Marty's Bent
------------

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-1.png)

via [StockMarket.News](https://x.com/_Investinq/status/1958554460566806750?ref=tftc.io)

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/martybent_a_well_dressed_man_driving_past_data_centers_in_the_d_31472b71-a9ee-4b2a-8705-c3c1f0f6ef40.png)

While everyone and their mother is focused on Jackson Hole in anticipation of Federal Reserve Chairman Jerome Powell's speech later this morning I want to draw your attention to the chart above. The financial system is more levered than it has ever been at the same time that the pressure on Jerome Powell and the Fed to lower interest rates and inflation is starting to rear its head again.

If I'm being honest, I'm not sure exactly how to read this. My intuition says that leverage is high because of the stealth stimulus that has been entering the market over the course of the last few years via the Treasury hammering issuance on the short end of the yield curve. Yes, in nominal terms margin debt is at an all time high, but if you look at it in real terms it is still below 2021 levels. Though, it is quickly approaching those levels.

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-2.png)

via [StockMarket.News](https://x.com/_Investinq/status/1958554530322264345?ref=tftc.io)

The question lingering in my mind is whether or not we see a melt up in financial assets and leverage alongside with it, or will gravity come into play at some point in the short to medium-term and force a material correction? When you consider the Trump administration's focus on AI - it has been explicitly identified as a national security issue that necessitates a "win at all costs" response, coupled with the strong desire to keep the Republican majority in the House and the Senate in next year's mid-term elections, the prospect of a melt up scenario seems somewhat likely. One thing is certain, the Trump administration is certainly going to try.

When they do inevitably try, we will see if we are truly moving into new territory because all of the indicators that signal a market top are getting very red and very loud. Just take a look at cyclically-adjusted P/E ratios.

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-3.png)

via Simon White, Bloomberg

Regardless of what ultimately happens, this is fundamentally bullish for bitcoin in the medium to long-term. If we get the melt up scenario, bitcoin will benefit massively as individuals, investors, institutions and idiots alike seek safe haven in hard assets. If gravity comes into play, bitcoin is likely to correct a bit before the dust settles. At which point, many people will be starkly reminded of the insanity of the incumbent financial and monetary systems yet again and a new wave of bitcoin adopters will enter the market. Joining the steadfast hodlers who understand what they own.

Stay vigilant out there, freaks.

### Bitcoin's Energy Consumption is Not Waste

Phil Geiger makes a compelling case on Parker Lewis's Center of Hash that Bitcoin's energy consumption serves a vital purpose - it's the first monetary system to solve the problem of money printing through absolute scarcity. As Phil explains, Bitcoin's 21 million supply cap represents humanity's first truly fixed monetary supply, making it fundamentally different from every other form of money that can be debased. This scarcity only works because it's secured by real-world energy consumption, creating an unbreakable link between the digital and physical realms.

> "Money is the most fundamental form of communication that humans have. You can use money to communicate value across different cultures without even speaking the same language." - [Phil Geiger](https://x.com/phil_geiger?lang=en&ref=tftc.io)

Phil contrasts Bitcoin with other cryptocurrencies, arguing their energy use is wasteful because they don't solve any fundamental problem. Bitcoin's energy consumption directly secures the network against manipulation and enforces the monetary policy that makes it valuable. Parker reinforces this throughout, noting how this direct use of energy for monetary security is unprecedented - unlike gold mining or Federal Reserve operations, Bitcoin creates an explicit, measurable relationship between energy and monetary integrity.

Check out the [full podcast here](https://youtu.be/bi9iMEetMK4?ref=tftc.io) for more on mining pool centralization, fee market dynamics and Bitcoin's self-regulating difficulty adjustment.

* * *

### Headlines of the Day

DOJ Won't Target Decentralized Crypto Developers - via [X](https://x.com/WatcherGuru/status/1958607763249991972?ref=tftc.io)

DOJ Demands Fed Fire Governor Lisa Cook - via [X](https://x.com/WatcherGuru/status/1958595395514237300?ref=tftc.io)

Pennsylvania Introduces Bitcoin Ownership Ban Bill - via [X](https://x.com/TFTC21/status/1958606584567013859?ref=tftc.io)

Buenos Aires Accepts Bitcoin for City Payments - via [X](https://x.com/TFTC21/status/1958571300261437924?ref=tftc.io)

Treasury Proposes Digital IDs for DeFi Transactions - via [X](https://x.com/TFTC21/status/1958563270908170411?ref=tftc.io)

* * *

### Obscura – The World’s Best VPN Built by Bitcoiners

Created by Carl Dong (former Bitcoin Core contributor), unlike other VPNs, it _can’t_ log your activity by design, delivering verifiable privacy you can trust.

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/Obsura-3.png)](https://obscura.net/?ref=tftc.io)

[USE CODE TFTC25](https://obscura.net/?ref=tftc.io)

**Outsmarts internet censorship**: works even on the most restrictive Wi-Fi networks where other VPNs fail.
**Pay with bitcoin over Lightning:** better privacy and low fees.
**No email required:** accounts are generated like bitcoin wallets.
**No trade-offs**: browse freely with fast, reliable speeds.

**Exclusive Deal for TFTC Listeners:**
Sign up at [obscura.net](https://obscura.net/?ref=tftc.io) and use code **TFTC25** for **25% off your first 12 months**.

Now available on **macOS, iOS, and WireGuard**, with more platforms coming soon — so your privacy travels with you wherever you go.

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $200M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at_ [ten31.vc/invest](https://ten31.vc/invest?ref=tftc.io)_._

* * *

**Final thought...**

The hurricane swells are epic on the East Coast right now.

Enjoy your weekend, freaks.

* * *

_Download our free browser extension, **Opportunity Cost**:_ [https://www.opportunitycost.app/](https://www.opportunitycost.app/?ref=tftc.io) start thinking in SATS today.

_Get this newsletter sent to your inbox daily:_ [_https://www.tftc.io/bitcoin-brief/_](https://www.tftc.io/bitcoin-brief/)

_Subscribe to our YouTube channels and follow us on Nostr and X:_

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[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)


【「ベートーヴェン捏造」山田裕貴らを19世紀の西洋人に仕立て上げるには？スタッフが語る】

https://natalie.mu/eiga/news/637853


Bitcoin Treasury: Do Companies Now Exist Solely to Hold Bitcoin?

Bitcoin as a digital asset has grown from a niche technology to a recognized financial instrument over the…

Bitcoin as a digital asset has grown from a niche technology to a recognized financial instrument over the past decade. Unlike traditional currencies, no government or central bank controls it, and its supply is limited to 21 million coins. These characteristics have made it attractive to both individual investors and companies looking for new ways to manage their wealth.

In recent years, more businesses have started holding bitcoin as part of their financial reserves. From technology firms to payment companies and even mining operations, bitcoin is increasingly appearing on corporate balance sheets.

This raises an interesting question: Do companies exist just to hold bitcoin, or is holding bitcoin simply part of a broader [financial strategy](https://lightning.news/retail-investors-all-in-on-bitcoin-etfs/)?

This article explores that question by looking at what a Bitcoin treasury is, why companies adopt it, and whether some companies are now built entirely around this idea.

Table of Contents
-----------------

*   [What Is a Bitcoin Treasury?](#what-is-a-bitcoin-treasury)
*   [Why Companies Hold Bitcoin in Their Treasury](#why-companies-hold-bitcoin-in-their-treasury)
*   [Major Companies Holding Bitcoin in 2025 (With Real Examples)](#major-companies-holding-bitcoin-in-2025-with-real-examples)
*   [Publicly Traded Companies Actively Holding Bitcoin in 2025](#publicly-traded-companies-actively-holding-bitcoin-in-2025)
*   [Private Companies Actively Holding Bitcoin in 2025](#private-companies-actively-holding-bitcoin-in-2025)
*   [Institutional & Government Holdings of Bitcoin in 2025](#institutional-government-holdings-of-bitcoin-in-2025)
*   [Do Any Companies Exist Solely to Hold Bitcoin?](#do-any-companies-exist-solely-to-hold-bitcoin)
*   [The Risks and Criticisms of Bitcoin Treasuries](#the-risks-and-criticisms-of-bitcoin-treasuries)
*   [Conclusion](#conclusion)

**What Is a Bitcoin Treasury?**
-------------------------------

A Bitcoin treasury refers to a company holding bitcoin as part of its reserve assets. Instead of keeping all of its funds in traditional assets like cash, bonds, or real estate, it allocates a portion to bitcoin. This is usually a deliberate financial strategy designed to strengthen the company’s balance sheet.

Holding bitcoin in a treasury works much like other strategic asset holdings, such as gold or foreign currency reserves. It allows companies to diversify their assets, protect themselves from economic shifts, and potentially benefit from price growth over time.

There is an important distinction to make here:

*   **Some companies hold bitcoin as one of many assets.** For them, bitcoin is just a small part of a much larger strategy.

*   **Other companies or funds exist primarily to hold bitcoin.** These firms often raise capital with the specific intention of buying and managing bitcoin as their primary business activity.

This means that, unlike regular businesses (like Tesla or Coinbase) that have other core operations, these companies exist mainly to accumulate and manage bitcoin as an asset.

*   They usually raise money from investors (through stock sales, funding rounds, or other capital raises).

*   They use most of that money to buy bitcoin and then hold it as their primary asset.

*   Their business model is tied directly to the value of bitcoin; if bitcoin goes up, the company’s value rises, and vice versa.

Examples of such companies include:

*   **MicroStrategy (Strategy)** started as a software company, but it’s now primarily seen as a bitcoin holding company.

*   **Twenty One Capital** was explicitly created to build a large bitcoin treasury as its core activity.

*   **Bitcoin ETFs (like BlackRock’s iShares Bitcoin Trust)** exist solely to hold bitcoin on behalf of investors.

So, these companies don’t use bitcoin as a side asset; they’re built around the idea of holding and growing bitcoin reserves.

**Why Companies Hold Bitcoin in Their Treasury**
------------------------------------------------

Companies add bitcoin to their reserves for several reasons. Each reason reflects both financial strategy and how they see the future of money.

****1\. Hedge Against Inflation and Currency Risks****

Traditional currencies lose value over time due to inflation and economic fluctuations. Bitcoin, on the other hand, has a fixed supply, which makes it attractive to companies that want to protect part of their capital from currency devaluation.

This is particularly relevant in times when interest rates are low, and the value of holding large amounts of cash is eroded by inflation. Several companies view bitcoin as a way to preserve their purchasing power over the long term.

****2\. Potential for Long-Term Capital Growth****

Bitcoin has shown significant price growth over the years, despite its volatility. Companies like Strategy (formerly MicroStrategy) have experienced substantial increases in their balance sheet value thanks to their bitcoin holdings.

For companies willing to take on the risk, holding bitcoin offers a chance to benefit from future price appreciation and increase shareholder value.

****3\. Diversification of Assets Beyond Fiat, Bonds, and Equities****

Relying too heavily on traditional assets can expose companies to market risks tied to those instruments.

By adding bitcoin to their reserves, firms introduce a non-correlated asset, one that doesn’t always move in the same direction as stocks or bonds. This diversification can make their overall financial position more resilient.

****4\. Brand Positioning and Innovation Appeal****

Holding bitcoin isn’t just a financial move; it also shapes how the public and investors view a company. Businesses that adopt bitcoin early are often seen as innovative and forward-thinking.

This can attract a new type of investor, strengthen the company’s brand, and generate media attention. For example, [Tesla’s announcement of Bitcoin purchases created global headlines and boosted its image as a tech pioneer](https://www.google.com/amp/s/www.cnbc.com/amp/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html).

**Major Companies Holding Bitcoin in 2025 (With Real Examples)**
----------------------------------------------------------------

A wide range of companies, from publicly traded firms to private businesses and even institutional entities, now hold bitcoin on their balance sheets as part of a strategic reserve. This isn’t a fringe move: it’s becoming mainstream across industries.

Let’s look at the latest figures on bitcoin holdings (mid‑2025) to understand how significant this trend has become.

**Company**

**Industry**

**BTC Held**

**Estimated Value (2025)**

**Notes**

**1\. Strategy (MicroStrategy)**

Software / Treasury firm

[628,791BTC](https://bitcointreasuries.net/?utm_source=)

$73 billion

Largest corporate holder (3% of supply)

**2\. Marathon Digital (MARA**)

Bitcoin mining

[50,000 BTC](https://bitcointreasuries.net/?utm_source=)

$5.7 billion

Mining-based treasury holdings

**3\. Twenty One Capital (XXI)**

Bitcoin-native treasury

[43,514BTC](https://bitcointreasuries.net/?utm_source=)

$5.15 billion

Backed by Tether/SoftBank, Jack Mallers’ firm

**4\. Trump Media & Technology (DJT)**

Trump Media & Technology (DJT)

[18,430 BTC](https://bitcointreasuries.net/?utm_source=)

$2 billion

Raised capital to build BTC reserves

**5\. Metaplanet Inc.**

Hospitality & crypto

[17,595 BTC](https://bitcointreasuries.net/?utm_source=)

$2 billion

“Bitcoin hotel” venture

**6\. Riot Platforms**

Bitcoin mining

[19,225 BTC](https://bitcointreasuries.net/?utm_source=)

$2.2 billion

Miner-turned-BTC treasury firm

**7\. CleanSpark**

Solar + mining

[12,608 BTC](https://bitcointreasuries.net/?utm_source=)

$1.45 billion

Energy-mining operations hold bitcoin

**8\. Coinbase**

Crypto exchange

[11,776 BTC](https://bitcointreasuries.net/?utm_source=)

$1.35 billion

Natural reserve for exchange operations

**9\. Tesla**

Electric vehicles

[11,509 BTC](https://bitcointreasuries.net/?utm_source=)

$1.32 billion

Strategic diversification into bitcoin

**10\. Hut 8 Mining Corp.**

Canadian mining company

[10,273 BTC](https://bitcointreasuries.net/?utm_source=)

$1.18 billion

Large miner holding bitcoin reserves

******Quick Analysis******

MicroStrategy (now Strategy) leads by a wide margin, holding nearly 3 % of the total bitcoin supply, valued at over $70 billion, clearly setting the tone in the corporate bitcoin narrative.

*   Mining companies like Marathon, Riot, CleanSpark, and Hut 8 naturally accumulate bitcoin through their operations, turning it into a treasury asset.

*   Bitcoin-native firms like Twenty One Capital (founded by Jack Mallers and backed by Tether/SoftBank) are explicitly built to hold bitcoin as their core business model.[
    ](https://treasuries.bitbo.io/?utm_source=chatgpt.com)
*   Non-crypto businesses, such as Tesla and Metaplanet, use bitcoin as strategic diversification rather than core operations.

*   Trump Media represents a newer entrant that raised $2 billion specifically to build a bitcoin reserve, highlighting how media or thematic firms are entering this space.

**Publicly Traded Companies Actively Holding Bitcoin in 2025**
--------------------------------------------------------------

Publicly traded companies are businesses listed on stock exchanges that issue shares to the public. When these companies hold bitcoin in their treasuries, it’s a strategic decision that impacts not only their balance sheets but also their stock prices, since investors closely watch their exposure to bitcoin. Examples include;

****1\. MicroStrategy (Strategy)****

Leading the pack, this software company has transformed itself into a bitcoin treasury powerhouse. With over 628,000 BTC and billions in unrealized gains, it’s redefining what it means to be a public company in today’s bitcoin-infused economy.

****2\


ないんふぉふぉ


TSMC機密違法取得 東京エレクトロン台湾子会社 元従業員を起訴 #nhk_news
https://www3.nhk.or.jp/news/html/20250828/k10014905411000.html


Bitvocation Report Reveals Strongest Growth of the Year, Signaling Major Industry Expansion Bitcoin’s job market shattered expectations in…

_Bitvocation [Report](https://bitvocation.substack.com/p/bitcoin-job-market-update-july-2025) Reveals Strongest Growth of the Year, Signaling Major Industry Expansion_

Bitcoin’s job market shattered expectations in July 2025, surging to 184 new roles – a 52% year-over-year jump and the highest monthly growth of 2025 – according to a report released by [Bitvocation](https://lightning.news/bitvocation-cure-for-bitcoin-employment-crisis/), a leading bitcoin talent analytics platform. The data signals accelerating confidence in bitcoin’s infrastructure and a pivotal shift in hiring priorities.

![bitcoin jobs](https://lightning.news/wp-content/uploads/2025/08/bitcoin-jobs-1024x948.png "Bitcoin Job Market Explodes in July 2025 2")

**Key Findings from Bitvocation’s July Report:**
------------------------------------------------

1.  **Historic Hiring Momentum:**
    *   July listings soared to 184 (up from 135 in June), marking the second-strongest hiring month of 2025.
    *   Bitcoin-only companies held 43% market share, driving ecosystem-focused growth.

![bitcoin monthly jobs 1](https://lightning.news/wp-content/uploads/2025/08/bitcoin-monthly-jobs-1-1024x846.png "Bitcoin Job Market Explodes in July 2025 3")

*   **Developer Demand Roars Back:**
    *   Developer roles surged to 33% of all listings (up from 25% in June), ending a multi-quarter slowdown.
    *   Non-dev roles (marketing, ops, compliance) still dominate (67%), but technical talent is now the fastest-growing segment.

![non dev vs dev](https://lightning.news/wp-content/uploads/2025/08/non-dev-vs-dev-1024x948.png "Bitcoin Job Market Explodes in July 2025 4")

*   **Remote Work Revolution:**
    *   45% of all roles are remote – Bitcoin-only firms lead with 54% remote offerings (vs. 38% at multi-asset companies).
    *   U.S. (59 roles), Singapore (13), Gibraltar (7), and Czechia (6) emerged as top hiring hubs.

![remote vs on site hybrid category split 1](https://lightning.news/wp-content/uploads/2025/08/remote-vs-on-site-hybrid-category-split-1-1024x703.png "Bitcoin Job Market Explodes in July 2025 5")

*   **AI’s Quiet Infiltration:**
    *   Roles like _AI Video Creator_ and _AI System Optimization Engineer_ appeared, signaling stealth integration of AI tools into bitcoin workflows.
*   **Experience Over Entry-Level:**
    *   Mid/senior hires prioritized; entry-level roles dropped to 11% of postings as companies focus on execution.

![seniority levels 2](https://lightning.news/wp-content/uploads/2025/08/seniority-levels-2-1024x482.png "Bitcoin Job Market Explodes in July 2025 6")

*   **Bitcoin-Only vs. Multi-Asset Firms:**
    *   ![🟠](https://s.w.org/images/core/emoji/16.0.1/72x72/1f7e0.png) **Bitcoin-only:** Focused on ecosystem growth (74% non-dev roles: community, marketing).
    *   **Multi-asset firms:** Driving developer hiring (37% tech roles) to expand infrastructure.
*   **Global Talent Shift:**
    Singapore solidified its position as Asia’s bitcoin hub, while Europe (Gibraltar, Czechia) and LatAm (Brazil) gained traction.

![bitcoin jobs with location 1](https://lightning.news/wp-content/uploads/2025/08/bitcoin-jobs-with-location-1-1024x614.png "Bitcoin Job Market Explodes in July 2025 7")

#### ![🌟](https://s.w.org/images/core/emoji/16.0.1/72x72/1f31f.png) **Featured Talent Ready to Build:**

Bitvocation’s POW Lab – bitcoin’s talent pool – includes elite professionals open to roles:

**What’s Next?**
----------------

Q3 2025 is poised to become bitcoin’s strongest hiring quarter yet. Companies seeking data partnerships or custom hiring insights can contact Bitvocation to leverage their real-time job market intelligence.

**Get the Full Report & Talent Access:**

*   ![📱](https://s.w.org/images/core/emoji/16.0.1/72x72/1f4f1.png) Follow Jobs: [Telegram](https://t.me/bitvocation_jobs)
*   ![✨](https://s.w.org/images/core/emoji/16.0.1/72x72/2728.png) Join POW Lab: [For Professionals](https://bitvocation.com/pow-lab)

**About Bitvocation:**
Bitvocation is the definitive source for bitcoin job market intelligence and talent connectivity. We track hiring trends, map global opportunities, and empower bitcoin professionals and companies to build the future of sovereign work.

_Data. Talent. Bitcoin._


Bitcoin Indonesia Conference 2025 Returns to Bali: Weeklong Celebration of Financial Freedom

Bali, Indonesia — Bitcoin Indonesia proudly announces the return of the Bitcoin Indonesia Conference 2025, the country’s premier…

Bali, Indonesia — _Bitcoin Indonesia_ proudly announces the return of the Bitcoin Indonesia Conference 2025, the country’s premier bitcoin-only gathering, set to take place on September 5, 2025, at Bitcoin House Bali.

This year’s event is the centerpiece of Bitcoin Week Bali, a 10-day celebration of grassroots adoption, education, and real-world use cases in one of the world’s most vibrant bitcoin communities, Bali Bitcoin Island.

Themed **“Education, Community, and Driving Local Adoption,”** the conference brings together **250+ attendees** from Indonesia and around the world for a unique blend of talks, workshops, cultural experiences, and deep connection—all in the heart of paradise.

**“This isn’t just a conference—it’s a unique experience,”** says Diana, Co-Founder of Bitcoin Indonesia. _“We’re building a future where bitcoin empowers people, and Bali is where that revolution takes root.”_

> ![🏝](https://s.w.org/images/core/emoji/16.0.1/72x72/1f3dd.png)![✨](https://s.w.org/images/core/emoji/16.0.1/72x72/2728.png) Bitcoin Indonesia Conference is just 3 weeks away!
>
> Bitcoin meets Bali. From powerful talks to rice field views, from deep conversations to new friendships – this isn’t just a conference, it’s an experience!
>
> Are you ready to be part of it?
>
> ![🎟](https://s.w.org/images/core/emoji/16.0.1/72x72/1f39f.png) Last tickets available:… [pic.twitter.com/W7NTRrCMMo](https://t.co/W7NTRrCMMo)
>
> — Bitcoin House Bali (@btchousebali) [August 14, 2025](https://twitter.com/btchousebali/status/1955873293426135262?ref_src=twsrc%5Etfw)

**What to Expect:**
-------------------

 **![✅](https://s.w.org/images/core/emoji/16.0.1/72x72/2705.png) Inspiring Talks & Workshops** – [Learn](https://lightning.news/the-bitcoin-way-path-to-true-sovereignty/) from international and local bitcoin experts
 **![✅](https://s.w.org/images/core/emoji/16.0.1/72x72/2705.png) Networking & Social Events** – Meet bitcoiners from Indonesia & beyond in a relaxed, island-vibe setting
 **![✅](https://s.w.org/images/core/emoji/16.0.1/72x72/2705.png) Bitcoin Market** – Redeem your bitcoin and support local merchants
 **![✅](https://s.w.org/images/core/emoji/16.0.1/72x72/2705.png) Exhibition** – Discover bitcoin projects, companies & innovations
 **![✅](https://s.w.org/images/core/emoji/16.0.1/72x72/2705.png) Cultural Experience** – Immerse yourself in Bali’s magical culture with performances, local cuisine & spiritual traditions
 **![✅](https://s.w.org/images/core/emoji/16.0.1/72x72/2705.png) Afterparty** – Celebrate under the Bali sky with good vibes, great people & tropical drinks

This year’s event follows the momentum of previous conferences, which have hosted speakers such as Jack Dorsey, Alex Gladstein, Saifedean Ammous, and more. The 2025 edition promises even deeper community engagement, with events tailored for educators, developers, merchants, and everyday bitcoiners.

The conference is organized by Bitcoin Indonesia, a grassroots initiative and Human Rights Foundation grantee focused on bitcoin education, community building, and financial empowerment. With 36+ active meetups across the country, Bitcoin Indonesia is helping build a resilient circular economy from the ground up.

“Bali was once known as the ‘Bitcoin Island’ in 2014 before being shut down by the Central Bank. Now, the community is bringing it back—stronger and more sovereign than ever.”

**Want More? Stick Around for Bitcoin Week!**
---------------------------------------------

The Bitcoin Indonesia Conference is the highlight of Bitcoin Week Bali—a full week of exclusive side events celebrating bitcoin on the island. September 1-8, 2025 – Featuring:

![👩🎓](https://s.w.org/images/core/emoji/16.0.1/72x72/1f469-200d-1f393.png) AmityAge Educators Academy
![🌸](https://s.w.org/images/core/emoji/16.0.1/72x72/1f338.png) Women’s Brunch
![🙌](https://s.w.org/images/core/emoji/16.0.1/72x72/1f64c.png) Meetups
![🏝](https://s.w.org/images/core/emoji/16.0.1/72x72/1f3dd.png) Island Explorations
![🧖🏼](https://s.w.org/images/core/emoji/16.0.1/72x72/1f9d6-1f3fc.png) Spiritual Spa Day
![🏄♂](https://s.w.org/images/core/emoji/16.0.1/72x72/1f3c4-200d-2642-fe0f.png) Bitcoin Beach Run, Surf & Yoga
![🌱](https://s.w.org/images/core/emoji/16.0.1/72x72/1f331.png) Sovereign Gardening
![💜](https://s.w.org/images/core/emoji/16.0.1/72x72/1f49c.png) Freedom, Nostr & Nomad Day
![🎾](https://s.w.org/images/core/emoji/16.0.1/72x72/1f3be.png) Island Padel Night
& much more!

 **![⚠](https://s.w.org/images/core/emoji/16.0.1/72x72/26a0.png)**Heads up! Your ticket only covers the main conference on September 5th. Other Bitcoin Week events are separately organized and require additional registrations.

**Tickets & Sponsorship**
-------------------------

Tickets for the conference are limited and now available at [www.bitcoinweekbali.xyz](http://www.bitcoinweekbali.xyz)

Sponsorship opportunities are open, with customizable packages that include brand exposure, speaking slots, and immersive activations throughout the week.

Join us & be part of Indonesia’s Bitcoin revolution!

 **![🏝](https://s.w.org/images/core/emoji/16.0.1/72x72/1f3dd.png)![⚡](https://s.w.org/images/core/emoji/16.0.1/72x72/26a1.png) See you in Bali Bitcoin Island!**

**Contact:**

Diana, Co-Founder Bitcoin Indonesia & Bitcoin House Bali

![📧](https://s.w.org/images/core/emoji/16.0.1/72x72/1f4e7.png) **Email** [diana@bitcoinindonesia.xyz](mailto:diana@bitcoinindonesia.xyz)

![🌐](https://s.w.org/images/core/emoji/16.0.1/72x72/1f310.png) **Website** [www.bitcoinweekbali.xyz](https://bitcoinindonesia.xyz/)

![🐦](https://s.w.org/images/core/emoji/16.0.1/72x72/1f426.png) **X** [@bitcoinindo21](https://x.com/bitcoinindo21) & [@btchousebali](https://x.com/btchousebali)

![📸](https://s.w.org/images/core/emoji/16.0.1/72x72/1f4f8.png) **Instagram** [@bitcoinindo21](https://www.instagram.com/bitcoinindo21/) & [@bitcoinhousebali](https://www.instagram.com/bitcoinhousebali/)


Sparrow is a free and open-source modern desktop Bitcoin wallet application supporting most hardware wallets and built on common standards such as PSBT, with an emphasis on transparency and usability.

[Contribute to keep No Bullshit Bitcoin news going.](https://geyser.fund/project/nobsbitcoin)

![Sparrow Wallet v2.2.1: Recent Blocks View, Improved Camera, Tor & P2A Updates](https://www.nobsbitcoin.com/content/images/2025/05/sparrow-wallet-v220.jpg)

This update brings key enhancements for clarity and usability:

*   **Recent Blocks View**: Added to the Send tab and inspired by Mempool's visualization, it displays the last 2 blocks and the estimated next block to help choose fee rates.
*   **Camera System Overhaul**: Features a new library for higher resolution detection and mouse-scroll zoom support when available.
*   **Vector-Based Images**: All app images are now vectorized and theme-aware, enhancing contrast, especially in dark mode.
*   **Tor & P2A Updates**: Upgraded internal Tor and improved support for pay-to-anchor (P2A) outputs.
*   **Linux Package Rename**: For Linux users, Sparrow has been renamed to sparrowwallet (or sparrowserver); in some cases, the original sparrow package may need manual removal.
*   Additional updates include showing total payments in multi-payment transaction diagrams, better handling of long labels, and other UI enhancements.

[![Sparrow Wallet v2.2.1: Recent Blocks View, Improved Camera, Tor & P2A Updates](https://www.nobsbitcoin.com/content/images/2025/05/image-12.png)](https://xcancel.com/SparrowWallet/status/1925130328697369071)

*   [**Sparrow v2.2.1**](https://github.com/sparrowwallet/sparrow/releases) is a bug fix release that addresses missing UUID issue when starting Tor on recent macOS versions, icons for external sources in Settings and Recent Blocks view, repackaged `.deb` installs to use older gzip instead of zstd compression, and removed display of median fee rate where fee rates source is set to Server.

**Learn how to get started with Sparrow wallet:**

Release notes (v2.2.0)
----------------------

*   Added Recent Blocks view to Send tab.
*   Converted all bitmapped images to theme aware SVG format for all wallet models and dialogs.
*   Support send and display of pay to anchor (P2A) outputs.
*   Renamed `sparrow` package to `sparrowwallet` and `sparrowserver` on Linux.
*   Switched camera library to openpnp-capture.
*   Support FHD (1920 x 1080) and UHD4k (3840 x 2160) capture resolutions.
*   Support camera zoom with mouse scroll where possible.
*   In the Download Verifier, prefer verifying the dropped file over the default file where the file is not in the manifest.
*   Show a warning (with an option to disable the check) when importing a wallet with a derivation path matching another script type.
*   In Cormorant, avoid calling the `listwalletdir` RPC on initialization due to a potentially slow response on Windows.
*   Avoid server address resolution for public servers.
*   Assume server address is non local for resolution failures where a proxy is configured.
*   Added a tooltip to indicate truncated labels in table cells.
*   Dynamically truncate input and output labels in the tree on a transaction tab, and add tooltips if necessary.
*   Improved tooltips for wallet tabs and transaction diagrams with long labels.
*   Show the address where available on input and output tooltips in transaction tab tree.
*   Show the total amount sent in payments in the transaction diagram when constructing multiple payment transactions.
*   Reset preferred table column widths on adjustment to improve handling after window resizing.
*   Added accessible text to improve screen reader navigation on seed entry.
*   Made Wallet Summary table grow horizontally with dialog sizing.
*   Reduced tooltip show delay to 200ms.
*   Show transaction diagram fee percentage as less than 0.01% rather than 0.00%.
*   Optimized and reduced Electrum server RPC calls.
*   Upgraded Bouncy Castle, PGPainless and Logback libraries.
*   Upgraded internal Tor to v0.4.8.16.
*   Bug fix: Fixed issue with random ordering of keystore origins on labels import.
*   Bug fix: Fixed non-zero account script type detection when signing a message on Trezor devices.
*   Bug fix: Fixed issue parsing remote Coldcard xpub encoded on a different network.
*   Bug fix: Fixed inclusion of fees on wallet label exports.
*   Bug fix: Increase Trezor device libusb timeout.

**Linux users**: Note that the `sparrow` package has been renamed to `sparrowwallet` or `sparrowserver`, and in some cases you may need to manually uninstall the original `sparrow` package. Look in the `/opt` folder to ensure you have the new name, and the original is removed.

What's new in v2.2.1
--------------------

*   Updated Tor library to fix missing UUID issue when starting Tor on recent macOS versions.
*   Repackaged `.deb` installs to use older gzip instead of zstd compression.
*   Removed display of median fee rate where fee rates source is set to Server.
*   Added icons for external sources in Settings and Recent Blocks view
*   Bug fix: Fixed issue in Recent Blocks view when switching fee rates source
*   Bug fix: Fixed NPE on null fee returned from server

[**Announcement**](https://njump.me/nevent1qqszm2pjnt464tu242awrwkyvqgt590rvsf2lk7lgj0glpae0ts0epspp4mhxue69uhkummn9ekx7mqzyzl85553k5ew3wgc7twfs9yffz3n60sd5pmc346pdaemf363fuywv4yjku6) / [Archive](http://archive.today/V2tHL)
[**GitHub Repo**](https://github.com/sparrowwallet/sparrow/releases)


Records read time to sync notification status across devices.


Bitcoin Magazine Bitcoin Hong Kong Returns in 2026 HONG KONG – August 28, 2025 – BTC Inc., the organizer of the world’s largest Bitcoin conferences, today announced that Bitcoin Hong Kong 2026 will take place in Hong Kong on August 27 – 28, 2026. Following record-breaking growth in recent years, the return to Hong Kong highlights it’s pivotal role in the global Bitcoin economy. The momentum continues after Bitcoin Asia 2025 saw over 20,000 sold passes, building on the success of Bitcoin Asia 2024, which featured some of the industry’s most influential voices. This year edition lineups have included notable speakers such as Eric Trump, CZ, Belaji Srinivasan, Adam Back, Bilal Bin Saquib and Dr. Xiao Feng, underscoring the event’s reputation as a stage where global leaders, innovators, and policymakers come together to shape the future of Bitcoin. “Bitcoin Hong Kong is where global adoption meets unstoppable innovation,” said Justin Doochin, Director of Global Events at BTC Inc. “Every year, we see the conversation expand, the energy grow, and the community strengthen. Hong Kong continues to be one of the most dynamic hubs for fintech innovation, and 2026 will set a new benchmark for what’s possible.” 72-Hour Free GA Pass Launch In celebration of the announcement, BTC Inc. is offering a free General Admission (GA) pass for 72 hours, available starting at 8:00 AM Hong Kong time on August 28, 2025. The promo will run until 8:00 AM August 30, 2025. During this window, attendees can secure their spot at no cost before standard ticket pricing begins. Following the 72-hour promotion, ticket pricing will move to tiered levels, including: • GA Pass – $48 • Pro Pass – $188 • Whale Pass – $1,888 About The Bitcoin Conference The Bitcoin Conference, organised by BTC Media, the parent company of Bitcoin Magazine, is a global event series, featuring notable industry speakers, workshops, exhibitions, and entertainment. These events serve as vital platforms for Bitcoin industry leaders, developers, investors, and enthusiasts to gather, network, and exchange ideas. The flagship event took place in 2025 in Las Vegas. Bitcoin 2026 is announced to be held in Las Vegas in April 2026. Its international events include Bitcoin Asia (Hong Kong, August 2025), Bitcoin Amsterdam (Amsterdam, November 2025) and Bitcoin MENA, co-organised by ADNEC Group (Abu Dhabi, December 2025). This post Bitcoin Hong Kong Returns in 2026 first appeared on Bitcoin Magazine and is written by Bitcoin Magazine.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/BA26-Free-GA-pass-1200x628v2.webp)
[Bitcoin Hong Kong Returns in 2026](https://bitcoinmagazine.com/press-releases/bitcoin-hong-kong-returns-in-2026)

HONG KONG – August 28, 2025 – BTC Inc., the organizer of the world’s largest Bitcoin conferences, today announced that Bitcoin Hong Kong 2026 will take place in Hong Kong on August 27 – 28, 2026. Following record-breaking growth in recent years, the return to Hong Kong highlights it’s pivotal role in the global Bitcoin economy.

The momentum continues after Bitcoin Asia 2025 saw over 20,000 sold passes, building on the success of Bitcoin Asia 2024, which featured some of the industry’s most influential voices. This year edition lineups have included notable speakers such as Eric Trump, CZ, Belaji Srinivasan, Adam Back, Bilal Bin Saquib and Dr. Xiao Feng, underscoring the event’s reputation as a stage where global leaders, innovators, and policymakers come together to shape the future of Bitcoin.

_“Bitcoin Hong Kong is where global adoption meets unstoppable innovation,”_ said Justin Doochin, Director of Global Events at BTC Inc. _“Every year, we see the conversation expand, the energy grow, and the community strengthen. Hong Kong continues to be one of the most dynamic hubs for fintech innovation, and 2026 will set a new benchmark for what’s possible.”_

### **72-Hour Free GA Pass Launch**

In celebration of the announcement, BTC Inc. is offering a free General Admission (GA) pass for 72 hours, available starting at 8:00 AM Hong Kong time on August 28, 2025. The promo will run until 8:00 AM August 30, 2025. During this window, attendees can secure their spot at no cost before standard ticket pricing begins.

Following the 72-hour promotion, ticket pricing will move to tiered levels, including:

• GA Pass – $48

• Pro Pass – $188

• Whale Pass – $1,888

[![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/BHK26_FreePass_970x250.webp "Bitcoin Hong Kong Returns in 2026 1")](https://bm.b.tc/bm-pr-hongkong2026)

**About The Bitcoin Conference**

_The Bitcoin Conference, organised by BTC Media, the parent company of [Bitcoin Magazine](http://bitcoinmagazine.com/), is a global event series, featuring notable industry speakers, workshops, exhibitions, and entertainment. These events serve as vital platforms for Bitcoin industry leaders, developers, investors, and enthusiasts to gather, network, and exchange ideas. The flagship event took place in 2025 in Las Vegas. [Bitcoin 2026](http://b.tc/conference/2026) is announced to be held in Las Vegas in April 2026. Its international events include [Bitcoin Asia](http://asia.b.tc/) (Hong Kong, August 2025), [Bitcoin Amsterdam](https://www.bitcoin.amsterdam/) (Amsterdam, November 2025) and [Bitcoin MENA](https://b.tc/conference/mena), co-organised by ADNEC Group (Abu Dhabi, December 2025)._

This post [Bitcoin Hong Kong Returns in 2026](https://bitcoinmagazine.com/press-releases/bitcoin-hong-kong-returns-in-2026) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [Bitcoin Magazine](https://bitcoinmagazine.com/authors/bitcoin-magazine).


There are going to be many more bank failures as this ponzi system unravels. Unlike 2008, we have the ability to opt out of these broken and corrupt institutions by using bitcoin.

![More Banks Will Fail](https://www.discreetlog.com/content/images/2023/05/bankfailures.jpg)

People forget Bear Stearns failed March 2008 - months of denial followed before the public realized how bad the situation was under the surface.

Similar happening now but much larger scale. They did not fix fundamental issues after 2008 - everything is more fragile.

The Fed preemptively bailed out every bank with their BTFP program and First Republic Bank still failed. The second largest bank failure in history.

There will be more failures. There will be more bailouts. Depositors will be "protected" by socializing losses across everyone.

Our President and mainstream financial pundits are currently pretending the banking crisis is over while most banks remain insolvent. There are going to be many more bank failures as this ponzi system unravels.

**Unlike 2008, we have the ability to opt out of these broken and corrupt institutions by using bitcoin.** Bitcoin [held in self custody](https://werunbtc.com/coldcard?ref=discreetlog.com) is unique in its lack of counterparty risk - you do not have to trust a bank or other centralized entity to hold it for you. Bitcoin is also incredibly difficult to change by design since it is not controlled by an individual, company, or government - the supply of dollars will inevitably be inflated to bailout these failing banks but bitcoin supply will remain unchanged. **I do not need to convince you that bitcoin provides value - these next few years will convince millions.**

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![More Banks Will Fail](https://werunbtc.com/donate.png)


> ![Life is Complicated - Bitcoin is Simple](https://www.discreetlog.com/content/images/2023/05/mothers.jpg)
>
> I often hear "bitcoin doesn't interest me, I'm not a finance person."
>
> Ironically, the beauty of sound money is you don't have to be. In the current system you're expected to manage a diversified investment portfolio or pay someone to do it. Bitcoin will make that optional.
>
> — ODELL (@ODELL) [September 16, 2018](https://twitter.com/ODELL/status/1041358813482364928?ref_src=twsrc%5Etfw&ref=discreetlog.com)

At first glance bitcoin often appears overwhelming to newcomers. It is incredibly easy to get bogged down in the details of how it works or different ways to use it. Enthusiasts, such as myself, often enjoy going down the deep rabbit hole of the potential of bitcoin, possible pitfalls and theoretical scenarios, power user techniques, and the developer ecosystem. If your first touch point with bitcoin is that type of content then it is only natural to be overwhelmed. While it is important that we have a thriving community of bitcoiners dedicated to these complicated tasks - the true beauty of bitcoin lies in its simplicity. Bitcoin is simply better money. It is the best money we have ever had.

**Life is complicated. Life is hard. Life is full of responsibility and surprises.** Bitcoin allows us to focus on our lives while relying on a money that is simple. A money that is not controlled by any individual, company, or government. A money that cannot be easily seized or blocked. A money that cannot be devalued at will by a handful of corrupt bureaucrat who live hundreds of miles from us. A money that can be easily saved and should increase in purchasing power over time without having to learn how to "build a diversified stock portfolio" or hire someone to do it for us.

**Bitcoin enables all of us to focus on our lives - our friends and family - doing what we love with the short time we have on this earth. Time is scarce. Life is complicated. Bitcoin is the most simple aspect of our complicated lives.** If we spend our scarce time working then we should be able to easily save that accrued value for future generations without watching the news or understanding complicated financial markets. Bitcoin makes this possible for anyone.

Yesterday was Mother's Day. Raising a human is complicated. It is hard, it requires immense personal responsibility, it requires critical thinking, but mothers figure it out, because it is worth it. Using and saving bitcoin is simple -  [simply install an app on your phone](https://werunbtc.com/phoenix?ref=discreetlog.com). Every mother can do it. Every person can do it.

**Life is complicated. Life is beautiful. Bitcoin is simple.**

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Life is Complicated - Bitcoin is Simple](https://werunbtc.com/donate.png)


Yakbak.app looks like the ultimate place to record my amateur guitar songs


あるんふぉふぉ


Bitcoin Magazine Freedom of Mind and Freedom of Money: Inside Costa Rica’s Growing Bitcoin Circular Economy The embryo of each Bitcoin Circular Economy is unique. The purposes of Bitcoin Circular Economies are diverse and, as they grow, the projects develop their own identity: education, P2P, payments, wallets etc. The quests of their protagonists often shape the origin of each, with characteristics and needs that define them. The founders, who decide to pursue this social, technological and economic adventure, define the spirit of the project. The Bitcoin Jungle project was born in the heart of the Costa Rican jungle, where a vibrant community of expatriates and digital nomads from all over the world is trying to develop a more conscious way of living in harmony with nature. Two men lit the spark that gave birth to Bitcoin Jungle. Over time, others joined the fire, but two were the energies that aligned to start this project. One a developer and serial entrepreneur; the other a journalist, retired teacher and democracy activist. Both shared two deeply rooted beliefs in their hearts. First, Costa Rica is the best place in the world to live. Second, Bitcoin is an enlightening technology that can lead humanity to a more peaceful and evolved lifestyle. Richard Scotford lived in Hong Kong for more than 20 years. He worked as a teacher and freelance reporter for various media outlets, always as a political analyst. Richard witnessed firsthand the peaceful protests that began there in 2014 with the “Umbrella Movement,” which later became a symbol of resistance. Without mincing words, Richard supported Hong Kong’s democratic struggle against the Chinese Communist Party, which imposed an election system where the people could only choose among candidates selected by the party. Through his articles, Richard became part of Hong Kong’s political scene, and when his friends and colleagues began to be imprisoned, he decided it was time to take a new direction in life. At the time, Richard knew nothing about Bitcoin and admits that he crossed off the list of all the mistakes that cryptocurrency users usually make before coming into Bitcoin. “We were scammed, we lost money until mid-2018 when we started to understand the differences between Bitcoin and the other cryptocurrencies.” The realization about Bitcoin and the profound impact it could have on the world came at a very special time in the lives of Richard and his wife. “We were in the middle-class trap, where we had everything we needed. All we could do was have more or better stuff. A better car, a fancier boat, a bigger house or join a better club. I call it a trap because there was nothing extra to own. It was clear that our happiness was not going to change by having more or better things. We wanted to do something radically different and that’s how we ended up in Costa Rica.” At first, the couple explored the diverse climates and landscapes of the country. They found many similarities with the jungles of Hong Kong, enjoyed the volcanic beaches of the Pacific Ocean as well as those of the Caribbean. It was not easy to impress the new visitors, who knew the Asian beaches by heart. It wasn’t until Christmas 2019 when Richard would find a new meaning to his purpose in Costa Rica. “We participated in an ayahuasca ceremony in the jungle. Suddenly, three different ideas connected in my mind. On the one hand, I felt a call to dive deep into jungle medicine, which is central to Costa Rican culture. On the other hand, all the ideas I had about Bitcoin connected. At the time, I was precisely falling down the rabbit hole, studying and learning as much as possible.” “It all connected with conversations about the best way to school our daughter.” “It all came together: I was a teacher in Hong Kong, so naturally it came up for me to get involved with a local elementary school. Then the idea of building our own secondary school in 2020 would come up.” Before long, the dream of opening his own school came to life. “I told my wife: ‘We are going to create the first school in Costa Rica that accepts bitcoin. And we’re going to teach their kids and our kids about Bitcoin.’ The only thing I could think of was to send out a tweet to the Bitcoin community that said, ‘We are a school in Costa Rica, we want to accept Bitcoin. How can we do it?’” Many people responded to Richard’s request for help, including Nicholas Burtey, co-founder of Galoy and the Bitcoin Beach wallet, currently called Blink. Nicholas suggested that the best way to start accepting small payments was through a Bitcoin Lightning wallet and offered to help. He encouraged them to create a fork of their own wallet, based on the open source repository of the Bitcoin Beach wallet. That was the first moment Richard realized he wasn’t alone. “That’s where things started to take shape. We wanted to develop our own wallet to simplify payments at school, and at the same time also facilitate Bitcoin adoption in Uvita, the town we chose to live in. The problem was that we didn’t have the technical skills needed to fork the Galoy repository and build it.” The universe manages to cross the paths of people who need each other. Just when Richard was stymied by his lack of technical skills to launch a local version of the wallet tailored to Uvita’s needs, he met Lee Salminen, a software engineer and serial entrepreneur from Boulder, Colorado. Lee is a cheerful, positive person who sees opportunity in every challenge. The combination of his technical skills, his passion for Bitcoin and his purpose in life made him the perfect candidate to start a Bitcoin Circular Economy. Richard and Lee fit together like pieces of a puzzle.” “Lee is another core founder of Bitcoin Jungle. He was able to bring the project to life. He copied Galoy’s wallet over a weekend, without any support. Even the guys at Galoy couldn’t believe we had done it so fast,” Richard recalls. “Bitcoin is a tool to change the world, to raise the awareness of humanity.” Just at that time, the first edition of the Adopting Bitcoin conference was taking place in El Salvador. Richard traveled to the neighboring country, while Lee stayed in Costa Rica working on the wallet. “Going on that trip to El Salvador was eye-opening. No one knew who I was. Just a simple English guy walking down the halls, trying to make friends, saying, ‘Hi, we want to do something like Bitcoin Beach in Costa Rica — can you help us?'” The Sats Were Already in This Circular Economy Seen from the outside, Bitcoin Jungle’s approach seemed impossible. Copying the source code of a wallet over a weekend, without technical support from the original developers, was a huge challenge. Then launching an adoption campaign without a significant amount of sats to donate and start the process. However, Richard knew that a Bitcoin Circular Economy in Costa Rica had potential for one simple reason. “The sats were already there! I knew Costa Rica was different. There were a lot of people around me who owned bitcoin. It was full of expats. All we needed was to create the payment rails to get them moving. The money was already here, we just needed places to spend it.” Richard doesn’t beat around the bush and gets straight to the point because he feels he has a message to share: “You have to know your community. Understand and provide the services they need. It’s important to learn from other circular economies, but many times the keys to success are in the differences.” When Richard returned from El Salvador, Lee already had his wallet working. The excitement within the volcanoes of the Costa Rican jungle was beginning to stir the first tremors. The Circular Economy Plan: Start Small From the beginning, the founders of Bitcoin Jungle decided to keep the efforts concentrated in a relatively small area called The Golden Triangle, demarcated by the towns of Dominical, Uvita and Tinamaste. Instead of spreading the efforts throughout the country, they decided to focus on this particular region, characterized by spiritual seekers, surfers and people with a deep connection to nature. “Although Bitcoin Jungle is spilling all over Costa Rica, in the beginning we had no plans to go out massively and try to adopt the whole country. It has always been about keeping it small, local, within our personal connections. The area between Dominical, Uvita and Tinamaste has a lot of healers, natural medicine practitioners and alternative people. It has this unique energy that is hard to explain, but easy to feel. It is a very large area, full of foreigners, who receive income from their countries and need to spend it in Costa Rica.” Govinda wears yoga attire and whispers in a calm voice, which conveys the vibe of much of this community of foreigners who chose Costa Rica as their new home. Govinda is another key member of Bitcoin Jungle: He runs the holistic center Awake, a sustainable hotel with activities related to yoga and meditation. Awake is also the place where many Bitcoin meetings are held, as well as training sessions on the Bitcoin Jungle wallet. This center is also the location where the Nostrica conference was held in 2023. This unique community has adopted Bitcoin as another tool to seek the elevation of human consciousness and harmony with nature. In pursuit of contributing to this balance, gaining trust within the community was key to integrating this innovative technology into their daily lives. “It was key to the success of the project to have founders like Lee and Richard,” Govinda explains. “When the project started, there were several cryptocurrency scams going around and they were able to explain in Spanish to the store owners the differences with Bitcoin, as well as the technical aspects of the wallet in very simple terms. They were key to developing confidence in the project and the team of people behind it.” Being scarce, digital and transparent, bitcoin begins to demonstrate its advantages, solving problems for multiple types of people. It is worth looking at the profile of the main users of Bitcoin Jungle. They face a different problem than the exiled families in El Salvador who send remittances back home. It is true that both projects coincide in the way they defined their target influence area, seeking to concentrate the amount of Bitcoin payments per store, nurture their user experience and economic revenues, with the aim of maintaining a stable relationship between the number of visitors and the length of the store network. However, the Golden Triangle population had something in common that other Bitcoin Circular Economies did not. As Richard likes to say, “Most of the people in the Bitcoin Jungle community have already done the work.” He refers to the fact that many of the people in Uvita and Dominical already understood how to hold virtual currencies and many even used bitcoin as a store of value. The team just needed to give them a direct payment system to ignite the virtuous circular cycle. Instead of paying with high-fee credit cards and constantly needing to transfer money into the country from abroad, users could simply load their Bitcoin Lightning wallet and buy whatever they needed. “Our main goal was pretty simple, we were focused on reducing the friction of using bitcoin for people visiting and living in Costa Rica,” Richard expounds the conclusion he came to some time after processing the purpose that had distilled his spiritual journey. All that remained was to design an adoption strategy and encourage Bitcoiner tourism. Bitcoin Circular Economies are New Social Contracts Costa Rica is known worldwide for its paradisiacal beaches, misty jungles, exotic animals, volcanoes and surfing. It tends to be a very attractive spot for tourism in the Central American corridor. Add its political stability, its high security standards, its motto “Pura vida” (pure life), as a declaration of respect for nature and the abolition of its army. The result not only caught the attention of tourism within the ecosystem, but also of the community of digital nomads, who began to take it as one of their permanent residencies. The community continues to expand, with a growing percentage of visitors and families who decide to settle. Most are foreigners from the United States, Canada and Europe, some seeking to escape excessive surveillance and increasing government oppression. “Many came here looking for a new social contract, one that works for everyone and is not imposed from a top-down approach,” Govinda stresses before pausing, taking a breath, and clarifying the unwritten but community-adopted manifesto. “We believe in freedom, peace and prosperity, which are values that are deeply aligned with Bitcoin. We don’t want to be told what to do. This is why I have high hopes for the rapid growth of the Bitcoin Jungle community.” However, the first years of these projects, which grow into a Bitcoin Circular Economy, are not easy. Founders often delimit the boundaries. There are multiple ways to get involved in the Bitcoin ecosystem and, given the characteristics of the Costa Rican community, different models were discussed in the early days. Having a large community of tech-savvy expats, with bitcoin available to spend, represents either a temptation or an opportunity — depending on your point of view — to develop a profitable business. One of the early contributors to the project was interested in pursuing this line, while the other founders wanted to build a nonprofit community endeavor. “There was an interesting situation at the beginning, because one of the early founders tried to turn it into a commercial project and make money from it. All the other founding members were more interested in it remaining a community-driven thing. This led to a very healthy split around 2021 and what is now known globally as Bitcoin Jungle is the nonprofit project that we decided to continue,” Govinda clarifies, inviting reflection with raised eyebrows. There are multiple Bitcoin businesses around the world that follow conscious efforts of social responsibility. However, there is a reason why Bitcoin Circular Economies are deeply rooted as nonprofit community projects. Govinda converses while touching the air with his hands. The more he shares his thoughts, the closer he comes to the image of a shaman who can observe the inner self of people who cross his path. “People can sense it. The energy is completely different if there is someone behind it who wants to make profit or if it comes from a sincere and genuine interest in the good of people and humanity. These subtle energies create projects with a very different spirit. We were not doing this for the money.” Govinda speaks confidently of ideals. When the goal is to prove that a new social contract is possible, the words do not waver. “We believe in Bitcoin and we believe in Costa Rica. We want it to be a union between technology and nature to raise the level of consciousness. We are ready to dedicate some of our time and energy to make this happen as a gift to our community and the world.” “Bitcoin aims to change power dynamics of money, to break free from abusive forces that enslave us, and to reclaim our sovereignty to choose freely.” Nostr in the Bitcoin Jungle Bitcoin Jungle was able to build its own identity. Another unique feature of this Bitcoin Circular Economy is its link with Nostr, the open source communications protocol that’s ideal for developing decentralized social networks. These platforms can easily integrate with the Bitcoin Lightning Network and implement micro-donations, called “zaps,” for content creators. Given its unrestricted access design and resistance to censorship, Nostr is ideal for promoting freedom of expression in the face of social control and government censorship. Jack Dorsey, the original founder of Twitter, has been living in Costa Rica for a long time and has been closely following and supporting the growth of Bitcoin Jungle. He is one of the big promoters of Nostr, has funded several projects in the ecosystem and was instrumental in creating the first international conference on this technology. “Jack was one of the first people to follow our Twitter account, but we had no personal contact. One day, he tweeted that a Nostr conference should be organized in Costa Rica and that he was willing to fund it if the community organized it.” Pride covers Richard’s face as he describes the backstage of Nostrica, the event they organized together. After all, Richard had experienced first-hand the social control during his years in Hong Kong. “We all loved the idea because decentralized social networks are very much needed today. So we reached out to him and offered our entire infrastructure and business ecosystem to simplify payments for attendees.” The combination of the world’s first Nostr conference with the possibility of powering the Bitcoin Jungle circular economy seemed like a perfect match. Jack Dorsey gave the green light. The Nostr protocol has multiple philosophical similarities with Bitcoin and, consequently, there is significant overlap between their communities. Govinda, as expected, holds space for individual freedoms alongside its inner peace. “This new communications protocol has the potential to enable social networking with complete freedom of expression — we could build a decentralized Twitter or Facebook! We can talk and share ideas or images without surveillance. It’s cryptographic and decentralized, like Bitcoin.” Since its creation by anonymous user @fiatjaf in 2020, the Nostr protocol has seen a rapid increase in usage driven primarily by the Bitcoin community. The team insisted to Jack that the event be held in Uvita to leverage and stimulate the Bitcoin circular economy. As it happened, the Nostrica conference was a success. With over 50 speakers and 300 participants, it significantly increased international awareness of Bitcoin Jungle. “It really put us on the map as a destination for many Bitcoiners,” Richard recalls. “We already had one of the best user experiences for spending sats and enjoying Bitcoin, but many of them still hadn’t heard of us before the event.” The circular economy that Nostr has its strongest relationship with today is Bitcoin Jungle, and that has had many good consequences. Not only did it increase the endogenous tourism of the ecosystem, the unexpected success of the conference also generated the first economic gain for Bitcoin Jungle. “Up until this event, everything has been self-funded. The devices we deliver to the stores, the cost to support the users, the training, the node on which the wallet runs, and so on. We don’t charge anyone, not on transactions within the node, everything is completely free,” Richard humbly shares. “Going forward, we plan to continue doing festivals every year to further advance our community mission, so everyone is invited to the Freedom Festival in February 2025!” The Spiritual Connection: Why Bitcoin and Costa Rica Were Made For Each Other Costa Rica is a very special place. Many people who dream of making a positive contribution to the world, for some reason, are attracted to this country. The connection between these international spiritual seekers and Costa Rica has created a unique community in the world, combining innovation, yoga, nature, ayahuasca and technology. In retrospect, it is understandable why this environment became fertile ground for the birth for perhaps the most important Bitcoin Circular Economy in the world. This transcendental aspect is present in the minds and hearts of those who make Bitcoin Jungle. Richard, who used to be a reporter clinging to the truth and transparency of democracy, continues to go through a personal transformation, though without losing his essence. “I would say my main goal is the spiritual elevation of consciousness about Bitcoin. I think Bitcoin is a fundamental part of this new world we are trying to build, that’s why we created Bitcoin Jungle. It’s our contribution to a more conscious and free future for humanity.” Those who are deeply connected to Gaia tend to perceive the cyclical nature of all processes in our universe. Human evolution has also been shown to follow recurring patterns. Many Bitcoiners have been pointing out for over a decade that we may be on the verge of a major paradigm shift. This sense of hope is palpable throughout the Bitcoin Jungle community. There is a deep shared belief there that after the inevitable collapse of fiat currencies under the weight of their own debt, there will be a new beginning. “There is a large community of international seekers here. They believe in freedom, peace and prosperity. Values that are deeply aligned with Bitcoin’s culture. They understand how money printing and inflation create poverty and inequality. They understand how traditional institutions and governments extract value from working people. All of us believe in the sovereignty of individuals and the power of decentralized communities. This is why Bitcoin and Costa Rica are made for each other.” Govinda no longer sounds like a shaman; he now speaks like the leader of a movement. He probably has a little bit of each. Either way, both he and Richard are very clear in their motivations. “We’re not just doing this because we love Bitcoin. We’re doing this because we want to change the world. But to do that, it’s important that we also change inwardly. It’s a fusion between our spiritual quest, a new philosophy of life and a technology that facilitates it. There is no way we can sustainably raise human consciousness unless we liberate the way we store and transfer value between us,” Richard concludes. When people cannot control the soundness and ownership of their money, their vital energy can be abused and manipulated. This also applies to sovereign countries when they see their foreign currency reserves being diluted by the issuers of those fiat currencies. With Bitcoin, individuals and nation-states become truly sovereign entities, with the ability to protect their wealth from potential confiscation. “Bitcoin protects your energy in a way that no one can mess with,” Govinda enthuses. “Before Bitcoin, we were truly free only in our souls. We have energy sovereignty as spiritual beings, but on a physical level we were completely controlled by the elites, their politicians and their armies. Now Bitcoin has extended our freedom to the physical world — that changes everything! It also enables sovereignty, celebration of life and healing on a global scale.” “Bitcoin is the liberation of humanity from ancestral abuse.” Yoga, meditation and nature are fundamental axes of the project’s philosophy. There, Bitcoin is understood as a tool to lower people’s time preference and raise human consciousness. A Circular Economy Network In the case of Bitcoin Jungle, as in all other Bitcoin Circular Economies, their first contact at the beginning of the project was with the friends of Bitcoin Beach. In addition to that first inspiring trip to El Salvador and the opportunity to use their wallet code, both teams have a permanent communication channel to collaborate and share ideas. On the educational side, Bitcoin Jungle has also received support from My First Bitcoin. “We have a very good relationship with Mike and the Bitcoin Beach team. We are also very grateful to Napoleon from My First Bitcoin,” Richard punctuates his mental list of collaborations. “I myself dictate his materials to the kids here at school. Whenever we meet at any conference we try to organize a dinner between the circular economies. Thankfully, that table is getting bigger and bigger every time. Bitcoin is very powerful.” The Bitcoin Circular Economies play a unique role in the ecosystem because they demonstrate on a small scale how global Bitcoin adoption can benefit people and communities with different needs. “I’m a big fan of the Bitcoin Ekasi team,” Richard sums up, in a demonstration of the strength that traces the invisible thread. “How a poor village in South Africa has been able to create a Bitcoin Circular Economy that is becoming known around the world.” Richard even dreams of the day when we have conferences totally dedicated to studying these early adopter case studies. “I would love to see a conference totally dedicated to Bitcoin Circular Economies. With projects from all over the world coming together to share their experiences, their stories and their lessons learned.” What role will a Bitcoin Circular Economy play in the future? Will these early communities be the birth of a new way of organizing society? Will we see an exponential growth of pari passu BCEs with the mass adoption of Bitcoin? If today’s overcrowded cities continue their decline along with fiat governments drowning in debt, is it possible that a decentralized way of living could offer a better quality of life, greater community livelihood and deeper connection with nature? For years, the Bitcoin community has predicted the emergence of luxurious Bitcoin citadels in the future. Can a Bitcoin Circular Economy be a more heterogeneous and inclusive alternative to those citadels? “To me, a circular economy is the lifeblood of Bitcoin, even if many bitcoiners haven’t yet realized it. Bitcoin strongholds will be elitist places, designed from the top down and only for a lucky few. The great thing about a Bitcoin circular economy is that we have not been designed out of luxury,” Richard expounds. “We have simply emerged from social, not-for-profit efforts, with the goal of improving the lives of everyone in our communities.” Gabriel Kurman is a blockchain entrepreneur with more than a decade of corporate finance experience. A co-founder of several projects such as Rootstock, La Bitcoineta and Blockchain4Humanity, he dedicates his life to Bitcoin innovation and education. His first book, Bitcoin Circular Economies, is out this month by Bitcoin Magazine Books. Bitcoin Jungle can be found on IG, or via www.bitcoinjungle.app and the festival website. Donations are welcome via: www.bitcoinjungle.app/donate BM Big Reads are weekly, in-depth articles on some current topic relevant to Bitcoin and Bitcoiners. Opinions expressed are those of the authors and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. If you have a submission you think fits the model, feel free to reach out at editor[at]bitcoinmagazine.com. Discover more in Bitcoin Circular Economies This excerpt is just the beginning. Dive deeper into how Bitcoin is transforming communities worldwide in Bitcoin Circular Economies. The e-book is available now, and the paperback is open for pre-order for only $21 for a limited time. Order your copy here This post Freedom of Mind and Freedom of Money: Inside Costa Rica’s Growing Bitcoin Circular Economy first appeared on Bitcoin Magazine and is written by Gabriel Kurman.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/Big-Read-circular-economy-bitcoin-beach-Costa-Rica.jpg)
[Freedom of Mind and Freedom of Money: Inside Costa Rica’s Growing Bitcoin Circular Economy](https://bitcoinmagazine.com/culture/bitcoin-circular-economy-awake-costa-rica)

The embryo of each Bitcoin Circular Economy is unique.

The purposes of Bitcoin Circular Economies are diverse and, as they grow, the projects develop their own identity: education, P2P, payments, wallets etc. The quests of their protagonists often shape the origin of each, with characteristics and needs that define them. The founders, who decide to pursue this social, technological and economic adventure, define the spirit of the project. The Bitcoin Jungle project was born in the [heart of the Costa Rican jungle](https://bitcoinmagazine.com/print/bitcoin-jungle-lightning-to-fiat-payments), where a vibrant community of expatriates and digital nomads from all over the world is trying to develop a more conscious way of living in harmony with nature.

Two men lit the spark that gave birth to Bitcoin Jungle. Over time, others joined the fire, but two were the energies that aligned to start this project. One a developer and serial entrepreneur; the other a journalist, retired teacher and democracy activist.

Both shared two deeply rooted beliefs in their hearts. First, Costa Rica is the best place in the world to live. Second, Bitcoin is an enlightening technology that can lead humanity to a more peaceful and evolved lifestyle.

Richard Scotford lived in Hong Kong for more than 20 years. He worked as a teacher and _freelance_ reporter for various media outlets, always as a political analyst. Richard witnessed firsthand the peaceful protests that began there in 2014 with the “Umbrella Movement,” which later became a symbol of resistance. Without mincing words, Richard supported Hong Kong’s democratic struggle against the Chinese Communist Party, which imposed an election system where the people could only choose among candidates selected by the party. Through his articles, Richard became part of Hong Kong’s political scene, and when his friends and colleagues began to be imprisoned, he decided it was time to take a new direction in life.

At the time, Richard knew nothing about Bitcoin and admits that he crossed off the list of all the mistakes that cryptocurrency users usually make before coming into Bitcoin.

> “We were scammed, we lost money until mid-2018 when we started to understand the differences between Bitcoin and the other cryptocurrencies.”

The realization about Bitcoin and the profound impact it could have on the world came at a very special time in the lives of Richard and his wife.

“We were in the middle-class trap, where we had everything we needed. All we could do was have more or better stuff. A better car, a fancier boat, a bigger house or join a better club. I call it a trap because there was nothing extra to own. It was clear that our happiness was not going to change by having more or better things. We wanted to do something radically different and that’s how we ended up in Costa Rica.”

At first, the couple explored the diverse climates and landscapes of the country. They found many similarities with the jungles of Hong Kong, enjoyed the volcanic beaches of the Pacific Ocean as well as those of the Caribbean. It was not easy to impress the new visitors, who knew the Asian beaches by heart. It wasn’t until Christmas 2019 when Richard would find a new meaning to his purpose in Costa Rica.

“We participated in an ayahuasca ceremony in the jungle. Suddenly, three different ideas connected in my mind. On the one hand, I felt a call to dive deep into jungle medicine, which is central to Costa Rican culture. On the other hand, all the ideas I had about Bitcoin connected. At the time, I was precisely falling down the rabbit hole, studying and learning as much as possible.”

> “It all connected with conversations about the best way to school our daughter.”

“It all came together: I was a teacher in Hong Kong, so naturally it came up for me to get involved with a local elementary school. Then the idea of building our own secondary school in 2020 would come up.”

Before long, the dream of opening his own school came to life. “I told my wife: ‘We are going to create the first school in Costa Rica that accepts bitcoin. And we’re going to teach their kids and our kids about Bitcoin.’ The only thing I could think of was to send out a tweet to the Bitcoin community that said, ‘We are a school in Costa Rica, we want to accept Bitcoin. How can we do it?’”

Many people responded to Richard’s request for help, including Nicholas Burtey, co-founder of Galoy and the [Bitcoin Beach wallet](https://bitcoinmagazine.com/business/bitcoin-beach-wallet-renamed-to-blink), currently called [Blink](https://bitcoinmagazine.com/business/bitcoin-beach-wallet-renamed-to-blink). Nicholas suggested that the best way to start accepting small payments was through a Bitcoin Lightning wallet and offered to help. He encouraged them to create a fork of their own wallet, based on the open source repository of the Bitcoin Beach wallet.

That was the first moment Richard realized he wasn’t alone. “That’s where things started to take shape. We wanted to develop our own wallet to simplify payments at school, and at the same time also facilitate Bitcoin adoption in Uvita, the town we chose to live in. The problem was that we didn’t have the technical skills needed to fork the Galoy repository and build it.”

The universe manages to cross the paths of people who need each other. Just when Richard was stymied by his lack of technical skills to launch a local version of the wallet tailored to Uvita’s needs, he met Lee Salminen, a software engineer and serial entrepreneur from Boulder, Colorado. Lee is a cheerful, positive person who sees opportunity in every challenge. The combination of his technical skills, his passion for Bitcoin and his purpose in life made him the perfect candidate to start a Bitcoin Circular Economy. Richard and Lee fit together like pieces of a puzzle.”

“Lee is another core founder of Bitcoin Jungle. He was able to bring the project to life. He copied Galoy’s wallet over a weekend, without any support. Even the guys at Galoy couldn’t believe we had done it so fast,” Richard recalls.

> “Bitcoin is a tool to change the world, to raise the awareness of humanity.”

Just at that time, the first edition of the [Adopting Bitcoin conference](https://adoptingbitcoin.org/) was taking place in El Salvador. Richard traveled to the neighboring country, while Lee stayed in Costa Rica working on the wallet. “Going on that trip to El Salvador was eye-opening. No one knew who I was. Just a simple English guy walking down the halls, trying to make friends, saying, ‘Hi, we want to do something like Bitcoin Beach in Costa Rica — can you help us?'”

The Sats Were Already in This Circular Economy
----------------------------------------------

Seen from the outside, Bitcoin Jungle’s approach seemed impossible. Copying the source code of a wallet over a weekend, without technical support from the original developers, was a huge challenge. Then launching an adoption campaign without a significant amount of sats to donate and start the process.

However, Richard knew that a Bitcoin Circular Economy in Costa Rica had potential for one simple reason. “The sats were already there! I knew Costa Rica was different. There were a lot of people around me who owned bitcoin. It was full of expats. All we needed was to create the payment rails to get them moving. The money was already here, we just needed places to spend it.” Richard doesn’t beat around the bush and gets straight to the point because he feels he has a message to share:

> “You have to know your community. Understand and provide the services they need. It’s important to learn from other circular economies, but many times the keys to success are in the differences.”

When Richard returned from El Salvador, Lee already had his wallet working. The excitement within the volcanoes of the Costa Rican jungle was beginning to stir the first tremors.

The Circular Economy Plan: Start Small
--------------------------------------

From the beginning, the founders of Bitcoin Jungle decided to keep the efforts concentrated in a relatively small area called The Golden Triangle, demarcated by the towns of Dominical, Uvita and Tinamaste. Instead of spreading the efforts throughout the country, they decided to focus on this particular region, characterized by spiritual seekers, surfers and people with a deep connection to nature.

“Although Bitcoin Jungle is spilling all over Costa Rica, in the beginning we had no plans to go out massively and try to adopt the whole country. It has always been about keeping it small, local, within our personal connections. The area between Dominical, Uvita and Tinamaste has a lot of healers, natural medicine practitioners and alternative people. It has this unique energy that is hard to explain, but easy to feel. It is a very large area, full of foreigners, who receive income from their countries and need to spend it in Costa Rica.”

Govinda wears yoga attire and whispers in a calm voice, which conveys the vibe of much of this community of foreigners who chose Costa Rica as their new home. Govinda is another key member of Bitcoin Jungle: He runs the holistic center [Awake, a sustainable hotel](https://www.awake.cr/bitcoin) with activities related to yoga and meditation.

Awake is also the place where many Bitcoin meetings are held, as well as training sessions on the Bitcoin Jungle wallet. This center is also the location where the [Nostrica conference](https://nostrica.com/) was held in 2023. This unique community has adopted Bitcoin as another tool to seek the elevation of human consciousness and harmony with nature. In pursuit


Bitcoin Magazine 200 Days of the Bitcoin President — Is Donald Trump’s Second Term Cause for Celebration or Concern? Donald Trump has held office as the 47th president of the United States since January 20, 2025. At a little over 200 days, it seems a good time to recap where the “Bitcoin President” has paved the way to make the United States the proclaimed “crypto capital of the world,” and where we will go from here. First, under Trump’s second presidency, many prominent industry actors have seen favorable outcomes to the legal troubles they had faced under previous administrations. Terra/Luna founder Do Kwon reached a plea agreement with the Department of Justice, finding him guilty of just two of the total nine charges for losing investors over $40 billion over the course of days. The second circuit overturned the conviction of former OpenSea product manager Nathan Chastain for insider trading. The SEC dropped its cases against the cryptocurrency exchanges Gemini and Coinbase, paused its lawsuit against Binance and reportedly ended its investigations into Consensys, Robinhood, and Uniswap. Meanwhile, Tron founder Justin Sun, who didn’t just face charges by the SEC over offering unregistered securities but was reportedly also subject to a DOJ investigation, now dines with the president. On the regulatory side, things are also looking up, with everybody and their mother announcing plans to issue stablecoins, from Ripple to the state of Wyoming, thanks to the only legislature that has so far made it into law: the so-called GENIUS Act. And while we still have no idea how much bitcoin the U.S. Government holds, as 200-plus days are apparently not enough to round up a comprehensive audit, the cheer for the bitcoin strategic reserve continues — except that the government appears to have no plans to actually buy the bitcoin, but will rather pivot to seizing it from, well, you. Everybody Is A Money Transmitter What’s most notable is that each one of the aforementioned industry players relies heavily on the development of open source technologies. Without open source, not a single one of the mentioned platforms would have anything to trade, let alone to build. And for the developers of open source technologies, the president’s plans seem more than grim. In July, Samourai Wallet developers Keonne Rodriguez and William Hill pleaded guilty to conspiracy to operate an unlicensed money transmitting business, facing up to five years in federal prison. A week later, Tornado Cash developer Roman Storm was found guilty by a jury in the Southern District of New York of the same offense. Both prosecutions proceeded despite a memo issued by Deputy Attorney General Todd Blanche in April, which was widely celebrated to put an end to the DOJ’s attempts to make new laws through prosecutions explicitly calling on the DOJ to no longer charge developers of software for the actions of their users. While widely celebrated, the memo left so much room to continue exactly such prosecutions that it was about as reliable as the Trump administration’s promises to release the Epstein list. Regulatory clarity for developers has since been at an all-time low. According to the outcomes in Samourai Wallet and Tornado Cash, noncustodial software developers may no longer be charged for not having a money transmission license, but they may be charged for the transmission of illicit proceeds. So, are noncustodial software developers money transmitters that could face criminal charges in the U.S.? Your guess is as good as mine. What’s clear is that the verdict against Roman Storm has set a so-called persuasive precedent, meaning that anyone building non-custodial tools could be charged with a federal offense at the DOJ’s discretion. Bringing the PATRIOT Act to Digital Assets In terms of digital asset legislation, the last months have also been turbulent. While the GENIUS Act was much anticipated — though arguably more so by those who wear suits and those who pay for them — it also opened the door to the application of the Bank Secrecy Act, a law that mandates anti-money laundering and KYC requirements. While the GENIUS Act officially codifies certain rules for stablecoin issuers as financial institutions, the Treasury has since requested public comment on the application of digital identities to so-called DeFi services in relation to the GENIUS Act that would require non-custodial service providers to check a user’s identity credentials before executing transactions. Overall, the Treasury’s idea is that it’s acting in accordance with one of Trump’s first executive orders on Strengthening American Leadership in Digital Financial Technology, which aims to promote the “responsible growth and use of digital assets, blockchain technology, and related technologies” — keyword being “responsible.” What is meant by such “responsible” growth was finally revealed in the first White House Digital Assets Report last month, tasking Congress to create new sub-categories in the Bank Secrecy Act for digital assets, as well as asking FinCEN to consider next steps in the Biden-era mixer rule: This regulation that would outlaw pretty much any chance at transactional privacy, including the use of new, non-KYC addresses. If this may sound unconstitutional to you — since, you know, code is speech in this country — I regret to inform you that where we are going, we won’t need a Constitution. The majority of ideas floated by the president are governed under the PATRIOT Act, which the White House has asked Congress to specifically expand to digital assets — and the PATRIOT Act trumps the Constitution every time, pun very much intended. In short, the Bitcoin Presidency may sound great on paper, but in reality, the environment to develop code in the U.S. has never been more hostile. The Trump administration must drastically change course if it aims to actually fulfill its promises to Bitcoin users. Until then, it seems we would be well advised to issue caution when the government invites us to “come home” to build our services in the crypto capital of the world, as you may only get to see it from the inside of a prison cell. This post 200 Days of the Bitcoin President — Is Donald Trump’s Second Term Cause for Celebration or Concern? first appeared on Bitcoin Magazine and is written by L0La L33Tz.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/Trump-legal-L0la-Bitcoin-sitting-at-the-Resolute-Desk-wearing-sunglasses.webp)
[200 Days of the Bitcoin President — Is Donald Trump’s Second Term Cause for Celebration or Concern?](https://bitcoinmagazine.com/legal/recapping-200-days-trump-president)

Donald Trump has held office as the 47th president of the United States since January 20, 2025. At a little over 200 days, it seems a good time to recap where the “Bitcoin President” has paved the way to make the United States the proclaimed “[crypto capital of the world](https://www.youtube.com/watch?v=9UxAUryUKXM),” and where we will go from here.

First, under Trump’s second presidency, many prominent industry actors have seen favorable outcomes to the legal troubles they had faced under previous administrations.

Terra/Luna founder Do Kwon reached a plea agreement with the Department of Justice, finding him guilty of just two of the total nine charges for losing investors over $40 billion over the course of days. The second circuit overturned the conviction of former OpenSea product manager Nathan Chastain for insider trading. The SEC dropped its cases against the cryptocurrency exchanges Gemini and Coinbase, [paused its lawsuit](https://www.google.com/url?q=https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26316&sa=D&source=docs&ust=1756062107444039&usg=AOvVaw3BRC3y23VbA8yRH4PIK7bT) against Binance and [reportedly](https://www.wired.com/story/sec-is-giving-up-biggest-crypto-lawsuits/) ended its investigations into Consensys, Robinhood, and Uniswap.

Meanwhile, Tron founder Justin Sun, who didn’t just face charges by the SEC over offering unregistered securities but was [reportedly](https://www.wsj.com/finance/currencies/justin-sun-trump-crypto-dinner-7efd5367) also subject to a DOJ investigation, now [dines](https://www.nytimes.com/2025/05/23/us/politics/trump-crypto-dinner-attendees.html) with the president.

On the regulatory side, things are also looking up, with everybody and their mother announcing plans to issue stablecoins, from Ripple to the state of Wyoming, thanks to the only legislature that has so far made it into law: the so-called [GENIUS Act](https://bitcoinmagazine.com/news/u-s-house-passes-the-genius-and-anti-cbdc-act). And while we still have no idea how much bitcoin the U.S. Government holds, as 200-plus days are apparently not enough to round up a comprehensive audit, the cheer for the [bitcoin strategic reserve](https://bitcoinmagazine.com/glossary/strategic-bitcoin-reserve) continues — except that the government appears to have no plans to actually buy the bitcoin, but will rather pivot to seizing it from, well, you.

Everybody Is A Money Transmitter
--------------------------------

What’s most notable is that each one of the aforementioned industry players relies heavily on the development of open source technologies. Without open source, not a single one of the mentioned platforms would have anything to trade, let alone to build. And for the developers of open source technologies, the president’s plans seem more than grim.

In July, Samourai Wallet developers Keonne Rodriguez and William Hill pleaded guilty to conspiracy to [operate an unlicensed money transmitting business](https://www.justice.gov/usao-sdny/pr/founders-samourai-wallet-cryptocurrency-mixing-service-plead-guilty), facing up to five years in federal prison. A week later, Tornado Cash developer Roman Storm was [found guilty](https://bitcoinmagazine.com/news/tornado-cash-trial-concludes-roman-storm-found-guilty-of-one-of-three-counts) by a jury in the Southern District of New York of the same offense.

Both prosecutions proceeded despite a [memo issued](https://bitcoinmagazine.com/legal/crypto-privacy-legalized-tornado-cash-and-samourai-cases-suggest-uncertainty-remains) by Deputy Attorney General Todd Blanche in April, which was widely celebrated to put an end to the DOJ’s attempts to make new laws through prosecutions explicitly calling on the DOJ to no longer charge developers of software for the actions of their users. While widely celebrated, the memo left so much room to continue exactly such prosecutions that it was about as reliable as the Trump administration’s promises to release the Epstein list.

Regulatory clarity for developers has since been at an all-time low. According to the outcomes in Samourai Wallet and Tornado Cash, noncustodial software developers may no longer be charged for not having a money transmission license, but they _may_ be charged for the transmission of illicit proceeds. So, are noncustodial software developers money transmitters that could face criminal charges in the U.S.? Your guess is as good as mine.

What’s clear is that the verdict against Roman Storm has set a so-called persuasive precedent, meaning that anyone building non-custodial tools could be charged with a federal offense at the DOJ’s discretion.

Bringing the PATRIOT Act to Digital Assets
------------------------------------------

In terms of digital asset legislation, the last months have also been turbulent. While the GENIUS Act was much anticipated — though arguably more so by those who wear suits and those who pay for them — it also opened the door to the application of the Bank Secrecy Act, a law that mandates anti-money laundering and KYC requirements.

While the GENIUS Act officially codifies certain rules for stablecoin issuers as financial institutions, the Treasury has since requested public comment on the application of digital identities to so-called DeFi services in relation to the GENIUS Act that would require non-custodial service providers to check a user’s identity credentials before executing transactions.

Overall, the Treasury’s idea is that it’s acting in accordance with one of Trump’s first executive orders on [Strengthening American Leadership in Digital Financial Technology](https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/), which aims to promote the “responsible growth and use of digital assets, blockchain technology, and related technologies” — keyword being “responsible.”

What is meant by such “responsible” growth was [finally revealed](https://www.therage.co/white-house-digital-assets-report-financial-privacy-primary-money-laundering/) in the first White House Digital Assets Report last month, tasking Congress to create new sub-categories in the Bank Secrecy Act for digital assets, as well as asking FinCEN to consider next steps in the Biden-era mixer rule: This regulation that would outlaw pretty much any chance at transactional privacy, including the use of new, non-KYC addresses.

If this may sound unconstitutional to you — since, you know, [code is speech](https://www.eff.org/deeplinks/2015/04/remembering-case-established-code-speech) in this country — I regret to inform you that where we are going, we won’t need a Constitution. The majority of ideas floated by the president are governed under the PATRIOT Act, which the White House has asked Congress to specifically expand to digital assets — and the PATRIOT Act trumps the Constitution every time, pun very much intended.

In short, the Bitcoin Presidency may sound great on paper, but in reality, the environment to develop code in the U.S. has never been more hostile. The Trump administration must drastically change course if it aims to actually fulfill its promises to Bitcoin users.

Until then, it seems we would be well advised to issue caution when the government invites us to “come home” to build our services in the crypto capital of the world, as you may only get to see it from the inside of a prison cell.

This post [200 Days of the Bitcoin President — Is Donald Trump’s Second Term Cause for Celebration or Concern?](https://bitcoinmagazine.com/legal/recapping-200-days-trump-president) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [L0La L33Tz](https://bitcoinmagazine.com/authors/l0la-l33tz).