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BITCOIN BOX SCORE

Exchange Rate: $120,468
Market Capitalization: $2.36T
Hash Rate (90 days): 878.9 EH/s
Transactions (30 days): 11,432,314
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 62.71%

What do these numbers mean?

Bitcoin set new all-time highs this week, topping out at $123,060. That price briefly placed it as the fifth most valuable asset in the world in terms of market capitalization, ahead of Amazon, but behind Apple, Microsoft, NVIDIA, and gold.

Still, whenever bitcoin reaches a new all-time high, haters came out of the woodwork. One is an emeritus professor at Northwestern who posted a paper explaining that bitcoin has no cash flows and thus has no intrinsic value.

Setting aside the intrinsic versus subjective value debate, Allen Farrington wrote a terrific comment on the professor's post that is worth highlighting:

you will buy it when the people you want to buy things from don't accept any other currency.

the only interesting question is, what will you buy it with? what will anybody who has bitcoin at that point be willing to accept in return?

When people ask what bitcoin's ultimate endgame is, this is a great answer. Every government-issued currency that has ever existed has collapsed. Meanwhile, bitcoin is cannibalizing monetary premium across virtually every financial asset in the investment universe.

At the end of the day, the question is not how to value bitcoin in fiat terms, but rather, what will you buy it with?

NEWS

Cantor Fitzgerald nears $3.5B deal to acquire 30,000 bitcoin from Adam Back

Bitcoin Standard Treasury Company (BSTR), led by cryptography pioneer and Blockstream CEO Adam Back, announced plans to go public through a SPAC merger with Cantor Equity Partners 1. The firm will debut with over 30,000 bitcoin on its balance sheet (worth over $3.5 billion) plus up to $1.5 billion in additional financing, potentially making BSTR the fourth-largest corporate bitcoin holder immediately upon launch.

Wall Street embraces the bitcoin treasury

This follows the growing trend of publicly-traded companies transforming into bitcoin treasury vehicles, demonstrating institutional Wall Street's recognition of bitcoin's value as a strategic asset. Cantor's previous bitcoin ventures, including Twenty One Capital backed by SoftBank and Tether, show how traditional finance is increasingly building infrastructure around bitcoin rather than trying to compete with it.

France proposes five-year bitcoin mining experiment using excess nuclear and renewable energy

French lawmakers introduced a bill on July 11 to transform surplus electricity into economic value through bitcoin mining, projecting $100-150 million in annual revenue from just one gigawatt of excess power. The five-year experimental program would allow energy producers to use overproduced electricity—particularly from nuclear and renewable sources—for mining bitcoin instead of selling it at a loss due to limited storage capabilities.

Turning energy waste into national wealth

By building data centers near energy production sites and utilizing waste heat for buildings and industrial processes, France demonstrates how bitcoin mining can solve real-world infrastructure challenges while generating substantial revenue for the nation.

Texas makes gold and silver legal tender following governor's approval

Governor Greg Abbott signed House Bill 1056 into law, allowing Texas residents to use precious metals for "day-to-day financial transactions" starting in May 2027. The bill amends the state government code to recognize gold and silver as legal tender based on the comptroller's determined value, though it doesn't require any person to accept precious metals for payment and allows government money to continue as legal tender.

Sound money opens the door for sounder money

By establishing the legal framework for alternatives to government money, Texas is creating the foundation for bitcoin to eventually achieve legal tender status as the ultimate form of incorruptible, scarce digital money.

House "Crypto Week" becomes single-day legislative push as stablecoin and market structure bills advance

The U.S. House of Representatives compressed its planned "Crypto Week" into a single Thursday session after Republican disputes over a CBDC ban delayed proceedings. The chamber is expected to approve two major pieces of legislation: the Digital Asset Markets Clarity Act (setting rules for crypto markets) and the GENIUS Act (establishing stablecoin oversight), with the latter heading directly to President Trump's desk for signing into law.

Regulation moves forward

After years of regulatory uncertainty, Congress is delivering on Trump's promise to establish comprehensive regulations for bitcoin and stablecoins in 2025.

Though it is too early to tell if this will be added to the bill, the White House is allegedly exploring a bitcoin tax exemption:

BITCOIN ADOPTION CONTINUES

Standard Chartered becomes the first global systemically important bank to launch spot bitcoin trading for institutional clients, offering actual bitcoin settlement rather than derivatives.

Matador Technologies plans to acquire 6,000 bitcoins by 2027 through a CAD $900 million shelf prospectus, aiming to become a top 20 corporate bitcoin holder globally.

El Salvador President Nayib Bukele and Pakistan's Minister of Crypto discussed mining collaboration, strategic reserves, and education initiatives as Pakistan moves to establish its national bitcoin wallet.

Satoshi Nakamoto's estimated holding of 1 million bitcoins are now worth $130 billion, theoretically making bitcoin's anonymous creator the 11th richest person in the world.

Russia's largest bank Sberbank plans to launch custody services and has introduced structured bonds linked to bitcoin performance as the country embraces digital assets for international trade.

Neutron launches a non-custodial lending platform allowing bitcoin holders to borrow up to $5 million against their collateral while maintaining custody through multi-signature wallets.

Electric vehicle company Volcon Inc. announces a $500 million private placement to purchase bitcoin as its primary treasury reserve asset, allocating 95% of proceeds to bitcoin acquisition.

HOW BITCOIN WORKS

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

Mythbusting stablecoin-driven bitcoin price manipulation

National security analyst Mike Benz recently tweeted: "The bitcoin price is driven [by] stablecoins, not the other way around. The CIA uses stablecoins for the money laundering, while Treasury wants stablecoins pumped to prop up the U.S. dollar."

This theory is peddled by what are called "Tether truthers" – people who claim stablecoins artificially inflate bitcoin prices and that Tether is unbacked or even a ponzi scheme.

Ironically, Benz made this claim on the same day billions of dollars flowed into bitcoin through spot ETFs.

The Tether truther narrative stems from a debunked 2020 academic paper by Griffin and Shams, which analyzed only twelve months during 2017-2018 when both bitcoin’s price and Tether’s supply were rising together. They concluded that "unbacked" Tether was pumping bitcoin prices, but their theory has not held true.

Since then, Tether has processed massive redemptions without incident – $17 billion in 2022 alone – demonstrating that its reserves are sufficient to meet demand. Major institutions like Cantor Fitzgerald now publicly verify Tether's solvency. If Tether were unbacked, these redemptions would be impossible.

More critically, bitcoin’s price and Tether’s circulating supply frequently move in opposite directions. From January to October 2018, Tether supply grew while bitcoin’s price fell from $13,500 to $6,500. From late 2021 to early 2023, Tether supply remained flat while bitcoin’s price crashed from $59,000 to $24,000. If printing Tether could magically support bitcoin prices, why didn't it work during these bear markets?

Bitcoin's price reflects real supply and demand, not the conspiracy theories peddled by “Tether truthers” who overlook bitcoin's growing suite of use cases, including institutional adoption.

COIN CHECK

Who is Satoshi Nakamoto?

A. A Japanese computer scientist
B. Adam Back
C. Elon Musk
D. Pseudonym for a group of cryptographers

Check your answer at the end of the page.

FROM THE MEME POOL

Follow us on X for more fresh content

ANSWER

Correct answer: D. Pseudonym for a group of cryptographers

The mystery of bitcoin's creator remains unsolved, but most bitcoin researchers believe "Satoshi Nakamoto" was likely a pseudonym used by multiple people rather than a single individual. The sophistication of bitcoin's design, the breadth of knowledge required across cryptography, economics, and computer science, plus inconsistencies in writing style and working hours in early communications suggest collaborative development. Despite numerous claims and investigations, Satoshi's true identity remains one of the world’s greatest mysteries.

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