content:
[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


tags: RoboSats offers a simple and private way for exchanging bitcoin for fiat currencies. It streamlines the peer-to-peer experience and utilizes Lightning hold invoices to minimize custody and trust requirements as deterministically generated avatars help users stick to the best security practices.

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

*   RoboSats v0.7.7-alpha is now available!

> NOTE: "This version of clients is not compatible with older versions of coordinators. Coordinators must upgrade first, make sure you don't upgrade your client while this is marked as pre-release."

*   This version brings a new and improved coordinators view with reviews signed both by the robot and the coordinator, adds market price sources in coordinator profiles, shows a correct warning for canceling non-taken orders after a payment attempt, adds Uzbek sum currency, and includes package library updates for coordinators.

![RoboSats v0.7.7-alpha: New Coordinators View (UPDATED)](https://www.nobsbitcoin.com/content/images/2025/04/image-54.png)

Source: RoboSats.

*   _siggy47_ is writing daily RoboSats activity reviews on stacker.news. Check them out [here](https://stacker.news/search?q=daily+robosats&sort=recent).
*   Stay up-to-date with RoboSats [on Nostr](https://njump.me/nprofile1qqsyx53h3h7ec4fwlspjq0kqec5gv54t7rc48xdtq6q4y94wsw4fnjqsg3jtv).

What's new
----------

*   New coordinators view (see the picture above).
*   Available coordinator reviews signed by both the robot and the coordinator.
*   Coordinators now display market price sources in their profiles.

![RoboSats v0.7.7-alpha: New Coordinators View (UPDATED)](https://www.nobsbitcoin.com/content/images/2025/04/image-55.png)

Source: RoboSats.

*   Fix for wrong message on cancel button when taking an order. Users are now warned if they try to cancel a non taken order after a payment attempt.
*   Uzbek sum currency now available.
*   For coordinators: library updates.
*   Add docker frontend ([#1861](https://github.com/RoboSats/robosats/pull/1861)).
*   Add order review token ([#1869](https://github.com/RoboSats/robosats/pull/1869)).
*   Add UZS migration ([#1875](https://github.com/RoboSats/robosats/pull/1875)).
*   Fixed tests review ([#1878](https://github.com/RoboSats/robosats/pull/1878)).
*   Nostr pubkey for Robot ([#1887](https://github.com/RoboSats/robosats/pull/1887)).

### New contributors

*   [@hexlorn](https://github.com/hexlorn) made their first contribution in [#1858](https://github.com/RoboSats/robosats/pull/1858).
*   [@umk0m1qk](https://github.com/umk0m1qk) made their first contribution in [#1864](https://github.com/RoboSats/robosats/pull/1864).

![RoboSats v0.7.7-alpha: New Coordinators View (UPDATED)](https://www.nobsbitcoin.com/content/images/2025/04/robosats-v0777.jpg)

**Full Changelog**: [v0.7.6-alpha...v0.7.7-alpha](https://github.com/RoboSats/robosats/compare/v0.7.6-alpha...v0.7.7-alpha)

[**GitHub Repo**](https://github.com/RoboSats/robosats/releases)


tags: From bitcoin treasury strategies reaching institutional tipping points to the erosion of civil liberties through digital infrastructure, here are the most significant predictions that emerged.

content:
### Digital ID Implementation Will Accelerate Globally as Countries Fight Dollar Stablecoin Capital Flight - Whitney Webb & Mark Goodwin

![This Week's Top Predictions](https://www.tftc.io/content/images/2025/09/terribletrader_digital_ID_surveillance_state_CBDC_dystopian_c_459a326e-a00c-4590-9b1b-d593e6370bea_3.png)

Webb and Goodwin predict that within the next 12-24 months, we'll see a dramatic acceleration in digital ID implementation worldwide - not primarily in the US first, but in countries desperately trying to prevent capital flight to dollar stablecoins. They point to Vietnam's recent closure of 84 million bank accounts as the canary in the coal mine, with citizens only able to regain banking access by submitting to biometric verification. The mechanism is clear: as dollar stablecoins proliferate globally and offer yield, why would anyone hold depreciating local currencies? Webb notes that the ECB is already panicking about this dynamic, stating "we're screwed if we let dollar stablecoins take over." The prediction is that countries will implement increasingly draconian digital ID requirements to maintain control over their monetary systems, using the Genius Act's passage in the US as political cover. This creates a paradox where US dollar dominance actually accelerates surveillance infrastructure globally.

### Pre-Crime AI Surveillance Will Become Normalized Following Manufactured Crisis Events - Whitney Webb & Mark Goodwin

The most chilling prediction centers on the normalization of pre-crime surveillance infrastructure within the next 2-3 years. Webb traces how every administration since 9/11 has expanded domestic terror frameworks, and predicts that recent events will be used to justify AI-powered predictive policing at scale. The infrastructure already exists: Palantir's pre-crime algorithms, social media monitoring systems, and William Barr's 2019 legalization of pre-crime arrests. Webb predicts we'll see a major "galvanizing event" that will reduce public resistance to having AI scan all social media posts for "early neuropsychiatric warning signs." The mechanism already exists through companies like Carbine (funded by Jeffrey Epstein) that have quietly taken over 911 systems across America. Once normalized, Webb warns this will extend beyond security into employment: "What happens when it's like, well, if you want to work and have a job and not just have UBI, you need a brain chip?" The timeline accelerates as Palantir's integration with government systems deepens under the current administration.

### Bitcoin Treasury Companies Will See 100x Growth in Fixed Income Adoption Within 10 Years - Jeff Walton

Jeff Walton laid out a compelling case for why Bitcoin-backed securities will completely disrupt the $300 trillion fixed income market over the next decade. He predicts that within 10 years, we'll see a 100-fold increase in the adoption of perpetual preferred equities and other Bitcoin-backed credit instruments. The math is straightforward: these instruments offer 9.5-10% yields while being 8x overcollateralized with Bitcoin, compared to traditional junk bonds offering 7% with far greater risk. As Walton explained, "Capital will move to where it's treated best," and fixed income managers who fail to adopt these instruments will see their clients flee to competitors offering 150+ basis points of additional return with less risk. The key catalyst will be insurance companies and pension funds recognizing that digital risk (Bitcoin volatility) is fundamentally safer than physical risk (corporate bankruptcy, natural disasters). Once credit rating agencies begin rating these instruments, the floodgates will open as institutional mandates allow allocation to rated securities.

* * *

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/04/X-1.png)](https://newsletter.blockspacemedia.com/?ref=tftc.io)

Blockspace conducts cutting-edge proprietary research for investors.

Luke Dashjr's Nuclear Option: Bitcoin Developer Proposes Controversial Transaction Censorship System
----------------------------------------------------------------------------------------------------

Bitcoin Core contributor Luke Dashjr is developing a mechanism to retroactively remove illegal content from Bitcoin's blockchain using Zero Knowledge Proofs, according to leaked messages reported by The Rage. The proposal would create a multi-sig council with power to delete confirmed transactions containing Child Sexual Abuse Material (CSAM) approximately one hour after confirmation.

While Dashjr claims this would "save Bitcoin," his scheme represents an unprecedented censorship capability that could extend far beyond its stated purpose. The developer, who already runs the censorship-focused OCEAN mining pool and Bitcoin Knots implementation, admits this constitutes "technically a hardfork" – though likely affecting only Knots nodes initially.

Critical details remain murky: Who selects council members? How are ZK proofs managed? What prevents mission creep to other transaction types? Most concerning, Dashjr allegedly mentioned coordinating legal letters to pressure the industry into adopting anti-CSAM measures – essentially manufacturing the crisis his solution would address.

Blockstream CEO Adam Back confirmed OCEAN has contacted rival mining pools about this initiative. The Bitcoin community's response has been overwhelmingly negative, recognizing this as a dangerous precedent that hands governments a ready-made censorship tool while solving a problem that barely exists on Bitcoin's blockchain.

[_Link to Full Article_](https://blockspace.media/insight/is-luke-dashjr-planning-a-bitcoin-hard-fork/?ref=tftc.io)

Subscribe to them here (seriously, you should): [https://newsletter.blockspacemedia.com/](https://newsletter.blockspacemedia.com/?ref=tftc.io)

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $150M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at_ [ten31.vc/invest](https://ten31.vc/invest?ref=tftc.io)_._

* * *

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

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[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)


tags: The future banking stack is being built out right in front of you.

content:
Marty's Bent
------------

[![Bitcoin's iPhone Moment](https://www.tftc.io/content/images/2025/09/Screenshot-2025-09-24-at-10.32.59---PM.png)](https://x.com/macadamiacash/status/1970481871466455066?ref=tftc.io)

via [macadamia wallet](https://x.com/macadamiacash/status/1970481871466455066?ref=tftc.io)

![Bitcoin's iPhone Moment](https://www.tftc.io/content/images/2025/09/martybent_a_happy_young_man_throwing_cashews_at_another_happy_y_4c12e067-f1ea-4045-bd76-32b63b3fb97c.png)

The team at [macadamia](https://macadamia.cash/?ref=tftc.io), a bitcoin ecash wallet built on the Cashu protocol, launched a cool feature yesterday; the ability to send people bitcoin via ecash directly in Apple's iMessage. This is a very slick UX that makes sending bitcoin to people literally as easy as sending a text message.

I tested it out with a friend who didn't have a macadamia wallet yesterday and they were easily able to download the app and claim the ecash in their wallet within a couple of minutes. The experience makes me think that this will be a great way to onboard people to bitcoin in as straight forward a way as possible. Send them ecash via the macadamia extension, they click the link, download the app, quickly connect to a mint, and redeem the bitcoin in a couple seconds. From there, they have an ecash wallet that is interoperable with the lightning network and other second layers connected via the lightning network and can begin accepting bitcoin rather trivially.

I've said it many times in recent months, but the broader "crypto" and tradfi markets are completely missing what is happening on top of bitcoin right now. While everyone is focused on bitcoin treasury companies, stablecoins and real world asset tokenization, bitcoiners are building the future tech stack of the distributed banking system on top of bitcoin. And not only that, the products being built are reaching parity with the UX of fintech products that hundreds of millions of people have become accustomed to.

With bitcoin wallets like macadamia, there is no need to understand the concept of gas fees, whether you're bridging an asset between chains or different roll up schemes, or whether or not your stablecoin will be compatible with the wallet of the person who is looking to receive it. It all just works. You can send ecash from macadamia to pay a lightning invoice and it will just work. And the best part is that you have way more privacy using ecash than you would on most other networks due to the fact that it leverages blinded signatures within the mint. The mint operator, while acting as a centralized custodian, has no idea who is sending or receiving ecash tokens within and out of the mint. It's a beautiful thing.

Pay attention to these Chaumian mint protocols, the wallets and markets built on top of them as they continue to progress.

* * *

### Traditional Risk Metrics Are Globally Mispriced

Jeff Walton argues we're witnessing a fundamental mispricing of risk across global markets. He points to Nvidia trading at 50x price-to-earnings while Bitcoin treasury companies trade at just 1.5x their net asset value, despite holding the world's hardest money. When Walton reprices corporate earnings in Bitcoin terms rather than fiat, he reveals that 99% of companies show declining earnings over time - a sobering reality masked by currency debasement.

> "If Chevron had spent 25% of their $70 billion buyback on Bitcoin, the value today would be worth more than their market cap."- [Jeff Walton](https://x.com/PunterJeff?ref=tftc.io)

This insight crystallizes the opportunity cost of traditional capital allocation. Walton emphasizes how companies with massive valuations like Nvidia ($4 trillion market cap) hold just $54 billion in actual capital, creating enormous risk gaps. The market's failure to properly price this gap between inflated valuations and real balance sheet strength represents a ticking time bomb that Bitcoin treasury strategies are positioned to exploit.

Check out the [full podcast here](https://youtu.be/EAjpgYWZ2zk?ref=tftc.io) for more on Bitcoin treasury M&A strategies, perpetual preferreds, and S&P 500 inclusion dynamics.

* * *

### Headlines of the Day

BlackRock Fidelity ETFs Hit $2.27B Volume - via [X](https://x.com/BitcoinMagazine/status/1970960060189999494?ref=tftc.io)

Plebstyle Launches Quiet 4.8 TH/s Bitcoin Miner - via [X](https://x.com/TFTC21/status/1970934382555963541?ref=tftc.io)

100 BTC Now Needed for Top Treasury Ranking - via [X](https://x.com/TFTC21/status/1970921266497642732?ref=tftc.io)

Indeed Job Postings Drop 8% Year Over Year - via [X](https://x.com/TFTC21/status/1970907556894982571?ref=tftc.io)

Global M2 Money Supply Nears All-Time High - via [X](https://x.com/BitcoinMagazine/status/1970876279131091299?ref=tftc.io)

* * *

### Bitcoin Has Crossed the Rubicon

This extended $75k–$110k range has caused some to wonder if the bull run is exhausted. But what if the on-chain evidence tells a totally different story? Join James Check (Checkmate of Checkonchain) and Connor Dolan for a data-driven discussion on what a maturing bitcoin market means for the road ahead.

James will break down:

*   Institutions reshaping the cycle: ETF flows and institutional allocator demand setting higher floors
*   Chopsolidation: why time-pain in the $75k–$110k range signals resilience, not
    exhaustion
*   Conviction on display: heavy distributions absorbed while long-term holders remain in control

On-chain metrics show bitcoin has crossed the Rubicon—from a nascent store of value into a true institutional-grade asset class. This session will help you understand what that means for this bull market and beyond—and how you might position yourself appropriately.

**Tuesday, September 30th at 3PM CT — online, free to attend.**

[![Bitcoin's iPhone Moment](https://www.tftc.io/content/images/2025/09/D1-copy-1.png)](https://unchnd.co/3Ve67mv?ref=tftc.io)

[Register Now](https://unchnd.co/3Ve67mv?ref=tftc.io)

* * *

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

* * *

**Final thought...**

Getting better at writing when I really don't want to.

* * *

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

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

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[![Bitcoin's iPhone Moment](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![Bitcoin's iPhone Moment](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![Bitcoin's iPhone Moment](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![Bitcoin's iPhone Moment](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)


lBVJidZnBf4Mayg3+7huheXI8JgWJoFX1tCaxRcRQfqSPt8zrRt6ezCvscZUdsje8MZjRU+b39qlO/TimJa2bA==?iv=tUHMQ/EH/14ITo5qsqYk3g==


tags: The “Bitcoin Jesus” nears closure of his tax case after months of legal battles in the United States. The post Roger Ver reaches provisional deal with the Department of Justice appeared first on Atlas21.

content:
**_The “Bitcoin Jesus” nears closure of his tax case after months of legal battles in the United States._**
-----------------------------------------------------------------------------------------------------------

Pioneering Bitcoin investor **Roger Ver** has reportedly reached a _“provisional agreement”_ with the **U.S. Department of Justice** (DOJ) to resolve criminal tax charges, [according](https://www.nytimes.com/2025/10/09/technology/roger-ver-bitcoin-justice-department-deal.html) to the _New York Times_.

Ver, known in the community as “Bitcoin Jesus,” was arrested in April 2024 on charges of **mail fraud**, **tax evasion**, and filing **false tax returns**. At the time of his arrest, federal prosecutors claimed Ver had hidden his ownership of bitcoin from the U.S. Internal Revenue Service (IRS), allegedly causing a loss of **$48 million** in tax revenue.

After living in Santa Clara, California, Ver renounced his U.S. citizenship in 2014 following the acquisition of citizenship in St. Kitts and Nevis.

According to the DOJ, even though Ver was no longer a U.S. citizen at the time, he was still legally required to report to the IRS and pay an “exit tax” on certain earnings, such as dividends from MemoryDealers.com Inc. and Agilestar.com Inc., both U.S.-based companies. Prosecutors allege that Ver failed to inform his accountant that he had received and sold bitcoin from MemoryDealers.com Inc. and Agilestar.com Inc. that year. As a result, his 2017 individual tax return did not report any gains nor did it include any taxes related to the distribution of bitcoin from those companies to him.

According to the _New York Times_, citing sources close to the matter, Ver is willing to pay a sum close to **$48 million** to the federal government. In exchange, criminal charges could be dropped if the entrepreneur accepts all terms of the deal.

### **The political context**

Since President **Donald Trump** returned to the White House this year, his administration has adopted a series of more favorable measures toward the digital asset sector. Among these actions are the shelving of investigations into companies like **Coinbase** and **Binance**, as well as the appointment of crypto-friendly figures to key federal agencies.

Trump [also pardoned](https://atlas21.com/trump-pardons-ross-ulbricht-the-silk-road-founder-is-free/) **Ross Ulbricht**, founder of Silk Road, during his first days in office. Later, Ulbricht himself joined the campaign to “free” Ver as well.

_“Roger Ver was there for me when I was down and needed help. Now Roger needs our support. No one should spend the rest of their life in prison over taxes,”_ Ulbricht wrote on X in February.

The post [Roger Ver reaches provisional deal with the Department of Justice](https://atlas21.com/roger-ver-reaches-provisional-deal-with-the-department-of-justice/) appeared first on [Atlas21](https://atlas21.com).


tags: A new poll reveals that nearly two-thirds of American voters view candidates’ positions on cryptocurrencies as a decisive factor in elections. The post USA: 64% of voters consider candidates’ stance on digital assets crucial appeared first on Atlas21.

content:
**_A new poll reveals that nearly two-thirds of American voters view candidates’ positions on cryptocurrencies as a decisive factor in elections._**
----------------------------------------------------------------------------------------------------------------------------------------------------

A recent [survey](https://digitalchamber.org/crypto-voters-can-swing-elections/) conducted by **McLaughlin & Associates** in collaboration with **The Digital Chamber** has shed light on the relationship between digital assets and elections in the United States. According to the research, **64%** of voters believe a candidate’s stance on digital assets is an important element in their voting decision.

> NEW POLL: McLaughlin poll finds crypto voters are swing voters, and real policy actions can move their votes.
>
> Learn More: [https://t.co/iYID8raKGg](https://t.co/iYID8raKGg) [pic.twitter.com/JYC7YCDgRp](https://t.co/JYC7YCDgRp)
>
> — The Digital Chamber (@DigitalChamber) [October 8, 2025](https://twitter.com/DigitalChamber/status/1975946911887593802?ref_src=twsrc%5Etfw)

The survey also found that crypto investors place more trust in the **Republican Party** than in the Democrats when it comes to the development of the sector in the U.S.

Three-quarters of investors support the **Trump administration**’s approach to rolling back regulations and enforcement actions from the Biden era on digital assets – measures they believe would _“make it easier for cryptocurrencies to grow and expand in the United States.”_

### **Controversy and election debate**

The poll comes at a sensitive time for the U.S. government, with the federal shutdown now in its second week due to the lack of an agreement between Democrats and Republicans on two key government spending bills.

Democratic figures, including Senator **Elizabeth Warren**, have raised concerns about Trump’s ties to the digital asset sector, particularly in relation to **World Liberty Financial** (WLF).

_“In March 2025, WLF announced plans to launch USD1, ‘the stablecoin your wallet has been waiting for,’”_ Warren said in a statement earlier this year.

Warren emphasized that _“the launch of a stablecoin directly tied to a sitting President who can personally benefit from its success represents an unprecedented conflict of interest, posing significant threats to our financial system.”_

The post [USA: 64% of voters consider candidates’ stance on digital assets crucial](https://atlas21.com/usa-64-of-voters-consider-candidates-stance-on-digital-assets-crucial/) appeared first on [Atlas21](https://atlas21.com).


tags: Bitcoin payments are coming to stores: integrated wallet and zero fees for merchants using Square Bitcoin. The post Square launches Square Bitcoin: BTC payments and zero fees for small businesses appeared first on Atlas21.

content:
**_Bitcoin payments are coming to stores: integrated wallet and zero fees for merchants using Square Bitcoin._**
----------------------------------------------------------------------------------------------------------------

On October 8, **Block**, the company led by **Jack Dorsey**, [announced](https://investors.block.xyz/investor-news/news-details/2025/Square-Brings-Bitcoin-to-Main-Street-With-First-Integrated-Payments-and-Wallet-Solution-for-Local-Businesses/default.aspx) the launch of **Square Bitcoin** – a new solution that allows merchants to accept bitcoin payments through the Square POS system.

Merchants using the Square Bitcoin network can convert their sales revenue into BTC and access an integrated wallet. Starting November 10, businesses will be able to accept bitcoin payments directly and convert **up to 50%** of their daily revenue into BTC.

To encourage adoption, the company will allow businesses to accept BTC directly from their POS terminals with no transaction fees for one year. In 2027, Square will begin charging a **1%** processing fee.

**Miles Suter**, Bitcoin Product Lead at Block, said:

> > “We’re making bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, were only available to the largest corporations.”

The initiative, called _“Simplifying Bitcoin for Main Street,”_ aims to prepare merchants for the growing use of the asset as an everyday means of payment.

The integrated Bitcoin wallet within the Square system will allow merchants to buy, sell, withdraw, and manage their funds independently.

The post [Square launches Square Bitcoin: BTC payments and zero fees for small businesses](https://atlas21.com/square-launches-square-bitcoin-btc-payments-and-zero-fees-for-small-businesses/) appeared first on [Atlas21](https://atlas21.com).


tags: The UK’s central bank may ease restrictions on corporate stablecoin reserves following industry pushback. The post Bank of England: possible exemptions to proposed stablecoin limits appeared first on Atlas21.

content:
**_The UK’s central bank may ease restrictions on corporate stablecoin reserves following industry pushback._**
---------------------------------------------------------------------------------------------------------------

[According](https://www.bloomberg.com/news/articles/2025-10-07/boe-plans-carveouts-on-stablecoin-cap-after-industry-backlash?srnd=phx-crypto) to _Bloomberg_, the **Bank of England** (BoE) is reconsidering its stance on the proposed limits for corporate **stablecoin** reserves and is exploring possible exemptions for companies that need to hold larger amounts of fiat-backed digital assets.

### **Reversal after industry pressure**

The BoE’s change of heart comes after strong criticism from the crypto industry and growing international competition. The **United States Congress** in particular has moved forward with clearer regulation through the **GENIUS Act**, which became law last July.

Initially, the Bank of England had proposed caps of **£20,000** (about $27,000) **for individuals** and **£10 million for companies**.

The stated goals were threefold: maintaining control over the money supply, protecting consumers, and preventing excessive reliance on privately issued digital currencies. While these limits might work for traditional businesses, crypto-native companies argue that such restrictions would severely constrain their operations.

These firms need to hold substantial stablecoin reserves to manage trading and liquidity. For this reason, the BoE is considering granting specific exemptions for such entities.

### **Governor Bailey’s change in tone**

BoE Governor **Andrew Bailey** had previously warned about the risks privately issued stablecoins could pose to financial stability and governments’ ability to conduct effective monetary policy.

However, in statements made last week, Bailey struck a more conciliatory tone, acknowledging that stablecoins could represent a useful innovation capable of coexisting within the broader financial system.

The post [Bank of England: possible exemptions to proposed stablecoin limits](https://atlas21.com/bank-of-england-possible-exemptions-to-proposed-stablecoin-limits/) appeared first on [Atlas21](https://atlas21.com).


tags: James Check says Bitcoin’s consolidation is over and $150K is next as institutional demand reshapes the market.

content:
Key Takeaways
-------------

![TFTC - Market Expert Reveals How Much Bitcoin You Need to Retire! $150K Coming Soon | James Check](https://www.tftc.io/content/images/2025/10/James-Check--1-.jpg)

James Check argues that Bitcoin has entered a new era of maturity defined by institutional dominance, evolving derivatives markets, and a powerful “buy-side floor” forming around $95K–$110K. He believes Bitcoin’s realized cap surpassing $1 trillion signals unprecedented capital inflows, with ETFs and IBIT options marking a permanent market structure shift. The “chopsolidation” of 2025, months of sideways trading around $110K, has built a multi-trillion-dollar base that positions Bitcoin for a sustained move toward $150K and potentially a $3T market cap. Long-term holders are still selling in waves, but buyers, ETFs, corporations, and high-net-worth individuals, are absorbing supply and holding firm. Meanwhile, retail participation is shrinking, and institutions now drive price discovery. Check views gold as Bitcoin’s roadmap in a global “debasement trade,” with fiat currencies and bonds collapsing in real terms. He warns that external shocks, such as an AI bubble burst, could slow Bitcoin’s ascent, but overall sees the market entering a more volatile, euphoric phase driven by derivatives, liquidity, and demand for hard assets.

Best Quotes
-----------

“Bitcoiners are sitting on $1.5 trillion of unrealized profit, half a trillion more than Berkshire Hathaway’s entire market cap.”

“There’s something wrong with the denominator. It’s all one trade now.”

“Gold smells out the debasement first, Bitcoin follows with force.”

“We’re not seeing people exit because Bitcoin’s overvalued; we’re seeing people take profit while buyers vault it away. That’s new.”

“IBIT options overtaking Deribit this fast is mind-blowing, this is the biggest shift since ETFs went live.”

“Retail doesn’t move the needle anymore. The sovereign and institutional bid now defines the cycle.”

“We’ve proved a $2T base, now we’re building toward $3T. The era of chopsolidation is ending.”

“You don’t want dumb retail to show up, that’s when it’s over.”

“This time is actually different, you can see it in the volatility profile and the maturity of the bid side.”

“Stay humble and stack sats, the goal is to understand why Bitcoin moves, not to chase it.”

Conclusion
----------

Check concludes that Bitcoin’s bull market is entering its euphoric stage, supported by deep institutional liquidity, derivative expansion, and a structural shift in market psychology. The $95K–$110K range now serves as Bitcoin’s “HODL wall,” signaling resilience even through major selloffs. As gold leads the “debasement trade,” Bitcoin is positioned to follow, reflecting growing recognition among investors that fiat is failing as a denominator of value. While AI and macro risks could briefly unsettle markets, the long-term trajectory is clear: Bitcoin has crossed the Rubicon from speculation to systemic adoption. Check’s final message is measured optimism, embrace the volatility, stay flexible, and don’t mistake noise for signal in a market that’s still “growing up.”

Timestamps
----------

0:00 - Intro
1:20 - The Debasement Trade is here
7:00 - Businesses stacking sats
10:18 - James’s report and chopsolidation
15:40 - Bitkey & Crowdhealth
17:50 - Realized volatility
20:48 - Debasement goes mainstream
23:56 - Fiat in gold terms
27:01 - Are people waking up?
30:10 - AI boom
38:00 - SLNT & Unchained
39:26 - Gold ripping
50:32 - On-chain levels
58:44 - Retail doesn’t have the power this cycle
1:12:33 - Metrics to ignore

Transcript
----------

(00:00) The era of chop consolidation as we know it is probably going to take a back seat because I think we now enter the proper euphoria phase. The fact that we're still pushing up to 125. Honestly, the market is now saying I want higher. You could be at 150 by the end of the week. People who are coming in now, the traders, the retirement accounts, they just see the IBIT chart.
(00:16) It's in a bull market. It goes up only. Bitcoin has this very, very unique characteristic where it lulls everyone to sleep and then it rips. Gold, I think, tells us the future. It's where we're going when all is said and done. It smells out the debasement first months in advance. Bitcoin's at 125 grand. It's punching all-time highs and I just flick through all the treasury company charts.
(00:33) Down 85, down 95. Some of them are punching new lows. The least discussed, but I think most important thing since the ETFs, there's a market structure shift has been these IBIT options. This time is actually different and you can see it in this chart. It's just looking at all the major fiat currencies.
(00:49) They're all down 40 to 60% in gold terms and Bitcoin is up 50 to 80% more than that. Now, the gold market going up is just raising the ceiling for where Bitcoin's going. Vast majority of these firms had like 0.1% allocated to Bitcoin. Tens to hundreds of millions of dollars. Tiny portfolio allocation. Massive dollars. What happens if they go to 0.
(01:05) 002 the most bullish metric of all time in Bitcoin? The realized cap. It just crossed a trillion dollars. I bit as of today just crossed over 58% of the overall AUM dominance. Blows into all the ETFs except IBIT are flat and IBIT is just tearing away. James, the debasement trade is on. New alltime highs are here. It's all one trade, mate. It's all one trade. There's something wrong with the denominator. It really is.
(01:33) It really is. And people don't realize it yet. It's fascinating, right? And like I've said this before, I think even on this podcast, it's amazing to me that like bond traders, I love Luke Gman's line, is like they have to lull them to sleep and just like slowlyize the bond market.
(01:51) they have to just like pretend that they're going to try and solve this problem. Don't worry, just hold these bonds. We're going to mandate these ones or no, it's okay. We're going to try and get yields down, which means bond prices up. And it's like, guys, it's just they're they're coins. They really are. And this to the skeptics out there, the Bitcoin skeptics, it is astonishing.
(02:09) I think uh Mitchell Hodddle, he had this tweet from earlier today. I'll I'll pull it up because I thought it was a good one. uh new all-time highs today and people for better or for worse still believe Bitcoin is a fad. Um not something to pay attention to, but if I mean we've talked about this many times I think how far Bitcoin has come in only a little under 17 years is is miraculous and it shows here like you we'll look back on Bitcoin's monetization and marvel at how fast it happened on the zoomed out timeline of humanity. Bitcoin's takeover happened virtually instantaneously. Truly a zero to one
(02:46) moment. Totally. Um, so here's an interesting thought that I'd be curious to get your ideas on. I don't know about you, man. I'm certainly observing that Bitcoin has become desensitized to it. So there's almost this bifocation of how people are observing and and analyzing and studying Bitcoin.
(03:05) People who are coming in now, let's call them the traders, the retirement accounts. Like granted, there's still a small chunk of the overall demand. um I would estimate something like 20 odd percent or thereabouts. They're coming in and going like they just see the IBIT chart. It's in a bull market. It goes up only.
(03:21) What's not to like? And then people, all the Bitcoiners who've been around through all the high octane phases looking at this thing being like, "Oh god, this cycle sucks. It's so slow. So boring." You've got this real interesting dichotomy where it's like it is monetizing at an incredible rate. Think about some of the headlines that we see these days.
(03:41) If you told yourself that back in 2020, back in 2018 for you back in 2013, 144, 15, you wouldn't believe it, right? You just actually couldn't believe it was happening and now we're so desensitized to it. There's like this bifocation of the market. What are your thoughts on that? I think Bitcoin bores people to death. It This is what Bitcoin does.
(04:00) It ls people into a state of complacency and uh uncomfortability where they're not happy that it's not reaching new alltime highs every day. But again, it's insane looking at the charts now. We're at $2.5 trillion market cap and thinking back to our conversation earlier this year where Bitcoin had established itself as a $2 trillion asset and it's already added 25% more in market cap since then.
(04:27) And it's like what do you what do you people want? What more do you want? It's up almost 100% in over the last one year. It's up 32.6% year-to date. five years up over a thousand percent like it is monetizing in real time. But you were alluding to some things that have manifested over the course of this year that may have some longtime Bitcoiners but hurt because they made the wrong decision. Oh yeah, the old treasury company trade.
(04:50) This I mean this is one of those things that like I I love it. Like all things I love the gray zone. The gray zone is where I find it interesting. Um and you know you look at some of the comments I get on Twitter. I was, you know, I poked fun of them on Twitter saying, you know, Bitcoin's at 125 grand. It's punching alltime highs. And I just flick through all the Treasury company charts. Down 60, down 70, down 85, down 95.
(05:12) It's like some of them are punching new lows as Bitcoin is ripping to new alltime highs. You just look at this thing like something is going on here, right? That the market is in my view, like my real high level view, I've had this line that MNAV gravity is towards one.
(05:32) It appears to be that MNAV gravity is indeed towards one that by the way gravity just means that's the that's the acceleration. That's where it wants to go. There are a handful of these companies that


sdRR6YMdJg0JBkntpNuZ3zy+ICsOsvK2+R2WQQFov3oBokbOE/xfJ06VVSF++BQU?iv=oYMrv3mros/huqwPaltAJQ==


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

> "If you want to know what any society really believes in, just look at how they design their sewers."

![We Can All Do Better](https://www.tftc.io/content/images/2025/10/martybent_a_sculpture_of_leonardo_da_vinci_thinking_intently_in_1c665d85-fbc8-4168-93df-4c4efb17edaa.png)

Life in 2025 is a double edged sword. Most humans, at least those of us with an internet connection, have access to a wealth of knowledge that our ancestors could have never comprehended.

Thinking about cooking a specific dish you've never prepared? Type the name of the dish into Google or your preferred LLM and BAM!, you'll have a slew of tips, links and videos to choose from to learn how to cook the dish properly.

Headed on a trip to the West Coast from Philadelphia as the Autumn winds begin to shuffle cool air into your neck of the woods and you're not quite sure what the weather is going to be like when you land? "Hey Siri, what's the weather in Monterey looking like this weekend?"

Trying to settle an argument with a friend about who won the NBA Finals MVP in 2007? "Hey Siri,..."

Finding the solutions to our problems has become more convenient than ever. This relative convenience makes us feel _elite_. It gives us a false sense of proximity to omniscience. We don't really know any of these things off the top our heads, but they're readily accessible with simple queries. As a result we've become hubristic and complacent, which has conditioned us to accept a slow, but constant degradation of quality in the things that our ancestors worked hard to make interesting and inspiring.

Most noticeably, in the urban landscapes through which we wander when we step back from our desks and lift our heads away from the dull, yet addictive beam of blue light that emanates from our phones. Our dependence on this convenience has created a lapse in attention to detail that has made a lot of our physical and digital landscape incredibly uninteresting and completely lacking of character.

It manifests in the stale design of buildings, bridges, landing pages, and user interfaces. All have become somewhat uniform. With their only differences being in subtle tweaks in colorways, button positions, height and width, and different variations of minimalism, among other things.

What does this say about us?

If you watch the short film above from Sheehan Quirke, you'll come to find that he believes it says a lot about what we believe in as a society. If we're unwilling to spend the extra time, effort and de minimis amount of money to make our world a bit more interesting, do we really hold ourselves in a high regard? Is what we're doing with this allotted portion of time on this planet really worth anything? Will we hand anything other than some instructions on how to do certain things that are necessary to simply subsist in the hopes that our progeny continue subsisting? Or will we aim to inspire?

Not only that, but inspire in a way that is impossible to ignore for generations to come. Will we leave anything behind that people will be able to point at in one hundred years and find interesting, inspiring, and, most importantly, proud to be descendants of the society and culture that built it?

If I'm being honest, there aren't many things I can think of that have been built in my lifetime that would fit this mold. I've seen many from centuries past torn down. Penn Station as it was originally built in 1910, [Whitemarsh Hall](https://en.wikipedia.org/wiki/Whitemarsh_Hall?ref=tftc.io) outside of Philadelphia, the [Old Cincinnati Public Library](https://www.reddit.com/r/pics/comments/17xg2ej/the_old_cincinnati_public_library_before_it_was/?ref=tftc.io), and countless other buildings, monuments, bridges and simple decorative details on seemingly inconsequential everyday parts of our lives like doors, archways, gardens and driveways.

Will the sprawling subdivisions, cookie cutter multi-family units, soulless libraries, plastic playgrounds, bionic light posts and bland strip malls that litter this country leave our grandchildren with a sense of awe and inspiration?

No, of course they won't.

What does it say that the continued development of these uninspiring high velocity trash fiat economy manifestations have become a key focus of our economy?

Real estate is too expensive and interest rates are too high. "Build more cheap shit boxes!"

My CRE firm is on it's fourth fund and needs to continue spitting out a portfolio of 5-cap multi-use properties in gentrified neighborhoods located in second-tier cities with populations on the rise. "Funnel the money in from the pension funds looking to under perform the real rate of inflation and call the contractor who has a great deal on the plastic siding, fake wood and cheap doors from China."

It's all shit.

And as I was watching Sheehan's incredible short film that really cuts to the core of why building beautiful things is worthwhile, fulfilling, dignified and inspirational, I couldn't help but think, "Fiat ruins everything."

Fix the money, fix the world.

* * *

### The Federal Reserve and Treasury Have Been "Backed into a Corner" (System Breaking Down)

Jeremiah Albright laid out a compelling case that the Federal Reserve and Treasury have been systematically cornered by their own manipulated data and failed policies. He pointed to bond market correlations breaking down across historical norms, with Fed rate cuts and increases now producing the opposite bond market reactions than they should. The government's shift of bond duration from the long-end to the front-end signals acute stress in the system. Albright referenced Luke Gromen's warning of a potential bond revolt within six to nine months, emphasizing that correlations that held for decades are simply no longer functional.

> "The Fed has essentially been, in my opinion, neutralized. It's not functional anymore to the way that it historically should be." - [Jeremiah Albright](https://x.com/HodlMaryland?ref=tftc.io)

I highlighted Porter Stansberry's analysis showing how distorted the situation has become. Using the Taylor Rule with official CPI, the Fed funds rate should be 4.75%. However, using actual inflation around 15%, that rate should be 17.5%. This massive mispricing of risk and money has made it impossible for the Fed to implement effective policy. Traditional economics is breaking down before our eyes.

Check out the [full podcast here](https://youtu.be/4uZW0j-sW6w?ref=tftc.io) for more on BitBonds, stablecoins as yield curve control, and the coming AI economic transition.

* * *

### Headlines of the Day

[Nvidia Eyes $2B Stake in xAI](https://x.com/WatcherGuru/status/1975707397323923776?ref=tftc.io)

[SEC Plans Crypto Innovation Exemption](https://x.com/WatcherGuru/status/1975673531892371938?ref=tftc.io)

[Bitcoin ETFs Surpass $7.5B Volume](https://x.com/WatcherGuru/status/1975668202446463335?ref=tftc.io)

[BlackRock Bitcoin ETF Hits $5.64B](https://x.com/BitcoinMagazine/status/1975667458326642842?ref=tftc.io)

[Strike Lending Goes Live in Europe](https://x.com/TFTC21/status/1975633288867029066?ref=tftc.io)

[Treasury Fed Merge Ushers Bitcoin Era](https://x.com/TFTC21/status/1975668847429787891?ref=tftc.io)

* * *

[![We Can All Do Better](https://www.tftc.io/content/images/2025/10/D1.png)](https://unchnd.co/4nulnb8?ref=tftc.io)

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Inside, you’ll find analysis of record-low volatility, ETF flows absorbing billions monthly, and why long-term holders remain in control with $1.3T in unrealized profit. Plus, download now for automatic access to the event where James Check took a deep dive into the report himself.

* * *

### Bitcoiners: Don’t let nefarious actors steal your sats.

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Block WiFi, GPS, RFID, and EMPs with our MIL-STD compliant tech. Made in the USA, trusted by 8 military contracts. Protect your wealth, stay untraceable.

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* * *

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

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

[![We Can All Do Better](https://www.tftc.io/content/images/2025/08/newsletter-1.jpg)](https://obscura.net/?ref=tftc.io)

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* * *

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

* * *

**Final thought...**

Many deep dive


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

[![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/10/Screenshot-2025-10-08-at-7.59.37---PM.png)](https://x.com/milessuter/status/1975969260024496525?ref=tftc.io)

via [Miles Suter](https://x.com/milessuter/status/1975969260024496525?ref=tftc.io)

![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/10/martybent_a_happy_customer_in_a_coffee_shop_paying_via_QR_code__f1a565d0-f08b-41c3-8461-3b160331c418.png)

In 2018 Cash App enabled their users to easily buy and sell bitcoin within the popular consumer finance app. At the time this was a massive validation and endorsement for bitcoin when it was less than a decade old. Having the backing and buy-in from a mainstream fintech player like Block (Square, at the time) was a signal to the world that bitcoin is something to take seriously. Jack Dorsey and team sticking their necks out to recognize bitcoin as a legitimate value added product to their suite will be recognized as a pivotal point in bitcoin's history.

It's been more than seven years since Cash App launched buy/sell bitcoin and Block has launched:

*   Spiral - A non-profit organization dedicated to supporting open-source bitcoin development, with a heavy focus on the lightning network.
*   Bitkey - A hardware wallet that leverages multi-sig to create an easy was for bitcoin users to self-custody their bitcoin with some hand holding.
*   Proto - A mining company dedicated to bringing open mining hardware and management software to compete with incumbents like Bitmain and MicroBT. The Proto team launched the Rig in August; a modular bitcoin mining machine that comes with a sleek fleet management software system.

To say the least, Block really cares about pushing bitcoin forward and has backed that up with heavy investments in businesses that support different parts of the bitcoin market.

With all of that being said, the number one question Block has been asked since they unleashed bitcoin to Cash App users seven years ago is, "Wen bitcoin in Square terminals?!"

Well, as of today, the wait is officially over. Earlier this afternoon, Square announced that all of their merchants will immediately be able to convert a portion of their card sales to bitcoin, buy/sell/hold/withdraw bitcoin via their business portals and on November 10th they will also be able to accept bitcoin via Square terminals as well.

![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/10/Screenshot-2025-10-08-at-9.26.36---PM.png)

via [Square](https://squareup.com/us/en/bitcoin?ref=tftc.io)

![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/10/Screenshot-2025-10-08-at-9.26.44---PM.png)

via [Square](https://squareup.com/us/en/bitcoin?ref=tftc.io)

![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/10/Screenshot-2025-10-08-at-9.26.50---PM.png)

via [Square](https://squareup.com/us/en/bitcoin?ref=tftc.io)

This. This right here is massive. As it stands today, Square supports over 4,000,000 merchants across the United States and every single one of them will be able to log into their Square business accounts tomorrow and decide to automatically convert a portion of their cash flow into bitcoin. If 10% of their US customer base enables this feature that will produce 400,000 new small, medium and large businesses that are using bitcoin as a treasury asset that enables them to help grow their businesses. Don't take it from me, take it from Glenn Charles, who has been part of Square's beta test of this product for the last two years.

![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/10/Screenshot-2025-10-08-at-10.07.04---PM.png)

via [Glenn Charles](https://x.com/GlennCharlesPh1/status/1976039946961158401?ref=tftc.io)

This is the type of "corporate" bitcoin adoption you love to see. Bitcoin is an asset that can help small businesses in ways that most people cannot even fathom. I know from experience, this small (but mighty) media company has benefited massively from our bitcoin treasury, our ability to accept bitcoin for payment and our ability to pay employees and contractors in bitcoin. Opening this up to 4,000,000 businesses overnight cannot be overstated. Most importantly because Square is making bitcoin a first-class citizen throughout the experience, where other payment processors and point-of-sale systems make it hard for their customers to integrate bitcoin throughout the business stack.

Once bitcoin payments are enabled in a little over a month merchants will be able to receive bitcoin and either convert it immediately to cash or hold it in bitcoin. Bitcoiners who live on a bitcoin standard will be able to spend their sats at many more merchants in meat space. THE bitcoin standard becomes more tangible.

[![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/10/Screenshot-2025-10-08-at-10.28.00---PM.png)](https://x.com/owenbjennings/status/1976035183767015909?ref=tftc.io)

via [OBJ](https://x.com/owenbjennings/status/1976035183767015909?ref=tftc.io)

The next thing to check off the list is getting a de minimis tax exemption for bitcoin payments. It looks like Jack is putting the pressure on.

[![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/10/Screenshot-2025-10-08-at-10.26.25---PM.png)](https://x.com/jack/status/1976056646138036581?ref=tftc.io)

via [jack](https://x.com/jack/status/1976056646138036581?ref=tftc.io)

* * *

### Chop-Solidation Market Dynamics: Insights into Bitcoin's 2025 Market

In our latest episode, we delved into the current state of the Bitcoin market for 2025, which has been marked by a phase of consolidation with notably low volatility. This 'chop-solidation' phase, as my guest James Check described, suggests a market that is maturing and becoming more sophisticated. The discussion highlighted how this period of stability might be setting the stage for a significant future movement in the market, indicating a strategic patience among investors.

> The market is showing signs of a sophisticated structure, preparing for something big. - [James Check](https://twitter.com/_Checkmatey_?ref=tftc.io)

This optimistic outlook was shared by both myself and James, suggesting that the current market dynamics could lead to substantial opportunities for those who remain patient and vigilant. The low volatility phase is not just a lull but potentially a precursor to a major shift, making this an exciting time for Bitcoin enthusiasts and investors alike.

Check out the [full podcast here](https://www.youtube.com/watch?v=4uZW0j-sW6w&feature=youtu.be&ref=tftc.io) for more with one of the most accurate price prediction and market structure experts we have on the show.

* * *

### Headlines of the Day

[Tokyo firm invests $3.3M in Bitcoin](https://x.com/BitcoinNewsCom/status/1975931437133013140?ref=tftc.io)

[Bitcoin payments via WhatsApp demoed](https://x.com/BitcoinNewsCom/status/1975921235088294326?ref=tftc.io)

[Bitcoin addresses over 100 BTC hit ATH](https://x.com/BitcoinMagazine/status/1975942718821216578?ref=tftc.io)

[Square introduces zero-fee Bitcoin wallet](https://x.com/BitcoinMagazine/status/1975921191769555166?ref=tftc.io)

[Loosening conditions fuel Bitcoin bull run](https://x.com/TFTC21/status/1975960945559257315?ref=tftc.io)

[Bitcoin's floor at $95k, target $150k](https://x.com/TFTC21/status/1975956145073172503?ref=tftc.io)

* * *

[![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/10/D1.png)](https://unchnd.co/4nulnb8?ref=tftc.io)

[Download here](https://unchnd.co/4nulnb8?ref=tftc.io)

You know the story of bitcoin’s market cycles... euphoric blow-offs, brutal crashes. _Maybe not anymore_. [**The Bitcoin Checkpoint**](https://unchnd.co/4nulnb8?ref=tftc.io) takes a deep look at how the 2023–2025 cycle has rewritten market structure and why these changes could be permanent.

Inside, you’ll find analysis of record-low volatility, ETF flows absorbing billions monthly, and why long-term holders remain in control with $1.3T in unrealized profit. Plus, download now for automatic access to the event where James Check took a deep dive into the report himself.

* * *

### Bitcoiners: Don’t let nefarious actors steal your sats.

SLNT's patented Faraday backpacks, sleeves, and dry bags secure your hardware wallet or electronics against hackers and solar flares.

Block WiFi, GPS, RFID, and EMPs with our MIL-STD compliant tech. Made in the USA, trusted by 8 military contracts. Protect your wealth, stay untraceable.

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[![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/09/Reclaim-your-privacy.png)](https://slnt.com/pages/tftc?ref=tftc.io)

[Use Code: TFTC](https://slnt.com/pages/tftc?ref=tftc.io)

* * *

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

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

[![Square Enables Merchants To Easily Accumulate Bitcoin On Their Balance Sheets](https://www.tftc.io/content/images/2025/08/newsletter-1.jpg)](https://obscura.net/?ref=tftc.io)

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

**Outsmarts internet censorship**: works even on the most restrictive Wi-Fi networks where other VPNs fail.
**Pay with bitcoin o


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Bk+bCsMbZvR5Pj66Ok8PWAVofCmh1vRyhBij6mxgS7q5CQ3y1DpZr0sB3+07/li/GTFma9vb5j3+zJCGdtm70Q==?iv=SS3G+4xgXdRD/QMts4vR/g==


tags: The acceleration toward the digital ID system is upon us.

content:
Marty's Bent
------------

![UK To Mandate Digital IDs For Adults](https://www.tftc.io/content/images/2025/09/Screenshot-2025-09-25-at-4.38.35---PM.png)

via [TFTC](https://x.com/TFTC21/status/1971235726307230192?ref=tftc.io)

![UK To Mandate Digital IDs For Adults](https://www.tftc.io/content/images/2025/09/martybent_british_prime_minister_keir_starmer_winking_at_a_man__2fa9a662-bd58-4ede-9eaa-07f1e3606e3d.png)

We've been warning for the better part of a year to keep an eye on the conversation around immigration policy in the United States due to the fact that it is the perfect issue to Trojan Horse digital ID policy and thrust it on the masses. There is an obvious problem at the border, tens of millions of illegal immigrants flooded into the country between 2020-2024, and the Trump administration won last year's election by leading with immigration policy and has followed through on that promise. However, it is a great excuse to introduce a digital ID system in the United States.

"To ensure that illegal immigrants aren't taking the jobs of American citizens and leeching of the system without going through the process of getting a visa or becoming a citizen, everyone is going to be issued a digital ID tied to your social security number and some biometric data. You'll use this ID to get a job and do other things within the economy."

That's how it starts, but soon enough there are a number of public catastrophes that "require" a government response that requires a digital ID to access internet services, websites and social media platforms so that "nefarious individuals" can be easily tracked and apprehended before they commit crimes. If the efforts are successful and people welcome the digital ID with open arms or are forcibly pushed in against their will you end up in a completely dystopian system that has ultimate control over many parts of your life.

[![UK To Mandate Digital IDs For Adults](https://www.tftc.io/content/images/2025/09/Screenshot-2025-09-25-at-11.18.16---PM.png)](https://x.com/TFTC21/status/1970943293342310649?ref=tftc.io)

via [TFTC](https://x.com/TFTC21/status/1970943293342310649?ref=tftc.io)

Luckily for us, this hasn't happened in the United States and hopefully it never does. Though, the push for a Real ID for travel and the Treasury Department and FinCen pushing to expand the Patriot Act to include digital assets is a bit worrisome and prerequisites to a full on digital ID system. It will be important to stay vigilant and make sure things don't continue moving toward an even more burdensome surveillance state. Unfortunately for our friends across the pond in the United Kingdom, the era of digital IDs seems to be upon them.

Earlier today, it was announced by the British Prime Minister, Keir Starmer, that a digital ID system will be made law and it will be mandatory for every British adult to acquire one so that the British government can... "stop the boats" by using the IDs to "stop illegals from working". Not even trying to hide it. This couldn't be more painfully ironic if they tried because Starmer is the leader of the Labour party, which is responsible for the lax immigration policy that has been instituted in the UK for well over a decade. A classic move out of the problem-reaction-solution playbook that maniacal and despotic governments like to use on populaces they'd like to control. Create a massive problem by flooding a small island in the Atlantic with millions of immigrants, give them free benefits and let them run wild, put so much stress on social programs and the economy overall that people get pushed to the point where they hit the streets and begin to try to take matters into their own hands, begin passing speech laws that throw people in cages for questioning the government's policies and highlighting its effects, and then BOOM.

"We can't have you doing that, mate. After years of ignoring the problem we now recognize that it exists. To solve it we're going to need you to look into this orb so that we can tie your iris to your national insurance number. You'll need to use it with everything you do from shopping to creating an account on social media platforms. Don't worry. It's for your safety and the strength of the British economy."

Real shame, innit?

This is not a good day for the British, or humanity at large. The Five Eyes have a very tight bond and it isn't hard to imagine that the other four (the US, Canada, Australia and New Zealand) are pressured to join the party so that their intelligence sharing is more streamlined. The UK could be the test bed.

Be aware, freaks.

* * *

### Bitcoin Is Creating a "Soft Landing" Through Market Forces

I brought up an interesting parallel during my conversation with Walton - the Biden administration and Fed talked endlessly about engineering a "soft landing" for the economy after COVID stimulus. But Jeff Walton sees something more profound happening: the free market is actually creating its own soft landing by replacing weak collateral with Bitcoin. Rather than relying on top-down monetary policy, companies are voluntarily recapitalizing the financial system with superior assets.

> "If Chevron had spent 25% of their $70 billion buyback on Bitcoin, the value today would be worth more than their market cap."- [Jeff Walton](https://x.com/PunterJeff?ref=tftc.io)

Jeff expanded on this, explaining how Bitcoin-backed instruments provide real stability and yield without depending on uncertain future cash flows. This bottom-up transformation represents true market innovation - not government intervention, but entrepreneurs building better financial infrastructure. The soft landing isn't coming from the Fed; it's coming from Bitcoin treasury companies creating superior products that naturally attract capital.

Check out the [full podcast here](https://youtu.be/EAjpgYWZ2zk?ref=tftc.io) for more on S&P 500 inclusion debates, perpetual preferred mechanics and global risk repricing.

* * *

### Headlines of the Day

[China Ties Kids' School Access to Digital ID](https://x.com/TFTC21/status/1971238356236611881?ref=tftc.io)

[UK Plans Mandatory Digital ID for Adults](https://x.com/TFTC21/status/1971235726307230192?ref=tftc.io)

[Dutch Government Considers Bitcoin Reserve](https://x.com/BitcoinMagazine/status/1971223682874999034?ref=tftc.io)

[US Revises Q2 GDP Growth to 3.8 Percent](https://x.com/WatcherGuru/status/1971201536551428338?ref=tftc.io)

* * *

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

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

[![UK To Mandate Digital IDs For Adults](https://www.tftc.io/content/images/2025/08/newsletter-1.jpg)](https://obscura.net/?ref=tftc.io)

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

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

**Exclusive Deal for TFTC Listeners:**
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Now available on **macOS, iOS, and WireGuard**, with more platforms coming soon — so your privacy travels with you wherever you go.

* * *

### Bitcoiners: Don’t let nefarious actors steal your sats.

SLNT's patented Faraday backpacks, sleeves, and dry bags secure your hardware wallet or electronics against hackers and solar flares.

Block WiFi, GPS, RFID, and EMPs with our MIL-STD compliant tech. Made in the USA, trusted by 8 military contracts. Protect your wealth, stay untraceable.

Add Faraday protection to your stack here: [https://slnt.com/tftc](https://slnt.com/pages/tftc?ref=tftc.io) & use code _TFTC for 15% off_

[![UK To Mandate Digital IDs For Adults](https://www.tftc.io/content/images/2025/09/Reclaim-your-privacy.png)](https://slnt.com/pages/tftc?ref=tftc.io)

[Use Code: TFTC](https://slnt.com/pages/tftc?ref=tftc.io)

* * *

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

* * *

**Final thought...**

I've fallen down a comedy commentary rabbit hole that has made me very introspective of what we're doing here at TFTC.

* * *

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

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

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[![UK To Mandate Digital IDs For Adults](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![UK To Mandate Digital IDs For Adults](https://www.tftc.io/content/


Thanks for this!


f8eeb/ehX0ZJqFhV6gsfC5Z3MPoTZRp3FK8Wp8CmhFDAlsUzLSnD/HibVMF2pAaM2/fGENRQRe4kTahYgTdhkg==?iv=+nfnicspIbAshrWeNpOQ9g==


Alive and kicking


U3WLOn18dc3LJvh6g9W3+H26OYyUeUxgnd9bMpOOjPE/BEVrOxuPnKTGuoHymfnY2DPeEgY8X/WB+6v85WxFgQ==?iv=hfPkabKWE7E5WYHbaAGb+Q==


This is the way!


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nVGbDjQWjuXbSkYGC7W8bw==?iv=jlGOkqIiQzO9uNhPxOFplg==


why did the market crash on Friday? why has it started to rebound since?

what are the US and China fighting about? why is Trump really doing what he’s doing?

what happens to markets as AI continues to disrupt?

what was it like behind the scenes of a leading global Bitcoin brokerage during a $20,000 market crash on a Friday night?

today is gonna be so much fun. going live in 15 minutes

https://www.youtube.com/live/AJjfEL773Fg?si=dkrAEV4WqkcbrVbP


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tags: Chain data shows that binance bitcoin wallets are near all time highs with roughly 700k bitcoin currently valued at $18.2 Billion USD.

content:
![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/ev.webp)

Influencers would have you believe there is an ongoing binance bank run but bitcoin wallet data says otherwise.

\- binance wallets are near all time highs
\- bitfinex wallets are also trending up
\- gemini and coinbase are being hit with massive withdrawals though

**You should not trust custodians, they can rug you without warning.** It is incredibly important you learn how to hold bitcoin yourself, but also consider not blindly trusting influencers with a ref link to shill you.

![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/telegram-cloud-photo-size-1-5130069278517734406-y-10.jpg)

![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/telegram-cloud-photo-size-1-5130069278517734407-y.jpg)

![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/telegram-cloud-photo-size-1-5130069278517734408-y.jpg)

![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/telegram-cloud-photo-size-1-5127877758570048404-y.jpg)

* * *

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

![Is there a bank run on Binance?](https://werunbtc.com/donate.png)


I think the confusion began when you said "pre haircut" when it may have been better to say "pre transplant" or "pre wig" 😳


bUBGp6X7YQiDHaaNBtkKG9XWSmTt0UxS/67umgjNSMPc1qBIAHjIQcyxBLjHooV4hhrSOIjWJqO4eycpKaPK/A==?iv=N9UJJVLjvqazEcdFZi5x5A==


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tags: PacWest is the first of many small regional banks that will go under this year. Most will get bought by the big four in gov orchestrated sales. This has been the playbook since 2008.

content:
> ![Bank Consolidation Then CBDC](https://www.discreetlog.com/content/images/2023/05/banks-1.jpg)
>
> Bank run on every crypto bank then bank run on every "real" bank.
>
> — ODELL (@ODELL) [December 14, 2022](https://twitter.com/ODELL/status/1602838429447999491?ref_src=twsrc%5Etfw&ref=discreetlog.com)

Good morning.

It looks like PacWest will fail today. It will be both the fifth largest bank failure in US history and the sixth major bank to fail this year. It will likely get purchased by one of the big four banks in a government orchestrated sale.

**March 8th - Silvergate Bank
March 10th - Silicon Valley Bank
March 12th - Signature Bank
March 19th - Credit Suisse
May 1st - First Republic Bank
May 4th - PacWest Bank?**

PacWest is the first of many small regional banks that [will go under](https://www.discreetlog.com/banking-crisis/) this year. Most will get bought by the big four in gov orchestrated sales. This has been the playbook since 2008. Follow the incentives. Massive consolidation across the banking industry. PacWest gonna be a drop in the bucket compared to what comes next.

First, a hastened government led bank consolidation, then a public/private partnership with the remaining large banks to launch a surveilled and controlled digital currency network. We will be told it is more convenient. We will be told it is safer. We will be told it will prevent future bank runs. All of that is marketing bullshit. **The goal is greater control of money. The ability to choose how we spend it and how we save it. If you control the money - you control the people that use it.**

* * *

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

![Bank Consolidation Then CBDC](https://werunbtc.com/donate.png)


> ![Money Without Trust](https://www.discreetlog.com/content/images/2023/03/rdogs.webp)
>
> Bank run on every crypto bank then bank run on every "real" bank.
>
> — ODELL (@ODELL) [December 14, 2022](https://twitter.com/ODELL/status/1602838429447999491?ref_src=twsrc%5Etfw&ref=discreetlog.com)

The four main banks of bitcoin and “crypto” are Signature, Prime Trust, Silvergate, and Silicon Valley Bank. Prime Trust does not custody funds themselves but rather maintains deposit accounts at BMO Harris Bank, Cross River, Lexicon Bank, MVB Bank, and Signature Bank. Silvergate and Silicon Valley Bank have already stopped withdrawals. **More banks will go down before the chaos stops. None of them have sufficient reserves to meet withdrawals.**

Bitcoin gives us all the ability to opt out of a system that has massive layers of counterparty risk built in, years of cheap money and broken incentives have layered risk on top of risk throughout the entire global economy. If you thought the FTX bank run was painful to watch, I have bad news for you: every major bank in the world is fractional reserve. **Bitcoin held in self custody is unique in its lack of counterparty risk, as global market chaos unwinds this will become much more obvious.**

The rules of bitcoin are extremely hard to change by design. Anyone can access the network directly without a trusted third party by using their own node. Owning more bitcoin does not give you more control over the network with all participants on equal footing.

> _Bitcoin is:
> \- money that is not controlled by a company or government
> \- money that can be spent or saved without permission
> \- money that is provably scarce and should increase in purchasing power with adoption_

**Bitcoin is money without trust.** Whether you are a nation state, corporation, or an individual, you can use bitcoin to spend or save without permission. Social media will accelerate the already deteriorating trust in our institutions and as this trust continues to crumble the value of trust minimized money will become obvious. **As adoption increases so should the purchasing power of bitcoin.**

> _A quick note on "stablecoins," such as USDC - it is important to remember that they rely on trusted custodians. They have the same risk as funds held directly in bank accounts with additional counterparty risk on top. The trusted custodians can be pressured by gov, exit scam, or caught up in fraud. Funds can and will be frozen at will. **This is a distinctly different trust model than bitcoin, which is a native bearer token that does not rely on any centralized entity or custodian.**_

Most bitcoin exchanges have exposure to these failing banks. Expect more chaos and confusion as this all unwinds. Withdraw any bitcoin to your own wallet ASAP.

Simple Self Custody Guide: [https://werunbtc.com/muun](https://t.co/J61rFmeovE?ref=discreetlog.com)
More Secure Cold Storage Guide: [https://werunbtc.com/coldcard](https://t.co/LMTDzJ86Ec?ref=discreetlog.com)

* * *

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

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tags: Bitcoin Magazine JPMorgan Confirms Clients Will Trade Bitcoin and Crypto JPMorgan has re-confirmed it will allow clients to trade Bitcoin and other cryptocurrencies. While the bank will not immediately offer custody services, it is expanding its blockchain initiatives and exploring how crypto fits into its broader markets strategy. Scott Lucas, JPMorgan’s global head of markets digital assets, outlined the bank’s approach in a CNBC interview, emphasizing an “and” strategy that balances existing financial infrastructure with emerging blockchain opportunities. On trading crypto, Lucas said that, “Jamie [Dimon] was pretty clear during investor day that we were going to be involved in the trading of that, but custody is not on the table at the moment,” The bank has been experimenting with deposit tokens and stablecoins, tools that enable cash-like digital assets on distributed ledgers. “Naturally, we need custodians. So we’re exploring what the right custodians for us for the business footprint of,” Lucas said. Lucas highlighted JPMorgan’s deposit token, JPMD, which is currently a prototype in the U.S., as a platform for potential client services and cash management solutions. JUST IN: JPMorgan confirms on CNBC that they will allow clients to trade #Bitcoin and crypto but not yet launch custody services pic.twitter.com/N2oYWPwwhL — Bitcoin Magazine (@BitcoinMagazine) October 13, 2025 Stablecoins remain a focus as well, though Lucas noted that any future issuance would likely be led by the bank’s payments business, rather than its markets division. Instead, JPMorgan’s trading clients can use stablecoins to execute transactions and explore new financial workflows, reflecting the bank’s interest in bridging traditional markets with blockchain-based infrastructure. Lucas also acknowledged the growing role of public blockchains in capital markets, noting that while JPMorgan maintains proprietary internal platforms, it expects an increasing share of market activity to shift toward public networks. Earlier today, JPMorgan also announced a $1.5 trillion, decade-long “Security and Resiliency Initiative” to bolster key U.S. industries, including energy, manufacturing, and defense. The bank said it would invest up to $10 billion in equity and venture capital to support domestic companies driving innovation and strategic manufacturing. JPMorgan: Bitcoin is undervalued Earlier this month, JPMorgan research suggested Bitcoin may be undervalued compared to gold, with potential upside if the “debasement trade” continues. Analysts estimated Bitcoin could reach $165,000, about 450% above current levels, based on volatility-adjusted comparisons with gold. They noted that Bitcoin is increasingly attractive relative to gold as the bitcoin-to-gold volatility ratio falls below 2.0. Earlier this year, JPMorgan Chase also was said to consider a policy to lend directly against clients’ Bitcoin and crypto holdings, marking a potential first for the bank in accepting digital assets — not ETFs — as loan collateral. Earlier in 2025, JPMorgan allowed clients to use Bitcoin ETFs as collateral and began including crypto holdings in net worth evaluations alongside traditional assets. This post JPMorgan Confirms Clients Will Trade Bitcoin and Crypto first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

content:
[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/10/JPMorgan-Confirms-Clients-Will-Trade-Bitcoin-and-Crypto.jpg)
[JPMorgan Confirms Clients Will Trade Bitcoin and Crypto](https://bitcoinmagazine.com/business/jpmorgan-confirms-clients-will-trade-bitcoin-and-crypto)

JPMorgan has re-confirmed it will allow clients to trade Bitcoin and other cryptocurrencies.

While the bank will not immediately offer custody services, it is expanding its blockchain initiatives and exploring how crypto fits into its broader markets strategy.

Scott Lucas, JPMorgan’s global head of markets digital assets, [outlined](https://www.cnbc.com/video/2025/10/13/jpmorgan-on-stablecoins-and-crypto-custody.html) the bank’s approach in a CNBC interview, emphasizing an “and” strategy that balances existing financial infrastructure with emerging blockchain opportunities.

On trading crypto, Lucas said that, “Jamie \[Dimon\] was pretty clear during investor day that we were going to be involved in the trading of that, but custody is not on the table at the moment,”

The bank has been experimenting with deposit tokens and stablecoins, tools that enable cash-like digital assets on distributed ledgers.

“Naturally, we need custodians. So we’re exploring what the right custodians for us for the business footprint of,” Lucas said.

Lucas highlighted JPMorgan’s deposit token, [JPMD](https://www.jpmorgan.com/kinexys/content-hub/deposit-tokens), which is currently a prototype in the U.S., as a platform for potential client services and cash management solutions.

> JUST IN: JPMorgan confirms on CNBC that they will allow clients to trade [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw) and crypto but not yet launch custody services ![👀](https://s.w.org/images/core/emoji/16.0.1/72x72/1f440.png) [pic.twitter.com/N2oYWPwwhL](https://t.co/N2oYWPwwhL)
>
> — Bitcoin Magazine (@BitcoinMagazine) [October 13, 2025](https://twitter.com/BitcoinMagazine/status/1977774853781647731?ref_src=twsrc%5Etfw)

Stablecoins remain a focus as well, though Lucas noted that any future issuance would likely be led by the bank’s payments business, rather than its markets division.

Instead, JPMorgan’s trading clients can use stablecoins to execute transactions and explore new financial workflows, reflecting the bank’s interest in bridging traditional markets with blockchain-based infrastructure.

Lucas also acknowledged the growing role of public blockchains in capital markets, noting that while JPMorgan maintains proprietary internal platforms, it expects an increasing share of market activity to shift toward public networks.

Earlier today, JPMorgan also [announced](https://www.gurufocus.com/news/3140843/jpmorgan-chase-unveils-10-billion-investment-plan-to-boost-strategic-us-industries) a $1.5 trillion, decade-long “Security and Resiliency Initiative” to bolster key U.S. industries, including energy, manufacturing, and defense.

The bank [said](https://www.reuters.com/business/finance/jpmorgan-unveils-15-trillion-plan-boost-investments-us-strategic-industries-2025-10-13/) it would invest up to $10 billion in equity and venture capital to support domestic companies driving innovation and strategic manufacturing.

JPMorgan: Bitcoin is undervalued
--------------------------------

Earlier this month, JPMorgan research [suggested](https://bitcoinmagazine.com/markets/jpmorgan-says-bitcoin-price-undervalued) Bitcoin may be undervalued compared to gold, with potential upside if the “debasement trade” continues. Analysts estimated Bitcoin could reach $165,000, about 450% above current levels, based on volatility-adjusted comparisons with gold.

They noted that Bitcoin is increasingly attractive relative to gold as the bitcoin-to-gold volatility ratio falls below 2.0.

Earlier this year, JPMorgan Chase [also was said to consider](https://bitcoinmagazine.com/news/jpmorgan-considers-bitcoin%E2%80%91secured-lending) a policy to lend directly against clients’ Bitcoin and crypto holdings, marking a potential first for the bank in accepting digital assets — not ETFs — as loan collateral.

Earlier in 2025, JPMorgan allowed clients to use Bitcoin ETFs as collateral and began including crypto holdings in net worth evaluations alongside traditional assets.

This post [JPMorgan Confirms Clients Will Trade Bitcoin and Crypto](https://bitcoinmagazine.com/business/jpmorgan-confirms-clients-will-trade-bitcoin-and-crypto) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [Micah Zimmerman](https://bitcoinmagazine.com/authors/micahzimmerman).