This is the way!


8,980 steps


fresh testing. https://primal.net/qa the best place to test nostr!

USA vs. Serbia | Men's Basketball Semifinal | Paris 2024 Olympics


Serbia and Croatia treat their water‑polo matches like a high‑stakes pool party, where the only thing hotter than the competition is the amount of popcorn the fans sneak in for the “spectacular” splash‑downs.

Serbia vs. Croatia - Men's Water Polo Gold Medal Game - Paris 2024 Highlights - Olympics


Every time….
https://media.tenor.com/mCLnpG2E_eAAAAAC/come-sail-away-sail-away-with-me.gif


I'm keen if there's anything I can do


Starting a new journey tomorrow.

The goals?

Introduce Bitcoin in a dynamic, fun way to a million new people in 365 days.

Get 10,000 more people to hold Bitcoin in self-custody.

Who wants to help?
https://blossom.primal.net/9b333cff3ca9a449c3c263b957a985c58bd9e22593e7c97f11fd6f27f145363a.jpg


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Bitcoin Magazine Who’s Shaping Bitcoin’s Future: Suitcoiners vs. Ordinals Degens The cultural tone of the entire ecosystem has shifted wildly in the last few years. “Bitcoin Maximalists” have essentially faded off into the background in terms of having any kind of cultural influence or impact at all. Dominant narratives, actual actions, and real impact has become completely dominated by either the Suitcoiners, clownish Wall Street types building the exact same kind of degenerate leveraged financial products on top of Bitcoin that caused the 2008 financial crisis, or the Degens, completely degenerate Ordinals obsessed cypherpunks with a moronic fixation on the notion of ascribing ownership to jpegs stored on the blockchain. It’s frankly kind of disgusting and embarrassing that things have gotten to this point in this space. All meaningful drivers to growth and adoption are pulling people into a culture of brain dead suit-think completely devoid of any understanding or grasp of the true value that Bitcoin offers, censorship resistance and decentralization, or a culture of using those things for the stupidest most meaningless drivel imaginable rather than truly impactful uses that can change lives in a positive way. But here we are nonetheless. These two opposite and self-reinforcing echo chambers are dominating the stage. They are running the biggest booths ushering new entrants into the ecosystem. Yes, individuals can and will walk their own path, and some newcomers might stumble down some of those, but most won’t. Most will wind up following the Suitcoiners or the Degens. In that political reality, I will stand with the Degens. Everything they engage in is inane, moronic, pointless imaginary nonsense, but they at least appreciate and understand censorship resistance and the decentralization that creates it. They appreciate the value of self custody and tools that allow them to do what they want with their own money without needing to seek permission from someone else. The Suitcoiners understand none of these things. They don’t care about self custody. They think that decentralization is just a magic buzzword, or some characteristic set in granite rather than a dynamic property that can ebb and flow. They don’t care about the value a censorship resistant unstoppable monetary network can bring to society. They just care about making dollars in the safe walled garden of the legacy system. Bitcoin begins to lose all of the properties that give it a chance at resetting the world, of creating a level and neutral playing field for everyone, if its decentralization is eroded away. Without those things it becomes nothing more than a scarce asset trapped in the legacy walled garden. No permissionless money, no native currency of the internet, just a new stonk people buy like an S&P index fund. That is the direction the Suitcoiners will take us in if left unchecked or unopposed. So begrudgingly, I have to side with the Degens. I may have nothing in common with them except an actual appreciation and regard for censorship resistance, but that’s what really matters at the end of the day. This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. This post Who’s Shaping Bitcoin’s Future: Suitcoiners vs. Ordinals Degens first appeared on Bitcoin Magazine and is written by Shinobi.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/Whos-Shaping-Bitcoins-Future_-Suitcoiners-vs.-Ordinals-Degens-1.webp)
[Who’s Shaping Bitcoin’s Future: Suitcoiners vs. Ordinals Degens](https://bitcoinmagazine.com/takes/whos-shaping-bitcoins-future-suitcoiners-vs-ordinals-degens)

The cultural tone of the entire ecosystem has shifted wildly in the last few years. “Bitcoin Maximalists” have essentially faded off into the background in terms of having any kind of cultural influence or impact at all.

Dominant narratives, actual actions, and real impact has become completely dominated by either the Suitcoiners, clownish Wall Street types building the exact same kind of degenerate leveraged financial products on top of Bitcoin that caused the 2008 financial crisis, or the Degens, completely degenerate [Ordinals](https://bitcoinmagazine.com/glossary/bitcoin-ordinals) obsessed [cypherpunks](https://bitcoinmagazine.com/glossary/cypherpunk) with a moronic fixation on the notion of ascribing ownership to jpegs stored on the blockchain.

It’s frankly kind of disgusting and embarrassing that things have gotten to this point in this space. All meaningful drivers to growth and adoption are pulling people into a culture of brain dead suit-think completely devoid of any understanding or grasp of the true value that Bitcoin offers, censorship resistance and decentralization, or a culture of using those things for the stupidest most meaningless drivel imaginable rather than truly impactful uses that can change lives in a positive way.

But here we are nonetheless.

These two opposite and self-reinforcing echo chambers are dominating the stage. They are running the biggest booths ushering new entrants into the ecosystem. Yes, individuals can and will walk their own path, and some newcomers might stumble down some of those, but most won’t. Most will wind up following the Suitcoiners or the Degens.

In that political reality, I will stand with the Degens.

Everything they engage in is inane, moronic, pointless imaginary nonsense, but they at least appreciate and understand censorship resistance and the decentralization that creates it. They appreciate the value of self custody and tools that allow them to do what they want with their own money without needing to seek permission from someone else.

The Suitcoiners understand none of these things. They don’t care about self custody. They think that decentralization is just a magic buzzword, or some characteristic set in granite rather than a dynamic property that can ebb and flow. They don’t care about the value a censorship resistant unstoppable monetary network can bring to society. They just care about making dollars in the safe walled garden of the legacy system.

Bitcoin begins to lose all of the properties that give it a chance at resetting the world, of creating a level and neutral playing field for everyone, if its decentralization is eroded away. Without those things it becomes nothing more than a scarce asset trapped in the legacy walled garden. No permissionless money, no native currency of the internet, just a new stonk people buy like an S&P index fund.

That is the direction the Suitcoiners will take us in if left unchecked or unopposed. So begrudgingly, I have to side with the Degens. I may have nothing in common with them except an actual appreciation and regard for censorship resistance, but that’s what really matters at the end of the day.

_This article is a [Take](https://bitcoinmagazine.com/takes/bitcoin-magazine-introduces-opinion-takes). Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine._

This post [Who’s Shaping Bitcoin’s Future: Suitcoiners vs. Ordinals Degens](https://bitcoinmagazine.com/takes/whos-shaping-bitcoins-future-suitcoiners-vs-ordinals-degens) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [Shinobi](https://bitcoinmagazine.com/authors/shinobi).


Bitcoin Magazine Bitcoin Price Drops Below $112,000 As Metaplanet Announces To Buy $11.7M Worth Of Bitcoin Bitcoin’s price retreated below $112,000 as Japan’s Metaplanet announced the purchase of an additional 103 BTC worth approximately $11.7 million, bringing its total holdings to 18,991 BTC valued at roughly $2.2 billion. The announcement comes as FTSE Russell confirmed Metaplanet’s inclusion in the FTSE Japan Index, upgrading the company from small-cap to mid-cap status in its September 2025 semi-annual review. The index inclusion, set to take effect after market close on September 19, marks a significant milestone for corporate Bitcoin treasury strategies. “Another important milestone on our journey as Japan’s leading Bitcoin treasury company,” Metaplanet CEO Simon Gerovich wrote on X (formerly Twitter). The company’s aggressive Bitcoin acquisition strategy aims to accumulate 210,000 BTC. The latest purchase was partially funded through the exercise of 49,000 stock acquisition rights between August 18-22, which added 4.9 million shares to the company’s total outstanding shares, now reaching 722 million. This financing mechanism, while diluting existing shareholders, enables continued Bitcoin accumulation without depleting cash reserves. Metaplanet’s inclusion in the FTSE Japan Index creates a regulated route for BTC exposure and paves the way for other Bitcoin-forward companies to join major benchmarks. Passive flows into the FTSE indices could channel institutional capital into Metaplanet, offering indirect Bitcoin exposure. The company’s transformation from a traditional hotel group to Asia’s most active Bitcoin treasury firm reflects a broader trend of corporate Bitcoin adoption. In the past month alone, five public companies have announced significant Bitcoin treasury initiatives, including Ming Shing Group’s $483 million purchase and KindlyMD’s $679 million acquisition. The integration of Bitcoin-heavy companies into traditional equity indices presents new challenges for institutional investors. While passive inflows through index inclusion could boost liquidity and long-term stability, large movements in Bitcoin prices could create unexpected volatility for passive investors. Eric Trump, who joined Metaplanet as a strategic adviser in March, is expected to attend the company’s next shareholder meeting in Tokyo in September. His involvement highlights the growing intersection between traditional finance and Bitcoin treasury strategies. As more corporations adopt Bitcoin treasury strategies, the line between traditional equity investments and Bitcoin exposure continues to blur. Metaplanet’s FTSE inclusion may serve as a template for other companies looking to balance Bitcoin treasury operations with mainstream market participation. The trend of corporate Bitcoin adoption shows no signs of slowing, with analysts expecting more companies to announce Bitcoin treasury initiatives in the coming months. This growing institutional acceptance, coupled with innovative financing structures, suggests that corporate Bitcoin holdings could become an increasingly significant factor in both equity and Bitcoin markets. This post Bitcoin Price Drops Below $112,000 As Metaplanet Announces To Buy $11.7M Worth Of Bitcoin first appeared on Bitcoin Magazine and is written by Vivek Sen.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/05/Metaplanet-Hits-New-All-Time-High-As-Bitcoin-Hits-Record-Price.jpg)
[Bitcoin Price Drops Below $112,000 As Metaplanet Announces To Buy $11.7M Worth Of Bitcoin](https://bitcoinmagazine.com/markets/bitcoin-price-drops-below-112000-as-metaplanet-announces-to-buy-11-7m-worth-of-bitcoin)

[Bitcoin’s price](https://bitcoinmagazine.com/bitcoin-price) retreated below $112,000 as Japan’s [Metaplanet](https://bitcoinmagazine.com/tags/metaplanet) announced the [purchase](https://contents.xj-storage.jp/xcontents/33500/7239e443/dba5/4993/9b81/f848fb2c99f2/140120250824546395.pdf) of an additional 103 BTC worth approximately $11.7 million, bringing its total holdings to 18,991 BTC valued at roughly $2.2 billion.

The announcement comes as FTSE Russell confirmed [Metaplanet’s](https://bitcoinmagazine.com/tags/metaplanet) inclusion in the FTSE Japan Index, upgrading the company from small-cap to mid-cap status in its September 2025 semi-annual review. The index inclusion, set to take effect after market close on September 19, marks a significant milestone for corporate Bitcoin treasury strategies.

“Another important milestone on our journey as Japan’s leading Bitcoin treasury company,” Metaplanet CEO Simon Gerovich [wrote on X](https://x.com/gerovich/status/1959800012398796935) (formerly Twitter). The company’s aggressive Bitcoin acquisition strategy aims to accumulate 210,000 BTC.

The latest purchase was partially [funded through](https://contents.xj-storage.jp/xcontents/33500/7239e443/dba5/4993/9b81/f848fb2c99f2/140120250824546395.pdf) the exercise of 49,000 stock acquisition rights between August 18-22, which added 4.9 million shares to the company’s total outstanding shares, now reaching 722 million. This financing mechanism, while diluting existing shareholders, enables continued Bitcoin accumulation without depleting cash reserves.

[Metaplanet’s](https://bitcoinmagazine.com/tags/metaplanet) inclusion in the FTSE Japan Index creates a regulated route for BTC exposure and paves the way for other Bitcoin-forward companies to join major benchmarks. Passive flows into the FTSE indices could channel institutional capital into Metaplanet, offering indirect Bitcoin exposure.

The company’s transformation from a traditional hotel group to Asia’s most active Bitcoin treasury firm reflects a broader trend of corporate Bitcoin adoption. In the past month alone, five public companies have announced significant Bitcoin treasury initiatives, including Ming Shing Group’s $483 million purchase and KindlyMD’s $679 million acquisition.

The integration of Bitcoin-heavy companies into traditional equity indices presents new challenges for institutional investors. While passive inflows through index inclusion could boost liquidity and long-term stability, large movements in Bitcoin prices could create unexpected volatility for passive investors.

Eric Trump, who joined [Metaplanet](https://bitcoinmagazine.com/tags/metaplanet) as a strategic adviser in March, is expected to attend the company’s next shareholder meeting in Tokyo in September. His involvement highlights the growing intersection between traditional finance and Bitcoin treasury strategies.

As more corporations adopt Bitcoin treasury strategies, the line between traditional equity investments and Bitcoin exposure continues to blur. Metaplanet’s FTSE inclusion may serve as a template for other companies looking to balance Bitcoin treasury operations with mainstream market participation.

The trend of corporate Bitcoin adoption shows no signs of slowing, with analysts expecting more companies to announce Bitcoin treasury initiatives in the coming months. This growing institutional acceptance, coupled with innovative financing structures, suggests that corporate Bitcoin holdings could become an increasingly significant factor in both equity and Bitcoin markets.

This post [Bitcoin Price Drops Below $112,000 As Metaplanet Announces To Buy $11.7M Worth Of Bitcoin](https://bitcoinmagazine.com/markets/bitcoin-price-drops-below-112000-as-metaplanet-announces-to-buy-11-7m-worth-of-bitcoin) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [Vivek Sen](https://bitcoinmagazine.com/authors/vivek-sen-bitcoin).


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 Bitcoin Price Drops Again — And Nope, It’s Still Not Because of the Fed ..aaaand, we’re back at it again — a misbehaving bitcoin price. Sunday evening bitcoin flash-crash dipped a red candle the size of Jupiter; and more eerily, it kept dropping down on Monday morning, touching below $111,000. Now, around here in the land of bitcoin price therapy, we say that nobody knows why prices move. But sometimes, we do… though not as well as we would like. Today, I discuss two things: the last 24 hours’ worth of shenanigans and Fed Chairman Jerome Powell’s remarks late last week. An Unruly Bitcoin Price Late Sunday (European time) was pretty disgusting: It’s hard to say “nobody knows” when a chart looks like that; somebody knows what happened to plunge the bitcoin price some 3,000 in a matter of minutes. If it’s not a specific macro event, like last week, the only thing eating through order books like this are a) massive orders, and — what amounts to the same thing — b) mass liquidations. Yesterday, there was some indication of both: Quien de ustedes fue? pic.twitter.com/lizlwaDFPD — Nico ₿丰 (@bourbonni) August 24, 2025 or… This entity liquidated their entire 24k balance, sending all of it to Hyperunite. They transferred 12k just today and are still actively selling, which is likely contributing to the ongoing price drop. https://t.co/HYPBiGzjRf pic.twitter.com/crML9AqvvV — Sani | TimechainIndex.com (@SaniExp) August 24, 2025 This is an underdeveloped market, and it’s ridiculous how small we are and how illiquid the bitcoin market is: still able to get wacked around by individual market actors. (As always in Bitcoinland, there is some schmuck willing to turn a verifiably bad thing into a good thing.) The 2.5% instant drop in bitcoin price last night might be a one-off due to a whale selling or some liquidations, but the gradual, diagonally down movement during the night and Monday morning (bitcoin price crashing below $111,000) is much more worrying. Ignore the big, noisy whale… wth is happening? Why are we slowly dying when we should be winning, son! All the macro arrows of the world are pointing in the right direction: Why is the bitcoin price trading down, in this range, when any sane assessment puts it double or triple from here…? (And no, we didn’t drop below $111,000 as or because or in relation whatsoever to Metaplanet announcing buys). Price does whatever it wants; shitcos do whatever they please. Bitcoin price therapy definitely needed: Bitcoin price just does whatever it wants, with no regard for sanity or rational assessment. Not a care in the world for the most bullish of bullish circumstances. Maximum pain, I’ve heard it said. Not even Saylor’s million-dollar-cost averaging made much of a dent: Strategy has acquired 3,081 BTC for ~$356.9 million at ~$115,829 per bitcoin and has achieved BTC Yield of 25.4% YTD 2025. As of 8/24/2025, we hodl 632,457 $BTC acquired for ~$46.50 billion at ~$73,527 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/KCrM0ffClo — Michael Saylor (@saylor) August 25, 2025 One of these magic tea leaves reading techniques (128-day moving average), tells us our Bitcoin Magazine Pro team today, is at $108,500… so we’ll probably go there. Saylor et al have already sold their kidneys and chairs, so I wonder what’s left. More interesting/terrifying is that it keeps falling afterwards, hitting new lows. Our most scoop-like explanation is that all of these shitcos — of which Mr. Bailey, the owner of BTC Inc, runs one, having recently incinerated some $41 million — gobbling up all these coins during the spring couldn’t hold on to them and are now burping them back out again; some, in liquidation-infested red candles, and others in slow, grindy, time-weighted price. A certain Cypherpunk OG seems aware of the structure: have they not heard of TWAPs? do they not like money? such clumsy market activity. normally people with that kind of money would be smarter. — Adam Back (@adam3us) August 25, 2025 Bitcoin Price and Powell’s Bowel Sometimes we actually (sort of) do know what happened in markets — like last week, Aug 22, at 10 am Eastern: Released on Fed website was the statement/upgrade to Fed’s monetary policy framework. It was widely interpreted as future easing of monetary policy in the cards. How do we know this? Because every (hard) asset jump on the minute, and the dollar index fell: 9:59:49…bitcoin price = $112,393, according to Bitcoin Magazine Pro’s chart. 10:00:49, one minute later, it’s 113459… a few minutes after that, we hit 115,000, bitcoin price rising 2.3% on the news. This is the kind of shit that moves markets, and the instant, large moves make us pretty confident that THIS is the cause. (for reference: 9.59, DXY = 98.7; two minutes later, 98.15; another minute, 97.8. That’s 1%, in a blink… That’s a big move for the DXY!) Now we’ve located the source — Powell’s speech and/or the release of the statement. Which bit of his statement is what shocked markets so? What happens on releases like this — or inflation numbers or unemployment by BLS — is that simple trading algorithms scrape the websites for instant updates and make a split-second assessment, often with second-order trading effects following. The move itself often get reversed ten, twenty, thirty minutes later when human and intelligent assessment have gotten involved. It was all a nothingburger, after all. That wasn’t the case this time, as the bitcoin price traded high over the weekend (until someone ruined the fun on Sunday…). Powell’s statements last week revealed that inflation is a little elevated, but under control and coming down GDP growth had slowed markedly unemployment was steady and balanced (but “a curious kind of balance” where both supply and demand fall together) → risks altogether up. …and they’ll scrap this entire mistaken idea of average inflation target (over some time period nobody ever specified). “In the near term, risks to inflation are tilted to the upside, and risks to employment to the downside — a challenging situation” Yet Powell concluded that those risks “may warrant adjusting our policy stance.” Powell confirms the Fed is abandoning its 2% average inflation target. pic.twitter.com/7J2W3cNyHL — TFTC (@TFTC21) August 22, 2025 In the minutes and hours after the speech and the release of the statement, bitcoin price peaked at $117,000, before falling back to $116,000; that’s market participants dissecting and assessing, organically, what this new state means. Here’s where my “Nobody knows why” take still holds: Nobody knows which part of Powell’s statement mattered, since new information is always mixing and merging with the expectation market participants had going in — and we can only rarely tell what those were. What we’re doing when we’re playing these catch-up, ad hoc, after-the-case explanations is playing post-rationalization games. Not that impressive. Altogether pathetic. We need Bitcoiners rich and flourishing, not impoverished and distraught. Bitcoin price therapy out. See you all in Hong Kong for Bitcoin Asia. This post Bitcoin Price Drops Again — And Nope, It’s Still Not Because of the Fed first appeared on Bitcoin Magazine and is written by Joakim Book.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/Bitcoin-price-up-cartoon-ish.png)
[Bitcoin Price Drops Again — And Nope, It’s Still Not Because of the Fed](https://bitcoinmagazine.com/markets/bitcoin-price-drops-again-and-nope-its-still-not-because-of-the-fed)

..aaaand, we’re back at it again — a misbehaving [bitcoin price](https://bitcoinmagazine.com/bitcoin-price). Sunday evening bitcoin flash-crash dipped a red candle the size of Jupiter; and more eerily, it kept dropping down on Monday morning, touching below $111,000.

Now, around here in the land of bitcoin price therapy, we say that [nobody knows why prices](https://bitcoinmagazine.com/markets/bitcoin-price-falls-nobody-knows-why) move. But _sometimes_, we do… though not as well as we would like. Today, I discuss two things: the last 24 hours’ worth of shenanigans and Fed Chairman Jerome Powell’s remarks late last week.

An Unruly Bitcoin Price
-----------------------

Late Sunday (European time) was pretty disgusting:

![bitcoin price flash-crash Sunday Aug 24](https://bitcoinmagazine.com/wp-content/uploads/2025/08/AD_4nXd35hrDk7UmnY8Uh3gEgWUyZtDClrST-huibIaGSRFaRWpvuOYxlZDOxHkOLpyqNMKBcZr86iYoglxjI_FpJOrbDgfR_nIx3H5Z6exDm34ts_aleWSm6ZFvIy9ANRj5oS5TzgUkuAkeyAbzPohwnoS-CUSOq_gx4g.png "Bitcoin Price Drops Again — And Nope, It’s Still Not Because of the Fed 14")

It’s hard to say “nobody knows” when a chart looks like that; _somebody_ knows what happened to plunge the bitcoin price some 3,000 in a matter of minutes. If it’s not a [specific macro event](https://bitcoinmagazine.com/takes/jerome-powell-blinks-at-jackson-hole-bitcoin-rips-higher-as-fed-signals-dovish-shift), like last week, the only thing eating through order books like this are a) _massive_ orders, and — what amounts to the same thing — b) _mass_ liquidations.

Yesterday, there was some indication of both:

> Quien de ustedes fue? [pic.twitter.com/lizlwaDFPD](https://t.co/lizlwaDFPD)
>
> — Nico ₿![⚡](https://s.w.org/images/core/emoji/16.0.1/72x72/26a1.png)丰![🧉](https://s.w.org/images/core/emoji/16.0.1/72x72/1f9c9.png)![🇦🇷](https://s.w.org/images/core/emoji/16.0.1/72x72/1f1e6-1f1f7.png) ![🤙](https://s.w.org/images/core/emoji/16.0.1/72x72/1f919.png)![💜](https://s.w.org/images/core/emoji/16.0.1/72x72/1f49c.png) (@bourbonni) [August 24, 2025](https://twitter.com/bourbonni/status/1959708941925138831?ref_src=twsrc%5Etfw)

or…

> This entity liquidated their entire 24k balance, sending all of it to Hyperunite. They transferred 12k just today and are still actively selling, which is likely contributing to the ongoing price drop. [https://t.co/HYPBiGzjRf](https://t.co/HYPBiGzjRf) [pic.twitter.com/crML9AqvvV](https://t.co/crML9AqvvV)
>
> — Sani | TimechainIndex.com (@SaniExp) [August 24, 2025](https://twitter.com/SaniExp/status/1959717227302941109?ref_src=twsrc%5Etfw)

This is an underdeveloped market, and it’s ridiculous how small we are and how illiquid the bitcoin market is: _still_ able to get wacked around by individual market actors. (As always in Bitcoinland, there is some schmuck [willing to turn](https://primal.net/e/nevent1qqsqwmupnef36e6predd6fp5ekacvl3u9jl7ap8a44lj9qr3r8kgmkcu7c3j0) a verifiably _bad_ thing into a _good_ thing.)

The 2.5% instant drop in bitcoin price last night might be a one-off due to a whale selling or some liquidations, but the gradual, diagonally down movement during the night and Monday morning (bitcoin price crashing below $111,000) is much more worrying. Ignore the big, noisy whale… _wth is happening? Why are we slowly dying_ _when we should be winning, son!_

All the macro arrows of the world are pointing in the right direction: Why is the bitcoin price trading _down_, in _this_ range, when any sane assessment puts it double or triple from here…? (And no, we _didn’t_ drop below $111,000 _as_ or _because_ or in relation [whatsoever to Metaplanet announcing buys](https://bitcoinmagazine.com/markets/bitcoin-price-drops-below-112000-as-metaplanet-announces-to-buy-11-7m-worth-of-bitcoin)).

Price does whatever it wants; shitcos do whatever they please.

Bitcoin price therapy _definitely_ needed: Bitcoin price just does whatever it wants, with no regard for sanity or rational assessment. Not a care in the world for the most bullish of bullish circumstances. **Maximum pain, I’ve heard it said**. Not even Saylor’s million-dollar-cost averaging made much of a dent:

> Strategy has acquired 3,081 BTC for ~$356.9 million at ~$115,829 per bitcoin and has achieved BTC Yield of 25.4% YTD 2025. As of 8/24/2025, we hodl 632,457 [$BTC](https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw) acquired for ~$46.50 billion at ~$73,527 per bitcoin. [$MSTR](https://twitter.com/search?q=%24MSTR&src=ctag&ref_src=twsrc%5Etfw) [$STRC](https://twitter.com/search?q=%24STRC&src=ctag&ref_src=twsrc%5Etfw) [$STRK](https://twitter.com/search?q=%24STRK&src=ctag&ref_src=twsrc%5Etfw) [$STRF](https://twitter.com/search?q=%24STRF&src=ctag&ref_src=twsrc%5Etfw) [$STRD](https://twitter.com/search?q=%24STRD&src=ctag&ref_src=twsrc%5Etfw) [https://t.co/KCrM0ffClo](https://t.co/KCrM0ffClo)
>
> — Michael Saylor (@saylor) [August 25, 2025](https://twitter.com/saylor/status/1959949666482561098?ref_src=twsrc%5Etfw)

One of these magic tea leaves reading techniques (128-day moving average), tells us our [Bitcoin Magazine Pro team](https://bmpro.substack.com/p/will-falling-rates-spark-bitcoins) today, is at $108,500… so we’ll probably go there. [Saylor et al](https://www.strategy.com/press/strategy-acquires-3081-btc-and-now-holds-632457-btc_08-25-2025) have already sold their kidneys and chairs, so I wonder what’s left.

More interesting/terrifying is that it keeps falling afterwards, hitting new lows. Our most scoop-like explanation is that all of these shitcos — of which Mr. Bailey, the owner of BTC Inc, runs one, having recently incinerated some $41 million — gobbling up all these coins during the spring couldn’t hold on to them and are now burping them back out again; some, in liquidation-infested red candles, and others in slow, grindy, time-weighted price.

A certain Cypherpunk OG seems aware of the structure:

> have they not heard of TWAPs? do they not like money? such clumsy market activity. normally people with that kind of money would be smarter.
>
> — Adam Back (@adam3us) [August 25, 2025](https://twitter.com/adam3us/status/1959803871506620669?ref_src=twsrc%5Etfw)

Bitcoin Price and Powell’s Bowel
--------------------------------

Sometimes we actually (sort of) _do_ know what happened in markets — like last week, Aug 22, at 10 am Eastern: Released on Fed website was the statement/upgrade to Fed’s [monetary policy framework](https://thedailyeconomy.org/article/why-is-the-fed-revising-its-framework/). It was widely interpreted as future easing of monetary policy in the cards. _How_ do we know this? Because every (hard) asset jump on the minute, and the dollar index _fell_:

*   9:59:49…bitcoin price = $112,393, according to Bitcoin Magazine Pro’s chart.
*   10:00:49, one minute later, it’s 113459…
*   a few minutes after that, we hit 115,000, bitcoin price rising 2.3% on the news.

This is the kind of shit that moves markets, and the _instant_, large moves make us pretty confident that THIS is the cause.

![bitcoin price, Bitcoin Magazine Pro chart](https://bitcoinmagazine.com/wp-content/uploads/2025/08/AD_4nXd5xaBX97gbdsI_Tfgxj0hAO-9xS53AhyqznQfnG6kUxz5j08kYuJd8f3uYzDpEVnzB2xrAXH2gwf2km3bOdgjm4GvWukobZbTnvB_WBcqGaAH8XkgGu8x9p960A6jHlOFasevdkeyAbzPohwnoS-CUSOq_gx4g.png "Bitcoin Price Drops Again — And Nope, It’s Still Not Because of the Fed 15")

(for reference: 9.59, DXY = 98.7; two minutes later, 98.15; another minute, 97.8. That’s 1%, in a blink… That’s a big move for the DXY!)

Now we’ve located the source — Powell’s speech and/or the release of the statement. _Which_ bit of his statement is what shocked markets so?

What happens on releases like this — or inflation numbers or unemployment by BLS — is that simple trading algorithms scrape the websites for instant updates and make a split-second assessment, often with second-order trading effects following. The move itself often get reversed ten, twenty, thirty minutes later when human and intelligent assessment have gotten involved. _It was all a nothingburger, after all._ That wasn’t the case this time, as the bitcoin price traded high over the weekend (until someone ruined the fun on Sunday…).

Powell’s statements last week revealed that

*   inflation is a little elevated, but under control and coming down
*   GDP growth had slowed markedly
*   unemployment was steady and balanced (but “a curious kind of balance” where both supply and demand fall together) → risks altogether up.
*   …and they’ll scrap this entire mistaken idea of _average_ inflation target (over some time period nobody ever specified).

> “In the near term, risks to inflation are tilted to the upside, and risks to employment to the downside — a challenging situation”

Yet Powell concluded that those risks “may warrant adjusting our policy stance.”

> Powell confirms the Fed is abandoning its 2% average inflation target. [pic.twitter.com/7J2W3cNyHL](https://t.co/7J2W3cNyHL)
>
> — TFTC (@TFTC21) [August 22, 2025](https://twitter.com/TFTC21/status/1958918130518171765?ref_src=twsrc%5Etfw)

In the minutes and hours after the speech and the release of the statement, bitcoin price peaked at $117,000, before falling back to $116,000; that’s market participants dissecting and assessing, organically, what this new state means.

Here’s where my “Nobody knows why” take _still_ holds: Nobody knows _which part_ of Powell’s statement mattered, since new information is always mixing and merging with the _expectation_ market participants had going in — and we can only rarely tell what those were. What we’re doing when we’re playing these catch-up, ad hoc, after-the-case explanations is playing [post-ration


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).


Bitcoin Magazine Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC The price of Bitcoin has plunged below $110,000 in the past 24 hours, marking one of its steepest corrections in weeks. According to data from Bitcoin Magazine Pro, the world’s largest cryptocurrency dropped to $108,890 and remains below the $110,000 threshold at the time of writing. The decline represents a sharp sell-off from just last Friday, when Bitcoin traded as high as $117,000, before tumbling to $109,894 over the weekend. The downward momentum was accelerated by a massive whale sale. Over the weekend, a single Bitcoin holder offloaded 24,000 BTC worth more than $2.7 billion, sparking additional selling pressure and driving the price lower. The large transaction caused heightened volatility and weighed heavily on market sentiment. This entity liquidated their entire 24k balance, sending all of it to Hyperunite. They transferred 12k just today and are still actively selling, which is likely contributing to the ongoing price drop. https://t.co/HYPBiGzjRf pic.twitter.com/crML9AqvvV — Sani | TimechainIndex.com (@SaniExp) August 24, 2025 Despite the sharp move down, sentiment has not yet tipped fully into fear. The Bitcoin Fear and Greed Index, a widely watched market sentiment tool, currently sits at 48/100, which is categorized as “neutral” but hovers just above “fear.” The Fear and Greed Index is a tool that helps investors and traders analyze the Bitcoin and Crypto market from a sentiment perspective. It identifies the extent to which the market is becoming overly fearful or overly greedy. Hence why it is called the Fear and Greed Index. Bitcoin Magazine Pro explains that the Index helps investors separate their emotions from broader market reactions, offering insights into when assets may be overbought or oversold. Scores near zero reflect “extreme fear,” while scores close to 100 represent “extreme greed.” With Bitcoin currently at 48, sentiment is edging toward concern but has not yet fully entered bearish territory. Meanwhile, underlying network fundamentals remain strong despite price weakness. Bitcoin’s hash rate—a measure of the total computational power securing the network—is approaching a new record high. The current daily value stands at 909,080,589 Th/s, just shy of the all-time high of 1,084,828,947 Th/s set on August 4 when Bitcoin was trading at $115,149. Long-term holders may find reassurance in historical profitability data. Bitcoin Magazine Pro notes that holding Bitcoin has been profitable for 99.1% of its existence: Number of profitable days: 5,437 Total number of days tracked: 5,487 Percent of profitable days: 99.1% While the recent drop below $110,000 has rattled short-term traders, Bitcoin’s track record and network strength suggest resilience. Investors will be closely watching whether the Fear and Greed Index shifts further into fear territory, and if whales continue to unload large holdings, potentially adding more turbulence to the market in the coming days. JUST IN: Holding #Bitcoin has still been profitable for over 99% of its history. HODL pic.twitter.com/Fd6cTxFIMD — Bitcoin Magazine (@BitcoinMagazine) August 26, 2025 This post Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC first appeared on Bitcoin Magazine and is written by Nik.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/Bitmine-Accumulates-BTC-1.jpg)
[Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC](https://bitcoinmagazine.com/markets/bitcoin-price-crashes-below-110000-after-whale-sold-24000-btc)

The [price of Bitcoin](https://bitcoinmagazine.com/bitcoin-price) has plunged below $110,000 in the past 24 hours, marking one of its steepest corrections in weeks. According to data from [Bitcoin Magazine Pro](https://www.bitcoinmagazinepro.com/bitcoin-price-live/), the world’s largest cryptocurrency dropped to $108,890 and remains below the $110,000 threshold at the time of writing. The decline represents a sharp sell-off from just last Friday, when Bitcoin traded as high as $117,000, before tumbling to $109,894 over the weekend.

![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/AD_4nXc6NxUE_R-JMRpPWpBeaaZ8uyi5RCE4AAfhVLXhAzh7hXdRlb3tGTDmyOzRMI5q7WIMllUs4c1iXdEGPB7jUfJja4pwdIe-XXPlLC4vge_fgY4prUnp3Jh8R1-a522u6wu_DqkhvwkeyR93d1n3fNktaeHVkiBCCfw.png "Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC 11")

The downward momentum was accelerated by a massive whale sale. Over the weekend, a single Bitcoin holder offloaded 24,000 BTC worth more than $2.7 billion, sparking additional selling pressure and driving the price lower. The large transaction caused heightened volatility and weighed heavily on market sentiment.

> This entity liquidated their entire 24k balance, sending all of it to Hyperunite. They transferred 12k just today and are still actively selling, which is likely contributing to the ongoing price drop. [https://t.co/HYPBiGzjRf](https://t.co/HYPBiGzjRf) [pic.twitter.com/crML9AqvvV](https://t.co/crML9AqvvV)
>
> — Sani | TimechainIndex.com (@SaniExp) [August 24, 2025](https://twitter.com/SaniExp/status/1959717227302941109?ref_src=twsrc%5Etfw)

Despite the sharp move down, sentiment has not yet tipped fully into fear. The Bitcoin Fear and Greed Index, a widely watched market sentiment tool, currently sits at 48/100, which is categorized as “neutral” but hovers just above “fear.”

The Fear and Greed Index is a tool that helps investors and traders analyze the Bitcoin and Crypto market from a sentiment perspective. It identifies the extent to which the market is becoming overly fearful or overly greedy. Hence why it is called the Fear and Greed Index.

![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/AD_4nXfYFZ5HVnHN_zkG3nhUu8IwNNqUl9W0f0JVhRVWn1IBZQ8fdNk_zqwihja-Y7BDOO-xQBiRbsl3Nvt0scxIQAc5vYSviFsn9DwB7YHFKKiNiPNPza06RnpV-r5QpQ2m_TNanj8gdAkeyR93d1n3fNktaeHVkiBCCfw.png "Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC 12")

Bitcoin Magazine Pro explains that the Index helps investors separate their emotions from broader market reactions, offering insights into when assets may be overbought or oversold. Scores near zero reflect “extreme fear,” while scores close to 100 represent “extreme greed.” With Bitcoin currently at 48, sentiment is edging toward concern but has not yet fully entered bearish territory.

Meanwhile, underlying network fundamentals remain strong despite price weakness. Bitcoin’s [hash rate](https://bitcoinmagazine.com/tags/hashrate)—a measure of the total computational power securing the network—is approaching a new record high. The current daily value stands at 909,080,589 Th/s, just shy of the all-time high of 1,084,828,947 Th/s set on August 4 when Bitcoin was trading at $115,149.

![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/AD_4nXcPegYkdRyyJhcJMQtZsTRIsC8MDBKXcIeTRlagEn3K55-F6kioBlgMDxq7g-st6HpPQdF58glHulNdZncB8YLD0ugdz7SES48Jrf4iMaf-p6AkS8Q7YUtB5oceTBKqFRMw0HNlCAkeyR93d1n3fNktaeHVkiBCCfw.png "Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC 13")

Long-term holders may find reassurance in historical profitability data. Bitcoin Magazine Pro notes that holding Bitcoin has been profitable for 99.1% of its existence:

*   Number of profitable days: 5,437
*   Total number of days tracked: 5,487
*   Percent of profitable days: 99.1%

While the recent drop below $110,000 has rattled short-term traders, Bitcoin’s track record and network strength suggest resilience. Investors will be closely watching whether the Fear and Greed Index shifts further into fear territory, and if whales continue to unload large holdings, potentially adding more turbulence to the market in the coming days.

> JUST IN: Holding [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw) has still been profitable for over 99% of its history.
>
> HODL ![✊](https://s.w.org/images/core/emoji/16.0.1/72x72/270a.png) [pic.twitter.com/Fd6cTxFIMD](https://t.co/Fd6cTxFIMD)
>
> — Bitcoin Magazine (@BitcoinMagazine) [August 26, 2025](https://twitter.com/BitcoinMagazine/status/1960371138413961267?ref_src=twsrc%5Etfw)

This post [Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC](https://bitcoinmagazine.com/markets/bitcoin-price-crashes-below-110000-after-whale-sold-24000-btc) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [Nik](https://bitcoinmagazine.com/authors/nik).