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BITCOIN BOX SCORE

Exchange Rate: $117,860
Market Capitalization: $2.35T
Hash Rate (90 days): 888.6 EH/s
Transactions (30 days): 12,340,908
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 61.66%

What do these numbers mean?

Remember when people used to claim that owning bitcoin was a risk because governments could "ban it?"

Today, that objection seems silly. The classic quote "first they ignore you, then they laugh at you, then they fight you, then you win," (we are in the then you win part) feels more appropriate in light of the White House's newly released 168-page report titled "Strengthening American Leadership in Digital Financial Technology."

Yet again, bitcoin has notched a victory and "derisked" its ownership from a regulatory perspective.

The report represents a complete reversal from the Biden Administration's "Operation Choke Point 2.0" that systematically debanked bitcoin and digital asset businesses. Now, the Working Group explicitly endorses making America the "crypto capital of the world" and recognizes that bitcoin and digital asset technologies "can revolutionize not just America's financial system, but systems of ownership and governance economy-wide."

The document goes so far as to quote Satoshi Nakamoto's original bitcoin white paper. Key recommendations include enabling immediate bitcoin trading at the federal level, ensuring banks can offer bitcoin services without discrimination, and establishing the Strategic Bitcoin Reserve with Treasury directed to develop "budget neutral" strategies for acquiring additional bitcoin – or as the report terms it, "stacking sats."

Combined with this week's SEC approval of in-kind redemptions for spot bitcoin ETFs – a massively positive development for bitcoin-based financial products – bitcoin's momentum monetary continues to rise.

NEWS

SEC approves in-kind redemptions for spot bitcoin ETFs

The SEC approved in-kind creation and redemption for all spot bitcoin ETFs, allowing authorized participants to create and redeem shares directly in bitcoin rather than cash. The SEC also approved an increase in position limits for options trading on IBIT, allowing traders to hold larger options positions tied to the fund. This marks the first major bitcoin-friendly policy shift under new SEC Chair Paul Atkins, who called it part of developing a "fit-for-purpose regulatory framework for crypto asset markets."

Institutional efficiency unleashed

These approvals eliminate operational friction and expand institutional trading capabilities simultaneously. In-kind redemptions remove the need for costly bitcoin-to-cash conversions during ETF operations, while higher options position limits signal the SEC's growing confidence in bitcoin ETF market maturity. Together, these changes create a more sophisticated trading ecosystem that attracts institutional capital through both improved efficiency and expanded hedging strategies.

On a related note, bitcoin's impressive ability to attract new customers to BlackRock has undoubtedly positively impacted perception:

Prime Trust case result exposes bankruptcy dysfunction, reinforces case for self-custody

Prime Trust's bankruptcy was finalized this month with Judge J. Kate Stickles ruling that all assets in Prime Trust's possession belong to the estate rather than account holders. Despite being a regulated trust company that marketed itself as holding customer property, the court determined that "commingling" of digital assets made it impossible to trace individual ownership, allowing millions in legal fees to be paid before customers received any funds.

Bankruptcy ripe for reform

This outcome exposes how bankruptcy venues compete to attract cases by approving windfall fees for attorneys, as documented in Lynn LoPucki's "Courting Failure." Delaware courts position themselves as attractive venues by rubber-stamping legal fee requests, creating a system where lawyers extract maximum value while account holders recover whatever is left. The Prime Trust case follows this pattern, also seen in Celsius and FTX bankruptcies, where platforms became seen by a bankruptcy court as general creditors. In the new tech race, the bankruptcy system must be closely examined and improved in order for the U.S. to lead the way.

U.S. bitcoin reserve infrastructure under construction

Bo Hines, Executive Director of President Trump's Digital Asset Working Group, confirmed that infrastructure work for the Strategic bitcoin Reserve is progressing and that Treasury is working to ensure it is fit for purpose. In a CoinDesk interview alongside Treasury's Tyler Williams, Hines remarked that those waiting for the reserve should be "very pleased" with what the administration delivers, though specific details remain under wraps.

The work happening behind the scenes

Hines' comments suggest progress is being made toward delivering robust bitcoin infrastructure for the U.S. government. Treasury has already begun consulting with industry custody providers like Anchorage Digital about safeguarding the nation's bitcoin holdings.

Samourai Wallet developers plead guilty to unlicensed money transmission

Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill pleaded guilty to conspiring to operate an unlicensed money transmitting business. Both admitted they knowingly continued operating the bitcoin mixing service after learning that illicitly obtained funds were being processed through their platform, with Judge Cote highlighting tweets that appeared to welcome criminal users.

Privacy tools face regulatory crackdown

The guilty pleas reflect the administration's nuanced approach to privacy technology, distinguishing between legitimate privacy needs and services that actively court criminal activity. Although Treasury removed Tornado Cash sanctions and recognizes the importance of privacy tools, the Samourai case demonstrates that operators who knowingly facilitate criminal activity will face consequences.

BITCOIN ADOPTION CONTINUES

Blockstream launches Simplicity smart contract language on bitcoin's Liquid Network, enabling mathematically verifiable contracts, programmable vaults, and decentralized exchanges without wrapped assets or global state vulnerabilities.

PayPal launches "Pay with Crypto" allowing U.S. businesses to accept bitcoin and over 100 digital assets with instant conversion to PYUSD or dollars, offering promotional 0.99% fees and up to 90% savings on international transactions compared to traditional credit cards.

Wall Street veteran Josh Mandell, who accurately predicted bitcoin's March surge to $84,000, reaffirms his $444,000 price target as institutional treasuries accelerate bitcoin accumulation.

Canaan Inc. adopts formal policy positioning bitcoin as its primary reserve asset, holding 1,484 bitcoins as of June 30th to strengthen its balance sheet and hedge against inflation while maintaining operational flexibility.

Strategy completes largest U.S. IPO of 2025 raising $2.52 billion through perpetual preferred stock offering (STRC), using proceeds to purchase 21,021 bitcoin and bringing total holdings to 628,791 bitcoin worth $80 billion.

Twenty One Capital, backed by Cantor Fitzgerald and Tether, explores issuing dollar loans using bitcoin as collateral while expanding its holdings to 43,500 bitcoin worth $5.13 billion.

HOW BITCOIN WORKS

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

How fiat money fueled the French Revolution

Most history books credit social inequality and political oppression for the French Revolution, but scholar Andrew Dickson White's "Fiat Money Inflation in France" reveals a deeper truth: monetary debasement was the Revolution's hidden accelerant.

By 1789, France faced crushing debt from foreign wars and lavish spending. Instead of honest bankruptcy or fiscal reform, the National Assembly chose the politician's favorite remedy: printing money. They confiscated Church lands worth over $1 billion and issued paper "assignats" backed by this stolen property.

The results were predictable yet devastating. The assignats, initially worth face value, depreciated steadily despite legal tender laws and death penalties for refusing them. By 1796, it took 600 paper francs to buy one gold franc. As White documented, this chaos destroyed people’s ability to calculate tradeoffs, sparked feverish speculation, and made basic commerce impossible.

The inflation forced desperate measures, including price controls, forced loans, and, eventually, the Reign of Terror. Many were murdered simply for refusing worthless paper money. The poor suffered most, while politically connected speculators profited from the chaos.

Napoleon ended the madness in 1801 by returning the economy to gold.

Today's fiat system follows the same destructive pattern of money printing, asset bubbles, and wealth inequality. Central banks all over the planet debase their currencies while politicians promise impossible prosperity through monetary manipulation.

Bitcoin offers an escape. With its fixed supply of 21 million coins, bitcoin removes money from political control. No central authority can inflate away savings or fund wars through currency debasement. It's the hardest money ever created, designed to prevent the very monetary chaos that consumed revolutionary France.

COIN CHECK

Historically, what has been the average lifespan of a world-reserve currency—from Portugal’s real in 1450 to today’s U.S. dollar?

A. ≈ 20 years
B. ≈ 400 years
C. ≈ 95 years
D. ≈ 150 years

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

Correct answer: C. ≈ 95 years

Six currencies have dominated global trade and reserves over the last 575 years: Portugal’s real (80 years), Spain’s silver real (110 years), the Dutch guilder (80 years), France’s livre/franc (95 years), the British pound (about 105 years), and the U.S. dollar (about 81 yrs so far). Average them and you get about 96 years, almost one human lifetime.

Every turnover followed the same mistake, where a sovereign is tempted to rack up unsustainable debt by debasing the trust in its currency that it had painstakingly built up. The many examples of world reserve currencies that have come and gone is why today’s dollar supremacy isn’t guaranteed forever.

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