This week, the world's largest Bitcoin conference returned to Vegas, and it did not disappoint. Some called it "bear market vibes," but as the saying goes, "bear markets are for building."
The proof was on stage. The proposed merger of XXI, Strike, and Elektron. Saylor's standing-room-only keynote on digital credit. Lightspark using Bitcoin rails to enable Bitcoin-backed payments everywhere Visa is accepted.
Bitcoin's price is climbing again, and these announcements make one thing clear: the infrastructure never stopped growing. The next phase of Bitcoin adoption has already been sown. Now the market just has to catch up to reality.
Other top stories from the week include:
New plan to defend Bitcoin from quantum attacks protects Satoshi's coins.
Canada moves to block its citizens from using Bitcoin ATMs.
Bisq falls victim to AI-assisted DeFi attack.
Latest News
Adoption
Block now has more than 808,000 Square merchants accepting bitcoin payments, releases a new Bitkey device with a screen, and buys an additional 114.89 BTC, raising reported holdings to 8,998 BTC.
Traveler Paco completes book on living solely on Bitcoin across 42 countries, detailing real-world use in the Global South, now seeking to raise 15M sats to fund editing, production, and global distribution.
PACTs is a new plan to defend BTC from quantum, using zero-knowledge timestamps to prove BTC key ownership without moving funds, preserving privacy while avoiding forced movement of dormant coins.
Regulation
Global VPN crackdown begins as EU officials move to restrict VPN use for age verification, Utah targets VPNs starting May 6, and regulators in France and UK warn platforms may force universal ID checks.
Bessent says US Treasury has seized nearly $500M in Iranian crypto assets, part of a yearlong campaign ordered in 2025, which has pushed Iran’s economy toward collapse.
Canada plans nationwide ban on cryptocurrency ATMs, targeting nearly 4,000 machines, citing fraud and money laundering risks as officials say kiosks enable scams and illicit cash entry into the financial system
Markets
Lightspark partners with Visa to launch stablecoin and Bitcoin-funded debit cards in 100+ countries, enabling seamless spending of crypto or fiat balances at over 175M merchants worldwide.
Bisq, the P2P Bitcoin exchange, reports roughly 11 BTC stolen in an AI-assisted exploit affecting altcoin trades, caused by a missing validation that allowed negative miner fees and redirected user funds.
Treasury
Jack Maller’s XXI plans to merge with Strike and Elektron Energy, aiming to combine financial services, mining infrastructure, and capital strength into a vertically integrated Bitcoin-focused entity.
Tether launches a bitcoin faucet in its self-custodial wallet app as it reports $1.04B Q1 2026 profit, an $8.23B reserve buffer, $141B in U.S. Treasury exposure as of March 31, 2026, and 97,204 BTC in holdings.
MSTR to announce no new buys this week, yet Bitcoin held near its highest levels since early February, showing resilience as Strategy pauses capital raises ahead of May 5 earnings following mid-April STRC activity.
Mining
Eric Trump’s net worth rose from $190M to $280M via miner American Bitcoin, while its stock collapsed ~92% from peak, wiping out roughly $500M in value for public investors
MARA launches the MARA Foundation to strengthen Bitcoin against security threats, including quantum computing, while expanding access to self custody and education resources.
Luxor LuxOS firmware now supports MicroBT Whatsminer miners. The company also signed a term sheet for a strategic investment from MicroBT, alongside a $100,000,000 hardware purchase commitment.
Politics
Secretary of Defense Pete Hegseth told Congress he agrees Bitcoin is a tool of power projection, echoing recent testimony from Admiral Samuel Paparo and signaling growing military interest in Bitcoin’s strategic role.
White House adviser Patrick Witt says the Trump administration will soon announce major steps to strengthen US strategic Bitcoin reserve, following ongoing legal and policy work at the Bitcoin 2026 conference.
Paul Sztorc’s proposed Bitcoin fork may trigger taxable income under IRS rules, as new coins could be treated as income upon access, exposing holders to tax liabilities even if ignored.
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Bam’s 2 Sats
Bitcoin Finally Had a Good Month, But the More Interesting Story Is Underneath
April is over, and Bitcoin is finally showing strength. After a sharp drop from the mid-$90K range to around $60K in less than three weeks starting mid-January, Bitcoin finished April up roughly 12%.
Bitcoin monthly returns
The market absorbed months of pressure, uncertainty, and exhaustion. Yet beneath the surface, accumulation never truly disappeared.
Strategy is the clearest example. The stock rebounded about 33% this month after a painful 9 month drawdown. But the real signal is beneath the surface.
The company raised roughly $4B to buy more Bitcoin, primarily through STRC issuance, and is exploring semi-monthly dividends that could smooth and sustain consistent buying pressure.
These aren’t the kinds of moves you see during capitulation.
The Recovery Is Still Unclear
Bitcoin ETF Flows
This does not mean the bull market is back. April may mark the start of a recovery, or it could simply be a relief rally before more sideways action.
The S&P 500 and Nasdaq hitting new highs may be lifting sentiment, but Bitcoin’s setup still looks different from past bear markets.
In previous cycles, weakness often meant fewer serious buyers and a much smaller infrastructure base. Today, retail sentiment may still be in the gutter, but accumulation is increasingly institutional. Bitcoin ETFs saw $1.97B in inflows in April, the highest monthly total so far this year.
But accumulation is only part of the story. What’s equally notable is that Bitcoin and crypto infrastructure are not just being bought more seriously, they’re starting to be used more seriously as well.
Payments Are Quietly Becoming Interesting Again
Crypto card spending has reportedly surged over 500% since September 2024, now reaching roughly $600M per month. Still small globally, but the trend matters.
Stablecoin cards are growing fast, Visa is capturing much of the flow, and infrastructure like Lightspark’s Grid Global Accounts, along with new wallets, is connecting Bitcoin, Lightning, stablecoins, and traditional payment rails into a unified, self custodial experience.
This is no longer the old “buy coffee with Bitcoin” argument. It’s a more serious payments narrative, not replacing the store of value case, but extending it to broader adoption.
Maybe This Is What Recovery Looks Like
The market still feels hesitant, and that makes sense. But that’s what makes this moment interesting.
Bitcoin isn’t recovering on hype right now. It’s recovering on accumulation, ETF inflows, corporate demand, and infrastructure that kept building while sentiment stayed weak.
Maybe this isn’t the clear start of a new bull phase. Maybe it’s the market quietly realizing that this cycle’s “bear market” doesn’t look much like the old ones.
- Bam
