The bitcoin price steadied a bit today after an early slide to $86,000 over the weekend, as traders weighed Federal Reserve risk, heavy recent liquidations, and growing technical pressure.
The largest cryptocurrency was up about 1% at $87,850 by midafternoon, after falling as low as $86,000.13 earlier in the session. Price action remained volatile, with market participants cautious about sharp reversals following a weekend selloff.
Attention is now centered on the Federal Reserve’s policy decision due Wednesday. The central bank is widely expected to keep interest rates in the 3.50%–3.75% range, but the meeting has drawn unusual scrutiny amid debate over the Fed’s independence.
Recently, President Trump’s administration escalated its fight with Federal Reserve Chair Jerome Powell by starting a rare criminal-investigation threat tied to Powell’s oversight of a big Fed renovation project.
At the same time, Trump is pushing to reshape the central bank leadership as Powell’s term ends this spring, drawing legal pushback (including a Supreme Court case over Trump’s attempt to remove a Fed governor) and sparking a broader debate over the Fed’s independence from politics.
Crypto markets continue to absorb the impact of continued selloffs, which was exacerbated by forced liquidations across leveraged positions.
U.S.-listed spot bitcoin exchange-traded funds remained a source of pressure. Spot bitcoin ETFs recorded $1.33 billion in net outflows in the week ending Jan. 23, marking the largest weekly outflow in nearly a year.
The redemptions have contributed to selling pressure amid already fragile market conditions.
Corporate bitcoin accumulation persisted but failed to stabilize sentiment. Strategy., the software company that has shifted toward a leveraged bitcoin acquisition strategy, disclosed in a recent SEC filing that it purchased 2,932 bitcoin between Jan. 20 and Jan. 25 for approximately $264.1 million, paying an average of $90,061 per coin.
The firm now holds 712,647 bitcoin, with the latest purchases financed primarily through its at-the-market equity offering program. These purchases did little to change the bitcoin price.
The company’s aggregate purchase price for its holdings stands at approximately $54.2 billion, including fees and expenses, translating to an average acquisition bitcoin price of $76,037.
Bitcoin price analysis
According to Bitcoin Magazineanalysts, the bitcoin price posted a sharp bearish reversal last week, closing the week near $86,588 after failing to hold momentum following a test of $98,000 resistance. The move marked a decisive loss of the $87,000 support level and shifted near-term market control back to sellers.
The $84,000 level is now critical. A sustained daily close below that support could accelerate downside pressure toward the $72,000–$68,000 zone, with a deeper retracement toward $58,000 possible if selling intensifies.
Bulls are expected to defend $84,000 aggressively to avoid a broader breakdown.
On the upside, buyers must first reclaim $88,000 to stabilize price action. Additional resistance sits at $91,400 and $94,000, while $98,000 remains a major ceiling. A move above that level is considered unlikely in the near term, though a breakout could open a path toward $103,500.
Technical indicators reinforce the bearish outlook. Bitcoin price closed below the 100-week simple moving average, the MACD remains in bearish territory, and the relative strength index has turned lower again.
This coming week is pivotal, with broader market earnings potentially influencing sentiment, though correlations with equities remain uncertain.
At the time of writing, the Bitcoin Fear and Greed Index is currently at 20 out of 100, signaling extreme fear among market participants. Historically, periods of extreme fear have coincided with heightened uncertainty and, at times, potential buying opportunities as prices trade below perceived value.
The bitcoin price is currently $87,698. It is currently -1% from its 7-day all-time high of $88,635, and 2% from its 7-day all-time low of $86,126.
Gold advocate and longtime Bitcoin critic Peter Schiff renewed his attacks on Bitcoin during a recent interview with Tucker Carlson, arguing that the cryptocurrency industry is seeking government regulation and a government bailout not to restrain itself, but to gain legitimacy in the eyes of the public.
Schiff said that calls for regulatory “clarity” in crypto amount to an attempt to secure government endorsement. According to Schiff, regulation would allow Bitcoin proponents to claim official approval, encouraging new investors to enter the market under the belief that the asset has been validated by the state.
“The government now endorses it. The government is supporting it,” he said, adding that political support for Bitcoin has been driven by financial incentives rather than monetary fundamentals.
Schiff alleged that early Bitcoin holders who profited from later inflows of capital used their gains to influence politicians, including President Donald Trump, to publicly support the asset.
He pointed to proposals for a U.S. Bitcoin strategic reserve as an example, characterizing them as a potential “Bitcoin bailout fund” that would use taxpayer money to support the market.
Schiff did not present evidence for claims that politicians were “paid off,” framing them instead as his interpretation of political incentives surrounding crypto policy.
Carlson pushed back by arguing that the declining purchasing power of the U.S. dollar and its use as a geopolitical tool suggest the need for a new global reserve asset. He asked why Bitcoin or stablecoins like Tether could not fill that role.
In response, Schiff reiterated his long-held distinction between money and currency, arguing that gold is money while fiat currencies and Bitcoin are substitutes that depend on confidence rather than intrinsic value. He said Bitcoin’s value rests on speculation that it can be sold later for more dollars, rather than on its usefulness as a stable store of value.
“Most people who are buying Bitcoin are buying it to get more dollars,” Schiff said. “If they wanted a safe store of value, they’d buy gold.”
Schiff: Bitcoin is a fad
Schiff argued that Bitcoin is unsuitable as a reserve asset for central banks, claiming its volatility would make it impossible to hold at scale without destabilizing markets. He said that while some sovereign wealth funds and governments have gained limited exposure to Bitcoin-related assets, such allocations are small and driven by performance pressure rather than conviction.
He predicted that institutional interest would fade and warned that recent buyers could face losses. Schiff noted that Bitcoin remains well below its peak when measured in gold terms, claiming it has declined roughly 40% relative to gold over the past four years.
Schiff also rejected overall comparisons between Bitcoin and gold, arguing that Bitcoin is a speculative asset rather than a form of sound money.
He likened bitcoin and crypto to past manias like tulips and ‘Beanie Babies,’ saying it lacks intrinsic value and would fall alongside stocks in a major financial crisis.
Rhode Island lawmakers have reintroduced a bill to establish a special legislative commission to study blockchain technology and crypto, showing some continuous pro-bitcoin momentum for the state to explore its role in the digital asset economy.
Senate Bill S 2198, introduced by Senators Lou DiPalma, Gu, Burke, Urso, Paolino, and Zurier, would create a five-member commission tasked with reviewing blockchain and cryptocurrency activity across the country, examining current Rhode Island laws, studying non-fungible tokens (NFTs), and consulting industry experts.
The commission would also provide legislative recommendations to foster a pro-business environment while ensuring appropriate consumer protections.
The commission’s composition includes the Rhode Island Secretary of Commerce as chair, the Director of the Department of Business Regulation, and three public members appointed to represent academia, financial institutions, and federal securities expertise.
The panel is expected to meet at least four times per year, with a final report due by January 5, 2028, and will operate publicly, posting its findings online.
The bill is not entirely new. It passed the Rhode Island Senate last year as S 0373 but stalled in the House (H 5810).
The Rhode Island Bitcoin Policy Institute posted the reintroduction of the law on social media, thanking Senator DiPalma for sponsoring the bill and noting that discussions with Deputy House Speaker Ray Hull have made them optimistic about passage this session.
With cryptocurrency adoption growing nationwide and states competing to attract blockchain businesses, Rhode Island’s effort reflects a broader push to balance innovation with oversight and establish itself as a hub for emerging financial technology.
JUST IN: Rhode Island introduces bill to create a legislative commission to study Bitcoin, crypto, and blockchain pic.twitter.com/hCA3OQFaPX
Earlier this month, Rhode Island lawmakers reintroduced a bill to temporarily exempt small-scale Bitcoin transactions from state income and capital gains taxes, continuing a push started last year to reduce tax friction for everyday Bitcoin use.
Senate Bill S2021, introduced by Senator Peter A. Appollonio and referred to the Senate Finance Committee, would exempt Bitcoin sales or exchanges up to $5,000 per month, with a $20,000 annual cap, for both residents and Rhode Island-based businesses.
The bill adds a new section to the state’s personal income tax code, defining Bitcoin as a “digital, decentralized currency based on blockchain technology.”
Taxpayers could self-certify eligibility on returns without reporting individual transactions, maintaining records only for potential audits.
The Department of Business Regulation would issue guidance on valuation and recordkeeping.
If passed, the exemption would take effect January 1, 2027, and sunset January 1, 2028, serving as a pilot program to treat Bitcoin more like everyday money rather than a speculative asset.
What a disastrous weekly close for Bitcoin, that about sums it up. After tapping $98,000 resistance the week prior, the bitcoin price just went straight down last week to close near the lows at $86,588. The bulls have been corralled back into their pens and will need a lot of help to break out once again. The bears will look to continue their momentum into this week to break down the $84,000 support level once and for all, and take the price down to the low $70,000 area. Bulls must defend $84,000 like never before to avoid a breakdown this week.
Key Support and Resistance Levels Now
The bears are back in town. $87,000 support has been lost, and $84,000 may not hold another test. If the bears can manage to get a daily close or two below $84,000, the price should accelerate down to the $72,000 to $68,000 support zone. We likely see a bounce from down there, but if it eventually gives wa,y we will look to the 0.618 Fibonacci retracement level at $58,000.
After grinding above several resistance levels recently, the bulls are back where they started. Bulls must reclaim $88,000 first and foremost. From there, they will look to get above $91,400, then $94,000 once again. $98,000 has proven itself as strong resistance above here. In the unlikely event the bulls can push above $98,000, it should be a slow go up to $103,500.
Outlook For This Week
This week is make-or-break for the bulls. Failure to defend $84,000 this week will likely send the price down to new lows. There is a large slate of big companies reporting earnings this week, so if the results are very strong, it could help buoy the bitcoin price to sustain major support levels. Although correlations to stocks have been weak lately, there are no guarantees that bitcoin will benefit from any upward market movement. Odds are in the bears’ favor for a breakdown this week.
Market mood: Bearish – The bulls showed some strength in the prior week for a slight advantage, but the bears took full control last week, driving the price right back down to the lows.
The next few weeks
The weekly chart was looking for a bounce recently, and it got one. The price action this past week, however, has put in a strong indication that this bounce may be over and new lows may be on the horizon as the price closed below the 100-week SMA. The MACD oscillator is firmly in bearish territory, and while it looked like it may see a bullish cross last week, the bears came out in force and prevented that bullish cross from taking place. The relative strength index has crossed back down below the 13 SMA and sits in a bearish posture once again.
Terminology Guide
Bulls/Bullish: Buyers or investors expecting the price to go higher.
Bears/Bearish: Sellers or investors expecting the price to go lower.
Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.
Resistance or resistance level: Opposite of support. The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.
SMA: Simple Moving Average. Average price based on closing prices over the specified period. In the case of RSI, it is the average strength index value over the specified period.
Oscillators: Technical indicators that vary over time, but typically remain within a band between set levels. Thus, they oscillate between a low level (typically representing oversold conditions) and a high level (typically representing overbought conditions). E.G., Relative Strength Index (RSI) and Moving Average Convergence-Divergence (MACD).
RSI Oscillator: TheRelative Strength Index is a momentum oscillator that moves between 0 and 100. It measures the speed of the price and changes in the speed of the price movements. When RSI is over 70, it is considered to be overbought. When RSI is below 30, it is considered to be oversold.
MACD Oscillator: Moving Average Convergence-Divergence is a momentum oscillator that subtracts the difference between 2 moving averages to indicate trend as well as momentum.
Fibonacci Retracements and Extensions: Ratios based on what is known as the golden ratio, a universal ratio pertaining to growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).
Colombia’s second-largest private pension and severance fund manager, AFP Protección, plans to launch an investment fund with exposure to Bitcoin.
The plan was confirmed by Juan David Correa, president of Protección SA, in an interview with local outlet Valora Analitik. Correa said access to the product will be limited and offered only through a personalized advisory process that evaluates each client’s risk profile.
Only investors who meet defined criteria will be able to allocate a portion of their portfolios to Bitcoin.
Correa framed the initiative around diversification rather than a change in core investment strategy.
“The most important element is diversification,” he said, adding that eligible clients will be able to assign a percentage of their portfolios to exposure to this type of asset if they choose.
Protección’s move follows a similar step by Skandia Administradora de Fondos de Pensiones y Cesantías, which introduced Bitcoin exposure in one of its portfolios in September. With this launch, Protección became the second major pension fund administrator in Colombia to offer clients access to Bitcoin-linked investments.
JUST IN: Colombia’s second-largest pension fund AFP Protección to offer Bitcoin exposure.
Bitcoin as an additional investment option for Colombia
The company said the new product does not alter how the majority of pension savings are managed. Fixed income instruments, equities and other traditional assets will continue to form the foundation of both mandatory and voluntary pension portfolios.
The Bitcoin-linked fund is positioned as an additional option for qualified investors seeking broader portfolio construction rather than a replacement for existing allocations.
Founded in 1991, AFP Protección manages more than 220 trillion Colombian pesos, or about $55 billion, in assets. The firm serves more than 8.5 million clients across mandatory pension plans, voluntary pension products and severance savings accounts.
The broader mandatory pension fund market in Colombia reached 527.3 trillion pesos as of November 2025, with close to half of those assets invested outside the country.
The announcement comes as Colombia tightens oversight of the digital asset sector. Earlier this month, the national tax authority, DIAN, introduced a mandatory reporting framework for crypto service providers. The rules require exchanges, custodians and intermediaries to collect and submit user and transaction data.
The framework aligns Colombia with the OECD’s Crypto-Asset Reporting Framework, enabling automatic exchange of crypto-related tax information with other jurisdictions.
Service providers must report identifying information and transaction details for reportable users and comply with due diligence and valuation standards or face penalties, per local reports.
Bitvocation’s 2025 Bitcoin jobs report has just been released, and it shows continuing growth for the industry, as non-developer roles gain steam and Bitcoin-only companies grow 5% to become 47% of the broader crypto job market.
Bitvocation is a jobs board and resources platform for the Bitcoin job market. They offer a highly curated feed of job offers, as well as career tips, specializing in network-driven hiring. They look to help Bitcoin startups as well as larger companies in the industry. According to a press release shared with Bitcoin Magazine, Bitvocation is not a recruitment agency. “We don’t headhunt. We are building a “strategic Bitcoiners reserve” to make hiring more efficient and help startups find the right talent faster.”
The 2025 jobs report shows a variety of interesting trends in the Bitcoin and broader crypto industry. Bitvocation counts a total of 1,801 jobs; 6% more than 2024’s 1,707 jobs report findings. Bitcoin-only companies grew 5% from 2024, vs 53% of Bitcoin-adjacent jobs. They sort Bitcoin-only vs Bitcoin-adjacent companies based on the following criteria:
Bitcoin-only products – Core offerings are exclusively focused on Bitcoin, not competing cryptocurrencies.
Publicly stated commitment – The company explicitly identifies as Bitcoin-only or Bitcoin-first in its mission or communications.
Ecosystem contribution – Active involvement in Bitcoin development, open-source projects, or the Bitcoin community.
Most surprisingly, non-developer jobs grew 74%! Making a strong statement, you don’t need to be a developer to work in Bitcoin. Media, design, marketing, education, and operations dominate job openings among Bitcoin-only companies. 663 of the 1801 jobs are for mid-seniority positions, though jobs span the full range of seniority, providing opportunities to a wide range of applicants.
When it comes to location, the United States remains the undisputed center of the industry, though every continent offers opportunities, with Singapore seeing growth of 158% from the previous year, taking second place globally.
Remote jobs shrunk slightly, losing 10% to 2024 numbers. Nevertheless, almost half of all jobs in the report are remote jobs with Bitcoin-only companies offering 56% of all remote opportunities.
The hardest roles to fill, according to a survey conducted by Bitvocation, are two-fold. Highly specialized technical positions, such as Bitcoin Core, Lightning, and security-related engineers, are difficult to hire for. Non-technical roles that require translating Bitcoin’s values into product, growth, operations, or communication are also presenting a challenge to employers.
The survey also shows employers are looking for candidates with “Bitcoin conviction” as much as technical skills, and most of all “agency”. Strong communication, ownership mindset, and “the ability to operate in small, fast-moving teams” mattered as much as technical skill, according to the report. AI literacy is increasingly expected, but rarely sufficient on its own.
Across the board, employers emphasized culture fit, such as “Bitcoin alignment” and “proof-of-work”, which generally means portfolios of projects or general contributions to the industry are more important than traditional credentials alone.
Job seekers, on the other hand, reported often feeling ghosted – the solution, according to Bitvocation, is to “relentlessly build your network and create opportunities through relationships, rather than job boards”.
Interest in Bitcoin jobs nevertheless remains strong. Bitvocation registered “100% growth in subscribers,” looking for Bitcoin jobs, and over 800,000 views in the Telegram feed, according to the report.
All of the bitcoin held by the U.S. government has come under scrutiny after allegations surfaced that tens of millions of dollars in seized crypto were stolen through insider access at a federal custody contractor.
Blockchain investigator ZachXBT alleged over the weekend that more than $40 million in digital assets was siphoned from wallets linked to the U.S. Marshals Service (USMS), reportedly by the son of an executive at a firm contracted to manage seized crypto.
The alleged theft centers on Command Services & Support (CMDSS), a Virginia-based technology firm awarded a USMS contract in October 2024 to manage and dispose of certain categories of seized digital assets.
Those assets include crypto not supported by major exchanges and tied to high-profile criminal cases, including funds seized from the 2016 Bitfinex hack.
According to ZachXBT, an individual identified online as “Lick,” whom he claims is John Daghita, gained access to government-controlled wallets through insider channels. ZachXBT has further alleged that Daghita is the son of Dean Daghita, CMDSS’s president and chief executive.
The investigation began after a recorded dispute in a private Telegram chat surfaced online. During the exchange, the individual screen-shared a wallet showing millions of dollars in crypto and appeared to move funds in real time.
On-chain analysis later linked those wallets to addresses known to hold government-seized assets.
A conflict of interest involving U.S. bitcoin
One transaction trail cited by ZachXBT points to a government address that received roughly $24.9 million in bitcoin tied to Bitfinex-related seizures earlier in 2024.
Additional blockchain data suggests that around $20 million was removed from USMS-linked wallets in October 2024. Most of those funds were returned within a day, though about $700,000 routed through instant exchanges was not recovered.
ZachXBT estimates that total suspected thefts could exceed $90 million when accounting for other wallet activity observed in late 2025. Some of the funds remain in compromised wallets, raising concerns that further losses could occur.
Neither the U.S. Marshals Service nor CMDSS has issued a public statement addressing the allegations.
Rightfully so, the investigation has renewed criticism on how the U.S. government manages its growing stockpile of seized crypto — especially its bitcoin.
David Bailey, CEO of bitcoin-focused firm Nakamoto, posted on X after the report, “The son of the CEO of the company hired by the US Marshalls to safeguard the nation’s Bitcoin, stole $40m from it and now appears to be running. Treasury must secure the private keys from the Justice Department ASAP before more is stolen.”
The U.S. government holds a massive amount of Bitcoin seized through law enforcement actions, with some blockchain analytics estimating roughly 198,000 BTC under federal control with others projecting more than 300,000 BTC, worth tens of billions of dollars.
If insiders can allegedly move millions from custodial wallets with minimal detection, it suggests current custody practices may leave portions of the government’s Bitcoin reserves exposed.
Previous reports have found that the Marshals Service relied on manual tracking systems and struggled to provide precise estimates of its crypto holdings. CMDSS’s contract award also faced a protest in 2024 from a competing firm, which raised concerns about licensing and potential conflicts of interest.
JUST IN: David Bailey says, “The son of the CEO of the company hired by the US Marshalls to safeguard the nation’s Bitcoin, stole $40m from it”
Did the United States sell bitcoin destined for the Strategic Bitcoin Reserve?
Earlier this year, journalist Frank Corva published an investigation exploring the fact that prosecutors in the Southern District of New York and the U.S. Marshals Service may have sold bitcoin forfeited in the Samourai Wallet case, potentially in violation of President Trump’s Executive Order 14233, which dictates seized bitcoin be held in the U.S. Strategic Bitcoin Reserve rather than liquidated.
There was on-chain evidence showing 57.55 BTC tied to the Samourai plea agreement moving through a Coinbase Prime address and later showing a zero balance, raising questions about whether the assets were improperly disposed of.
Shortly afterward, U.S. officials denied that any sale took place, affirming that the Samourai Wallet bitcoin will remain on the government’s balance sheet as part of the Strategic Bitcoin Reserve under the executive order.
U.S. officials failed to show blockchain evidence but the reports and overall sentiment relay controversy over how the U.S. handles seized bitcoin. The allegations from ZachXBT further push this sentiment.
Loud. Friendly. Huggy. The Bitcoin Bro is your hype man for hyperbitcoinization. He doesn’t know what “joules per terahash” means, but he does know where the nearest bar is and will yell “Buy the dip!” during your panel Q&A.
They party hard, orange-pill harder, and are basically Bitcoin’s version of a frat brother with a bull market permanently tattooed on his soul.
Slicker than a freshly backed-up seed phrase, this guy’s teeth are whiter than your Lightning wallet. He rented a Lambo for the afternoon and drops your first name way too often – like he’s trying to sell you a fractional NFT of a parking garage.
He doesn’t care about decentralization. He cares about gains. And tailoring. Always with the tailoring.
The apocalypse isn’t a threat – it’s a plan. This person hasn’t touched fiat since 2018 and bathes exclusively in non-KYC sats. They’ve learned to make soap, catch fish, and explain monetary collapse in a calm, reassuring tone.
Lives in a van. Pays for tacos with Lightning. Might be hiding from the IRS (but only spiritually). They believe Bitcoin is peace, man. And also chaos. And also freedom.
Will fix your flat tire in exchange for a hammock spot and a cold yerba mate.
The unsung hero of Bitcoin. Speaks exclusively in thermodynamic math and obscure hardware specs. Makes ASIC firmware upgrades look like wizardry, but cannot explain their job to their mom without causing emotional distress.
Knows the exact BTU-to-wattage ratio of their off-grid setup. Does not know what “small talk” is.
Don’t understand them? That’s okay. Take the “Which Bitcoin 2026 Persona Are You?” Quiz anyway — they’re building the future while you click answers.
Yes, plural. Yes, anonymous.
They don’t want to talk to you. They don’t want to be on your podcast. They don’t even want you to know they’re here. Ask when something will be done and you’ll receive the sacred prophecy: “Two weeks.”
Shadowy super-coders, quietly pushing upgrades that will redefine monetary history – while actively avoiding eye contact.
Armed with a gimbal and a dream. Their camera roll is 80% memes, 20% selfies with CEOs. Some are spreading the signal. Some are chasing clout. All are uploading something right now.
Will say “Let’s run it back!” at least 17 times per day.
Identifiable by the gravity-defying stack of laminated badges swinging from his neck like a wearable timeline. He doesn’t say much – the passes do the talking.
He’s not here to attend panels. He’s here to assert conference dominance.
Branded polo. Branded backpack. Branded soul. You don’t remember agreeing to this conversation, but you’re holding his business card now.
Moves in packs. Wears the lanyard like a badge of honor. Will be back at the booth exactly 15 minutes after lunch.Doesn’t talk about Bitcoin. Is Bitcoin.
Old-school finance types who smelled smoke on Wall Street and walked toward the orange glow. Calm. Calculated. Dollar-cost-averaging into the sunset.
They don’t shill. They don’t yell. They just nod knowingly.
Same data. Two conclusions. Infinite confidence.
They believe balance sheets are destiny – or disaster. One thinks corporate Bitcoin accumulation is inevitable, elegant, and inevitable again. The other thinks leverage is a ticking time bomb wrapped in a TradFi costume.
Both have read the filings. Both have spreadsheets. Both will reference Michael Saylor – either as a visionary or as a cautionary tale – and neither will back down.
Sleeps three to a room and burned half their runway to get to the conference. They’re pitching a Lightning wallet-slash-social network-slash-AI-powered-something and just need one person to believe.
Absolute legends. They’ve stood beside their Bitcoin-obsessed partner for three straight days, nodding politely through debates about mining fees and custody models.
They are the backbone of the conference. The true MVPs. Quietly Googling spa availability.
Not who you expect. No megaphones. No flexing. Just quiet confidence and a phone that never leaves their hand.
Some got lucky. Some built empires. All will ignore your pitch deck.
Yes, they exist. Yes, they know more than you. And yes, they are already five steps ahead of your “Have you heard of Bitcoin?” opener.
Bonus: They will almost certainly explain immersion cooling better than you.
One Event. Endless Energy. Absolute Chaos.
Bitcoin 2026 isn’t just a conference – it’s a decentralized carnival of code, conviction, and characters. Whether you’re here to build, learn, argue, chill, or meme, there’s a place for you.
This article was inspired by the video “The People of Bitcoin 2022 Miami Conference” by SPACE DESIGN WAREHOUSE. We acknowledge and appreciate the original creative concept, which served as a foundation for this updated and expanded interpretation for Bitcoin 2025. We encourage readers to view the original video and support the creator on YouTube.
Bitcoin proxy Strategy announced Monday that it acquired an additional 2,932 bitcoin for approximately $264 million between Jan. 20 and Jan. 25, according to a filing with the U.S. Securities and Exchange Commission.
The purchases were executed at an average price of $90,061 per coin, lifting the company’s total bitcoin holdings to 712,647 BTC.
At current market prices, Strategy’s bitcoin treasury is valued at roughly $62.5 billion, reinforcing its position as the world’s largest publicly traded corporate holder of the asset.
The company’s aggregate purchase price for its holdings stands at approximately $54.2 billion, including fees and expenses, translating to an average acquisition price of $76,037 per bitcoin.
The latest purchases were funded through proceeds generated under Strategy’s at-the-market (ATM) offering program. According to the filing, the firm sold 1,569,770 shares of its Class A common stock, MSTR, for approximately $257 million in net proceeds during the five-day period.
It also sold 70,201 shares of its perpetual preferred stock, STRC, raising an additional $7 million, bringing total ATM proceeds to roughly $264 million.
As of Jan. 25, Strategy said it still has substantial capacity remaining across its ATM programs, including approximately $8.17 billion available for future issuance under its common stock offering. The company also maintains multiple preferred stock programs, including STRK, STRF, STRC and STRD, which collectively represent tens of billions of dollars in potential future capital raises.
With more than 712,000 BTC now on its balance sheet, Strategy controls roughly 3.4% of bitcoin’s fixed 21 million supply.
At current prices, the company is sitting on an estimated $8.3 billion in unrealized gains.
Strategy’s MSCI inclusion
Earlier this month, Strategy was relieved of some selling pressure when MSCI concluded its review of digital asset treasury companies and decided not to exclude them from its major global equity indexes.
The index provider said bitcoin-heavy firms will remain eligible under existing rules while it conducts further research on how to distinguish operating companies from investment-like entities.
The decision eased months of market anxiety after MSCI had proposed reclassifying companies with more than 50% of assets in digital assets as fund-like and therefore ineligible for inclusion.
Companies like Strategy, along with industry groups, pushed back strongly, warning that exclusions could trigger billions of dollars in forced passive selling.
At the time of writing, Bitcoin is trading near $89,000.
Oklahoma lawmakers introduced legislation this week that would allow state employees, vendors, private businesses, and residents to negotiate and receive payments in bitcoin.
Senate Bill 2064, introduced by Senator Dusty Deevers during the 2026 legislative session, establishes a legal framework for the use of bitcoin as a medium of exchange and compensation without designating it as legal tender.
The bill explicitly states that it does not conflict with the U.S. Constitution’s prohibition on states coining money or declaring legal tender other than gold and silver, instead recognizing bitcoin as a financial instrument operating within existing legal frameworks.
If enacted, the bill would permit Oklahoma state employees to elect to receive salaries or wages in bitcoin, either based on the asset’s market value at the start of a pay period or at the time of payment.
Employees would be allowed to revise their payment preference at the beginning of each pay period and could choose to receive compensation in bitcoin, U.S. dollars, or a combination of both.
Payments would be deposited either into a self-hosted wallet controlled by the employee or into a third-party custodial account designated by the employee.
The legislation would also allow vendors contracting with the state to opt into receiving payment in bitcoin on a per-transaction basis. The bitcoin value of those payments would be determined by the market price at the time of the transaction unless otherwise agreed upon in writing.
Beyond state payroll and procurement, the bill broadly authorizes private businesses and individuals in Oklahoma to negotiate and receive payments in bitcoin, reinforcing its use as a voluntary medium of exchange across the state economy.
JUST IN: Oklahoma introduces bill to allow state employees, businesses, and individuals to accept Bitcoin payments pic.twitter.com/2HjQr4PVLM
SB 2064 includes provisions aimed at reducing regulatory friction for bitcoin-native businesses. Firms that deal exclusively in digital assets and do not exchange them for U.S. dollars would be exempt from Oklahoma’s money transmitter licensing requirements, according to legislation text.
The bill directs the Oklahoma State Treasurer to issue a request for proposals for a digital asset firm to process bitcoin payments for state employees and vendors.
In selecting a provider, the Treasurer must consider factors including fees, transaction speed, cybersecurity practices, custody options, and any relevant state licenses. The Treasurer would be required to finalize a contract with a provider by January 1, 2027, and is authorized to promulgate rules to implement the program.
Back in January 2025, Oklahoma State Senator Dusty Deevers introduced a similar initiative called the Bitcoin Freedom Act (SB 325). It was a bill designed to let employees, vendors, and businesses voluntarily receive and make payments in Bitcoin while creating a legal framework for its use in the state’s economy.
Oklahoma’s bitcoin adoption echoes other U.S. states
This move follows other states like New Hampshire and Texas in exploring ways to integrate Bitcoin into public finance.
New Hampshire passed the nation’s first Strategic Bitcoin Reserve law, allowing the state to hold up to 5% of its funds in high-market-cap digital assets and even approve a bitcoin-backed municipal bond.
Texas, meanwhile, has paired legislation with action, creating a Strategic Bitcoin Reserve and making the first U.S. state Bitcoin ETF purchase of around $5 million, framing it as both a hedge against economic volatility and a step toward modernizing state finances.
If passed, SB 2064 would take effect on November 1, 2026, positioning Oklahoma among a small but growing number of U.S. states exploring direct integration of bitcoin into government payment systems.
The Oklahoma Tax Commission would also be required to issue guidance on the tax treatment of digital assets received as payment by January 1, 2027, addressing an area that has often created uncertainty for employees and employers alike.
UBS Group AG is preparing to offer bitcoin trading to a select group of private banking clients in Switzerland.
According to a Bloomberg report citing people familiar with the matter, the Swiss banking giant has been in discussions for several months about launching a cryptocurrency trading offering and is currently in the process of selecting external partners.
The service would initially be limited to a small subset of Swiss private banking clients, with a broader rollout possible at a later stage.
UBS has not made a final decision on implementation, the people said, and the plans remain subject to regulatory, operational, and risk considerations.
Rather than building a full digital asset stack in-house, the banks is reportedly evaluating partnerships with third-party providers that could handle trading execution, custody, and compliance.
A partner-led model would allow the bank to offer crypto exposure while limiting balance sheet risk and operational complexity.
Such an approach mirrors strategies adopted by other major financial institutions entering the digital asset space, particularly those seeking to comply with stringent capital requirements under the Basel III framework.
Under the proposed structure, the company would initially allow eligible clients to buy and sell bitcoin (BTC) and ethereum (ETH), the two largest digital assets by market capitalization.
Additional assets have not been discussed.
Possible UBS expansion beyond Switzerland
While the initial rollout would focus on Switzerland, Bloomberg reported that UBS is considering expanding the service to other regions, including Asia-Pacific and the United States, depending on regulatory clarity and client demand.
UBS currently manages approximately $4.7 trillion in wealth assets as of September 30, making it the largest wealth manager globally, according to Bloomberg. Even a limited crypto offering could represent a meaningful step toward broader institutional adoption of bitcoin within traditional private banking.
The bank has historically maintained a cautious stance on cryptocurrencies.
In November 2023, UBS allowed wealthy clients in Hong Kong to trade cryptocurrency-linked exchange-traded funds, joining competitors such as HSBC, but stopped short of offering direct spot crypto trading.
A UBS spokesperson declined to comment on the specifics of the Bloomberg report but confirmed that the bank continues to explore digital asset initiatives.
“As part of UBS’s digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends and robust risk controls,” the spokesperson said. “We recognize the importance of distributed ledger technology like blockchain, which underpins digital assets.”
Nasdaq has filed a rule change with the U.S. Securities and Exchange Commission seeking to remove position and exercise limits on options tied to spot Bitcoin exchange-traded funds, a move that would further integrate crypto-linked products into traditional derivatives markets.
The proposal, originally filed on Jan. 7 and made effective this week on the 21st, eliminates the current 25,000-contract cap on options linked to Bitcoin and Ethereum ETFs listed on Nasdaq.
Affected products include funds from BlackRock, Fidelity, Grayscale, Bitwise, ARK/21Shares and VanEck, according to the filing.
The SEC waived its standard 30-day waiting period, allowing the rule change to take effect immediately, while retaining the authority to suspend it within 60 days if further review is deemed necessary.
A public comment period is now open, with a final SEC determination expected by late February unless the rule is paused.
Nasdaq argued that lifting the limits would allow crypto ETF options to be treated “in the same manner as all other options that qualify for listing,” eliminating what it described as unequal treatment without undermining investor protections.
The exchange said the change would support market efficiency while maintaining safeguards against manipulation and excessive risk.
Options are derivative contracts that give traders the right, but not the obligation, to buy or sell an asset at a predetermined price before a set expiration date. Position and exercise limits are typically imposed to prevent concentrated positions that could amplify volatility or destabilize markets.
The filing builds on Nasdaq’s approval in late 2025 to list options on single-asset crypto ETFs as commodity-based trusts. While that decision allowed Bitcoin and Ethereum ETF options to trade on the exchange, existing position limits remained in place.
Nasdaq has steadily expanded its involvement in crypto markets in recent years.
Nasdaq’s bitcoin and digital asset push
In November, the exchange filed a separate proposal to raise position limits on options tied to BlackRock’s iShares Bitcoin Trust (IBIT) to as much as one million contracts, citing growing institutional demand and increased use of options for hedging strategies.
The exchange has also pushed into crypto indexing and tokenization. In January, Nasdaq and CME Group announced plans to unify their crypto benchmarks under the Nasdaq-CME Crypto Index, which tracks major digital assets including Bitcoin, Ether, XRP, Solana, Cardano and Avalanche.
If approved permanently, the latest rule change would mark another step toward normalizing Bitcoin derivatives within U.S. regulated markets, further blurring the line between traditional financial instruments and crypto-native assets.
Epoch, a venture firm specializing in Bitcoin infrastructure, issued its second annual ecosystem report on January 21, 2026, forecasting robust growth for the asset despite a subdued 2025 performance.
The 186-page document analyzes Bitcoin’s price dynamics, adoption trends, regulatory outlook, and technological risks, positioning the cryptocurrency as a maturing monetary system. Key highlights include a prediction that Bitcoin will reach at least $150,000 USD by year-end, driven by institutional inflows and decoupling from equities. The report also anticipates the Clarity Act failing to pass, though its substance on asset taxonomy and regulatory authority may advance through SEC guidance. Additional forecasts cover gold rotations boosting Bitcoin by 50 percent, major asset managers allocating 2 percent to model portfolios, and Bitcoin Core maintaining implementation dominance.
Eric Yakes, CFA charterholder and managing partner at Epoch Ventures, brings over a decade of finance expertise to the Bitcoin space, having started his career in corporate finance and restructuring at FTI Consulting before advancing to private equity at Lion Equity Partners, where he focused on buyouts. He left traditional finance in recent years to immerse himself in Bitcoin, authoring the influential book “The 7th Property: Bitcoin and the Monetary Revolution,” which explores Bitcoin’s role as a transformative monetary asset, and has since written extensively on its technologies and ecosystem. Yakes holds a double major in finance and economics from Creighton University, positioning him as a key voice in Bitcoin venture capital through Epoch, a firm dedicated to funding Bitcoin infrastructure.
The Death of the Four-Year Cycle
Bitcoin closed 2025 at $87,500, marking a 6 percent annual decline but an 84 percent four-year gain that ranks in the bottom 3 percent historically. The report states the death of the 4-year cycle in no uncertain terms: “We believe cycle theory is a relic of the past, and the cycles themselves probably never existed. The fact is that Bitcoin is boring and growing gradually now. We make the case for why gradual growth is precisely what will drive a ‘gradually, then suddenly’ moment.”
The report goes on to discuss cycle theory in depth, presenting a view of the future that’s becoming the new market expectation: less volatility to the downside, slow and steady growth to the upside.
Price action suggests a new bull market commenced in 2026, with 2025’s drop from $126,000 to $81,000 potentially being a self-fulfilling prophecy due to cycle expectations, as RSI remained below overbought since late 2024, suggesting bitcoin already went through a bear market and we are commencing a new kind of cycle.
Versus gold, Bitcoin is down 49 percent from its highs, in a bear market since December 2024. Gold’s meteoric rise presents a potential price catalyst for bitcoin; a small rebalancing reallocation from gold of 0.5% would induce greater inflows than the U.S. ETFs; at 5.5%, it would equal bitcoin’s market capitalization. Gold’s rise makes bitcoin more attractive on a relative basis, and the higher gold goes, the more likely a rotation into bitcoin. Timing analysis, as seen in the chart below, which counts days from the local top, suggests Bitcoin might be nearing a bottom versus Gold.
In terms of volatility bitcoin has aligned with mega-caps like Tesla, with 2025 averages for Nasdaq 100 leaders exceeding Bitcoin’s, suggesting a risk-asset decoupling and limiting drawdowns. Long-term stock correlations persist, but maturing credit markets and safe-haven narratives may pivot Bitcoin toward gold-like behavior.
The report goes in-depth into other potential catalysts for 2026, defending its bullish thesis, such as:
Consistent ETF Inflows
Nation State Adoption
Mega-cap Companies Allocating to Bitcoin
Wealth Managers Allocating Clients
Inheritance Allocation
FUD, Sentiment and Media Analysis
Analysis of 356,423 datapoints from 653 sources reveals a fractured sentiment landscape, with “Bitcoin is dead” narratives concluded. FUD is stable at 12-18 percent but the topics rotate, crime and legal themes are up 277 percent, while environmental FUD is down 41 percent.
A 125-point perception gap exists between conference attendees (+90 positive) while tech media is generally negative at (-35). UK outlets show 56-64 percent negativity, 2-3 times international averages.
The Lightning Network coverage dominates podcasts at 33 percent but garners only 0.28 percent mainstream coverage, a 119x disparity. Layer 2 solutions are not zero-sum, with Lightning at 58 percent mentions and Ark up 154 percent.
Media framing has caused mining sentiment to swing 67 points: mainstream outlets cover the sector at 75.6 percent positive, while Bitcoin communities view it at only 8.4 percent positive, underscoring the importance of narrative and audience credibility for mining companies.
Bitcoin Treasury Companies
More companies added Bitcoin to their balance sheets in 2025 than in any previous year, marking a major step in corporate adoption. Established firms that already held Bitcoin—known as Bitcoin treasury companies, or BtcTCs—bought even larger amounts, while new entrants went public specifically to raise money and purchase Bitcoin. According to the report, public company bitcoin holdings increased 82% y/y to ₿1.08 million and the number of public companies holding bitcoin grew from 69 to over 191 throughout 2025.65 Corporations own at least 6.4% of total Bitcoin supply – public companies 5.1% and private companies 1.3%. This created a clear boom-and-bust pattern throughout the year.
Company valuations rose sharply through mid-2025 before pulling back when the broader Bitcoin price corrected. The report explains that these public treasury companies offer investors easier access through traditional brokers, the ability to borrow against holdings, and even dividend payments, though with dilution risks. In contrast, buying and holding Bitcoin directly remains simpler and preserves the asset’s full scarcity.
Looking ahead, Epoch expects Japan’s Metaplanet to post the highest multiple on net asset value (mNAV)—a key valuation metric—among all treasury companies with a market cap above $1 billion. The firm also predicts that an activist investor or rival company will force the liquidation of one underperforming treasury firm to capture the discount between its share price and the actual value of its Bitcoin holdings.
Over time, these companies will stand out by offering competitive yields on their Bitcoin. In total, treasury companies acquired roughly 486,000 BTC during 2025, equal to 2.3 percent of the entire Bitcoin supply, drawing further corporate interest in Bitcoin. For business owners considering a Bitcoin treasury, the report highlights both the growth potential and the risks of public-market volatility.
The Bitcoin Treasury Companies section of the report explores:
The fundamentals of a Bitcoin treasury allocation including the potential benefits and risks of Bitcoin treasury company investing.
The 2025 timeline of Bitcoin Treasury companies.
Current valuations of BtcTCs.
Our opinion on BtcTCs broadly, and how we view them compared to owning Bitcoin directly.
Commentary on specific BtcTCs.
Predictions on Bitcoin treasury companies in the coming years.
Regulation Expectations for 2026
Epoch predicts the Clarity Act—a proposed bill to clarify digital asset oversight by dividing authority between the SEC and CFTC—will not pass Congress in 2026. However, the report expects the bill’s main ideas, including clear definitions for asset categories and regulatory jurisdiction, to advance through SEC rulemaking or guidance instead. The firm also forecasts Republican losses in the midterm elections, which could trigger new regulatory pressure on crypto, most likely in the form of consumer protection measures aimed at perceived industry risks. On high-profile legal cases, Epoch does not expect pardons for the founders of Samurai Wallet or Tornado Cash this year, though future legal appeals or related proceedings may ultimately support their defenses.
The report takes a critical view of recent legislative efforts, arguing that bills like the GENIUS Act (focused on stablecoins) and the Clarity Act prioritize industry lobbying over the concerns of everyday Bitcoin users, especially the ability to hold and control assets directly without third-party interference (self-custody).
The report points out a discrepancy between what crypto-owning voters want — a majority preferring above all, the right to transact. While the Clarity and Genius Acts focus on less popular special interests, they just fall within the 50% support range. Epoch warns that “This deviation between the will of the voters and the will of the largest industry players is an early warning sign of the potential harm from regulatory capture (intentional or otherwise)”.
The report is particularly critical of the way the GENIUS Act set up the regulatory structure for stablecoins. The paragraph on the topic is so poignant that it merits being printed in its entirety:
“Meet the new boss, same as the old boss:
Last year, in our Bitcoin Banking Report, we discussed the structure of the 2-tier banking system in the US (see figure below). In this system, the Central Bank pays a yield on the deposits it receives from the Tier II Commercial banks, who then go on to share a portion of that yield with their depositors. Sound familiar?
The compromise structure in the GENIUS Act essentially creates a parallel banking system where stablecoin issuers play the role of Tier I Central Banks and the crypto exchanges play the role of Tier II Commercial Banks.
To make matters worse, stablecoin issuers are required to keep their reserves with regulated Tier II banks and are unlikely to have access to Fed Master accounts. The upshot of all this is that the GENIUS act converts a peer-to-peer payment mechanism into a heavily intermediated payment network that sits on top of another heavily intermediate payment network.”
The report goes into further depth on topics of regulation and regulatory capture risk, closing the topic with an analysis of how the CLARITY Act might and, in their opinion, should take shape.
Quantum Computing Risk
Concerns about quantum computing potentially breaking Bitcoin’s cryptography surfaced prominently in late 2025, in part contributing to institutional sell-offs as investors reacted to headlines about rapid advances in the field. The Epoch report attributes much of this reaction to behavioral biases, including loss aversion—where people fear losses more than they value equivalent gains—and herd mentality, in which market participants follow the crowd without independent assessment. The authors describe the perceived threat as significantly overhyped, noting that claims of exponential progress in quantum capabilities, often tied to “Neven’s Law,” lack solid observational evidence to date.
“Neven’s law states that the computational power of quantum computers increases at a double exponential rate of classical computers. If true, the timeline to break Bitcoin’s cryptography could be as short as 5 years.
However, Moore’s law was an observation. Neven’s law is not an observation because logical qubits are not increasing at such a rate.
Neven’s law is an expectation of experts. Based on our understanding of expert opinion in the fields we are knowledgeable about, we are highly skeptical of expert projections,” the Epoch report explained.
They add that current quantum computers have not succeeded in factoring numbers larger than 15, and error rates increase exponentially with scale, making reliable large-scale computation far from practical. The report argues that progress in physical qubits has not yet translated into the logical qubits or error-corrected systems needed for factorization of the large numbers underpinning Bitcoin’s security.
Implementing quantum-resistant signatures prematurely — which do exist — would introduce inefficiencies, consuming more block space on the network, while emerging schemes remain untested in real-world conditions. Until meaningful advances in factorization occur, Epoch concludes the quantum threat does not warrant immediate priority or network changes.
Mining Expectations
The report forecasts that no company among the top ten public Bitcoin miners will generate more than 30 percent of its revenue from AI computing services during the 2026 fiscal year. This outcome stems from significant delays in the development and deployment of the necessary infrastructure for large-scale AI workloads, preventing miners from pivoting as quickly as some market narratives suggested.
Media coverage of Bitcoin mining shows a stark divide depending on who is framing the discussion. Mainstream outlets tend to portray the industry positively—75.6 percent of coverage is favorable, often emphasizing energy innovation, job creation, or economic benefits—while conversations within Bitcoin communities remain far more skeptical, with only 8.4 percent positive sentiment. This 67-point swing in net positivity highlights how framing and audience shape perceptions of the same sector, with community credibility remaining a critical factor for mining companies seeking to maintain support among Bitcoin holders.
The report has a lot more to offer including analysis of layer two systems and Bitcoin adoption data on multiple fronts, it can be read on Epoch’s website for free.
Kansas has become the latest U.S. state to explore a formal role for Bitcoin and digital assets in public finance, with lawmakers introducing legislation that would create a state-managed Bitcoin and Digital Assets Reserve Fund.
The bill, introduced by State Senator Craig Bowser, proposes amending Kansas’ unclaimed property laws to explicitly recognize digital assets, including cryptocurrencies and virtual currencies, and to establish a framework for their custody, management, and potential sale.
If passed, the legislation would place oversight of the reserve with the Kansas State Treasurer.
Under the proposal, unclaimed digital assets, like Bitcoin, would be transferred to the state after three years of inactivity following undeliverable written or electronic communication to the owner.
There is some ambiguity around what an ‘unclaimed digital asset’ is but the bill appears to apply only to custodial digital assets held by a legally defined “holder,” such as exchanges, banks, trust companies, or other licensed custodians, not to self-custodied wallets.
Per the bill, the three-year abandonment clock begins only after written or electronic communication to the owner is returned as undeliverable, and it stops immediately if the owner shows any sign of activity, including logging in or accessing another account with the same custodian.
Unlike many traditional forms of unclaimed property, the bill allows these assets to be delivered and held in their native digital form, rather than being immediately liquidated.
The legislation also permits the state’s designated qualified custodian to stake digital assets and receive airdrops, subject to direction from the treasurer.
Any staking rewards or airdropped assets generated after three years would be transferred into the BTC and Digital Assets Reserve Fund, creating a mechanism for the state to accumulate digital assets over time.
In a notable provision, the bill prohibits BTC from being deposited into the state’s general fund.
Instead, Kansas would retain Bitcoin as part of its reserve, while directing 10% of deposits of non-bitcoin digital assets into the general fund, contingent on legislative appropriations. Supporters argue this structure treats BTC as a long-term reserve asset rather than a short-term revenue source.
BREAKING: Kansas Senator Craig Bowser introduces bill to create a Strategic Bitcoin Reserve pic.twitter.com/WeQjtrc3Vi
The bill also lays out how the state would handle the sale of digital assets. Cryptocurrencies that trade on established exchanges would have to be sold at market prices, while assets without active exchange listings could be sold using other commercially reasonable methods.
The goal of all this is to minimize market disruption while adding clearer guardrails around how state-held digital assets are managed.
If passed, the legislation would put Kansas alongside a growing number of U.S. states exploring how Bitcoin and other digital assets might fit into long-term financial and custodial strategies.
In recent years, state lawmakers across the country have debated whether Bitcoin could serve as a hedge against inflation, a diversification tool, or a way to modernize public finance infrastructure.
Earlier this week, Coinbase announced the creation of an Independent Advisory Board on Quantum Computing and Blockchain, aiming to safeguard the crypto ecosystem against emerging quantum threats.
The board will bring together leading experts in quantum computing, cryptography, and blockchain to assess risks and provide guidance to the broader industry.
Quantum computers, if scaled successfully, could compromise the cryptography that underpins major blockchains like Bitcoin and Ethereum. Coinbase, in their announcement, stressed that preparing for these future challenges is crucial to maintaining the security of digital assets.
The advisory board includes notable figures such as quantum computing pioneer Scott Aaronson, Stanford cryptography expert Dan Boneh, Ethereum researcher Justin Drake, and Coinbase’s own Head of Cryptography, Yehuda Lindell.
The group says they will publish position papers, recommend best practices for long-term security, and respond to significant advances in quantum computing.
This initiative is part of Coinbase’s larger post-quantum security strategy, which also includes updating Bitcoin address handling, enhancing internal key management, and advancing research on post-quantum signature schemes. The board’s first position paper is expected early next year, laying out a roadmap for quantum resilience in blockchain systems.
Coinbase said the move underscores the importance of proactive planning, ensuring the crypto industry remains prepared, not reactive, as quantum technology evolves.
Is bitcoin at risk from Quantum Computing?
Over the last several months, concerns over quantum computing’s potential impact on Bitcoin have begun to ripple through traditional finance, prompting some investors to radically rethink their exposure to the cryptocurrency.
Jefferies strategist Christopher Wood recently removed Bitcoin from his Greed & Fear model portfolio, citing the existential risk that large-scale quantum computers could undermine the cryptographic foundations securing digital assets.
While the threat is not imminent, Wood and other institutional voices — including BlackRock and UBS CEO Sergio Ermotti — warn that quantum advances could eventually allow attackers to derive private keys from public ones, putting millions of BTC at risk.
As a result, Wood replaced Bitcoin with gold and gold-mining equities, emphasizing that long-term store-of-value claims for digital assets may be less reliable in the face of accelerating technological change.
The debate over quantum computing in the Bitcoin ecosystem is intensifying. Coinbase research indicates that roughly 20% to 50% of Bitcoin’s supply, particularly coins in older wallet formats, could be vulnerable to so-called long-range quantum attacks.
Crypto developers and researchers are divided over the urgency of implementing quantum-resistant solutions, with some advocating proactive upgrades and others arguing the risk remains distant.
Strategy Chairman Michael Saylor believes that quantum computing will actually strengthen Bitcoin rather than threaten it. Network upgrades and coin migrations will boost security, while lost coins remain frozen, Saylor posted.
Bitcoin payments startup ZBD has raised $40 million in a Series C funding round as it looks to expand blockchain-based payment infrastructure for the video game industry, Fortunereported.
The New Jersey–based company, which provides payments software for game developers, was led in the round by Blockstream Capital. The crypto investment firm contributed $36 million, according to cofounder and CEO Simon Cowell, who spoke with Fortune.
Cowell declined to disclose the company’s valuation or name the other investors involved.
The platform allows video game developers to integrate payments directly into games, enabling transactions such as peer-to-peer transfers, loyalty rewards, and Bitcoin payouts without relying on third-party fintech providers.
“We’re talking about a payment solution for the entire industry that actually really enables them to have a direct financial relationship to the player,” Cowell said.
The fundraise comes at a time when enthusiasm for crypto gaming has cooled.
Once touted as a major use case for blockchain technology, crypto-based gaming — particularly NFT-driven models — has struggled to gain mainstream traction since the 2021–2022 bull market.
ZBD has deliberately avoided NFTs and crypto-native gameplay, instead focusing on payments, an area that has seen more concrete adoption, especially as stablecoins gain attention from firms like Stripe and banks including JPMorgan Chase, according to Fortune.
Founded by Cowell alongside André Neves and Christian Moss, ZBD centers its technology on Bitcoin rather than stablecoins.
However, the company positions itself as a broader payments provider, allowing developers to keep users within their ecosystems rather than routing transactions through external services.
While the startup is not yet profitable and declined to share revenue figures, Cowell said the company worked with 55 games in 2025 and currently employs about 70 people.
The newly raised capital will be used to expand ZBD’s payments product suite over the coming year, Fortune reported.
ZBD’s bitcoin rewards
ZBD integrated Bitcoin rewards into TapNation’s mobile game Idle Bank last year, marking the first mainstream mobile game to deliver Lightning Network payouts, which boosted 30-day player retention by 355% and revenue per player by 124%.
The company, originally testing Bitcoin rewards with a modded Counter-Strike server, developed an SDK and API that allow game developers to seamlessly add Bitcoin rewards while addressing cybersecurity and fraud concerns.
ZBD’s model turns ad revenue into Bitcoin payouts for players, increasing engagement and monetization, and has already driven significant growth for games like Bitcoin Miner.
Judge Jed Rakoff’s essay “It’s a Racket!” reads less like analysis than confession.
He opens with a dictionary definition of cryptocurrency and proceeds to explain why systems that operate outside government control are dangerous. This framing reveals the core assumption beneath the essay: money is legitimate only when sanctioned, supervised, and reversible at the discretion of the state.
Bitcoin exists because that assumption failed.
The Genesis Block of the Bitcoin blockchain contains a timestamp referencing the 2008 bank bailouts. It marks the moment the modern financial system exposed itself as a closed hierarchy enforced by regulation, complexity, and rescue. Losses were socialized. Accountability vanished. Courts enforced the aftermath.
Bitcoin was created to exit that system.
Rakoff repeatedly treats “crypto” as a monolith, collapsing decentralized networks, centralized frauds, meme tokens, and algorithmic stablecoins into a single object of derision. This is not analysis; it is rhetorical convenience. The Terraform Labs fraud he describes depended on secrecy, centralization, and false representations — the very features Bitcoin was designed to eliminate.
Rakoff describes Bitcoin as gambling “untethered to economic reality.” But his definition of economic reality is faith-based: central bank discretion, elastic supply, and institutional trust. Bitcoin rejects those premises. It imposes a fixed supply. It makes monetary debasement impossible. It exposes failure instead of masking it.
That is why central planners hate it.
I watched the regulated financial system collapse in 2008 from inside a New York law firm. The catastrophe occurred not in unregulated back alleys but in the most supervised institutions on earth. When it ended, almost no one responsible was punished. Courts enforced the settlements. Central banks created money to paper over the wreckage.
Bitcoin refuses that bargain.
Rakoff leans heavily on blockchain surveillance claims asserting vast criminality. These claims rest on inference, not proof. The surveillance industry is unregulated, unvalidated, and commercially motivated. Yet courts increasingly treat its output as scientific fact. This is junk science with a badge.
The Silk Road prosecutions revealed the real anxiety. Ross Ulbricht proved Bitcoin was money. Goods and services could be exchanged without permission from banks or governments. His punishment was exemplary, not proportional. It was meant to deter autonomy.
Courts have always played this role. They enforced slavery. They upheld internment. They validated sterilization. They ratified segregation. Judicial neutrality is a myth told by the winners of each era.
Rakoff laments that regulation of cryptocurrency is being scaled back. What he calls deregulation, others call recognition: that Bitcoin cannot be regulated into submission without destroying the liberties it restores.
Tens of millions of Americans now hold Bitcoin. Institutions that once mocked it now custody it. A political constituency has formed around monetary sovereignty. That constituency is done asking for permission.
Rakoff calls Bitcoin a racket because it escapes the racket he knows: discretionary money, regulatory capture, and judicial enforcement of economic orthodoxy.
Bitcoin does not ask courts for legitimacy. It derives legitimacy from use.
The Genesis Block was not a marketing flourish. It was a declaration. The old system failed. A new one appeared. Courts can sneer, but code does not care.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Thailand is moving decisively to cement its position as one of Asia’s most crypto-friendly financial centers, with regulators finalizing new rules for bitcoin and crypto exchange-traded funds (ETFs), futures trading, and tokenized investment products in early 2026.
The country’s Securities and Exchange Commission (SEC) confirmed this week that it is preparing comprehensive regulatory guidelines that would allow crypto ETFs to be formally established, crypto futures to trade on the Thailand Futures Exchange (TFEX), and digital assets to be recognized as an official asset class under existing derivatives law.
SEC Deputy Secretary-General Jomkwan Kongsakul said the new framework is designed to expand access to digital assets while addressing security and custody risks that have historically deterred institutional investors.
“A key advantage of crypto ETFs is ease of access,” Kongsakul said, according to local reports. “They eliminate concerns over hacking and wallet security, which has been a major barrier for many investors.”
Bitcoin and crypto ETFs are moving closer to market
Thailand’s SEC board has already approved crypto ETFs in principle, with regulators now finalizing operational rules covering custody, liquidity, and cooperation between asset managers and licensed digital asset exchanges.
Thailand approved its first spot Bitcoin ETF in June 2024, initially restricting participation to institutional investors. By October 2025, the regulator signaled plans to expand offerings beyond bitcoin to include other cryptocurrencies, such as ether, potentially in the form of diversified crypto “basket” products.
Under the proposed framework, investors would be allowed to allocate up to 4–5% of diversified portfolios to digital assets—an approach aimed at balancing innovation with risk management.
Once approved, domestically listed crypto ETFs could trade on the Stock Exchange of Thailand, offering local exposure without requiring investors to directly hold or manage cryptocurrencies.
Alongside ETFs, the SEC is advancing plans to launch crypto futures trading on TFEX under the Futures Trading Act. Regulators also intend to formally recognize digital assets as an underlying asset class under the Derivatives Act, providing a clearer legal foundation for crypto-linked derivatives.
To support liquidity and price stability, the SEC plans to introduce market-making mechanisms in 2026. Potential market makers could include financial institutions, licensed digital asset exchanges, corporations, and entities holding cryptocurrencies on their balance sheets.
The futures market is expected to provide investors with hedging tools and more advanced risk management options, while expanding institutional participation in Thailand’s digital asset markets.
Thailand’s recent crypto incentives
Thailand’s regulatory push extends beyond ETFs and derivatives. The SEC is also developing rules for tokenized real-world assets (RWAs), including tokenized bonds and other securities that could be issued and traded on blockchain infrastructure.
These efforts align with broader global trends in asset tokenization and could eventually include baht-backed stablecoins. In 2025, Thailand approved U.S. dollar stablecoins for local trading, marking another step toward regulated digital finance.
The sweeping U.S. Senate effort to establish a comprehensive legal framework for cryptocurrency trading and oversight is likely to be pushed back for weeks or even months, after key legislative momentum stalled this week in the wake of major industry backlash.
The Senate Banking Committee indefinitely postponed work on its long-anticipated market structure bill — widely seen as the centerpiece of U.S. crypto regulation — after Coinbase, one of the industry’s largest exchanges, publicly withdrew its support for the measure.
The withdrawal came at a crucial moment before a scheduled markup hearing, where lawmakers would have debated amendments and potentially advanced the bill toward a floor vote. With Coinbase no longer backing the legislation “as written,” the committee has shifted its immediate focus to other priorities, including housing affordability initiatives tied to President Donald Trump’s agenda.
Industry insiders say the delay could stretch into late February or March, according to Bloomberg reporting. Lawmakers wrestled with unresolved policy disputes and are trying to rebuild bipartisan consensus in a sharply divided Senate.
Several factors are contributing to the slowdown. Coinbase’s withdrawal of support, following CEO Brian Armstrong’s decision, shows there are some deep divisions between crypto firms and portions of the bill’s drafters, mainly around stablecoin rewards.
Industry leaders argue that provisions in the current text could weaken the Commodity Futures Trading Commission’s authority, restrict decentralized finance (DeFi), and curtail stablecoin rewards — measures widely viewed as essential to continued crypto innovation.
Political dynamics are slowing the crypto bill’s progress
At the same time, the traditional banking sector has pushed lawmakers to impose tighter restrictions on yield-bearing crypto products, warning that such features could draw deposits away from banks and destabilize lending markets; that lobbying effort appears to have shaped the bill’s language and intensified industry opposition.
Also, shifting legislative priorities ahead of the midterm elections have further slowed momentum, as senators face pressure to focus on voter-facing issues such as housing affordability.
While some lawmakers insist the delay is temporary and that robust crypto rules remain achievable, the interruption highlights the fragile nature of legislative consensus on digital assets.
Senate Agriculture Committee members have released a separate market structure draft, but industry observers caution it may lack the bipartisan backing necessary to prevail.
Patrick Witt, executive director of the White House council on digital assets, has publicly urged continued negotiation, describing regulatory clarity as “a question of when, not if.” However, he warned that without industry cooperation, future iterations could be less favorable to crypto firms.
Strive announced today that it intends to raise up to $150 million through a follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, known as SATA Stock, subject to market conditions.
The offering is registered under the Securities Act of 1933 and marks Strive’s latest move to expand its bitcoin holdings while addressing outstanding debt.
Strive plans to use the proceeds from the offering, along with cash on hand and potentially funds from terminating certain derivative contracts tied to convertible debt, to repurchase or redeem all or a portion of the 4.25% Convertible Senior Notes due 2030 issued by its subsidiary Semler Scientific, Inc.
These Semler Convertible Notes, guaranteed by Strive, were originally issued under an indenture with U.S. Bank Trust Company, National Association acting as trustee.
Strive wants to buy more bitcoin
The company may also use funds to pay down Semler Scientific’s borrowings under its loan agreements with Coinbase Credit Inc., acquire additional bitcoin and related products, and support general corporate needs.
In addition, Strive is negotiating with some holders of the Semler Convertible Notes to potentially exchange their notes for shares of SATA Stock.
SATA Stock is structured as a variable-rate, cumulative dividend security with a stated value of $100 per share. Dividends are currently set at an annualized rate of 12.25%, payable monthly, though Strive reserves the right to adjust the rate within certain limits.
If a dividend is missed, it accrues additional compounded interest, which can rise up to 20% per year. The company intends to manage the dividend rate to help the stock trade within a target range of $95 to $105 per share.
Strive also retains the right to redeem SATA Stock at $110 per share (or higher at its discretion), plus accrued dividends. Redemption can occur at any time, but the company generally cannot redeem less than $50 million of SATA Stock unless a clean-up or tax-related redemption applies.
The liquidation preference for SATA Stock is $100 per share, adjusted daily to the greater of the stated value, the previous trading day’s closing price, or the 10-day average price.
Strive said that Barclays and Cantor are joint book-running managers for the offering, with Clear Street acting as co-manager.
After SATA briefly hit $100 today, the company’s approach to set a follow-on offering price based on current market conditions is seen as a cleaner alternative to an “at-the-market” (ATM) offering, avoiding dilution and allowing Strive to capitalize on favorable pricing.
The raised funds will help the company retire legacy convertible debt and expand its Bitcoin holdings, signaling continued commitment to its crypto-focused growth strategy.
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