The world is burning. Bitcoin is range-bound. Understandably, a lot of people in the community are losing patience.
But what's unfolding in the Strait of Hormuz is closing the book on the global financial and trade system as we knew it.
As the last tankers dispatched before the Iran conflict reach their destinations, the world is confronting a reality it long took for granted: resource and financial security are not guaranteed.
For Bitcoin, this could be the setup for the biggest need-based adoption moment in its 17-year history.
Other top stories from the week include:
Blockstream boasts of a 20-man team devoted to quantum resistance.
Bitcoin-backed municipal bonds are becoming a reality.
Senator Lummis makes waves with a new "Mined in America” bill.
Latest News
Adoption
Square enables Bitcoin payments across 4 million merchants, auto-enabling Lightning with USD settlement. Buyers soon choose BTC or dollars at checkout directly themselves.
Giovanni Santostasi publishes a scientific paper proposing a Bitcoin Power Law, arguing BTC price follows adoption-driven network scaling with strong statistical fit across data from 2010 through 2026.
Adam Back says Blockstream’s 20 person applied cryptography and security team is working full time on quantum threats, calling claims Bitcoin researchers are doing nothing “insulting and false.”s.
Regulation
Delivery app data breach allegedly used to target Bitcoin holders, with suspects posing as delivery drivers using real DoorDash orders to identify victims before carrying out armed robberies in California.
New Hampshire advances first $100M BTC-backed municipal bond, using 160% overcollateralized BTC instead of taxpayer backing, with repayment from borrower or liquidation and potential upside exposure.
Germany cuts silver content in 35 and 50 euro collector coins by 46%, adding copper and lowering weight, citing volatile metal prices and efforts to curb speculation.
Markets
Coinbase receives conditional approval for a national trust bank charter from the OCC, marking a major step toward deeper integration with the US banking system and expanded regulated custody services.
Capital rotated from Bitcoin ETFs into gold after BTC’s October peak, but flows now reversing as gold loses momentum and Bitcoin strengthens, with analysts noting Bitcoin trading more like gold.
BlackRock amends S-1 for iShares Bitcoin Premium Income ETF, holding IBIT exposure while selling covered calls to generate yield, offering Bitcoin upside with capped gains.
Treasury
Metaplanet buys 5,075 BTC in Q1 2026, raising holdings to 40,177 BTC, surpassing MARA as third largest treasury, and targets 100,000 BTC by 2026 under its 555 Million Plan.
David Bailey’s Nakamoto reports selling 284 BTC for $20M in March, implying $70,422 average, below $118,171 cost basis, as Genius Group sells its entire Bitcoin holdings to repay $8.5 million in debt.
Strive files SEC prospectus for Digital Credit ETF ticker DGCR, targeting debt from Bitcoin treasury companies including convertible bonds and structured credit like MicroStrategy’s $STRC.
Mining
MARA Holdings lays off about 15% of workforce days after selling 15,133 BTC for roughly $1.1B, using most proceeds to repurchase $1B in convertible senior notes and reduce debt.
First block found on Public Pool, a fully open source solo Bitcoin mining pool with zero fees, as single miner running 18.5 TH/s hits block 943466 against entire network.
Bitfarms targets zero Bitcoin balance, joining Marathon, Riot, Hut 8 and Core Scientific reducing holdings to fund AI infrastructure, signaling miners pivot from treasury strategy toward AI.
Politics
Belgium’s central bank warns “the money has run out,” saying government lacks capacity for new energy shock support, citing deficits, rising costs and recession risk, with a €5B budget shortfall.
Bitcoin Policy Institute analyst Jacob Langencamp proposes that Taiwan allocate up to 5% of its roughly $600 billion sovereign reserves to Bitcoin.
Senators Lummis and Cassidy introduce the “Mined in America Act” to boost US Bitcoin mining and codify a Strategic Bitcoin Reserve within the Treasury.
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Bam’s 2 Sats
It Feels Very Quiet Out There
Why It Feels So Underwhelming
This week I was talking with a friend about Bitcoin sentiment. Trying to understand where we are and how this moment compares to past cycles.
The first thing that stands out is fatigue.
You can feel it everywhere.
This isn’t just people who entered recently. Even those who lived through the 2021 run to $60K feel worn down. The excitement is muted and the energy just isn’t there. Naturally, I can feel it too.
This entire bull run has been met with “the top is in” calls over and over. Sentiment never had the chance to build into real euphoria.
If you think about it:
The price hasn’t even doubled for buyers who entered near the previous top.
And the longer term numbers don’t look explosive either. The five year Compound Annual Growth Rate (CAGR) isn’t particularly impressive. The three year view looks better, but stretch it to four or five years and Bitcoin doesn’t even clearly outperform the S&P, with far more volatility along the way.
So People Start Chasing Yield
That may be why investors are getting excited about preferred stock and digital credit products like $STRC, offering 11.5% yield with low volatility. But if Bitcoin stalls for an extended period, sentiment could shift quickly, especially if BTC must be sold to fund dividend payments on these offerings.
The Problem With Expectations
It all comes down to expectations, and social media tends to amplify them.
The reality is that long and steady wins the race. Even at current prices, simply staying humble and stacking would still outperform the S&P over time just by consistently saving.
Perhaps the issue is that expectations became overblown and were never met. Even as Bitcoin became institutionalized, with ETFs launching and public companies accumulating massive holdings, price still sits below the 2021 all time high.
The Questions That Actually Matter
I believe the important signal to watch is what answers the following questions:
Does Bitcoin remain scarce, censorship-resistant, and hard to confiscate?
Is its public image improving through institutional adoption, and even government level adoption, or at least friendlier regulatory treatment that signals this isn’t going away?
- Bam
