcoin should be in every portfolio as policymakers deliberately allow inflation to run hot to manage mounting obligations.

With the fiscal deficit approaching 7% of GDP – levels typically associated with recessions – interest payments are consuming an ever-growing share of government revenues. Monetary policy has become subordinate to fiscal reality.

Jones expects President Trump to appoint an "uber-dovish" Fed chair, creating an environment where real interest rates stay below inflation, thereby reducing the speed of the debt spiral. Meanwhile, Wednesday's softer CPI data sparked trader expectations of multiple rate cuts, with analysts at 21Shares suggesting bitcoin could reach $200,000 by year end if macro conditions align.

The trap extends beyond monetary policy. In the next phase of global renegotiation of trade arrangements, capital controls targeting foreign ownership of U.S. assets are likely. This could squeeze asset holders even more than tariffs do consumers.

In this regime of fiscal dominance and deliberate currency debasement, bitcoin emerges as the only truly neutral store of value, immune to the political calculus driving monetary policy decisions.

It's rare for individuals to have access to a powerful tool for wealth preservation in the face of wrenching change, but that's exactly what bitcoin offers.

NEWS

Congress advances comprehensive bitcoin legislation with GENIUS and CLARITY Acts

The Senate voted 68-30 Wednesday to invoke cloture on the GENIUS Act, setting up final passage as early as Monday for landmark stablecoin regulation. Meanwhile, the House Agriculture and Financial Services Committees passed the CLARITY Act with bipartisan support, establishing a framework for bitcoin classification while preserving protections for noncustodial wallet users and developers under Section 110.

The regulatory dam breaks

After years of hostile enforcement under the Biden administration, Congress is finally delivering the regulatory clarity that will unleash American financial innovation. The CLARITY Act's protection of self-custody rights ensures one of bitcoin's core value propositions remains intact. With President Trump's advisors recommending he sign the GENIUS Act and both bills enjoying bipartisan support, America is positioning itself to lead the global bitcoin economy rather than cede it to other nations.

Connecticut bans state bitcoin investments as other states race to build reserves

Connecticut's legislature unanimously passed a bill prohibiting the state from purchasing, holding, or investing in bitcoin, running counter to the growing trend of states establishing strategic bitcoin reserves. The ban also blocks the state from accepting bitcoin payments and tightens rules for bitcoin firms operating under money-transmitter licenses. This comes as New Hampshire, Texas, and Arizona have all moved forward with bitcoin reserve legislation following President Trump's federal Strategic Bitcoin Reserve executive order.

Connecticut, NGMI

While other states position themselves to benefit from the bitcoin revolution, Connecticut has chosen to legally prohibit itself from participating. As fiscal pressures mount and the dollar weakens through deliberate policy, states with bitcoin reserves will have a hedge against currency debasement, while Connecticut remains stuck in a prior era.

Stripe acquires wallet startup Privy to expand bitcoin and crypto infrastructure

Stripe announced its acquisition of bitcoin and crypto wallet infrastructure provider Privy, marking the payments giant's second major acquisition in the space following its $1.1 billion purchase of stablecoin firm Bridge earlier this year. Privy specializes in helping companies embed bitcoin wallets directly into their apps and websites, eliminating the friction of external wallet setup that tends to hold people back from adopting digital money. The New York-based startup, founded in 2021, has raised over $40 million from investors, including Ribbit Capital and Coinbase Ventures, and was last valued at $230 million.

Building the bitcoin economy's infrastructure

Stripe's aggressive expansion into bitcoin and crypto infrastructure is just another example of the mainstream financial system's recognition that bitcoin is the future of money. Setting aside the "crypto" elements of the acquisition (which could soon be dropped, as many bitcoin and ethereum companies have dropped ethereum), the combination of Privy's wallet technology with Bridge's stablecoin capabilities means Stripe is well-positioned as an on- and off-ramp for the next generation of bitcoin-powered applications.

Bitcoin and gold race toward record highs in rare convergence signaling sound money shift

Bitcoin and gold are simultaneously approaching all-time highs. Bitcoin traded around $107,032 (4.4% below its May high), while gold futures reached $3,386, within 0.7% of their record high. This convergence occurs amid a steep 9.1% decline in the U.S. dollar this year as global investors trim their exposure to U.S. assets due to trade uncertainty and mounting fiscal deficits.

Sound money demonetizes fiat assets

The simultaneous rally reflects a fundamental shift as sound money and technology demonetize artificially inflated fiat assets. Commercial real estate, long propped up by its monetary premium, faces structural challenges as bitcoin offers a superior store of value. The parallel strength in gold and bitcoin suggests investors are hedging against currency debasement.

As Interactive Brokers' José Torres notes, international investors are moving away from U.S. Treasuries in search of alternative havens, validating the thesis that hard assets will increasingly replace bonds in global portfolios.

BITCOIN ADOPTION CONTINUES

UK-listed Anemoi International allocated 30% of its cash reserves to bitcoin, stating the reserve strategy complements its core business operations.

Japan's ANAP Holdings launches comprehensive bitcoin acquisition strategy aiming to acquire 1000 bitcoins by August 2025, expanding from fashion into bitcoin treasury, trading, mining services, and bitcoin-themed consumer goods.

Japanese company Remixpoint purchases ¥887 million worth of bitcoin, acquiring 55.68 BTC to bring its total holdings to 981.39 BTC with ¥2.32 billion in unrealized gains.

Energy-management firm KULR plans to raise up to $300 million through at-the-market stock sales to fund additional bitcoin purchases, expanding its treasury holdings beyond its current 920 coins.

Former Massachusetts Senate candidate John Deaton is trading in some of his real estate to buy more bitcoin, with 80% of his net worth already allocated to it.

German natural cosmetics firm Evertz Pharma becomes the first German company to adopt a strategic bitcoin reserve, adding 100 bitcoins worth €10 million to its treasury after starting accumulation in 2020.

HOW BITCOIN WORKS

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

Bitcoin will scale as it becomes integrated with existing products and services.

Scaling bitcoin isn't just about increasing transaction throughput, but about removing friction from everyday use. As Shinobi argued in a recent Bitcoin Magazine article, one promising approach is embedding bitcoin into existing software rather than expecting users to adopt new bitcoin-specific applications.

Last week, Breez Tech announced WebAssembly support for their Nodeless SDK, which lets Lightning wallets to run entirely in a web browser. It would be a bad idea to store a lot of money this way, but it allows smaller amounts to be readily accessible for online payments. Browser-based lightning payments may well be the technology that unlocks micropayments and tipping on the web, a concept that has tried and failed for decades to get off the ground.

People seek convenience in all things, and money is no different. We cannot expect average users to research different devices, test various wallets, and scatter funds across multiple apps. Making bitcoin work with the devices and apps they already use is a crucial step.

This approach requires collaboration on standards and unglamorous engineering work. Examples include BDK and LDK libraries from Spiral, Nostr Wallet Connect for interoperability, and the PSBT standard. TFTC's new "Opportunity Cost" browser extension exemplifies this strategy in a fun way. It lets you view any online price in bitcoin or sats, helping you imagine what it would be like to use bitcoin as a unit of account. As Marty Bent notes, "bitcoin reintroduces a proper hurdle rate that enables individuals to truly weigh the opportunity cost of their spending decisions."

While technical scaling solutions like Lightning and sidechains increase capacity, embedding bitcoin everywhere reduces adoption friction. Both are essential for bitcoin's monetary future.

COIN CHECK

What was the first major retailer to accept bitcoin payments, and in what year did they begin accepting it?

1. Amazon, 2011

2. Overstock, 2014

3. Apple, 2011

4. Target, 2015

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

2. In January 2014, Overstock became the first major retailer to accept bitcoin payments, thanks to CEO Patrick Byrne’s belief in financial freedom and decentralized systems. Within 24 hours of launching the feature, the company made over $125,000 in bitcoin sales, mostly from new customers. Byrne said he did it to support “a parallel structure to the financial system.”

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