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BITCOIN BOX SCORE

Exchange Rate: $85,110
Market Capitalization: $1.69T
Hash Rate (90 days): 823.4 EH/s
Transactions (30 days): 11,429,596
Network Fees (economy): 3 sat/vB
Bitcoin Dominance: 64.04%

What do these numbers mean?

The price of gold surged this week, breaking $3,300 per ounce as investors across the planet rush for a haven amid tremors in the global fiat system. Meanwhile, bitcoin has not rallied alongside it, and instead traded sideways, leaving some to wonder why “digital gold” isn't mirroring its analog counterpart.

One key reason may be that bitcoin tends to closely follow global liquidity conditions. Federal Reserve Chair Jerome Powell stated that he does not plan to reduce interest rates, which signaled to the market not to expect an influx of new dollars. This prompted President Trump to announce that Powell's "termination cannot come fast enough," as tensions about monetary policy increase at the highest levels of government.

Bitcoin has still performed remarkably well compared to previous periods of market turmoil when it typically sold off rapidly. "In prior macroeconomic events like last week, Bitcoin has typically experienced greater than –50% sell-offs in such events, which highlights a degree of robustness of modern investor sentiment towards the asset during unfavorable conditions," writes Glassnode.

Further, bitcoin appears poised for a breakout following M2 money supply growth.

Investors may be able to expect continued appreciation as bitcoin continues its ascent as a neutral reserve asset. Meanwhile, the traditional fiat system shudders with the uncertainty that accompanies the ongoing rearrangement of the global financial order.

NEWS

Bitcoin lending rebounds 73% as institutions return

Galaxy's latest research reveals a significant recovery in the bitcoin and altcoin lending market, with centralized finance (CeFi) lending increased by 73% from post-collapse lows. The sector's total loan book, which peaked at $34 billion before plummeting to $6.4 billion following several high-profile failures, is showing clear signs of revival. Tether, Galaxy, and Ledn are leading the CeFi resurgence with a combined loan book of $9.9 billion at the end of last year.

Traditional finance bridge strengthens

The recovery is indicative of a maturing market that has become attractive to institutional investors. Bitcoin-based lending platforms, both centralized and decentralized, are one way in which bitcoin will find a place in the financial system.

Corporate bitcoin holdings hit record high as public companies race to accumulate

Bitwise's latest report reveals public companies now hold over 688,000 bitcoins, which is 3.28% of the total supply. These coins are valued at more than $57 billion, a 16.11% increase from the previous quarter. The number of public companies with bitcoin on their balance sheets has grown to 79, with 12 new entrants in the first quarter of this year.

Institution-grade FOMO accelerates

The acceleration can be partially attributed to the Financial Accounting Standards Board's rule change, which allows companies to report bitcoin at fair market value and removed a major friction point for corporate bitcoin adoption. Strategy (formerly MicroStrategy) continues to lead with 531,644 bitcoins, after purchasing $7.7 billion worth in the first quarter and recently adding another 3,459 bitcoins worth $285.8 million.

Meanwhile, GameStop is holding $1.5 billion under "Project Rocket" for bitcoin investment, and Semler Scientific accumulated over 1,100 bitcoins while filing to raise $500 million to buy more. With 95,431 bitcoins purchased by public companies in just one quarter, we may be witnessing the early stages of a competitive corporate acquisition race.

"Bit Bonds" proposal gains steam

VanEck's head of research Matthew Sigel pitched an innovative concept at the Strategic Bitcoin Reserve Summit 2025: "Bit Bonds". These 10-year U.S. Treasury bonds would comprise 90% debt and 10% bitcoin and offer coupon rates as low as 1 to 2%. This is much lower than the current interest rate on the 10-year, which is roughly 4%, potentially saving Treasury billions of dollars in interest payments while allowing investors to benefit from bitcoin's upside and yet receive a guaranteed minimum return.

Financial innovation meets national strategy

According to the Bitcoin Policy Institute, the proposal could generate interest savings of $70 billion annually and $700 billion over a 10-year period while simultaneously accumulating assets in the Strategic Bitcoin Reserve. Even in scenarios where bitcoin's price dropped significantly, the government would still save money versus current market rates, making this an asymmetric bet with limited downside for U.S. fiscal health. We published a deep dive on Bit Bonds in Forbes.

Binance helps nations develop strategic bitcoin reserves following U.S. move

Binance, the world's largest cryptocurrency exchange, is advising several countries on establishing national strategic bitcoin reserves, CEO Richard Teng revealed to the Financial Times. This development comes after the executive order establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile, with many governments now approaching Binance for guidance on formulating regulatory frameworks and accumulation strategies.

Global bitcoin reserve race accelerates

Teng noted that the U.S. is "way ahead" of other jurisdictions in its approach, which has created a sense of urgency among other nations. "We have actually received quite a number of approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves," he stated, though declining to name specific countries. Sovereigns are beginning to recognize bitcoin's role in the global economy.

BITCOIN ADOPTION CONTINUES

Panama City will now accept bitcoin for municipal payments including taxes, permits, and fines through a partner bank that converts the bitcoin to dollars at the time of payment.

Bull Bitcoin has launched operations in Mexico, letting anyone globally make instant payments to Mexican bank accounts using bitcoin via Lightning, on-chain, or Liquid networks.

Metaplanet purchased an additional 319 bitcoins worth $26.3 million, bringing its total holdings to 4,525 coins as the firm progresses toward its goal of accumulating 10,000 coins by the end of 2025.

Unchained launched the Bitcoin Legacy Project, a multi-million-dollar initiative with a $1 million initial commitment to support bitcoin developers, education hubs, research grants, and the first bitcoin-native donor-advised fund platform.

Tether announced it will route all current and future bitcoin mining hash power to OCEAN, a decentralized mining pool using the DATUM protocol that allows miners to build their blocks.

HOW BITCOIN WORKS

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

How the U.S. could use gold to bootstrap strategic bitcoin reserves.

The U.S. Treasury currently values its 261.5 million ounces of gold at just $42.22 per ounce, a valuation that has been fixed by law since 1973. This number is wildly inconsistent with current spot gold prices exceeding $3,200 per ounce. This causes a $829 billion accounting discrepancy, where assets worth nearly $840 billion are officially valued at only $11 billion.

Could gold revaluation fund bitcoin acquisition for the Strategic Bitcoin Reserve while remaining budget-neutral? Some believe it could. Here’s how it could work:

First, Congress would amend the Gold Reserve Act to allow the Treasury to value its gold at current market prices instead of the outdated $42.22 figure. The Treasury would then issue new gold certificates against the revalued gold and deposit these with the Federal Reserve.

The Fed would credit Treasury's account with the difference between the old and new valuations, potentially unlocking over $800 billion in spending authority without creating new debt. A portion of these newly recognized funds could be directed to purchase bitcoin for the Strategic Bitcoin Reserve through authorized exchanges.

This approach is budget-neutral because it doesn't require new appropriations, taxes, or borrowing. It simply recognizes the true value of assets already owned by the American people. In fact, it could result in Treasury’s gold holdings and the bitcoin holdings to rise in real terms.

In fact, underwriting the transition to a new global monetary order is exactly the kind of thing that gold can uniquely accomplish – something that gold advocates have been writing about for decades.

As White House advisors have noted, revaluing gold to acquire bitcoin could position America for leadership in the emerging monetary landscape without adding a penny to the national debt.

COIN CHECK

What percentage of the United States' official gold reserves is held at Fort Knox?

1. 25%

2. 50%

3. 75%

4. Over 95%

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

4. Over 95%. Fort Knox holds around 147 million troy ounces of gold — that’s more than 4,580 metric tons — accounting for over 95% of America’s official gold reserves. The bullion is stored in the United States Bullion Depository, a high-security facility adjacent to a U.S. Army base in Kentucky.

   Fun Fact:
   Despite popular myths, no president – not even Roosevelt or Reagan – has ever set foot inside the vault. The last confirmed audit of the gold was completed in the 1970s, leading conspiracy theorists to joke that Fort Knox might be empty. But don't try checking. The building is protected by layers of granite, steel, and military personnel with shoot-on-sight orders.

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