Happy Friday, In A Nutshell this week:

• 🇺🇸 Trump Takes on the Banks

• 🤖 AI: “Bitcoin, I Choose You”

• 🔑 Kraken Unlocks Access to the Fed

• 📻 BBC Misses the Basics

• 🇬🇧 Britain’s Bureaucratic Wall

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~5.09-minute read (771 words).

🧠 Quote Of The Week

“It is the mark of an educated mind to be able to entertain a thought without accepting it.”

— Aristotle

🇺🇸 Trump Takes on the Banks

President Trump has hit out at big banks, accusing them of undermining key crypto legislation. He argues that striking a fair deal with the crypto industry is in the best interests of the American people.

The row centres on bills that would shape how the US regulates stablecoins and the broader crypto market, with banks lobbying hard against rules that could let crypto firms offer more attractive yields and pull deposits away from traditional banks.

Trump has previously said he was debanked, so the issue appears personal. With him calling out banks by name, the battle over money and payments has gone fully mainstream, and Bitcoin and crypto are no longer fringe topics.

🤖 AI: “Bitcoin, I Choose You”

A new study found that AI models overwhelmingly preferred digital currencies over fiat.

River and the Bitcoin Policy Institute tested 36 leading AI models across 9,072 scenarios and found Bitcoin was the top overall choice. Stablecoins were favoured for day-to-day payments, while Bitcoin was the best fit for long-term savings.

If AI agents become economic actors, their default “money” may skew Bitcoin-native, since they tend to favour scarce, digital money.

🔑 Kraken Unlocks Access to the Fed

Kraken has become the first crypto-native firm to secure a Federal Reserve master account, giving it direct access to core US payment infrastructure such as Fedwire.

This means Kraken can move dollars more like a bank, without relying on intermediary institutions. For clients, that could translate into faster settlement, smoother transfers and less counterparty risk.

It’s another step in crypto’s shift from “outside the system” to being plugged into the system itself.

📻 BBC Misses the Basics

A sharp critique of the BBC MoneyBox episode “Understanding Crypto” argues the programme may have misled listeners by leaving out key facts about Bitcoin and blurring it together with “crypto” more broadly.

The post says the show skipped core basics, including Bitcoin’s fixed 21 million supply, how Lightning enables fast payments, and why proof-of-work exists, while leaning on familiar criticisms around speed and energy use.

The bigger issue is perception. If mainstream coverage misses the basic principles, newcomers don’t get a fair chance to understand what Bitcoin actually is, which is why it matters to challenge coverage like this.

🇬🇧 Britain’s Bureaucratic Wall

A personal account shows buying property with Bitcoin wealth in the UK is harder than you might think.

Solicitors run strict anti-money laundering checks and want a full paper trail, including the original source of funds, exchange records of buys and sells, and bank statements showing the money moving in and out.

The choice of solicitor matters too. Some firms will refuse Bitcoin entirely, while specialist conveyancers can move faster, but expect higher fees and heavy scrutiny.

Bitcoin might be your opt-out strategy, but turning it into property still means dealing with the legacy system.

🚀 Why Businesses Need Bitcoin as AI Accelerates

Jeff Booth, entrepreneur and author of The Price of Tomorrow, joins Jordan to unpack what AI and Bitcoin can mean for business owners trying to stay resilient through times of rapid change.

They cover why AI is still early, how exponential tech is collapsing costs, and why companies that don’t adapt risk falling behind. Jeff also shares how he’d start integrating it into a non-Bitcoin business today.

The episode is available here: YouTube, Apple Podcast, Spotify

🔥 What else have you missed?

1. Iranians pull Bitcoin from exchanges en masse as war escalates

2. Strategy increased yield on STRC to 11.5%

3. Morgan Stanley issues new SEC filing for a spot Bitcoin ETF

4. NYSE Parent Company to bring tokenised stocks to crypto exchange OKX

5. Paraguay is exploring using seized miners for a state-run Bitcoin operation

6. Strike secures a BitLicense by the New York Department of Financial Services

7. Indiana signs bill into law that allows Bitcoin to be invested in state retirement plans

8. Bitwise to donate $233,000 to Bitcoin Open-Source Developers

9. Tether and Lugano launch Plan ₿ Phase II, building digital infrastructure

🍾 Friday Fun!

This week’s crossword is now live - Play here

🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🧠 Block’s Bold AI Pivot

• 🚨 Lawsuit Filed Over Market Manipulation

• ⚡ Pay to Win, Not Waste

• 🇮🇩 Indonesia’s Grassroots Revival

• 🤝 Just Tap to Pay

• 🍔 Burgers, Beers and Bitcoin

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~5.25-minute read (812 words).

🧠 Quote Of The Week

“You can’t stop technology. You can only choose whether you adapt to it.”

— Jeff Booth

🧠 Block’s Bold AI Pivot

Jack Dorsey’s Block is cutting over 4,000 jobs, shrinking from 10,000 employees to under 6,000, as it shifts to an “AI-first” way of building.

Dorsey says the business is strong, but they’re already seeing the impact of AI tools. He argues they enable a new way of working that is rapidly changing what it means to build and run a company.

Markets liked the message, with the stock jumping 25% on the news. It’s a loud signal for everyone else. If one major CEO can do this in one move, others may follow, and the ripple effects could reach far beyond tech.

🚨 Lawsuit Filed Over Market Manipulation

A federal lawsuit has been filed against trading firm Jane Street, alleging it pushed Bitcoin’s price lower through regular 10am selling, during periods of thin liquidity.

The allegations are unproven, but the timing has grabbed attention, with claims that the repeated “10am dumps” appear to have stopped since the filing.

Since the news, Bitcoin has risen by about 10%, and Google searches for “How to Buy Bitcoin” have reportedly hit a five-year high as the price moved higher.

If manipulation was real, some of the recent “price weakness” may have been artificial, and any unwind could be fast.

⚡ Pay to Win, Not Waste

RenewaBlox argues Bitcoin mining can be integrated into the UK power network to support the grid and reduce wasted energy.

The core issue is grid bottlenecks. Power is often generated in one place but can’t be moved to where it’s needed, so the system ends up paying some generators to turn down and others to turn up to keep things balanced.

Mining can sit at these pinch points and switch on or off instantly, turning stranded power into revenue and reducing constraint costs that ultimately show up in everyone’s bills.

If mining lowers wasted energy and balances costs, the benefit could be felt nationally, not just by miners.

🇮🇩 Indonesia’s Grassroots Revival

Bitcoin Indonesia has staged a real comeback, hosting around 40 meetups a month across 40 cities and building an estimated community of 55,000 people.

After the government banned crypto payments in 2018, the group rebuilt using a “closed-loop” approach. Free training programmes have also helped hundreds of new users learn the basics.

It’s a reminder that adoption doesn’t need headlines or price pumps. It grows through education, real-world use and local communities.

🤝 Just Tap to Pay

Numo has launched a new Android point-of-sale app that lets merchants accept Bitcoin with a simple tap-to-pay experience, similar to Apple Pay, using the NFC chip already inside most phones.

It’s built on Cashu ecash and also supports Lightning invoices, so it can work with both Cashu wallets and standard Lightning wallets. No extra hardware is needed, and it’s free and open-source.

If it catches on, this is the kind of UX that makes Bitcoin payments feel normal, fast, and familiar at the till, which is exactly what mainstream users expect.

🍔 Burgers, Beers and Bitcoin

Stephen Bagatti has made a name in London with Bitcoin-accepting restaurants Boom Bap Burger, and now he’s stepping up again with the launch of MRBL Steakhouse in Leadenhall Market.

We sat down with Stephen to discuss how the business has stayed resilient despite rising costs, how easy it was to start accepting Bitcoin, and why they’ve chosen to hold BTC for the long term.

Book here for 50% off, MRBL’s soft launch (4th–7th March 2026).

🫠 Is the Fiat Monetary System Starting to Crack Up?

Sam Roberts, Bitcoin treasury adviser at Cartwright, joins Jordan to unpack what’s really happening behind the scenes of workplace pensions and why more institutions are starting to take resilience seriously.

The episode is available here: YouTube, Apple Podcast, Spotify

🔥 What else have you missed?

1. 21Shares brings Strategy’s 11.25%-yielding STRC to Europe via an ETP

2. Morgan Stanley has plans for Bitcoin trading, lending, and custody

3. Citi will be launching infrastructure that integrates Bitcoin into traditional finance

4. Strategy becomes the most heavily shorted U.S. stock

5. Coinbase launches 24/5 Stock and ETF Trading in the U.S.

6. Bitdeer liquidates 943 BTC, dropping its treasury to zero

7. Indiana approves Bitcoin investments in public retirement plans

8. TD Cowen predicts Bitcoin to hit $225,000 in 2027

🍾 Friday Fun!

This week’s crossword is now live - Play here

🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• ⚡️ Lightning’s Silent Growth Spurt

• 🤫 The Great Retail Retreat

• 🔔 Bitcoin Breaks the Closing Bell

• 🎓 Still Harvard’s Biggest Holding

• 📦 Bitcoin Loans, Shipped to Wall Street

• 🎟️ Cheat Code: 20% OFF

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.52-minute read (731 words).

🧠 Quote Of The Week

“Every act of creation is first an act of destruction.”

— Pablo Picasso

⚡️ Lightning’s Silent Growth Spurt

River estimates the Lightning Network handled about $1.17bn and 5.22 million transactions in November 2025, even as Bitcoin traded sideways for much of the year.

Lightning activity isn’t publicly visible, so River aggregated private data from major node operators (covering 50.6% of network capacity) and extrapolated from there.

They say growth was driven mainly by exchanges and more businesses accepting Bitcoin for payments. Lightning adoption is quietly growing in the background.

🤫 The Great Retail Retreat

River’s latest data shows individuals sold roughly 696,000 BTC in 2025, while businesses, funds, ETFs and governments absorbed close to 1 million BTC.

This marks a clear shift in ownership. Public companies running Bitcoin treasury strategies have been major buyers, while some long-term holders took profits near the highs and others sold to cover rising living costs.

If this trend continues, more Bitcoin could quietly move from individuals to institutions, and it may be hard to reverse.

🔔 Bitcoin Breaks the Closing Bell

CME is looking to move its crypto futures towards 24/7 trading, bringing Bitcoin markets closer to the always-on nature of the underlying asset.

CME is the world’s largest regulated futures venue, and its Bitcoin futures are a key bridge between Wall Street and the Bitcoin market.

If it goes ahead, it could mean tighter price discovery over weekends, less “Monday gap” drama, and another step towards Bitcoin being treated like a permanent, global market.

🎓 Still Harvard’s Biggest Holding

Harvard’s endowment has reduced its Bitcoin ETF holding, trimming the position by about 21% in its latest filing.

It was not an exit. Reports suggest Harvard sold roughly 1.5 million IBIT shares, but the position remains its largest disclosed equity holding.

Look beyond the headlines: the biggest, most conservative pools of capital are now actively managing Bitcoin exposure, rather than debating whether it belongs in a portfolio.

📦 Bitcoin Loans, Shipped to Wall Street

Ledn has sold $188m of Bitcoin-backed bonds, secured by consumer Bitcoin-collateralised loans.

The sale came during a volatile period for Bitcoin, when some borrowers were forced to top up collateral or face liquidation. Ledn said it sold roughly a quarter of the loans and shifted the collateral mix towards more cash.

It shows Bitcoin-backed lending is now being packaged into Wall Street-style products, but it also proves these deals get stress-tested quickly when prices swing.

🎟️ Cheat Code: 20% OFF

Peter McCormack has given Bitcoin In a Nutshell readers a 20% discount code for his upcoming conference, CheatCode.

At checkout, use code: BC20. It works across every ticket option, including the VIP pass (worth £200 off).

Tickets are still in the early early bird window, but prices go up after today (Friday, 20 February), so if you know you’re going, grab yours now.

Click here to find out more.

🧖 Why Established Companies Are Quietly Turning to Bitcoin

Ben Berry, Managing Director at English Lakes Hotels, joins Jordan to break down what it really takes to integrate Bitcoin into a UK hospitality business.

They discuss growing a fifth-generation family business into a true resort experience, how AI tools are reshaping hospitality, and how Ben is driving Bitcoin adoption through payments, holding BTC, and building a circular economy with local and global suppliers.

The episode is available here: YouTube, Apple Podcast, Spotify

🔥 What else have you missed?

1. AI Surveillance hidden inside your KYC verification?

2. Goldman Sachs CEO reveals he owns a ‘very little' amount of Bitcoin

3. White House trillions of dollars are waiting to enter Bitcoin?

4. Hacker returns $21 million in stolen Bitcoin to South Korean authorities

5. Paper Bitcoin is back. Has the first body floated to the surface?

6. Trump Family-Backed ‘American Bitcoin’ holdings pass 6,000 BTC

7. Metaplanet reports $619 million loss as Bitcoin holdings take a hit

🍾 Friday Fun!

This week’s crossword is now live - Play here

🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🌱 A Model Worth Copying

• 💀 The Same Old Obituaries

• 🏈 Coinbase Fumbles the Message

• 🇩🇰 Danske Puts Bitcoin in Your Pocket

• 🤔 Miners Selling Bitcoin… to Get Stronger?

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.48-minute read (723 words).

🧠 Quote Of The Week

“A lion does not concern himself with the opinion of sheep.”

— Game of Thrones

🌱 A Model Worth Copying

Non-profit Motiv is helping families in Peru earn and spend in Bitcoin through local “circular economies,” reportedly supporting around 750 households each week.

Bitcoin works without bank accounts, cuts fees and delays, and can keep value outside fragile local systems. Useful where access to finance is limited or unstable.

If this model scales, more communities could plug into open payment rails for everyday trade with lessons other regions can copy.

💀 The Same Old Obituaries

Mainstream media went hard at Bitcoin this week, with the FT arguing it is “about $70,000 too high” and The Economist calling it the “coldest crypto winter yet.”

Both pieces, locked behind paywalls, lean into bearish takes as prices fall, questioning fundamentals and confidence while overlooking the technology basics and long-term adoption signals.

Media negativity typically spikes in sell-offs, and the risk is letting these headlines set your time horizon.

Do your own research, stay humble, and stack sats if your thesis is intact.

🏈 Coinbase Fumbles the Message

Coinbase has drawn mixed reactions to its Super Bowl ad, with many labelling it a brand stunt that missed a chance to explain why Bitcoin matters.

The karaoke-style spot felt like a bait and switch: taking something universally loved and slapping “crypto” on it. The reveal fell flat with viewers. Watch here

For many who bought during past cycles (2017 onwards) and lost money, “crypto” already feels like a scam. Messaging like this risks widening that gap and turning people off learning about the sound-money principles of Bitcoin.

🇩🇰 Danske Puts Bitcoin in Your Pocket

Danske Bank now lets customers get Bitcoin exposure in its online and mobile apps via exchange-traded products from BlackRock and WisdomTree.

The bank says the ETPs fall under MiFID II for transparency and investor protection, and customers must pass an appropriateness check before trading.

Bringing Bitcoin access inside a major Nordic lender’s banking apps could pull more savers into regulated products across Europe, especially since no separate crypto wallet is needed.

🤔 Miners Selling Bitcoin… to Get Stronger?

Bitcoin miner Cango sold 4,451 BTC for about $305m, using the proceeds to repay a Bitcoin-backed loan as part of a balance-sheet optimisation plan.

The move comes as Cango pivots beyond pure mining, appointing an AI-focused CTO and planning GPU infrastructure, while miners face tighter margins post-halving.

Expect more miners to sell BTC to deleverage or diversify, adding short-term selling pressure that may weigh on Bitcoin’s price.

🌍 Step Back From the Tech, Focus on Impact

We’ve just dropped a 6-minute video explaining why Bitcoin matters, and what an open monetary network could enable for the world.

It’s simple, practical, and easy to share, built for founders and leaders who want the significance without a technical deep dive.

If you’re speaking with business owners or executives who say, “I get the hype, but why does this matter?” this is the video to send.

Watch on X

Watch on YouTube

🔥 What else have you missed?

1. Bitcoin mining difficulty drops 11% in largest negative adjustment since China's 2021 ban

2. BIP 360 has been merged into the official Bitcoin BIPs repository, aiming to strengthen Bitcoin against quantum

3. Lightning Labs releases AI agent tools for native Bitcoin Lightning payments

4. Cash App lower fees across the board for people using Bitcoin

5. Bernstein targets $150K in 2026, calling this selloff the ‘Weakest Bear Case in History’

6. Jack Mallers says levered software capital is being washed out, letting Bitcoin finally trade like hard money

7. Standard Chartered sees Bitcoin falling to $50,000

8. Fear & Greed Index falls to the lowest ever

9. Dutch House backs 36% unrealised gains tax

10. BlackRock say 1% Bitcoin Allocation in Asia Could Drive $2 Trillion in Inflows

🍾 Friday Fun!

This week’s crossword is now live - Play here

🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🇬🇧 Gemini Gives Up on the UK

• 🛤️ The Long Road to the LSE

• 😱 When Everyone Gives Up

• ⚡ Seven Figures, Settled in Seconds

• 📉 Strategy Shrugs Off $12.6B Loss

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.48-minute read (730 words).

🧠 Quote Of The Week

"People go where they are invited, but stay where they are appreciated"

— John Maxwell

🇬🇧 Gemini Gives Up on the UK

Crypto exchange Gemini will leave the UK, EU and Australia and cut around 25% of its staff, shifting focus to the U.S. and building out prediction markets.

Accounts in the affected regions will move to withdrawal-only from 5 March 2026, with the wind-down completing in the following months.

This retreat highlights the hostile, high-friction rules imposed by regulators such as the FCA in markets like the UK.

It is a disappointing day for UK users who now have fewer options, and a clear signal that the cost, delay and uncertainty of compliance can drive firms and innovation offshore.

🛤️ The Long Road to the LSE

The Smarter Web Company has begun trading on the London Stock Exchange Main Market, marking a major milestone for the UK’s largest publicly listed holder of Bitcoin.

The uplisting follows the company’s IPO on Aquis less than a year ago, when it became the first publicly traded UK company to hold Bitcoin on its balance sheet.

To mark the occasion, the company invited shareholders to the uplisting event at the London Stock Exchange. This landmark move widens access for everyday investors by bringing a Bitcoin-native treasury company onto the more broadly accessible Main Market.

😱 When Everyone Gives Up

Bitcoin has slipped into the high £60,000s, but classic bottom signs are flashing as some investors appear to be giving up.

Sentiment is at extreme fear, short-term holders are selling at a loss, and the RSI is oversold. These are typical late-stage washout markers.

It’s not a guarantee, but this setup often precedes strong rebounds as weaker hands exit and liquidity resets.

⚡ Seven Figures, Settled in Seconds

Institutional broker Secure Digital Markets sent $1 million to Kraken over the Lightning Network, proving a seven-figure transfer can settle in seconds with tiny fees.

It’s the largest publicly reported Lightning Network payment between regulated counterparties, showing Bitcoin can move serious money without traditional banking rails.

If more exchanges and brokers tap into the Lightning Network, treasury transfers and settlements could get faster and cheaper, running 24/7.

Lightning Network payments are shifting from small retail use to institutional-grade rails.

📉 Strategy Shrugs Off $12.6B Loss

Strategy reported about $12.6B in Q4 losses from fair-value markdowns as Bitcoin fell. Even so, it increased holdings to 713,502 BTC, bought 41,002 BTC in January, and set aside roughly $2.25B in cash to cover more than two years of dividends and interest.

On the earnings call, CEO Phong Le said Bitcoin would need to drop to around $8,000 and stay there for five to six years before its ability to repay convertible debt would be at risk.

Management plans to keep executing the Bitcoin treasury playbook and dismissed ‘quantum’ fears as FUD (fear, uncertainty and doubt).

💥 BBN Goes Off with a Bang

Last week we kicked off the Bitcoin Business Network at McCann Bespoke with a packed room, great food and drink, and a sit-down with former Chancellor of the Exchequer Kwasi Kwarteng.

This was the first of many BBN events, with the next members’ meetup to be announced soon.

If you want to connect with businesses shaping how Bitcoin is used in the UK and grow alongside them over time, you’re in the right place.

Click here to learn more.

🔥 What else have you missed?

1. Grant Cardone is selling his $78 million dollar jet to buy Bitcoin

2. Binance temporarily experiencing technical difficulties affecting withdrawals

3. Jack Mallers will not let Jeffrey Epstein rumours, “rob us of Bitcoin”

4. El Salvador installs 45 statues of Satoshi Nakamoto

5. JPMorgan says Bitcoin looks more attractive than gold ‘long term’

6. Tether launches open-source Bitcoin mining OS

7. Eric Balchunas says ETFs barely flinch as Bitcoin slides 40%

🍾 Friday Fun!

This week’s crossword is now live - Play here

🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 👶 A Bitcoin Generation

• ⏳ The Patience Trade

• 📲 Tap-to-Pay, No Way

• 🇬🇧 Mining Britain’s Wasted Power

• ⚙️ The Mining Movement

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.20-minute read (650 words).

🧠 Quote Of The Week

“People spend too much time chasing what is urgent and not enough time on what is important.”

— Stephen R. Covey

👶 A Bitcoin Generation

Coinbase wants to put $1,000 of Bitcoin into children’s savings, matching the Trump Accounts programme.

Trump Accounts give $1,000 to every child born between 2025 and 2028, invested in an index fund and claimed via a simple tax form. Coinbase’s match would add BTC exposure on top.

If other firms follow, Bitcoin could start appearing in long-term family savings and become part of everyday household finance.

⏳ The Patience Trade

In this period of market fatigue, Jordi Visser frames Bitcoin as a patience test: a time-weighted asset that stays quiet for long stretches before repricing in sharp bursts.

When Bitcoin moves too fast, people distrust it; when it stands still, they lose faith. Price becomes the distraction, testing investors’ patience more than conviction.

Even so, ETF approvals and political support are broadening ownership, shifting holdings from belief-driven buyers to allocation-driven investors as traditional portfolios add incrementally.

This slow reallocation sets up the next repricing.

📲 Tap-to-Pay, No Way

Cashu has unveiled NFC payments for Bitcoin ecash, letting money move phone-to-phone without the internet. The sender can pay with a tap, like a contactless card.

The transfer stays private and works even with a weak signal. No accounts. No card rails.

If wallets and shops adopt it, tap-to-pay with Bitcoin could spread quickly, making everyday spending simple and accessible.

🇬🇧 Mining Britain’s Wasted Power

Renewablox has opened its seed round, inviting qualified self-certified investors to register their interest in supporting its UK Bitcoin-mining ventures.

Participation is limited to eligible investors, and funds will support the next phase of growth and product development, helping to utilise wasted energy across the UK. Click here to learn more

Listen to this week’s Town Hall with Renewablox

⚙️ The Mining Movement

Luxury watchmaker Jacob & Co. has teamed up with GoMining to launch a 100-piece limited-edition Bitcoin watch bundled with 1,000 TH/s of digital Bitcoin mining power.

Buyers get the timepiece plus ownership of hashrate that earns mining rewards through GoMining, with no hardware to set up or maintain.

While it may be a little gimmicky, the blend of high-end fashion and Bitcoin mining opens a new route for collectors to gain direct exposure to mining yields and explore new technologies.

👔 A Bespoke Balance Sheet

The Bitcoin Business Network (BBN) is excited to host its first members-only event this Friday 30 January at McCann Bespoke’s City showroom, with former Chancellor Kwasi Kwarteng.

It’s a chance to connect with like-minded action-takers, share practical insights, and help drive positive change across the UK.

Ahead of it, we sat down with Neil McCann to discuss how accepting Bitcoin and holding it on the balance sheet can be a client magnet. The full interview is available to BBN members.

Watch the trailer here

🔥 What else have you missed?

1. Nasdaq files to remove trading restrictions on Bitcoin ETFs

2. 39% of U.S. merchants now accept Bitcoin & crypto payments

3. OpenSats has funded over 40 countries with $32,434,939 worth of Bitcoin

4. Strive uses SATA shares to pay off Semler debt

5. PayPal former president David Marcus says Bitcoin should be $1.5 million

6. Leading Fed Chair candidate Kevin Warsh seen as bearish for Bitcoin

7. Steak ’n Shake buys $5 Million in Bitcoin

8. BlackRock looks to bring yield-generation to premium Bitcoin ETF

9. SEC Chair Paul Atkins to speak at the Bitcoin Conference in Las Vegas

🍾 Friday Fun!

This week’s crossword is now live - Play here

🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🍔 Clock In, Stack Sats

• 📈 ARK Invest’s Big Ideas 2026

• 🇳🇱 Netherlands to Tax Unrealised Bitcoin Gains

• 📣 A 7-Minute Bitcoin Business Masterclass

• 🎮 ZBD Raises $40M for Bitcoin Gaming

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.27-minute read (679 words).

🧠 Quote Of The Week

“There’s a way to do it better, find it.”

— Thomas Edison

🍔 Clock In, Stack Sats

Steak ’n Shake is giving its hourly employees a Bitcoin bonus, and it’s one of the more concrete real-world Bitcoin uses we’ve seen from a major US restaurant chain.

Starting March 1, staff will earn $0.21 in Bitcoin per hour worked. The BTC doesn’t hit their wallets straight away, though; it vests over two years, meaning employees can only collect it after sticking with the company.

It’s a modest amount, but it’s significant for two reasons. First, it’s another example of Bitcoin being integrated into everyday life. Second, it demonstrates how companies can utilise Bitcoin creatively to reward employees and foster loyalty in a way that fiat currency cannot match.

📈 ARK Invest’s Big Ideas 2026 (Bitcoin Still at the Heart)

ARK Invest has released its Big Ideas 2026 flagship research report, a long-term look at the technologies likely to reshape markets over the next decade, from AI and robotics to bitcoin and beyond.

The report projects the entire digital asset ecosystem could reach ~$28 trillion by 2030, with Bitcoin expected to account for roughly 70 % of that market and a ~$16 trillion market cap if adoption continues.

🇳🇱 Netherlands to Tax Unrealised Bitcoin Gains

The Netherlands is pushing ahead with a major overhaul of its Box 3 wealth tax, aiming to tax unrealised gains on assets (including Bitcoin) annually starting in 2028. That means you could owe tax on price increases even if you never sell.

This change is part of a broader plan to base Box 3 on actual returns rather than assumed returns when calculating tax on savings and investments. Parliament and officials appear aligned on the bill, and the government wants it in force by 1 January 2028, but it still needs to pass through the House of Representatives first.

📣 A 7-Minute Bitcoin Business Masterclass

We’ve just dropped a 7-minute video explaining how Bitcoin fits into business, and why more companies are paying attention.

It’s designed to be simple, practical, and shareable, especially for founders and leaders who want to understand why we’re seeing momentum with businesses stacking Bitcoin on their balance sheets.

If you’ve been talking about Bitcoin with business owners or executives at companies who ask, “but how does this actually work for business?” then this is the clip to send.

Watch on X

Watch on YouTube

🎮 ZBD Raises $40M for Bitcoin Gaming Payments

Bitcoin payments startup ZBD has just closed a $40 million Series C funding round led by Blockstream Capital Partners to accelerate its gaming payments stack.

The New Jersey-based company uses the Lightning Network to let game developers integrate real-time, Bitcoin-based transactions and rewards directly into gameplay. In 2025 it processed over 120 million reward transactions and expanded its SDK integrations across dozens of mobile titles.

ZBD plans to use the funding to build a compliance-ready, full payments layer for games across mobile, PC, and console, pushing Bitcoin deeper into everyday digital experiences.

🔥 What else have you missed?

1. Coinbase launched a quantum advisory board focused on future Bitcoin security.

2. City & Financial Group is hosting a meetup in London, and the topic will be about Bitcoin's role in business.

3. The conversation is building around AI and Bitcoin converging.

4. Brian Armstrong defended Bitcoin’s decentralisation against a central banker.

5. The New York Times ran a hit piece on Michael Saylor’s Bitcoin strategy.

6. 🚨A sophisticated scam is circulating in the Bitcoin space; stay alert.

🍾 Friday Fun!

This week’s crossword is now live - Play here

🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• ☀️ Lighting the Way for UK Businesses

• 🇮🇷 Freedom Tech, Out of Necessity

• 🥇 Gold… Meet Digital Gold

• 🇸🇻 The “Bitcoin Country” Passport

• 🚫 Trump Shuts SBF’s Door

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.37-minute read (692 words).

🧠 Quote Of The Week

“If you want to go fast, go alone. If you want to go far, go together.”

— African proverb

☀️ Lighting the Way for UK Businesses

The Bitcoin Collective has launched the Bitcoin Business Network (BBN) to help UK businesses protect what they’ve built and turn Bitcoin into a competitive advantage.

Technology is transforming how we live, work, and build businesses. In that environment, standing still is falling behind. BBN is for UK leaders who think in years, not weeks.

Whether you’re a founder, entrepreneur, or executive, BBN is a place to connect with others who are taking action: holding Bitcoin on the balance sheet, accepting it as payment, or simply learning what’s coming so you can make smarter decisions for your company.

Kicked off on 14 January 2026 with 50 founding members across 20+ sectors, the network brings together like-minded leaders to drive positive change across the UK in the years ahead.

🇮🇷 Freedom Tech, Out of Necessity

With nationwide internet shutdowns in Iran, citizens are turning to “freedom tech” tools to stay connected, including Bitcoin-adjacent apps like Bitchat and local fork Noghteha.

At the same time, the local currency the Rial has slumped to record lows (≈96% down against the US dollar), driving more people to consider Bitcoin as a parallel option when the local currency fails.

Together, blackouts and currency stress are pushing Iranians toward open networks for communication and value transfer that don’t rely on state-controlled rails. Bitcoin and decentralised tools can provide a lifeline.

🥇 Gold… Meet Digital Gold

21Shares has launched a physically backed exchange-traded product that combines Bitcoin and gold (BOLD), now trading on the London Stock Exchange.

The product carries a 0.65% fee, is FCA-approved, and blends the two assets using a rules-based allocation in a single regulated wrapper.

It gives UK investors a simple, listed way to hold both hard assets without managing them separately, reflecting growing mainstream access to Bitcoin in traditional portfolios.

🇸🇻 The “Bitcoin Country” Passport

El Salvador has unveiled a “Bitcoin Country” passport that offers up to 10% savings at hotels and other merchants that accept Bitcoin, aiming to boost tourism and everyday BTC use.

It is not a travel document but a branded membership ID for perks, with early participation focused on hotels, restaurants and tourism services.

Officials have not published a full vendor list yet, but the scheme could nudge more businesses to accept BTC and normalise spending with it.

🚫 Trump Shuts SBF’s Door

President Trump told the New York Times he has no plans to pardon former FTX CEO Sam Bankman-Fried, who is serving a 25-year sentence for fraud.

Speculation had swirled after Trump showed leniency to Silk Road’s Ross Ulbricht and other crypto-linked figures, but this shuts the door for SBF as his appeal continues.

The stance signals a line between broader crypto policy shifts and high-profile fraud cases, with no political rescue on the table for SBF.

Many Bitcoiners still hope the Samourai Wallet developers are pardoned, arguing they wrote non-custodial privacy software rather than running a fraud scheme.

🔥 What else have you missed?

1. Scott Bessent calls the Federal Reserve "the engine of inequality."

2. Andreas M. Antonopoulos awarded the Finney Freedom Prize for educating millions about Bitcoin

3. The Smarter Web Company announces its intention to list on the London Stock Exchange

4. Coinbase "can't support" the crypto market structure legislation as currently written

5. Strive approved to acquire Semler Scientific, increasing Bitcoin holdings to Nearly 13,000 BTC

6. U.S. mortgage lender Newrez will accept Bitcoin for mortgage qualification

7. Carefour offers Bitcoin-paying customers a 20% discount

8. Bitdeer overtakes MARA as largest Bitcoin miner by 'managed hashrate'

9. Dartmouth College (via an ETF) bought $10M worth of Bitcoin

10. Ledger rolls out a 'BTC yield' product

🍾 Friday Fun!

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🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🍅 Tomatoes Powered by Bitcoin

• ⏳ A Neutral Index… For Now

• 🇺🇸 Seized Bitcoin Under Scrutiny

• 🌴 Florida Revives Bitcoin Reserve Bill

• 🚀 Rumble Brings Bitcoin to Creators

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.22-minute read (655 words).

🧠 Quote Of The Week

“Neutrality consists not in ignoring differences, but in recognising them without letting them divide us.”

— Dag Hammarskjöld

🍅 Tomatoes Powered by Bitcoin

Canaan has launched a 3 megawatt pilot in Manitoba to capture waste heat from its liquid-cooled mining rigs and warm commercial greenhouses.

The 24-month project with Bitforest will use a closed-loop heat-exchange system and about 360 Avalon units to preheat boiler water and cut heating costs for tomato cultivation.

If successful, the model could be replicated to turn miners into “compute and heat” plants, lowering emissions and supporting agriculture. It shows Bitcoin mining’s real-world utility beyond the “energy-intensive” headlines.

⏳ A Neutral Index… For Now

MSCI has shelved its plan to remove “digital asset treasury” firms from its indexes, a big win for large Bitcoin-holding companies like Strategy, whose shares rose on the news.

The previous proposal would have dropped companies with 50% or more of their assets held in Bitcoin or other cryptoassets. Even small index rule changes can shift billions in passive funds and could have been highly detrimental to share prices.

Strategy have called it “A strong outcome for neutral indexing”

While analysts say this removes a near-term risk for Bitcoin-related equities, a wider consultation is still coming.

🇺🇸 Seized Bitcoin Under Scrutiny

Court records suggest the US Marshals Service may have sold 57.5 BTC seized in the Samourai Wallet case via Coinbase Prime in November 2025.

Despite language in the “Asset Liquidation Agreement”, the US Marshals Service has denied any sale, and on-chain data only confirms a transfer, not liquidation.

For context, President Trump’s March 2025 order created a Strategic Bitcoin Reserve and directed that seized BTC be held, not sold.

Questions remain about process and compliance for handling seized Bitcoin, and clear rules will determine whether the US adds to its reserve or releases coins back to market.

🌴 Florida Revives Bitcoin Reserve Bill

Florida lawmakers have reintroduced a bill to create a state Bitcoin reserve, this time narrowed to only holding Bitcoin and not “crypto”.

The proposal avoids broader “crypto” exposure and effectively limits purchases to Bitcoin via eligibility rules. This tighter approach comes after a more inclusive previous effort stalled in 2025.

If passed, Florida would join the list of states who formally treat Bitcoin as a strategic reserve asset, which would help to normalise BTC in public finance.

See US State tracker: Click here

🚀 Rumble Brings Bitcoin to Creators

Video platform Rumble has rolled out Rumble Wallet, letting users tip creators and move funds in Bitcoin, USDT and Tether Gold directly in-app.

The non-custodial wallet, built with Tether, removes reliance on banks and third-party processors and brings peer-to-peer payments natively to Rumble’s creator economy.

If widely adopted, millions of viewers and creators could handle earnings and tips in Bitcoin without leaving the platform, helping to create an online circular economy.

🔥 What else have you missed?

1. Bank of America lets wealth advisers recommend Bitcoin ETFs

2. Japan's finance minister backs Bitcoin integration across stock exchanges

3. Cathie Wood says in 2026 Trump will buy Bitcoin for the Strategic Reserve

4. Morgan Stanley Seeks SEC Approval for Spot Bitcoin ETF

5. Elon Musk says the future of currency will be "work and energy."

6. Bitcoin Core v30 bug affecting legacy wallet upgrades risk fund loss

7. Theo Von revealed he is now getting paid in Bitcoin

8. JPMorgan says de-risking is likely over as Bitcoin ETF flows stabilise

9. Bitcoin celebrates 17 years since ‘Genesis Day’

🍾 Friday Fun!

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🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🕰️ The End of the Four-Year Era

• 🔌 Reform Bets on Digital Future

• 🚨 Tax-Fuelled Fraud

• ⚡ Too Attractive to Ignore

• 🇬🇧 The Stealth Tax on Britain

• 🌎 Why Bitcoin Is Starting To Feel Inevitable

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.59-minute read (756 words).

🧠 Quote Of The Week

“Every new beginning comes from some other beginning’s end.”

— Seneca

🕰️ The End of the Four-Year Era

Bitcoin logged its first-ever post-halving red year, suggesting the old four-year cycle may be over.

In past cycles (2013, 2017, 2021), the year after the halving delivered the biggest gains. This time, the launch of ETFs in early 2024 pulled demand forward, sending Bitcoin to a new high before the 2024 halving. Since then, returns have cooled.

The market now looks more like a macro asset with lower volatility and less predictable cycles, so the simple “halving = rally” playbook may not hold. Investors may need to focus more on macro fundamentals and capital flows.

🔌 Reform Bets on Digital Future

In a five-minute New Year message, Reform UK leader Nigel Farage spent about a minute speaking about the importance of cryptocurrencies, AI and digital assets.

He said “one in seven” people now own a digital asset and criticised the government for neither caring about nor understanding the space, despite rising adoption.

He added that success with these technologies requires access to cheap energy. While he did not say so explicitly, Bitcoin mining could help support the existing power grid, monetise surplus power and potentially lower costs, which would boost awareness and adoption.

🚨 Tax-Fuelled Fraud

Marty Bent argues that US taxation has become a “humiliation ritual” after fresh fraud revelations, floats civil disobedience, and says Bitcoin offers a way to avoid funding misuse.

He cites a viral probe into alleged Minnesota welfare fraud and a California audit reporting tens of billions missing, arguing that money printing and rising debt enable waste.

Bent’s remedy is to take monetary control out of government hands and into neutral alternatives like Bitcoin, potentially driving demand for it as a hedge if public anger grows.

⚡ Too Attractive to Ignore

With global rate cuts on the horizon, Strategy has lifted the dividend on Stretch (STRC), to 11%, offering a yield that’s hard to ignore for traditional finance.

The payout is funded by a business built on a large Bitcoin treasury, packaging BTC exposure into a familiar instrument for income-focused investors.

Attractive yields could pull in new capital and nudge more investors to learn about the asset powering it: Bitcoin.

🇬🇧 The Stealth Tax on Britain

In a “love letter to Britain”, Peter McCormack zeroes in on inflation as the root cause of the country’s problems, quietly draining wages, savings and small-business margins.

He links the cost of living to monetary policy and calls for stronger accountability and sounder money. While not explicitly about Bitcoin, it addresses the problem Bitcoin was designed to solve: persistent debasement of money acting as a stealth tax on everyone.

Peter has also launched a peaceful “I No Longer Consent” movement, encouraging people to withdraw consent from the current system.

🌎 Why Bitcoin Is Starting To Feel Inevitable

Joe, Scott and Jez join Jordan to reflect on how the UK Bitcoin landscape shifted in 2025. The conversation is no longer focused on price; instead, it’s about living standards, broken incentives, and a growing sense that something in the system is failing.

They explore the debasement trade, renewed interest in gold and silver, and why Bitcoin increasingly stands out as a practical way for individuals and businesses to protect long-term effort and savings.

The episode is available here: YouTube, Apple Podcast, Spotify

🔥 What else have you missed?

1. The Crypto Lobby are pushing to exclude Bitcoin from a de minimis tax exemption

2. Metaplanet bought another 4,279 Bitcoin, now holding over $3 billion worth of BTC

3. Grant Cardone is going all in on Real Estate mixed with Bitcoin

4. Keonne Rodriguez shares his first letter from prison, detailing the realities of incarceration.

5. Aston Villa footballers show Bitcoin education still has a way to go

6. VanEck see a bullish signal for Bitcoin, as mining activity declines

7. Samson Mow Bitcoins 2025 ‘bear market’ could precede a decade-long rally

8. David Beckham backed Prenetics ditches Bitcoin buying strategy

🍾 Friday Fun!

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🧞‍♂️ Your wish is our command

Happy Friday, and welcome to a special “End of 2025 Edition“ of In A Nutshell.

Instead of the usual weekly roundup, this one is 2025 Wrapped, a month-by-month look back at an extraordinary year for Bitcoin, focusing on the biggest developments beyond price.

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ This special edition should be a ~5.07-minute read (807 words).

🧠 Quote Of The Week

“Learn from yesterday, live for today, hope for tomorrow.”

— Albert Einstein

❓January - What’s the Problem?

Joe Bryan launched his viral explainer video “What’s The Problem?”

With 1,000,000+ views across X and YouTube and translations into 30+ languages, it became a go-to “why” primer on the failures of our financial system—before people start learning about Bitcoin. Watch it here

⚽ February - Billionaire Backing in Bedford

The Winklevoss twins finalised a $4.5m investment to become part-owners of Real Bedford FC.

Paid entirely in Bitcoin, it helped normalise the asset as a functional way to transfer real-world value, beyond being just an investment.

🇺🇸 March - Bitcoin Reserve, & Sh*tcoin Stockpile

Trump signed an executive order creating a Strategic Bitcoin Reserve and a separate U.S. Digital Asset Stockpile.

The distinction mattered: the Bitcoin Reserve is BTC-specific (to be held as a long-term reserve asset, with agencies directed to treat it differently), while the Digital Asset Stockpile is for non-Bitcoin seized assets, with no mandate to accumulate more.

🇬🇧 April - Britain’s First Public Bitcoin Treasury

The Smarter Web Company IPO’d as the UK’s first public Bitcoin treasury company. 

Being described as the “most successful IPO in UK history” it became a visible proof-point that there is a demand for Bitcoin exposure in the UK.

🏟️ May - Paris Saint-Germain Start Stacking

PSG (Paris Saint-Germain) announced it had added Bitcoin to its balance sheet.

By shifting part of its reserves into BTC, the global mainstream brand made Bitcoin treasury strategy feel more normal. It’s not just for niche tech firms, but for established institutions with huge audiences.

🔓 June - Regulated Bitcoin, Unlocked

The FCA opened a consultation to lift the ban on retail access to Bitcoin ETNs in the UK, which was eventually lifted in October.

It was a big tone shift, with UK regulators essentially acknowledging that these products exist and that retail demand isn’t going away.

🏦 July - Strategy Builds a Bitcoin Bank?

Strategy launched STRC (“Stretch”), a Bitcoin-backed preferred stock designed to trade at a constant $100 share price while paying a monthly dividend.

Saylor called it their “iPhone moment”. A money-market-style wrapper for steadier pricing and monthly income, and a key step in Strategy’s shift from a Bitcoin treasury company toward a Bitcoin-backed bank offering products that directly compete with traditional ones.

🎓 August - Harvard Warms to Bitcoin

Harvard University quietly disclosed holding an allocation via its endowment manager to BlackRocks Bitcoin ETF.

For a centuries-old institution with traditional finance rooted within its academia, this was a powerful signal of Bitcoin becoming acceptable by even in the most conservative pools of capital.

✈️ September - easyJet Land on Bitcoin

The brand behind easyJet (easyGroup) entered the world of Bitcoin with the launch of easyBitcoin.

By wrapping Bitcoin in a familiar household name and focusing on simplicity, it was another 2025 signal that Bitcoin is being normalised for everyday users.

🛒 October - Bitcoin At Every Checkout

Bitcoin payments became part of the package for U.S. merchants using Square POS systems, enabling a new low-cost way to pay across a network of over 4 million sellers.

It was a major “Bitcoin as money” milestone in 2025. Rather than a niche checkout option at a handful of retailers, Bitcoin was embedded into everyday payment rails with huge reach.

💼 November - Bitcoin: A Competitive Advantage

The Bitcoin Collective hosted “Bitcoin: A Competitive Advantage” in Derby, our first business-focused Bitcoin event in the UK.

With speakers including Liz Truss, Peter McCormack, Joe Bryan and more, it was a strong signal that Bitcoin strategy is spreading beyond public companies, as more private businesses start making serious moves to take advantage of Bitcoin.

All panels now live on YouTube

⚖️ December - Bitcoin Leaves the Legal Grey Area

The UK passed an Act confirming that Bitcoin can be recognised as personal property under the law.

This strengthens the legal footing for ownership rights, theft and fraud claims, insolvency cases, and how courts handle disputes involving Bitcoin. It moves Bitcoin further out of the legal “grey area,” making it easier for businesses and institutions to engage with confidence.

🔥 That’s everything for 2025…

🙏 Thanks for all the support this year; it really means a lot to the whole team. With that, here’s to an even bigger and better 2026 🥂✨

We’ve got big things coming in January that we can’t wait to share 👀

🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🐌 Regulation Arrives… In 2027

• 🏛️ Samourai Case Reaches the White House

• 🟧 Times Square Turns Orange

• ⚛️ Quantum Threat Splits the Community

• 🇨🇳 (Another) China Mining Ban

• ⚡ Lightning Hits Record Capacity

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~5.10-minute read (790 words).

🧠 Quote Of The Week

“The eye sees only what the mind is prepared to comprehend.”

— Henri Bergson

🐌 Regulation Arrives… In 2027

The UK Treasury plans to bring Bitcoin under the same rules as other financial products, with the regime due to start in October 2027.

The FCA has begun consultations on trading, custody and market abuse rules, to be finalised by the end of 2026, paving the way for the new framework.

Although a step in the right direction, the long timeline risks leaving the UK behind faster jurisdictions and pushing talent elsewhere, even if businesses gain clarity eventually.

It’s also worth remembering that laws can regulate firms and activities, not the Bitcoin protocol itself.

🏛️ Samourai Case Reaches the White House

President Trump says he will consider a pardon for Samourai Wallet co-founder Keonne Rodriguez, days after he received a five-year prison sentence.

The DOJ says Samourai facilitated unlawful transactions and ran an unlicensed money-transmitting business. Many argue, however, that developing open-source, non-custodial software should not be criminalised.

The outcome could set a precedent for whether writing non-custodial privacy code is protected speech or a crime, with major implications for financial privacy, developer liability and open-source Bitcoin projects.

🟧 Times Square Turns Orange

Bitwise took over Times Square with iconic Bitcoin quotes, turning Midtown into an orange billboard for sound money ideas.

Lines from Saifedean Ammous, Lyn Alden, Michael Saylor, Natalie Brunell and even Satoshi Nakamoto ran on giant displays, putting Bitcoin’s core messages in front of millions.

The stunt showcased Bitcoin’s biggest voices in the most mainstream setting possible, blending finance, culture and street-level attention.

⚛️ Quantum Threat Splits the Community

Macro analyst Luke Gromen says Bitcoin could slide toward $40,000, turning near-term bearish after recent weakness. He described this as “possible” in 2026.

His case cites Bitcoin lagging gold, technical breakdowns, and rising chatter about “quantum risk” as headwinds.

Despite Gromen’s reputation, many have pushed back. Michael Saylor says “quantum computing won’t break Bitcoin,” and Adam Back argues much of the concern misunderstands the basics.

Either way, the $40k call highlights how quickly macro sentiment can flip, even as institutional adoption keeps building and liquidity looks set to ease.

🇨🇳 (Another) China Mining Ban

Officials in Xinjiang have told miners to shut down Bitcoin rigs for an “inspection phase”, and many may not switch back on locally.

Estimates suggest 100–120 EH/s (about 10% of the network) could go offline. Unlike the 2021 ban, when China knocked out nearly half the hashrate, mining is now far less concentrated, so the impact should be smaller.

Most rigs will likely relocate rather than disappear. Any hit should be temporary as difficulty adjusts and the network keeps running.

A lot has changed since 2021, underscoring the network’s increased resilience over time.

⚡ Lightning Hits Record Capacity

Bitcoin’s Lightning Network has reached a record capacity of between 5,606 and 5,637 BTC as major exchanges add more Bitcoin to payment channels.

Capacity has pushed past the previous 2023 peak even though node and channel counts remain below earlier highs. This means more BTC is being loaded into fewer, larger channels.

Higher capacity supports faster, cheaper payments and makes Lightning more useful for everyday transactions, especially as big platforms integrate it.

🎙️ The Conversations You Missed in Derby

All panels from Bitcoin: A Competitive Advantage are now live.

Hear Liz Truss lift the lid on how government really works, Peter McCormack on using Bitcoin to supercharge his football club, and practical sessions on how everyday businesses are integrating Bitcoin.

If you couldn’t make Derby, check them out on YouTube

🔥 What else have you missed?

1. Bhutan pledges 10K Bitcoin to develop its ‘mindfulness city’

2. Strategy retains its spot in the Nasdaq 100

3. Brazil's largest bank recommends a 3% Bitcoin allocation

4. Steak 'n Shake say “If you work at Steak n Shake we’ll pay you in Bitcoin”

5. Revolut partners with Trust Wallet to enable Bitcoin buys in the EU with zero fees

6. Strategy buys the dip for a second week running, with another 10,645 BTC buy for $980.3 million

7. American Bitcoin makes it to the top 20 corporate BTC holders

8. MetaMask adds native wallet support for Bitcoin

9. Netflix announces new Bitcoin comedy starring Jennifer Garner

🍾 Friday Fun!

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🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🃏 Britain’s Energy Joke

• 🗽 Satoshi Storms Wall Street

• 🇬🇧 A New Standard for UK Pensions

• 🕰️ XCE Wastes No Time

• ❤️ Aid Gets a Bitcoin Upgrade

• 🛠️ Bitcoin Doesn’t Fix Anything. People Do.

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~5.20-minute read (809 words).

🧠 Quote Of The Week

“To improve is to change; to be perfect is to change often.”

— Winston Churchill

🃏 Britain’s Energy Joke

Comedian Jimmy Carr says the UK should use surplus power to mine Bitcoin: “Anything we don’t need, we can mine for Bitcoin.”

On the TRIGGERnometry podcast, he added, “Our power stations don’t do anything at night,” and suggested using mining to help build a sovereign wealth fund.

Bitcoin mining can soak up off-peak energy, turn waste into revenue, and switch off quickly when the grid needs it.

With the UK reportedly wasting over £1 billion on energy curtailment this year, these comments could help put the issue on the national agenda.

Octopus wasted energy tracker

🗽 Satoshi Storms Wall Street

Twenty One Capital, backed by Jack Mallers, Tether and Cantor Fitzgerald, has listed on the NYSE, marking the occasion with a gift of a Satoshi statue to the exchange.

The company also lit up Times Square with a billboard reading “No man should work for what another man can print,” a direct shot at the dollar and other fiat currencies.

Bitcoin has arrived on Wall Street, signalling a plan to fix finance from within.

🇬🇧 A New Standard for UK Pensions

One year on from the UK’s first pension scheme allocating to Bitcoin, Cartwright Pension Trusts says the investment has returned 56%, lifting the fund’s overall position.

The unnamed scheme invested £1.5m (about 3% of a £50m portfolio) alongside other assets. Over the same period, gold rose 44%, global equities 16%, and UK 10-year gilts were flat.

Cartwright stresses it’s a long-term, risk-aware strategy that may not be suitable for every scheme, but says it shows Bitcoin should be part of the conversation for UK pensions.

🕰️ XCE Wastes No Time

International executive recruitment firm XCE listed on the UK Aquis Stock Exchange this week and, on its second trading day, announced its first major Bitcoin purchase.

Since 2021 (while still private, under Spencer Riley), the group had already accumulated 9.27 BTC, so this was an acceleration, not a first step.

It acquired 7.37 BTC, almost doubling its holdings to 16.65 BTC, at an average cost of $68,110, worth about $1.51m.

The company says it has achieved a 79.5% BTC yield since IPO.

❤️ Aid Gets a Bitcoin Upgrade

Save the Children has launched a first-of-its-kind Bitcoin Fund, aiming to maximise the impact of donations by allowing the charity to hold Bitcoin for up to four years.

Using Bitcoin, stablecoins and digital wallets, the fund will test ways to get money directly into families’ hands faster, more transparently and at lower cost.

The charity is positioning it as a model that could influence how aid groups move money in future crises.

🛠️ Bitcoin Doesn’t Fix Anything. People Do.

Peter McCormack, chairman of Real Bedford F.C. and host of The Peter McCormack Show, joined Jordan at Bitcoin: A Competitive Advantage to explain how Bitcoin can be an accelerant for traditional businesses.

If you couldn’t make the event, you won’t want to miss this. Watch here

💥 Why Bitcoin Is About To Explode | Lawrence Lepard

Investor and author of The Big Print, Lawrence Lepard, joins Jordan to discuss how gold is signalling monetary debasement and what that means for Bitcoin.

They also cover JPMorgan’s ‘debasement’ trade, Morgan Stanley’s Bitcoin allocation shift, the Fed’s likely return to balance-sheet expansion, and the Fourth Turning, including what a future reset to sound money could look like.

The episode is available here: YouTube, Apple Podcast, Spotify

🔥 What else have you missed?

1. B Hodl issue first grant to support Bitcoin development

2. US Regulator slams nine top banks for Bitcoin debanking practices

3. Cathie Wood says the 4-year cycle is dead. Bitcoin will rally higher from here

4. BBC covers the Swiss city of Lugano where you can pay for most things with Bitcoin

5. Michael Saylor after announcing major banks are now approaching him about Bitcoin, visits JPMorgan in New York

6. Strategy has urged MSCI not to exclude Bitcoin-treasury companies from its indices

7. Strategy buys the dip with another 10,624 bitcoin for $963 million

8. Tom Lee “We're going to shatter the Bitcoin 4-year cycle over the next 8 weeks"

9. UAE security official says, “Bitcoin has become the key pillar in the future of financing.”

10. Western Union are building Bitcoin on and off ramps

🍾 Friday Fun!

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🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🇬🇧 Britain’s Entrepreneurial Moment

• ⚖️ UK Recognises Bitcoin as Property

• 👑 Vanguard Bends the Knee

• 💥 Liz Truss: Exposes The Government Ponzi Scheme

• 📙 History of Bitcoin: Bidding Goes Live

• 🏛️ Strategy Shores Up Its Balance Sheet

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~5.21-minute read (810 words).

🧠 Quote Of The Week

“The best way to predict the future is to create it.”

— Peter Drucker

🇬🇧 Britain’s Entrepreneurial Moment

The UK is on the cusp of an entrepreneurship surge that could inject billions into the economy, according to a new report from Block and Public First.

Independent enterprises, side hustles and digital-first microbusinesses are on the rise, but outdated banking and a lack of modern tools could throttle this momentum.

The report highlights Bitcoin adoption as a key innovation. Jordan Walker, founder of the Bitcoin Collective, explains how wider adoption could help the UK thrive and stay globally competitive.

Alongside the report, we were invited to Block’s event at the Houses of Parliament, where we stressed the need for better education and regulation. Without progress, the UK risks losing talent and investment to more welcoming countries.

⚖️ UK Recognises Bitcoin as Property

A new law has been passed confirming that Bitcoin and other crypto tokens are recognised as personal property in England, Wales and Northern Ireland.

The law received Royal Assent on 4 December 2025, putting the UK among the first countries to provide this legal clarity.

This gives individuals, courts and businesses clear rules for dealing with digital assets. It’s a positive step for Bitcoin in the UK, which has often been in a legal grey area.

👑 Vanguard Bends the Knee

After years of resisting, Vanguard has now opened access for clients to buy, hold and sell Bitcoin ETFs.

Although Vanguard says it still won’t launch its own Bitcoin funds, the shift by one of the world’s biggest brokers opens access to its $11 trillion platform.

This is a major step toward regulated Bitcoin exposure for everyday investors, especially given Vanguard’s 2024 stance, when then CEO Tim Buckley said ‘Bitcoin is not a store of value’ and that the firm had no intention of offering Bitcoin ETFs.

This shows Bitcoin’s resilience: first they ignore you, then they laugh at you, then they fight you, then you win.

💥 Liz Truss: Exposes The Government Ponzi Scheme

Former Prime Minister Liz Truss joined Jez at Bitcoin: A Competitive Advantage to discuss money, the state of the UK, and where power truly lies in government.

If you couldn’t make the event, you won’t want to miss this.

Watch here

📙 History of Bitcoin: Bidding Goes Live

The auction is now live for the First Edition of History of Bitcoin.

Inside are 128 original artworks that retell Bitcoin’s journey. This exclusive first edition comes in a case made from 5,000-year-old fossilised black oak, with a bull leather binding and a bespoke silver Bitcoin emblem.

Proceeds from this inaugural copy will be split 79% to My First Bitcoin to fund Bitcoin education, and 21% to the contributing artists.

🏛️ Strategy Shores Up Its Balance Sheet

Strategy has set up a $1.44bn US-dollar reserve in order to cover around 21 months of preferred stock dividends, giving the company a clear runway through potential Bitcoin volatility.

After amassing a huge Bitcoin position, this move adds a traditional cash cushion, reassuring shareholders, whilst also strengthening their balance sheet in a conventional sense and improving their mainstream credibility.

💼 The Treasury Of Michael Saylor: Inside Bitcoin’s Corporate Playbook

Author and educator Anil Patel joins Jordan to unpack his book The Treasury of Michael Saylor.

They discuss how Strategy went from “half a billion in melting cash” to a pioneering Bitcoin treasury strategy that ultimately saved the company.

Anil explains why Saylor was primed to see Bitcoin’s potential, what most businesses get wrong about putting BTC on the balance sheet, and a practical playbook for treasury, risk and accounting.

The episode is available here: YouTube, Apple Podcast, Spotify

🔥 What else have you missed?

1. Elon Musk “Energy is the true currency, and Bitcoin is based on energy”

2. UK Labour considering banning cryptocurrency donations to political parties

3. Bank of America backs clients to allocate 4% to Bitcoin

4. Peter Schiff unable to distinguish authenticity of a gold bar

5. Tether downgraded by S&P due to their “High Risk” Bitcoin holdings

6. Sovereign Wealth Funds are establishing long Bitcoin positions, “This is not a trade”

7. SEC working on Bitcoin & Crypto innovation exemption

8. Precious Metals continue to be inflated with 71 million tonnes found

9. Bitkey now offer the option to buy without giving up your home address

🍾 Friday Fun!

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🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 💪 Strong Hands Scoop the Dip

• 🚫 Bitcoin’s New Public Enemy

• 🤠 State Stacking Begins

• 🇬🇧 The UK’s Vision Void

• ⚡ Fast, Direct, Impactful Aid

• 🥵 MSCI Turns Up the Heat on MSTR

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.41-minute read (701 words).

🧠 Quote Of The Week

“A man who is a master of patience is master of everything else.”

— George Savile

💪 Strong Hands Scoop the Dip

During this 35% drawdown from all-time highs, on-chain data suggests newcomers are selling while long-term holders continue to accumulate.

Wallets with at least 0.1 BTC fell significantly, while 1,000+ BTC wallets rose. More coins are moving to experienced buyers, reducing the supply available on the market and ultimately rewarding patience and discipline.

🚫 Bitcoin’s New Public Enemy

JPMorgan has antagonised the Bitcoin community after a series of underhand moves.

The world’s largest bank:

• Raised margin requirements on loans backed by Strategy (MSTR) shares from 50% to 95%, forcing clients to deleverage and sparking a sell-off.

• Allegedly moved slowly on client requests to transfer MSTR to other brokers.

• Reportedly closed Strike CEO Jack Mallers’ personal account.

These actions highlight the power big banks still wield over markets. In response, many Bitcoiners are rallying behind a boycott of JPMorgan.

🤠 State Stacking Begins

Texas has purchased $5 million of BlackRock’s spot Bitcoin ETF, becoming the first US state to add Bitcoin to its strategic reserve.

Officials said the buy was executed on 20 November, with another $5 million earmarked for direct, self-custodied Bitcoin once systems are ready.

As the first reported state-level Bitcoin investment, this move could nudge others to follow, with more treasuries starting to view Bitcoin as a reserve asset rather than a speculative trade.

🇬🇧 The UK’s Vision Void

The UK’s long-awaited Autumn Budget is now behind us and, while it didn’t add new crypto taxes, it was a missed chance to give business owners clarity.

Despite progress on regulated access to products like Bitcoin ETNs, the government’s lack of clear direction discourages entrepreneurs from building, scaling and staying in the UK.

⚡ Fast, Direct, Impactful Aid

Save the Children’s Antonia Roupell explains how Bitcoin lets the charity move money faster, getting help directly to families when it’s needed most.

The group first accepted Bitcoin in 2013 and now runs crypto donation drives like HODLhope, and accepts anonymous donations, helping it reach people in over 100 countries more efficiently.

The approach aims to cut fees and delays, reduce reliance on intermediaries, improve transparency, and give recipients more control over spending.

Save the Children are pioneering a new model for humanitarian aid.

🥵 MSCI Turns Up the Heat on MSTR

Strategy (MSTR) fell about 8% after reports that MSCI may remove crypto-treasury firms from major indices.

MSCI’s review is expected to conclude in January; if it decides to cut these firms from its indices, passive funds could be forced sellers, increasing volatility and weighing on shares.

The episode highlights the outsized power index providers hold over markets, but Michael Saylor appears unfazed, saying, “Index classification doesn’t define us.”

📈 UK Recruitment Company is Going Public

Scott Ellam, founder of XCE & Spencer Riley, is preparing to take his international executive recruitment firm public with Bitcoin on the balance sheet.

He began stacking BTC as the company’s primary reserve in 2021 and says more UK firms should run Bitcoin strategies openly, arguing it gives businesses a stronger, longer-term reserve.

Their WRAP offer to get in pre-IPO has now opened across AJ Bell, Hargreaves Lansdown and Interactive Investor.

The episode is available here: YouTube, Apple Podcast, Spotify

🔥 What else have you missed?

1. Jack Mallers framed debanking letter from JPMorgan

2. Central Banks and the dangerous game of opposing

3. Nasdaq increase IBIT options limit to 1 million contracts

4. Andreas Antonopoulos weighs in on the Bitcoin spam debate

5. Former Coinbase advisor emerges as favourite to become next Fed Chair

6. USA could fund a Strategic Bitcoin Reserve by accepting BTC for taxes

7. JPMorgan filed to launch a leveraged Bitcoin product

8. Scott Bessent spotted at Pubkey in Washinton D.C.

9. Metaplanet borrows another $130 million to buy more BTC

🍾 Friday Fun!

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Happy Friday, In A Nutshell this week:

• ☕ Something’s Brewing in DC

• ⛏️ Bitcoin Hits 95% Mined

• 🎓 Harvard Doubles Down on Bitcoin

• 🚓 Criminals Regret Using Bitcoin

• 🏠 Heating Homes With Sats

• 🗣️ Why No One’s Talking About Bitcoin

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.39-minute read (693 words).

🧠 Quote Of The Week

“What seems to us as bitter trials are often blessings in disguise”

— Oscar Wilde

☕ Something’s Brewing in DC

Block has kicked off a campaign in Washington, DC, giving away free coffee to push for a de minimis tax exemption on small Bitcoin purchases.

Right now, spending Bitcoin can trigger capital gains tax on everyday items. Block argues that small payments should be exempt so people can spend Bitcoin like cash.

The goal is simple: remove friction to make Bitcoin practical for daily spending. History shows public pressure can shift policy.

⛏️ Bitcoin Hits 95% Mined

Bitcoin has crossed a major milestone: 19,950,000 BTC have now been mined, meaning 95% of the total 21 million supply is already in circulation.

The supply schedule shrinks with each halving. At today’s 3.125 BTC block subsidy, issuance will continue to slow, with 99% of all Bitcoin projected to be mined by 7 January 2035.

While there’s a lot of talk about short-term price action, the bigger picture is clear: Bitcoin’s hard cap means it is only becoming more scarce over time.

🎓 Harvard Doubles Down on Bitcoin

Harvard’s endowment has boosted its stake in BlackRock’s Bitcoin ETF by around $443 million, making IBIT its largest disclosed equity holding.

The position jumped 257% in Q3, a rare move for an endowment that typically avoids ETFs. It suggests this product is now a primary gateway for traditional investors to gain Bitcoin exposure.

The allocation is still only about 1% of Harvard’s total portfolio, yet it signals that the world’s largest university endowment views Bitcoin as a core holding, not a curiosity.

🚓 Criminals Regret Using Bitcoin

A UK man has been ordered to hand over £4.1m in Bitcoin linked to the 2020 Twitter hack that hijacked high-profile accounts to push a fake giveaway.

The scam used accounts including Barack Obama, Elon Musk and Joe Biden to solicit funds. Although the haul was worth about £629k at the time, Bitcoin’s price rise has since pushed the stash above £4m.

Prosecutors say the case shows they can trace and recover illicit crypto across borders. It also challenges the outdated narrative that Bitcoin is “for criminals”; in reality, its transparent ledger helps investigators track offenders and claw back funds.

🏠 Heating Homes With Sats

Mainstream media outlet CNBC is covering a growing trend in the US: people using Bitcoin miners as space heaters to keep warm and earn sats at the same time.

Off-the-shelf “heater-miners” and DIY setups are emerging, saving residents money and replacing some fossil-fuel heating with electric heating.

Cost-effectiveness varies and depends heavily on local energy prices, but it shows the Bitcoin network delivering a real, everyday benefit to households.

🗣️ Why No One’s Talking About Bitcoin

We sit down with Natalie Brunell, host of the Coin Stories podcast. In this episode, we discuss why retail attention hasn’t returned to Bitcoin despite new all-time highs.

She shares her journey from mainstream media to Bitcoin education, and the ideas behind her new book, Bitcoin Is For Everyone.

The episode is available here: YouTube, Apple Podcast, Spotify

🔥 What else have you missed?

1. BTC Map in one day added 1000 Square merchants

2. Taxes can be paid in Bitcoin? Under new “Bitcoin for America Act”

3. Strategy buy the dip with huge $835.6 million Bitcoin purchase

4. New Hampshire approves $100M Bitcoin-Backed Bond

5. Abu Dhabi Investment Council increase Bitcoin exposure by triple

6. Japan’s FSA plans to lower tax on Bitcoin gains from 55% to 20%

7. Michael Saylor says the 4-year cycle is dead

8. Cboe to debut Bitcoin ‘Perpetual-Style’ Futures

9. BlackRock's IBIT posts record outflows worth $523 million

10. Tether invest in Ledn to expand bitcoin-backed lending market

🍾 Friday Fun!

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Happy Friday, In A Nutshell this week:

• 💳 Dollar Payments, Powered By Bitcoin

• 🚫 UK: Locked Out of Learning

• 🇨🇿 Czech Bank Dips Into Bitcoin

• 🇬🇧 Farage Doubles Down On Sound Money

• 🏛️ State-Backed Bitcoin Conference

• 🔊 Final Speakers Announced for Bitcoin | A Competitive Advantage

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~5.17-minute read (795 words).

🧠 Quote Of The Week

“The tipping point is that magic moment when an idea, trend, or social behaviour crosses a threshold, tips, and spreads like wildfire.”

— Malcolm Gladwell

💳 Dollar Payments, Powered By Bitcoin

Jack Dorsey’s two companies are rolling out upgrades to move Bitcoin into everyday spending. Square has enabled Bitcoin payments across its US point-of-sale network, while Cash App is adding Bitcoin tools for its 58 million users.

You can now pay at Square tills with your Cash App dollar balance; the app converts it to Bitcoin and routes the payment over Lightning with near-zero fees, so the merchant can receive and keep BTC.

A new merchant map helps users find Square locations that accept Bitcoin, encouraging more businesses to join and sparking curiosity.

Bitcoin payments just became practical at scale, even for people who don’t hold BTC.

🚫 UK: Locked Out of Learning

UK users report they are blocked from viewing a Ledger blog post explaining multi-signature wallets.

Multi-sig lets people split control of funds across several keys, reducing single-point-of-failure risk. Blocking an educational page, not a trading feature, raises questions about how these rules are being applied.

Limiting access to security education undermines consumer protection and the UK’s ambitions of embracing technology.

🇨🇿 Czech Bank Dips Into Bitcoin

The Czech National Bank has bought around $1 million worth of Bitcoin and other digital assets to run a test portfolio.

The bank says the goal is hands-on experience after earlier talks about Bitcoin reserves drew pushback in Europe. The assets sit outside official reserves and are meant for experimentation rather than investment returns.

Whilst it’s a small purchase, it’s a significant signal that central banks are actively learning how to utilise the benefits of Bitcoin.

It’s also ironic given that, in January, Christine Lagarde said: “I’m confident Bitcoin will not enter the reserves of any of the central banks of the EU.”

🇬🇧 Farage Doubles Down On Sound Money

Nigel Farage argues the UK is falling behind rivals and says Bitcoin is “scarce, secure and impossible to inflate away.”

He calls the BoE’s new £20,000 retail stablecoin cap a “poison pill” and promises a Cryptoassets and Digital Finance Bill to speed up payments and bring Bitcoin into UK policy.

Farage’s plan is to scrap stablecoin holding caps, cut crypto capital gains tax to 10%, and build a Bitcoin reserve at the Bank of England.

If enacted, these plans would tilt the UK toward pro-crypto regulation and embed Bitcoin and stablecoins in the national strategy.

🏛️ State-Backed Bitcoin Conference

El Salvador held “Bitcoin Histórico” in San Salvador this week, billed as the world’s first state-sponsored Bitcoin conference and run by the National Bitcoin Office.

Talks and broadcasts centred on the National Palace, with sessions at the National Library and National Theatre. Speakers included Jeff Booth, Max Keiser, Lawrence Lepard, Jimmy Song, Stacy Herbert and Russell Brand.

The event underlines El Salvador’s ongoing Bitcoin strategy and its push to promote Bitcoin at a state level.

🔊 Final Speakers Announced for Bitcoin | A Competitive Advantage

We’ve dropped the six final heavy-hitting speakers to the lineup for Bitcoin | A Competitive Advantage on Friday, 21st November, Derby:

David Boylan — CFO & Director at B HODL

Sean Kiernan — Founder & CEO of Greengage

Scott Ellam — Founder/CEO of XCE & Managing Director at Spencer Riley

James Priday — Founder & CEO of P1

Jonathan McCallum — Founder of Catalyst AI Consulting

Alan Edwards — Founder of Evoke Solutions

From business leaders to independent thinkers, if you're taking action or ready to start, this conference is for you.

🎟️ Final day tickets still available, grab yours whilst you can!

🔥 What else have you missed?

1. Quantitative Easing, thats what they call it. “We call it theft”

2. £5 Billion Bitcoin money laundering fraud jailed for 11 years

3. Joe Bryan Presents “What's The Problem?” to 400 UK Financial Advisors

4. US Government considering $2,000 “Refund” to families earning under $100K

5. Metaplanet is owned by almost 0.2% of all Japanese citizens

6. Cashu is bringing tap to pay to Bitcoin (Ecash), without the need of the Internet

7. Luxembourg sovereign wealth fund has invested 1% of its assets into Bitcoin

8. India now has its first Bitcoin-only investment fund

🍾 Friday Fun!

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Happy Friday, In A Nutshell this week:

• 🇬🇧 UK Retail: Look, Don’t Touch

• 📊 Bitcoin’s IPO Moment

• 🚨 A Warning Shot for Developers

• 💼 Bitcoin Becomes Business Collateral

• 🔓 Fidelity Lets Bitcoin Off the Leash

• 🤝 Why Bitcoin And Gold Work Together In A Portfolio

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~4.59-minute read (748 words).

🧠 Quote Of The Week

“The law’s role is less and less to support creativity, and more and more to protect certain industries against competition.”

— Lawrence Lessig

🇬🇧 UK Retail: Look, Don’t Touch

Dominic Frisby has been blocked from buying Bitcoin ETNs in the UK.

To buy Bitcoin ETNs, UK investors must pass the FCA’s crypto questionnaire, and despite being in Bitcoin since 2010 and writing one of the first mainstream books in 2013–14, Frisby failed it.

This highlights how UK rules are blocking even well-informed investors from accessing regulated Bitcoin products. Retail access is ‘open’ on paper, but real-world hurdles still keep many out.

📊 Bitcoin’s IPO Moment

Wall Street veteran Jordi Visser argues Bitcoin is in an “IPO moment,” which helps explain why the price has not surged like stocks or gold in recent months.

Recent trading reflects a handover from early whales to a broader, institutional base, with ETFs allowing long-term holders to move into regulated wrappers and take long-held profits without crashing the market.

This is much like a post-IPO consolidation, where early investors sell some shares as institutions step in.

🚨 A Warning Shot for Developers

Samourai Wallet developer Keonne Rodriguez has been sentenced to five years in federal prison, the maximum sentence for conspiring to operate an unlicensed money-transmitting business.

Prosecutors said Samourai’s mixing service laundered $237 million tied to drug trafficking, darknet markets, cyber intrusions, fraud and murder-for-hire.

Rodriguez’s lawyers asked for a sentence of one year and one day, but the court imposed the maximum term, setting a tough precedent for developers of Bitcoin privacy tools.

💼 Bitcoin Becomes Business Collateral

Strike has launched Bitcoin-backed loans to UK businesses, with funding in GBP.

Loans start from £10,000, have no stated maximum, offer rates from 10.11% APR, allow up to five concurrent loans, and include quick onboarding with no credit checks.

Borrowers post Bitcoin as collateral and draw cash without selling, giving BTC-holding firms a new financing tool and more ways to put their Bitcoin to work.

🔓 Fidelity Lets Bitcoin Off the Leash

Fidelity has enabled Bitcoin transfers on its US platform, allowing users to move BTC to and from external wallets rather than keeping it on the platform.

Transfers are being rolled out across accounts, adding self-custody options within a familiar brokerage experience and putting pressure on rivals to match.

This brings Bitcoin and self-custody a step closer to the mainstream, reducing platform risk for everyday investors.

🤝 Why Bitcoin And Gold Work Together In A Portfolio

Charlie Morris, founder of ByteTree and creator of “BOLD”, the Bitcoin-and-gold strategy, discusses how the two assets can work together in a balanced portfolio.

They cover how markets have shifted since 2008, why central banks are returning to gold, and why he believes institutions will eventually own Bitcoin, even if culture and regulation slow adoption.

The episode is available here: YouTube, Apple Podcast, Spotify

🔊 More Speakers Announced for Bitcoin | A Competitive Advantage

We’ve dropped three more heavy-hitting speakers to the lineup for Bitcoin | A Competitive Advantage on Friday, 21st November, Derby:

Joe Nakamoto — Bitcoin journalist & filmmaker

Ismael Dainehine — Founder & CEO of EverGive

Pete Rizzo — President at BitcoinTreasuries & veteran Bitcoin journalist

From business leaders to independent thinkers, if you're taking action or ready to start, this conference is for you.

🎟️ Final day tickets still available, grab yours whilst you can!

🔥 What else have you missed?

1. Bitcoin isn’t about getting rich, it’s about freedom

2. Tax Efficient Bitcoin exposure in the UK, step by step guide

3. Strategy launch their first Euro-Denominated Perpetual Preferred Stock

4. Grant Cardone would rather own Bitcoin over real estate

5. France advances a proposal to tax unrealised Bitcoin gains, deeming them “Unproductive Wealth”

6. Metaplanet borrows $100 million against its bitcoin holdings to buy the dip

7. JP Morgan sees bitcoin price reaching about $170,000 within the next 6 to 12 months

8. GM3 introduces the world’s first tokenized shares, secured and held directly on the Bitcoin blockchain.

🍾 Friday Fun!

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🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🌪️ Connection That Survives the Storm

• 🐴 Strategy Breaches Wall Street

• 💰 From Crime to Collateral

• 🇬🇧 The Antidote for UK Builders

• 💪 Strength in Numbers

• 💼 Why Business Owners Are Turning To Bitcoin

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~5.13-minute read (782 words).

🧠 Quote Of The Week

“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”

— Charles Darwin

🌪️ Connection That Survives the Storm

Jack Dorsey’s Bitchat has jumped to the #2 most-downloaded app in Jamaica as Hurricane Melissa disrupts communications across the Caribbean.

Bitchat uses peer-to-peer messaging over Bluetooth, providing a way to connect without relying on centralised servers. That makes it useful when mobile data or cloud services are down.

The sudden spike suggests people are turning to tools that keep working when the grid doesn’t, demonstrating the real-world need for decentralised applications, especially in times of crisis.

🐴 Strategy Breaches Wall Street

S&P Global has assigned Strategy (MSTR) a B– issuer rating, the first credit grade for a Bitcoin-treasury company.

Despite the “junk” label, which reflects the perceived risk of a Bitcoin-heavy balance sheet, the rating marks a step toward mainstream acceptance.

On its Q3 earnings call, Strategy posted a second straight profitable quarter, driven by fair-value gains on its 640,808 BTC.

Taken together, the first-ever rating and strong results strengthen the case for potential S&P 500 inclusion in December. Strategy is infiltrating every corner of traditional finance, acting as a Trojan horse for Bitcoin.

💰 From Crime to Collateral

JPMorgan will allow institutional clients to use Bitcoin as collateral for loans, marking a major shift at the largest bank in the US.

The move comes despite CEO Jamie Dimon’s long-held scepticism; he has previously called Bitcoin a “fraud” and argued it is only used by criminals, sex traffickers and money launderers.

But this shift signals the bank’s acceptance of Bitcoin within traditional finance and recognition of its value as an asset.

🇬🇧 The Antidote for UK Builders

London-based Antidote has launched with £2.5m to support startups building on open technologies, with a focus on Bitcoin and fintech.

The programme, backed by VCs Fulgur Ventures and Initial Capital, targets areas such as Bitcoin infrastructure, digital identity, and next-gen payments.

The aim is to provide capital and mentorship to UK-based Bitcoin builders, keeping talent onshore and helping turn early ideas into scalable products.

💪 Strength in Numbers

Bitcoin’s computing power crossed 1 zettahash in mid-September and has already climbed to around 1.12 ZH/s, marking a rapid jump in network strength.

For context, it took nearly 11 years to reach 100 EH/s (Jan 2020). In the last six weeks, miners added another 100 EH/s, with a difficulty rise of about 6.6% expected next.

Growth is being driven by more miners coming online, better hardware, and deeper integration with energy systems.

A rising hashrate means a more secure network and growing investment in Bitcoin’s long-term infrastructure.

💼 Why Business Owners Are Turning To Bitcoin

We speak with UK business owner and Bitcoin Collective team member Jez Casey about practical Bitcoin adoption for companies.

Jez explains how lockdowns pushed him to study Bitcoin, why merchant onboarding is crucial for adoption, and the simple steps SMEs (small and medium-sized enterprises) can take to get started.

The episode is available here: YouTube, Apple Podcast, Spotify

🔊 More Speakers Announced for Bitcoin | A Competitive Advantage

We’ve dropped yet another heavy-hitting speaker to the lineup for Bitcoin | A Competitive Advantage on Friday, 21st November, Derby:

Peter McCormack — Postcast Host & Chairman of Real Bedford FC

From business leaders to independent thinkers, if you're taking action or ready to start, this conference is for you.

🎟️ Day tickets are now available and selling fast, grab yours whilst you can!

🔥 What else have you missed?

1. Coinbase increase Bitcoin holdings by 2,772 in Q3

2. BlackRock CEO Larry Fink says you own Bitcoin if you believe “countries are going to continue to debase their currency.”

3. Germany’s opposition political party (AfD) propose a national Bitcoin reserve

4. Ledn posts record bitcoin-backed lending volume as it surpass $1 billion for 2025

5. US Congressman to introduce bill that bans the President, his family, and all elected officials from owning Bitcoin

6. Guns N’ Roses’ Axl Rose spotted wearing a Satoshi Nakamoto shirt in El Salvador

7. Rumble partners with Tether to add Bitcoin tips for content creators

8. Nordic Bank Nordea to allow Bitcoin ETPs

🍾 Friday Fun!

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🧞‍♂️ Your wish is our command

Happy Friday, In A Nutshell this week:

• 🔑 Keys Lost to Convenience

• 🇬🇧 ETNs Go Live at Last

• 🗣️ Shared Custody, Without Oversharing

• 🏆 A Golden Road to $200K

• ☁️ Servers Down. Nodes Up.

• 💼 Bitcoin Becomes the Benchmark

• …and much more

If you enjoy the newsletter, pass it on to a friend.

 🚀⏰ Today’s news should be a ~5.38-minute read (843 words).

🧠 Quote Of The Week

“Freedom, security, convenience – choose two.”

— Dan Geer

🔑 Keys Lost to Convenience

Large holders are shifting coins from self-custody into BlackRock’s US Bitcoin ETF (IBIT).

The move breaks from the core ethos of “not your keys, not your coins”, with many using in-kind transfers to swap BTC directly for ETF shares without selling.

For many, the simplicity of brokerage access, easier tax and estate handling, deep liquidity and a familiar wrapper is appealing, but it comes with greater centralisation and counterparty risk.

🇬🇧 ETNs Go Live at Last

Bitcoin exchange-traded notes (ETNs) are now live for UK investors, after delays caused by the FCA processing applications.

Institutions have had access for months, but retail trading only opened two weeks ago when the FCA lifted its four-year ban. 21Shares, Bitwise, BlackRock and WisdomTree now all have products available.

Despite this positive move to bring Bitcoin exposure to mainstream investors, some brokers, including Hargreaves Lansdown, are still warning clients that Bitcoin has “no intrinsic value.”

🏆 A Golden Road to $200K

As gold surges, Bitwise says even a small shift from gold into Bitcoin could boost the price well above $200k.

Its research suggests a 5% rotation would imply around $242,000 per BTC at recent levels, while 3–4% could still drive a major jump.

Bitwise’s CIO, Matt Hougan, argues gold’s run offers a roadmap for Bitcoin’s next leg, and that even a modest reallocation from gold to Bitcoin could have outsized effects on price.

🗣️ Shared Custody, Without Oversharing

Bitkey has proposed a way to make collaborative multisig more private. It’s called Chain Code Delegation, and it aims to stop cosigners from seeing your wallet balances and transaction history.

The Bitcoin Improvement Proposal (BIP) shares only the minimal data needed to co-sign a transaction, rather than exposing the whole wallet as happens today.

If adopted, teams, families and company treasuries can keep the safety of shared custody without giving partners or providers a window into their finances.

☁️ Servers Down. Nodes Up.

Amazon Web Services suffered a major outage that took thousands of sites down, hitting exchanges like Coinbase and UK banks including Lloyds and Halifax.

The failure in AWS’s US-East-1 region showed how much of the internet depends on a few cloud providers, with knock-on effects across finance and communications.

By contrast, Bitcoin’s network has had 100% uptime since 2013, underlining the resilience of decentralised systems when centralised infrastructure falters.

Self custody decentralised money is that stability when centralised systems fail.

💼 Bitcoin Becomes the Benchmark

Roxom has launched Bitcoin-denominated perpetual futures, allowing traders to price and trade the S&P 500 and gold directly in BTC.

The Bitcoin-native platform removes a layer of USD conversion, reducing exposure for those operating on a Bitcoin standard and setting Bitcoin as the benchmark for traditional assets.

As adoption grows, Bitcoin is moving from an “alternative asset” to a unit of account for mainstream markets.

🧅 A Fresh Layer for Bitcoin

Ark Labs has launched Arkade, the first major Bitcoin layer-2 since Lightning.

The goal is to make Bitcoin programmable again so builders can create apps for lending, trading and payments.

Arkade keeps Bitcoin’s security, processes fast transactions off-chain, then settles back on the base chain. It may also open the door to stablecoins on Bitcoin, letting users do more without needing to switch to other blockchains.

Nearly a decade after Lightning, Bitcoin finally gets a fresh layer that boosts speed and features while keeping its core principles intact.

🔊 A Stacked Lineup for Bitcoin | A Competitive Advantage

The speaker lineup for Bitcoin | A Competitive Advantage already features Liz Truss, Joe Bryan, and more — with a major announcement coming next week.

From business leaders to independent thinkers, if you’re taking action or ready to start, this conference is for you.

Join us Friday, 21st November in Derby.

🎟️ Day tickets are now available and selling fast, grab yours whilst you can!

🔥 What else have you missed?

1. Trezor launches the first quantum-ready hardware wallet

2. Coinbase One Card is live in the US letting you earn Bitcoin on every spend

3. President Trump pardons Binance founder CZ

4. Bryan Johnson plans to live long enough to witness the final Bitcoin halving in 2140

5. VanEck says Bitcoin is in a “mid-cycle reset,” not a bear market

6. South African Airways becomes first airline in Africa to accept Bitcoin

7. Japan eyes letting banks hold and trade Bitcoin

8. Sky News says Andrew Tate has 21 million Bitcoin

9. Fidelity says Bitcoin is now ‘central’ to advisor-client conversations

🍾 Friday Fun!

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🧞‍♂️ Your wish is our command