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.

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[Freedom of Mind and Freedom of Money: Inside Costa Rica’s Growing Bitcoin Circular Economy](https://bitcoinmagazine.com/culture/bitcoin-circular-economy-awake-costa-rica)

The embryo of each Bitcoin Circular Economy is unique.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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 “Crossing the Chasm” and the DEATH OF ENERGY MISINFORMATION

I am an impact investor, more recently specializing in climatetech. Before that I was I ran a technology company. These experiences gave me some insights into the challenges that all new technologies face in achieving mainstream adoption. Bitcoin currently faces this same challenge. Let’s zoom in to where the chasm could be crossed, and what currently is holding it back. There is 65 Trillion of institutional investment that wants to invest in bitcoin but thinks they can’t (30 Trillion in impact funds, and another 35 Trillion in Sovereign Funds excluding Central Banks). The reason they think they can’t is they believe Bitcoin is a bad ESG story. This article investigates this claim in depth, against the backdrop of other disruptive technologies, so we can better spot trends, and filter out likely good information from likely misinformation. When I first heard the claim that Bitcoin could be positive for the environment, as an environmental campaigner and climatetech investor I was skeptical. After considerable due diligence however, I realized that there was a strong evidential basis to this claim, which I outline here. This question if very important, if not the most important question Bitcoin’s supporters must answer to the next group of potential Bitcoin adopters, because the “early majority” care deeply about environmental impact. In order that Bitcoin “crosses the chasm” from early adopters to the early majority, addressing Bitcoin’s (true) environmental impact must be addressed. There is no bypass, no shortcut for this. Unless and until this issue is addressed, Bitcoin will not “cross the chasm”. In Bitcoin’s adoption curve, the estimated 4.7% who hold Bitcoin are the early adopters. The next wave includes institutional investors, which in turn includes sovereign funds and ESG funds. They are the early majority. The early adopters tend to be highly suspicious of mainstream media. However the Early Majority are only somewhat skeptical. As a result, they have different beliefs about Bitcoin today. Here is a sample of statements that people who interface with, or sit on the Compliance Divisions and ESG Investment Committees of Sovereign Wealth Funds shared with me recently about Bitcoin. I have limited knowledge about Bitcoin other than “it’s bad for the environment, don’t touch.” “It’s conflicting with the idea of a Central Digital Currency so it can be very confusing for someone who’s not in the space” “We have other issues we have to solve before we think about Bitcoin” “I’ve heard of a lot of backlash against Bitcoin because of criminal activity and the dark web” “It’s using so much water. It’s using drinking water.” While these messages are not anchored in fact, they do represent the current opinion-set. Existing Bitcoin proponents must meet these people where they are at if they are to have any hope of changing this opinion-set, no matter how good the data. There are 3 stages to shifting these perspectives so that that early majority can invest in Bitcoin without value conflict Screening out noise Identifying false signal Reading pure signal Let’s address each in turn. 1. Noise Reduction The best way we can clear most of the noise around Bitcoin is not to start with Bitcoin, but to understand something I learnt while running my first technology company: if you’re going to bring a disruptive technology to the planet, you better be prepared for a lot of gaslighting from the people you disrupt. This has happened to every disruptive tech since the telegraph in an unbroken chain of 21 technologies across 160 years. Let’s zoom in. Here’s some samples of how disruptive technologies and devices have been greeted through in the last 160 years. As we can see, long before Bitcoin was labelled by the media as an existential threat to humanity, the teddy bear was! Let’s zoom in a little more. I could have chosen anyone one of 21 industries but have chose two that like bitcoin disrupted multiple industries. The first was the bicycle. When the bicycle first rose to prominence in the 1890s, it disrupted horse drawn transport, riding apparel, public transit and the railway industry. As the disrupted industries launched their counteroffensive, new junk science came in almost immediately. Next, without empirical evidence, medical experts and academics started referring to four invented conditions you that you could supposedly get by riding a bicycle This created the environment of moral outrage where regulators and policymakers, who gained their information primarily from mainstream media, felt the right thing to do was to call for bans and restrictions. Source The prevalence of the term “bicycle face” serves as a guide as to when misinformation about the bicycle peaked, and how long it took to eventually die out. source: Google Ngram Viewer The bicycle was no one off event. The response to another technology that disrupt multiple industries, the radio, followed an almost identical pattern. Immediately after the radio began rising to prominence in the 1920s, junk science about the radio was reported in the mainstream media. The radio was blamed for everything from jailbreaks to snowstorms. Next, without empirical evidence, medical experts and other authority figures started referring to four conditions that you could supposedly get by listening to the radio. Once again, this created the environment of moral outrage where regulators and policymakers, who gained their information primarily from mainstream media, felt the right thing to do was to call for bans and restrictions. source: pessimistsarchive.org The chart on radio misinformation in mainstream media took on an uncannily similar shape to the earlier bicycle misinformation chart: an initial peak around 7 years after inception, but then a long tail with several smaller peaks within that tail. The similarity is even more striking when we view the charts side by side. Bitcoin’s journey has been almost identical to that of the bicycle and the radio. Bitcoin disrupts (at least) four industries: Central Banks, Banking, The Gold Industry and Remittance Payments. Bitcoin has been met with similar junk science, as we will investigate in the next section “false signal”, which has again created the environment where policy-makers and regulators who rely heavily on mainstream news sources for information have felt it appropriate to call for bans and restrictions. We are currently about here in the media cycle around Bitcoin and energy. The key takeout is this, the early majority does not have to suddenly trust the media as little as the early adopters. They simply need to see that trusting mainstream media sources for accurate reporting on a disruptive technology during the first 16 years is, based on history, an extremely risky approach. Seeing Bitcoin as just another disruptive technology, which inevitably follows the same “rite of passage” towards eventual acceptable after an elongated baptism of misinformation fire can help the early majority screen out 80% of the noise about Bitcoin, and regain the intellectual curiosity to take an objective look at Bitcoin. Step two: identify false signal In Radio and the Bicycle’s case the false signal was supplied by medics. In Bitcoin’s case it was a data a see scientist named Alex de Vries who in May 2018 wrote a five-page commentary called Bitcoin’s Growing Energy Problem The word commentary is important. According to Nature, commentaries are shorter, have a lighter review process and generally reflect the author’s perspective, rather than reporting new empirical data. De Vries’s article was a commentary, and the perspective he put forward was “We can measure Bitcoin’s use of energy per transaction to show that the Bitcoin network cannot scale without vastly increasing emissions. His commentary was a hit. In 2017 there was 1 article on Bitcoin’s energy usage. In 2018, the year of de Vries’ commentary, there were more than 400. The problem is that his perspective was invalid because Bitcoin’s energy use does not come from its transactions, meaning it could handle 1000 times more transactions, yet use no more energy. Cambridge University called the per transaction measure “not a meaningful metric”. But the media and other authors kept citing it anyway. Then the regulators, Central Banks, and NGOs joined them. The per transaction metric was refuted a further four times, this time in academic journals (Masenet et al, Dittmar et al, Sedlmeir et al and Sai & Vranken). But the metric not only kept on spreading, it mutated. Specifically, energy per transaction mutated into three other variants. Emissions per transaction eWaste per transaction Water use per transaction All three were new variants of the original strain stemmed directly from new commentaries or papers authored by Alex de Vries. De Vries under his own name or that of his blog Digiconomist, became the most frequently cited researcher in the media. His commentary was the origin point for every academic article on Bitcoin’s environmental impact over the next five years, which have now amassed collectively over 4500 citations. In the Whitehouse’s 2022 report on cryptomining, de Vries/digiconomist was referenced not just more than, but four times more than anyone else. He was also the most cited author in GreenpeaceUSAs ChangeTheCode campaign. There are two fundamental issues with metric upon which this narrative was built. The first is as we have said that there is actually no causal connection between transactions and Bitcoin’s energy consumption, meaning the network can easily scale its transaction volume without adding to emissions. Just as it’s been doing over the last 4 years already, as we can see from tracking the pink emissions line in the chart below, where hashrate (orange) has increased eight-fold and price (blue) has increased six-fold, but emissions have remained static over a full four year cycle. The second issue is “semantic ambiguity”. Here’s an everyday example of how semantic ambiguity can mislead. Imagine I agree to pay you one million dollars for a job. You finish the job, ask for payment and I send you one million Zimbabwean dollars. You would probably feel aggrieved. Just as “one million dollars” has a very different meaning based on location, so does the word “transaction”. In the traditional finance world, a transaction means a ledger entry. In the Bitcoin world, a single blockchain transaction can contain over 2000 traditional transactions, and using the layer-2 network (Lightning network) billions of traditional financial transactions. Just as the idea that radio waves could shatter windows, kill birds or trigger snowstorms is now viewed as absurd, ten years from now people will be looking back at us, and these news reports that a single Bitcoin transaction could cost $100 in electricity, create two cellphones of ewaste, drain a swimming pool, emit 3 households of co2, and and say “those crazy people in the 20s, did they really believe that junk science about Bitcoin & Energy in the media? Surely not.” Yet this false signal has helped persuade a large number of impact investors, regulators and environmentalists away from adopting Bitcoin. I was almost a casualty. Part 3: Pure Signal In the last 2 years, something unexpected and remarkable happened. The quality of academic reporting on Bitcoin has now improved not just a little bit, but beyond all recognition, across a range of metrics – articles replaced commentaries, datasets are no longer anecdotal, and methodologies are now anchored in how the blockchain works. As a result, we are now getting a pure signal in stereo, both from academic consensus(10 of the last 11 papers on bitcoin and energy) and those in the field who’ve observed bitcoin firsthand. And the signal we are hearing is that Bitcoin solves major environmental problems, stabilizes the grid while providing a rare profitable path to destroy one of our most potent greenhouse gases. And the media is catching on and catching up. Media coverage on Bitcoin and energy has dropped away. And the remaining articles are now mostly picking up on the pure signal. At the same time, the eWaste issue was debunked with ERS, one of the world’s top electronics recyclers stating that Bitcoin mining units are “100% recyclable. None of the parts go into a landfill. They are easier than other electronics to recycle because they don’t have the same toxic metals”. We also discovered that far from creating water scarcity, Bitcoin was helping to resolve it in dry countries including UAE, where Bitcoin mining company MARA is recycling heat from Bitcoin mining units to run water desalination plants more efficiently, one of just 8 examples of how Bitcoin heat gets recycled. The concept that Bitcoin was only used by criminals … was laid to rest by the US Treasury, who in their 2024 National Money Laundering Report stated “the use of virtual assets for money laundering continues to remain far below that of fiat currency” So who is using Bitcoin? Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation showed 19 humanitarian use cases for bitcoin, already likely positively impacting over 100M people, most of whom are unbanked, in energy poverty, refugees, or experiencing hyperinflation. He documented these humanitarian benefits in a recent conference address. There are now 21 documented environmental benefits to Bitcoin. We won’t go into all 21 here, but here are a few highlights. Building on the Cambridge model, the Digital Assets Research Institute showed that Since 2021, Bitcoin has become the world’s most sustainably powered industry. As of Nov 2024, Bitcoin Mining has risen to 56.75% sustainable energy powered. It is also the industry with the lowest emission intensity. That means that Bitcoin is now likely reducing net emissions by replacing their fossil fuel dependent prequels: banking as a medium of exchange, and gold as a store of value. Numerous studies, including this Cornell study from decorated scientist Fengqi You, found the same thing the grid owners found, that Bitcoin mining is a buyer for wasted renewable energy generated at a time or in a place other consumers cannot use it, making the renewable generator more profitable. The profit is reinvested to build more solar and wind power faster, accelerating the renewable transition. Carbon Debt and Payback Period Outside the climatetech sector, most people don’t realize that all climatetech starts off emitting more than it offsets. So as a climatetech investor, I’m interested in the net emission reduction potential and the payback period. Solar had a carbon debt for 57 years. Carbon sequestration’s carbon debt looks on track to be similar. The companies we invest in, we aim for under 30 years. Bitcoin, we estimate will be ~ 23yrs, less than half the time it took solar. But this is what excites me the most. Bitcoin mining can do something that other industries cannot do at scale, it can profitably use stranded methane as a fuel source that would otherwise have vented into the air. By destroying methane, a potent gas 84x more warming over a 20-year period than carbon dioxide, Bitcoin mining helps meet the UNs methane reduction goals without need for government incentives. The UN has called methane reduction our strongest lever to reduce climate change in the next 25 years. Unlike any other technologies, Bitcoin can profitably mitigate methane in any jurisdiction without waiting for political will. One of our 3 major storehouses of climate-change causing methane is landfills. Unreported by the media, there are now 5 Bitcoin mining companies on landfills and a total of 29 Bitcoin mining companies overall profitably carbon negative destroying methane emissions from landfills, oil fields and farms. Collectively they already mitigate 7% of the bitcoin network’s emissions. When will it reach 100%? 35 mid-sized venting landfills is all it takes to take the entire Bitcoin network carbon negative. This is something no industry has ever achieved without offsets. Bitcoin Mining and Landfills Peter Drucker once said “the best way to predict the future is to create it. So my third climatetech fund is an infrastructure fund that invests in Bitcoin mining companies using landfill gas for power. They are literally turning trash into digital gold. And because they destroy a greenhouse gas, they also generate carbon credits, which improves everyone’s returns. The landfill owner turns an environmental hazard into money. The Bitcoin mining company gets power at the bottom third of the cost curve. And as the infrastructure financiers, we get the returns of a CCC-rated asset class with the risk profile of a BB-rated one. But more importantly, this mitigates 45 times more emissions per dollar invested than the equivalent investment into photovoltaics. Summary Misunderstanding and misinformation is not new, it is the price you pay for being a very disruptive technology. Bitcoin, like all nascent disruptive technologies has followed the same rite of passage of initially being misunderstood by the masses, understood by the few. Eventually, this information asymmetry will be corrected and the masses will wish they saw Bitcoin unencumbered by the noise and false signal earlier. Bitcoin has been the best performing asset of the last 10 years by far, and for the reasons outlined above, I expect it to be the best ESG asset of the next 10 years. If it can achieve this, it will not only have “crossed the chasm”, it will be approaching the ubiquity of the Internet; something entirely possible given its current growth rate.

I am an impact investor, more recently specializing in climatetech. Before that I was I ran a technology company. These experiences gave me some insights into the challenges that all new technologies face in achieving mainstream adoption.

Bitcoin currently faces this same challenge. Let’s zoom in to where the chasm could be crossed, and what currently is holding it back.

There is **65** Trillion of institutional investment that wants to invest in **bitcoin** but thinks they can’t ([30 Trillion](https://www.bloomberg.com/professional/insights/sustainable-finance/esg-aum-set-to-top-40-trillion-by-2030-anchor-capital-markets/) in impact funds, and another 35 Trillion in Sovereign Funds excluding Central Banks).

The reason they think they can’t is they believe **Bitcoin** is a bad ESG story. This article investigates this claim in depth, against the backdrop of other disruptive technologies, so we can better spot trends, and filter out likely good information from likely misinformation. When I first heard the claim that Bitcoin could be positive for the environment, as an environmental campaigner and climatetech investor I was skeptical. After considerable due diligence however, I realized that there was a strong evidential basis to this claim, which I outline here.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-19-at-11.54.49-AM-1024x633.png)

This question if very important, if not the most important question Bitcoin’s supporters must answer to the next group of potential Bitcoin adopters, because the “early majority” care deeply about **environmental impact**.

In order that Bitcoin “crosses the chasm” from early adopters to the early majority, addressing Bitcoin’s (true) environmental impact must be addressed. There is no bypass, no shortcut for this. Unless and until this issue is addressed, Bitcoin will not “cross the chasm”.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-6.41.21-PM-1024x519.png)

**In** Bitcoin’s adoption curve, the estimated [4.7%](https://woocharts.com/bitcoin-total-users/) who hold Bitcoin are the early adopters. The **next wave** includes institutional investors, which in turn includes sovereign funds and ESG funds. They are the early majority. The early adopters tend to be highly suspicious of mainstream media. However the Early Majority are only somewhat skeptical. As a result, they have different beliefs about Bitcoin today.

Here is a sample of statements that people who interface with, or sit on the Compliance Divisions and ESG Investment Committees of Sovereign Wealth Funds shared with me recently about Bitcoin.

_I have limited knowledge about Bitcoin other than “it’s bad for the environment, don’t touch.”_

_“It’s conflicting with the idea of a Central Digital Currency so it can be very confusing for someone who’s not in the space”_

_“We have other issues we have to solve before we think about Bitcoin”_

_“I’ve heard of a lot of backlash against Bitcoin because of criminal activity and the dark web”_

_“It’s using so much water. It’s using drinking water.”_

While these messages are not anchored in fact, they do represent the current opinion-set. Existing Bitcoin proponents must meet these people where they are at if they are to have any hope of changing this opinion-set, no matter how good the data.

**There are 3 stages to shifting these perspectives so that that early majority can invest in Bitcoin without value conflict**

*   **Screening** out noise
*   **Identifying** false signal
*   **Reading** pure signal

Let’s address each in turn.

1\. **Noise Reduction**
-----------------------

The best way we can clear most of the noise around Bitcoin is not to start with Bitcoin, but to understand something I learnt while running my first technology company: if you’re going to bring a disruptive technology to the planet, you better be prepared for a lot of gaslighting from the people you disrupt.

This has happened to **every** disruptive tech since the telegraph in an unbroken chain of 21 technologies across 160 years.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-6.54.32-PM-1024x572.png)

Let’s zoom in. Here’s some samples of how disruptive technologies and devices have been greeted through in the last 160 years.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-6.56.02-PM-1024x589.png)

As we can see, long before **Bitcoin** was labelled by the media as an existential threat to humanity, the teddy bear was!

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-6.56.33-PM-1024x563.png)

Let’s zoom in a little more. I could have chosen anyone one of 21 industries but have chose two that like bitcoin disrupted multiple industries.

The first was the bicycle. When the bicycle first rose to prominence in the 1890s, it disrupted horse drawn transport, riding apparel, public transit and the railway industry.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-7.34.47-PM-1024x575.png)

As the disrupted industries launched their counteroffensive, new junk science came in almost immediately.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-7.35.52-PM-1024x569.png)

Next, without empirical evidence, medical experts and academics started referring to four invented conditions you that you could supposedly get by riding a bicycle

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-7.36.57-PM-1024x568.png)

This created the environment of moral outrage where regulators and policymakers, who gained their information primarily from mainstream media, felt the right thing to do was to call for bans and restrictions.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-7.39.12-PM-1024x304.png)

[Source](https://www.erudit.org/en/journals/uhr/1999-v28-n1-uhr0646/1016555ar.pdf)

The prevalence of the term “bicycle face” serves as a guide as to when misinformation about the bicycle peaked, and how long it took to eventually die out.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-7.40.23-PM-1024x835.png)

**source**: [Google Ngram Viewer](https://books.google.com/ngrams/graph?content=bicycle+face&year_start=1800&year_end=2000&corpus=15&smoothing=3&share=&direct_url=t1%3B%2Cbicycle%20face%3B%2Cc0)

The bicycle was no one off event. The response to another technology that disrupt multiple industries, the radio, followed an almost identical pattern.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-7.44.31-PM-1024x571.png)

Immediately after the radio began rising to prominence in the 1920s, junk science about the radio was reported in the mainstream media. The radio was blamed for everything from jailbreaks to snowstorms.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-7.46.52-PM-1024x574.png)

Next, without empirical evidence, medical experts and other authority figures started referring to four conditions that you could supposedly get by listening to the radio.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-7.50.08-PM-1024x573.png)

Once again, this created the environment of moral outrage where regulators and policymakers, who gained their information primarily from mainstream media, felt the right thing to do was to call for bans and restrictions.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-8.08.36-PM-1024x720.png)

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-8.09.14-PM.png)

**source**: pessimistsarchive.org

The chart on radio misinformation in mainstream media took on an uncannily similar shape to the earlier bicycle misinformation chart: an initial peak around 7 years after inception, but then a long tail with several smaller peaks within that tail. The similarity is even more striking when we view the charts side by side.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-8.14.01-PM-1024x552.png)

Bitcoin’s journey has been almost identical to that of the bicycle and the radio. Bitcoin disrupts (at least) four industries: Central Banks, Banking, The Gold Industry and Remittance Payments.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-8.22.28-PM-1024x576.png)

Bitcoin has been met with similar junk science, as we will investigate in the next section “false signal”, which has again created the environment where policy-makers and regulators who rely heavily on mainstream news sources for information have felt it appropriate to call for bans and restrictions. We are currently about here in the media cycle around Bitcoin and energy.

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-16-at-8.21.00-PM-1024x643.png)

The key takeout is this, the early majority does not have to suddenly trust the media as little as the early adopters. They simply need to see that trusting mainstream media sources for accurate reporting on a disruptive technology during the first 16 years is, based on history, an extremely risky approach.

Seeing Bitcoin as just another disruptive technology, which inevitably follows the same “rite of passage” towards eventual acceptable after an elongated baptism of misinformation fire can help the early majority screen out 80% of the noise about Bitcoin, and regain the intellectual curiosity to take an objective look at Bitcoin.

**Step two: identify false signal**
-----------------------------------

In Radio and the Bicycle’s case the false signal was supplied by medics. In Bitcoin’s case it was a data a see scientist named Alex de Vries who in May 2018 wrote a five-page commentary called Bitcoin’s Growing Energy Problem

![](https://batcoinz.com/wp-content/uploads/2024/10/Screen-Shot-2024-10-17-at-12.37.16-PM-1024x670.png)

The word commentary is


News. Updates. Research. Stats. Everything Important You Need to Know.

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

News
----

*   **Spiral welcomes _Ben Carman_.** The developer [will work](https://xcancel.com/spiralbtc/status/1914334079387914435) on the LDK server and a new SDK designed to simplify the onboarding process for new self-custodial Bitcoin users.
*   **Spiral renews support for _Dan Gould_ and _Joschisan_.** The organization has renewed support for _Dan Gould_, who is developing the [Payjoin Dev Kit (PDK)](https://payjoindevkit.org/2025/03/18/the-evolution-of-payjoin), and [_Joschisan_](https://xcancel.com/spiralbtc/status/1914363508126515567), a [Fedimint](https://github.com/fedimint/fedimint) developer focused on simplifying federations.
*   **The Bitcoin Dev Kit Foundation announced new corporate members for 2025**, including [AnchorWatch](https://www.anchorwatch.com/), [CleanSpark](https://www.cleanspark.com/), and [Proton Foundation](https://proton.me/foundation). The annual dues from [these corporate members](https://bitcoindevkit.org/blog/_2025q1-new-foundation-members/) fund the small team of open-source developers responsible for maintaining the core BDK libraries and related free and open-source software (FOSS) projects.
*   **The European Central Bank is pushing for amendments to the European Union's Markets in Crypto Assets legislation (MiCA)**, just months after its implementation. According to _Politico_'s [report on Tuesday](https://www.politico.eu/article/european-commission-livid-ecb-warn-crypto-apocalypse-donald-trump/), the ECB is concerned that U.S. support for cryptocurrency, particularly stablecoins, could cause economic harm to the 27-nation bloc.
*   **Slovenia is considering a 25% capital gains tax on Bitcoin profits for individuals.** The Ministry of Finance [has proposed](https://www.gov.si/novice/2025-04-17-v-javni-obravnavi-zakonska-predloga-s-podrocja-kriptosredstev-in-izvedenih-financnih-instrumentov/) legislation to impose this tax on gains from cryptocurrency transactions, though exchanging one cryptocurrency for another would remain exempt. At present, individual 'crypto' traders in Slovenia are not taxed.
*   **The Virtual Asset Service Providers (VASP) Bill 2025 introduced in Kenya.** The [new legislation](https://bitcoinke.io/2025/04/the-vasp-kenya-license-requirements/) aims to establish a comprehensive legal framework for licensing, regulating, and supervising virtual asset service providers (VASPs), with strict penalties for non-compliant entities.
*   **Circle, BitGo, Coinbase, and Paxos plan to apply for U.S. bank charters or licenses.** According to a [report](https://archive.is/dxbWM) in _The Wall Street Journal_, major crypto companies are planning to apply for U.S. bank charters or licenses. These firms are pursuing limited licenses that would permit them to issue stablecoins, as the U.S. Congress deliberates on legislation mandating licensing for stablecoin issuers.

> "Established banks, like Bank of America, are hoping to amend the current drafts of \[stablecoin\] legislation in such a way that nonbanks are more heavily restricted from issuing stablecoins," people familiar with the matter [told](https://www.theblock.co/post/351402/circle-bitgo-to-apply-for-bank-charters-coinbase-paxos-may-follow-suit-wsj) The Block.

*   **Paul Atkins has officially assumed the role of the 34th Chairman of the US Securities and Exchange Commission (SEC).** This is a return to the agency for Atkins, who previously served as an SEC Commissioner from 2002 to 2008 under the _George W. Bush_ administration. He has [committed](https://www.reuters.com/world/us/paul-atkins-sworn-us-sec-chair-2025-04-21/) to advancing the SEC’s mission of fostering capital formation, safeguarding investors, and ensuring fair and efficient markets.
*   **Federal Reserve retracts guidance discouraging banks from engaging in 'crypto.'** The U.S. Federal Reserve [withdrew](https://www.theblock.co/post/351943/federal-reserve-retracts-guidance-discouraging-banks-from-engaging-in-crypto) guidance that discouraged banks from crypto and stablecoin activities, as [announced](https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250424a.htm) by its Board of Governors on Thursday. This includes rescinding a 2022 supervisory letter requiring prior notification of crypto activities and 2023 stablecoin requirements.

> "As a result, the Board will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process," reads the FED statement.

*   **Russian government to launch a cryptocurrency exchange.** The country's Ministry of Finance and Central Bank [announced](https://bitcoinmagazine.com/news/russias-finance-ministry-and-central-bank-to-launch-crypto-exchange-for-super-qualified-investors) plans to establish a trading platform for "highly qualified investors" that "will legalize crypto assets and bring crypto operations out of the shadows."
*   **Twenty One Capital is set to launch with over 42,000 BTC in its treasury.** This new Bitcoin-native firm, backed by Tether and SoftBank, is [planned to go public](https://www.businesswire.com/news/home/20250423962305/en/Tether-SoftBank-Group-and-Jack-Mallers-Launch-Twenty-One-a-Bitcoin-native-Company-Through-a-Business-Combination-With-Cantor-Equity-Partners) via a SPAC merger with Cantor Equity Partners and will be led by _Jack Mallers_, co-founder and CEO of Strike. According to a [report](http://archive.today/3PoYZ) by the _Financial Times_, the company aims to replicate the model of _Michael Saylor_ with his company, MicroStrategy.
*   **Strategy increases Bitcoin holdings to 538,200 BTC.** In the [latest purchase](https://www.coindesk.com/markets/2025/04/21/strategy-buys-usd555m-of-bitcoin-increases-total-stash-to-538-200-btc), the company has spent more than $555M to buy 6,556 coins through proceeds of two at-the-market stock offering programs.
*   **Metaplanet buys another 145 BTC.** The Tokyo-listed company [has purchased](https://www.coindesk.com/markets/2025/04/24/metaplanet-hits-5-000-btc-mark-amid-strategic-treasury-expansion) an additional 145 BTC for $13.6 million. Their total bitcoin holdings now stand at 5,000 coins, worth around $428.1 million.
*   **Semler Scientific has increased its bitcoin holdings to 3,303 BTC.** The company acquired an additional 111 BTC at an average price of $90,124. The purchase was funded through proceeds from an at-the-market offering and cash reserves, as stated in a [press release](https://www.prnewswire.com/news-releases/semler-scientific-announces-updated-btc--atm-activity-purchased-additional-111-btc-now-holds-3-303-btc-ytd-btc-yield-of-23-5-302438131.html).
*   **Tesla still holds nearly $1 billion in bitcoin.** According to the automaker's [latest earnings report](https://www.sec.gov/Archives/edgar/data/1318605/000162828025018851/exhbit991.htm), the firm reported digital asset holdings worth $951 million as of March 31.
*   **Spar supermarket experiments with Bitcoin payments in Zug, Switzerland.** The store [has introduced](https://bitcoinnews.com/adoption/spar-supermarket-switzerland-bitcoin/) a new payment method powered by the Lightning Network. The implementation was facilitated by DFX Swiss, a service that supports seamless conversions between bitcoin and legacy currencies.

[![Block 894207: Important News of the Week](https://www.nobsbitcoin.com/content/images/2025/04/image-36.png)](https://www.linkedin.com/feed/update/urn:li:activity:7318277304881709057/)

*   **Charles Schwab to launch spot Bitcoin trading by 2026.** The financial investment firm, managing over $10 trillion in assets, [has revealed](https://riabiz.com/a/2025/4/19/rick-wurster-puts-harder-date-on-schwab-spot-bitcoin-launch-after-key-hire-and-400-surge-in-visits-to-its-crypto-site-but-isnt-pulling-down-crypto-red-flags-quite-yet) plans to introduce spot Bitcoin trading for its clients within the next year.
*   **Arch Labs has secured $13 million to develop "ArchVM"** and integrate smart-contract functionality with Bitcoin. The funding round, valuing the company at $200 million, was led by Pantera Capital, as [announced](https://chainwire.org/2025/04/22/arch-labs-announces-13m-funding-round-to-launch-a-native-bitcoin-virtual-machine/) on Tuesday.
*   **Citrea deployed its Clementine Bridge on the Bitcoin testnet.** The bridge [utilizes](https://www.coindesk.com/tech/2025/04/23/bitcoin-rollup-citrea-deploys-bridge-to-tackle-collateral-bottleneck-of-using-btc-in-defi) the BitVM2 programming language to inherit validity from Bitcoin, allegedly providing "the safest and most trust-minimized way to use BTC in decentralized finance."
*   **UAE-based Islamic bank ruya launches Shari’ah-compliant bitcoin investing.** The bank has become the world’s first Islamic bank to provide direct access to virtual asset investments, including Bitcoin, via its mobile app, [per](https://bitcoinmagazine.com/news/ruya-becomes-first-islamic-bank-to-offer-bitcoin-and-virtual-asset-investments) _Bitcoin Magazine._
*   **Solosatoshi.com has sold over 10,000 open-source miners,** adding more than 10 PH of hashpower to the Bitcoin network.

> "Thank you, Bitaxe community. OSMU developers, your brilliance built this. Supporters, your belief drives us. Customers, your trust powers 10,000+ miners and 10PH globally. Together, we’re decentralizing Bitcoin’s future. Last but certainly not least, thank you[@skot9000](https://x.com/skot9000) for not only creating a freedom tool, but instilling the idea into thousands of people, that Bitcoin mining can be for everyone again," [said](https://xcancel.com/SoloSatoshi/status/1912267232006070775) the firm on X.

*   **OCEAN's DATUM has found 100 blocks.** "Over 65% of OCEAN’s miners are using DATUM, and that number is growing every day. This means block template construction is making its way back into the hands of the miners, which is not only the most profitable