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BITCOIN BOX SCORE

Exchange Rate: $79,770
Market Capitalization: $1.58T
Hash Rate (90 days): 814.1 EH/s
Transactions (30 days): 11,479,551
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 63.30%

What do these numbers mean?

"Bitcoin's becoming a store of value," stated U.S. Treasury Secretary Scott Bessent in an interview with Tucker Carlson this week.

Could you imagine Janet Yellen (pictured below) stating that one year earlier?

The Overton Window has cracked wide open. What used to be a fringe view held only by a ragtag coalition of technologists, goldbugs, and dissident economists is now being calmly stated by the man in charge of the largest treasury in human history. Meanwhile, as trade policy whiplash continues with Trump walking back tariffs on allies and ratcheting pressure on China, markets are reminded that their asset pricing models are built on sand. In contrast, bitcoin quietly held its ground, serving as ballast while capital scrambled for footing.

What’s playing out now is a realignment of incentives at the sovereign level. Trade policy is just the visible layer. Beneath it, nations are maneuvering for monetary optionality. As bitcoin morphs into a true sovereign reserve asset, its behavior will diverge from the tech-heavy risk-on assets with which it usually trades in lockstep. That decoupling won’t happen all at once, but the signs are already here, with bitcoin performing better in the market selloff than the “Magnificent 7” tech stocks.

Long-term institutional flows are stickier. Liquidity is deepening. And as more countries realize they can hold a neutral, apolitical asset that can’t be debased or sanctioned, game theory will inevitably play out.

NEWS

TVP report reveals bitcoin startup ecosystem thriving despite broader VC slowdown

The 2025 Bitcoin Ecosystem Report published by Trammel Ventures Partners describes how bitcoin-native startups secured $1.2 billion since 2021, with deal count increasing 31.8% in 2024 despite broader crypto VC contraction. Bitcoin-specific ventures have maintained strong momentum, particularly at the pre-seed stage, where transaction volume surged an astonishing 767% compared to 2021 levels.

According to TVP Managing Director Christopher Calicott, "This isn't a momentary anomaly but represents a sustained, long-term venture category trend."

The report, which excludes mining operations and late-stage outliers to focus on software and infrastructure startups, highlights increasing participation from established institutional investors, including Draper Associates, Founders Fund, Y Combinator, and Ribbit Capital.

Bitcoin innovation accelerates

The growth of bitcoin-native startups during market downturns demonstrates the potential of companies building bitcoin technology. As serious players generate real value, a resilient bitcoin economy is forming. This pattern mirrors the early internet infrastructure companies after the dot-com crash, which ultimately led to the emergence of today's tech giants:

BitGo and Voltage bring Lightning to institutional bitcoin custody

BitGo has partnered with Voltage to integrate the Lightning Network into its institutional custody platform. This first-of-its-kind integration will enable BitGo's clients, which include exchanges, neobanks, and payment providers, to conduct bitcoin transactions faster and cheaper than on-chain transfers while maintaining institutional security standards.

Lightning moves upmarket

This partnership signals Lightning’s maturation from a retail payment solution to institutional infrastructure. By combining BitGo's security expertise with Lightning's scaling capabilities, bitcoin gains critical functionality for high-volume applications. As institutional Lightning adoption grows, expect accelerated transaction volumes and new use cases previously limited by on-chain constraints.

Pakistan to mine bitcoin with surplus electricity

Pakistan's newly formed Crypto Council is exploring bitcoin mining operations powered by the country's excess electricity capacity. Council CEO Bilal Bin Saqib, an advisor to Pakistan's finance minister, has initiated talks with mining firms about placing mining infrastructure in regions with high power availability. The initiative aims to put Pakistan's surplus energy to good use while mitigating high electricity costs.

Join the club

Pakistan joins Belarus and El Salvador in using sovereign resources to mine bitcoin, with former Binance CEO Changpeng Zhao serving as a strategic advisor. Pakistan's entry into state-sponsored mining intensifies the global competition for hashrate and block rewards.

Senator Jim Justice advocates for Strategic Bitcoin Reserve in op-ed

West Virginia Senator Jim Justice authored an op-ed in Bitcoin Magazine supporting the Strategic Bitcoin Reserve and broader bitcoin adoption. The Republican senator, who co-sponsored legislation to codify President Trump's Executive Order into law, frames bitcoin as essential to restoring America's monetary dominance and addressing the national debt.

Bitcoin is mainstream in Washington

By comparing bitcoin to the space race and AI development, Justice positions it as a frontier of American innovation. His focus on explaining bitcoin to "Toby and Edith" (everyday Americans) suggests Republicans increasingly see political advantage in championing sound money.

BITCOIN ADOPTION CONTINUES

Ross Ulbricht, Silk Road founder recently pardoned by President Trump after serving a decade in prison, will make his first public appearance as a free man at the Bitcoin 2025 conference in Las Vegas this May.

Theya launched Theya for Business, offering companies a comprehensive solution for treasury management, payroll, and operations with flexible vault architecture supporting cold storage and daily transactions.

Bitcoin's network hashrate surpassed 1 Zetahash per second (1,000 Exahashes) for the first time in its 16-year history, marking a 1,000x increase since 2016 and significantly enhancing network security against potential attacks.

Meanwhile secures $40 million in Series A funding to scale its bitcoin-denominated life insurance business, offering policies that protect against inflation in emerging markets by paying premiums and death benefits entirely in bitcoin.

Satoshi Nakamoto Institute co-founder and renowned bitcoin educator Pierre Rochard launched The Bitcoin Bond Company to provide structured products that offer institutional investors fixed-income returns backed by bitcoin.

The top publicly traded bitcoin mining companies produced nearly $800 million worth of BTC in Q1 2025, with Marathon Digital leading production at 2,285 BTC and Hut 8 showing the highest growth rate at 91% in March.

The Senate confirmed Paul Atkins as SEC Chair, installing the deregulatory-minded former commissioner who is expected to provide bitcoin-friendly regulatory clarity and reverse many enforcement actions against bitcoin and crypto firms.

HOW BITCOIN WORKS

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

Bitcoin: A Once-in-a-Species Event

This week, Onramp's Jesse Myers published a remarkable essay titled "Once-in-a-Species," which connects evolutionary anthropology, neuroscience, and economics to explain that money as a concept and a technology may have facilitated our survival while other human species like the Neanderthals died out.

The archaeological record reveals something fascinating. While Homo sapiens sapiens obsessively collected seashells and created bead jewelry dating back at least 142,000 years, Neanderthals and other early humans rarely did this. This difference may explain our evolutionary triumph.

Myers connects this behavior to a single amino acid mutation that occurred between 300,000-160,000 years ago that supercharged brain regions associated with abstract thought and appreciation of scarcity. This neurological change enabled our species to develop the concept of money.

With proto-money-like shell beads, early humans could transact in groups larger than 150 people. This is known as "Dunbar's number" and it is thought to be the cognitive limit on the number of social relationships that people can generally maintain. Money lets people transact with a much larger group because it sidesteps the need for trust and credit. In turn this increases the number of possible trading partners beyond tribal boundaries and fosters cross-tribal alliances. This ability gave our ancestors a decisive competitive advantage, supporting population densities 10 times greater than Neanderthals.

Throughout history, humans have continually improved upon monetary technology just like any other – from shells, to precious metals, to gold. As a monetary technology, bitcoin is a breakthrough in that it is the first form of money that is provably, absolutely scarce. If our defining trait as humans is our ability to appreciate and value scarcity, then bitcoin – the perfection of scarcity – represents the ultimate fulfillment of a 142,000 year journey.

COIN CHECK

What is the significance of April 5, 1975, the date Satoshi Nakamoto listed as his birthday on his P2P Foundation profile?

1. A reference to the reversal in 1974 of Executive Order 6102, which made owning gold illegal in 1933.

2. A nod to the founding date of Microsoft, whose coding conventions were used by Satoshi.

3. The actual birthday of a key cypherpunk who influenced Bitcoin's development.

4. The date when the first digital cash patent was filed.

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

1. Executive Order 6102, which made owning gold illegal, was reversed in 1975. President Roosevelt's order on April 5, 1933, required Americans to surrender their gold to the government. The order was reversed in 1975, and Satoshi appears to have combined these dates as a symbolic reference to bitcoin's potential as self-sovereign digital gold outside government control.

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