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When President Donald Trump signed the GENIUS Act into law this past July, it marked a significant moment in the US legislative landscape, often heralded as the first comprehensive crypto bill aimed at fostering the growth and adoption of digital assets. 

However, a recent analysis raises questions about the true purpose of this legislation, suggesting that it may be more about managing government debt than regulating crypto.

Crypto As New Mechanism For Government Debt Demand?

Market expert and crypto author Shanaka Anslem recently took to social media platform X (formerly Twitter) to share his insights, asserting that while many believed the GENIUS Act was primarily focused on regulating cryptocurrencies, emerging data reveals a different narrative. 

He noted, “EVERYONE THOUGHT THE GENIUS ACT WAS ABOUT CRYPTO REGULATION. THE DATA JUST PROVED IT WAS SOMETHING ELSE ENTIRELY.”

The initial buzz surrounding the bill faded after just 48 hours, overshadowed by discussions of tech regulation and stablecoin rules. However, new statistics paint a starkly different picture of the bill’s implications. 

Embedded within the 47 pages of the legislation was a critical requirement: every dollar of stablecoin must be backed 100% by US Treasury bills, eliminating any alternatives, such as cash in banks or corporate bonds.

At the time the GENIUS Act was enacted, the stablecoin market cap stood at approximately $200 billion. Today, that figure has risen to roughly $309 billion, which can now be legally mandated for purchasing US government debt over just four months. 

According to Treasury Secretary Bessent’s official projections, this trend could lead to $3 trillion in purchases by 2030. 

Anslem noted that the implications of this requirement are profound: the government no longer has to seek out buyers for its debt, as the law creates an automatic buyer each time someone purchases a digital dollar. This essentially means that for every stablecoin created, a corresponding Treasury bill must be bought.

Shift In Regulatory Control?

Research from the Bank for International Settlements reveals that every $3.5 billion in stablecoin growth results in a 0.025% reduction in the government’s borrowing costs. 

The expert noted that when the market reaches the projected $3 trillion, this could save taxpayers approximately $114 billion annually, translating to about $900 in lower debt costs for each US household.

Bessent confirmed these findings last week, stating that increased stablecoin issuance means the Treasury does not need to enlarge its bond auctions. In effect, the government has found a new way to finance its spending without relying on traditional buyers.

This shift has not gone unnoticed, even by institutions once skeptical of cryptocurrencies. JPMorgan, for instance, which spent the last decade dismissing crypto as a fraud, announced last month that it would now accept Bitcoin as collateral. 

The crux of this transformation lies in the allocation of regulatory control from the Federal Reserve (Fed) to the Office of the Comptroller of the Currency (OCC), which now reports directly to the Treasury Secretary. Anslem concluded his analysis, stating:

The Treasury now controls who can create digital dollars. And the law requires those digital dollars to fund government debt. This is not monetary policy. This is legislative engineering of debt demand. And it’s been operational since July.​​​​​​​​​​​​​​​​

Featured image from DALL-E, chart from TradingView.com 

On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) Z-Score has declined to the lowest levels since the price was at $35,000.

Bitcoin MVRV Z-Score Has Plummeted Recently

In a new post on X, Glassnode analyst Chris Beamish has discussed about the latest trend in the Bitcoin MVRV Z-Score. This on-chain indicator calculates the difference between the market cap of BTC and its Realized Cap, and takes its ratio with the standard deviation of the market cap.

The Realized Cap here refers to a capitalization model for the asset that calculates its total value by assuming the ‘real’ value of each coin in circulation is equal to the price at which it was last transacted on the blockchain.

In short, what this metric represents is the amount of capital that the investors as a whole have put into the cryptocurrency. In contrast, the market cap is the value that they are carrying in the present.

As the Bitcoin MVRV Z-score compares the market cap with the Realized Cap, it essentially tells us whether the overall network is in a state of profit or loss.

Now, here is the chart shared by Beamish that shows the trend in the Bitcoin MVRV Z-Score over the last few years:

As is visible in the above graph, the Bitcoin MVRV Z-Score has gone through a decline recently. This drop in investor profitability is a result of the bearish trajectory that the cryptocurrency’s price has followed.

The metric is still a notable distance above the zero mark, which suggests the market cap continues to be greater than the Realized Cap. In other words, the investors are still in a state of net unrealized profit.

The degree of the holder gain, however, is low when compared to the profitability level of the last couple of years. In fact, the current MVRV Z-Score is at a similar level to when Bitcoin was trading around the $35,000 level.

Historically, a cooldown in investor profitability has facilitated bottom formations for the cryptocurrency. Usually, however, major bearish phases have only reached their lows when the network has outright gone underwater.

Currently, Bitcoin still has some ways to go before this can happen. Though, it’s possible that the current level is enough for the asset to reach a bottom, as it has already done a few times over this cycle.

Just like how a low value on the MVRV Z-Score can lead to a bottom, a high one can result in a top instead as profit-taking explodes. From the chart, it’s apparent that the metric reached an extreme level during the bull run in the first half of 2021.

So far in the current cycle, no peak in the indicator has been of a similar scale; the tops this time around have formed at a comparable profitability level to the second-half 2021 bull run.

BTC Price

Bitcoin has rebounded since its low below $81,000 on Friday as its price has now climbed back to $88,600.

Bitcoin mining has seen a resurgence in China despite being banned since 2021, with miners quietly starting operations to use cheap electricity.

China Now Accounts For 14% Of The Global Bitcoin Hashrate

Back in 2021, China enforced its infamous Bitcoin trading and mining ban, triggering a bearish slump for the market and resulting in a global Hashrate crash. At the time, the country made up the largest share of BTC mining in the world.

The crackdown meant that the nation’s miners had to relocate elsewhere, which was a slow process, and it wasn’t until many months later that the cryptocurrency’s Hashrate, a measure of the total amount of computing power connected to the network, was able to recover.

As data from Blockchain.com shows, the 7-day Hashrate witnessed a decline of more than 50% between May and July 2021.

The metric gradually recovered after the July bottom and reached the same levels as pre-China ban by December of that year. Since then, the network has seen rapid expansion, and today, the Hashrate is so huge that the China ban only appears like a blip on the chart.

Interestingly, though, part of the latest expansion in the metric has been coming from a source few would expect. As reported by Reuters, mining in China is quietly observing a resurgence.

Major Bitcoin mining machine maker Canaan has seen a significant rebound in sales in China, with 30.3% of its global revenues coming from the country last year. “China’s contribution to Canaan’s sales jumped further to more than 50% during the second quarter this year,” noted Reuters, citing an unnamed source with direct knowledge.

Bitcoin mining data provider Hashrate Index also shows growth in China, putting the country’s latest share of global mining at 14%.

Only Russia (15.5%) and the US (37.7%) host a larger share of the world Hashrate. Thus, it seems the country has quickly grown back into dominance. As for what’s behind the growth, the answer seems to be a mix of the cryptocurrency’s bull run, availability of cheap electricity in some provinces, and a subtle shift in the nation’s stance toward the sector.

Earlier in the year, Beijing was weighing a plan to allow the use of yuan-pegged stablecoins more widely outside of China. In September, the first such class of assets was launched in Kazakhstan.

Hong Kong approved its stablecoin bill in August, allowing private companies to apply for an issuer license in the Chinese city. As of yet, though, no licenses have been handed out.

BTC Price

Bitcoin saw a brief fall below $81,000 on Friday, but its price has since bounced back as it’s now floating around $86,000.

The crypto industry and supporters, including Senator Cynthia Lummis, are expressing strong discontent over JPMorgan’s recent decision to close the account of Strike CEO Jack Mallers.

Lummis, a pro-crypto voice in Congress, highlighted this incident as part of a larger issue, referencing Operation Chokepoint 2.0, a term used to describe the coordinated effort by federal banking authorities to restrict access to banking services for the digital asset sector.

‘Operation Chokepoint 2.0 Lives On’

Mallers took to social media platform X (previously Twitter) to share his bewilderment over his account closure, stating, “Last month, J.P. Morgan Chase threw me out of the bank. It was bizarre. My dad has been a private client there for 30+ years.” 

He indicated that when he sought clarification from JPMorgan about the closure, he received no substantial answers, only being informed that they couldn’t disclose details. 

In a letter from the bank, he was notified of unspecified “concerning activity” on his accounts, which asserted that JPMorgan might not be able to open new accounts for him in the future. 

Lummis weighed in on the matter, stating on X, “Operation Chokepoint 2.0 regrettably lives on. Policies like JP Morgan’s undermine confidence in traditional banks and send the digital asset industry overseas.” 

She stressed the urgency of addressing these issues, asserting that it is time to put Operation Chokepoint to rest and position the US as the digital asset capital of the world.

The controversy surrounding JPMorgan intensified when Bo Hines, a former head of Trump’s Council of Advisers on Digital Assets and now advisor to stablecoin issuer Tether, publicly confronted the bank. 

He remarked, “Hey Chase… you guys know Operation Choke Point is over, right? Just checking,” drawing attention to the perceived disconnect between JPMorgan’s actions and the positive regulatory landscape surrounding crypto assets.

JPMorgan Boycott?

In addition to these criticisms, a more significant concern emerged with JPMorgan’s warnings about potential consequences for Strategy (MSTR). NewsBTC reported last week that Michael Saylor’s firm may lose its standing in key indices, such as MSCI USA and the Nasdaq 100, due to proposed changes by MSCI. 

Analysts from JPMorgan claimed that this change could trigger passive outflows estimated between $2.8 billion and $8.8 billion if the MSCI decision proceeds as anticipated by January 15.

MSCI has suggested proposals to exclude companies with more than 50% of their assets in digital currencies from its global indexes, putting Strategy at significant risk. 

JPMorgan analysts noted, “MicroStrategy is at risk of exclusion from major equity indices as the January 15th MSCI decision approaches,” underscoring the urgency of the situation.

Market expert Adam Livingston voiced his frustrations on social media, calling for a boycott of JPMorgan and accusing the bank of waging a “war with Bitcoin.” 

He emphasized that JPMorgan underestimated the resilience of the Bitcoin community, asserting that they thought they could undermine MSTR without repercussions. 

Livingston recalled that the bank, which benefited from bailouts during the 2008 financial crisis, seemed to assume Bitcoin supporters would remain subdued and obedient.

Amid the controversy surrounding one of the world’s top banking institutions, Bitcoin witnessed a tiny recovery on Monday, trading at $87,830 when writing, following a significant plunge that saw the market’s leading cryptocurrency retrace all the way down to $80,000 last Friday. 

Featured image from Reuters, chart from TradingView.com 

According to Sal Gilbertie, CEO of Teucrium, Ripple could be closer to the kind of regulated bank that many in finance do not expect.

He told listeners that a clear US regulatory framework and a formal banking license for Ripple would be the real switch that unlocks big institutional interest in XRP. That idea is getting attention in crypto markets today.

CEO Sees Ripple As A Bank

Gilbertie compared Ripple’s organization to a financial institution with strong capital and coordinated leadership. He pointed out that Ripple’s network includes many former employees who stay active in the wider ecosystem, which he said helps the company expand even when people move on.

According to Gilbertie, the firm functions much like “a machine.” He also asked a sharp question about token sales:

“Why would they want to sell XRP? They’re incredibly well capitalized.”

That comment was offered to calm concerns that Ripple might flood the market with tokens.

Ripple’s Token Strategy And Reserves

Based on reports, Gilbertie believes Ripple has less motive to sell large amounts of XRP as its balance sheet grows and use cases for the token increase.

He framed XRP as a tool that could be used by institutional clients and a bank, noting that holding tokens could be similar to how banks keep capital reserves.

Critics point out Ripple has sold XRP in the past to fund operations. But Gilbertie argued that a licensed Ripple Bank would change how those holdings are treated and how often they are moved.

Regulatory Clarity And A Banking License

Regulatory clarity in the US is central to Gilbertie’s view. He said that a banking license, combined with clear rules, would open doors to products and clients who now wait on the sidelines.

That is the milestone he expects will have the most direct impact on price and demand. Until regulators spell out how these services will work, many institutional buyers remain cautious.

Market Moves And Volatility

Volatility has marked XRP’s recent path. Reports noted that some market swings are part of a broader trend where assets that surged by “hundreds of percent” in the prior year then give back gains.

Gilbertie described a 30–50% pullback as natural after big rallies. He added that falling volatility in major assets, plus more institutional entry through ETFs and a friendlier US administration toward crypto, may make markets calmer over time as more supply is held by long-term owners.

Featured image from Gemini, chart from TradingView

Bitcoin has officially entered a capitulation phase as relentless selling pressure and macro uncertainty push the market into one of its most stressful moments of the cycle. After reaching its $126,000 all-time high in early October, BTC has collapsed to a fresh local low near $80,000 in under two months — a stunning 35% drawdown that has shaken investor confidence. Many market participants who expected a continuation of the bullish trend are now facing steep unrealized losses, amplifying fear and forcing short-term holders to exit at a loss.

According to top analyst Axel Adler, the strength of the US dollar has become one of the dominant forces behind this wave of capitulation. As the DXY index holds firmly above 100, global liquidity tightens, historical patterns show that Bitcoin short-term holders tend to realize losses more aggressively. Adler notes that this dynamic is currently playing out with intensity, mirroring previous phases of market stress.

However, not all signals point downward. The probability of a December Federal Reserve rate cut has climbed to 69%, and Adler suggests that if markets begin pricing this more aggressively, it could flip macro momentum and trigger a reversal. For now, Bitcoin remains in a fragile state — but a macro catalyst may be forming.

Short-Term Holder Capitulation Deepens as Macro Pressure Overrides Behavioral Signals

Axel Adler explains that short-term holders are now realizing losses with an intensity comparable to some of Bitcoin’s most violent historical shocks — including the COVID crash of 2020, the China mining ban in 2021, and the Luna collapse in 2022.

The latest data shows that SOPR Momentum, a key indicator of realized profitability, has dropped nearly to 0, a level that typically marks full capitulation among reactive market participants. Historically, readings this depressed have aligned with explosive V-shaped reversals or sharp relief rallies, as selling pressure becomes exhausted and stronger hands begin absorbing supply.

However, Adler emphasizes an important nuance: while behavioral capitulation is clearly underway, macro forces currently dominate market structure. Extreme SOPR readings can produce bottoms, but they can also generate short-lived bounces within broader downtrends when macro conditions remain unfavorable. With the dollar index (DXY) still elevated above 100, liquidity remains tight — and Bitcoin continues to trade under pressure.

Adler notes that everything now hinges on the Federal Reserve. If markets begin actively pricing in the December rate cut, it could weaken the dollar and relieve some of the stress weighing on BTC. Until then, macro remains the stronger force, overshadowing even severe capitulation signals.

Testing Support After a Steep Breakdown

Bitcoin’s price action on the 1D chart shows the market attempting to stabilize after one of the sharpest multi-week declines of this cycle. BTC dropped from the $126,000 peak to the $80,000–$86,000 range in less than two months, and the chart clearly reflects this capitulation structure. The series of long red candles highlights aggressive selling pressure, with bears firmly in control throughout November.

The chart shows BTC trading below all major moving averages—the 50-day, 100-day, and 200-day—confirming a clear breakdown in trend structure. The 200-day MA around the mid-$88K region is now acting as resistance rather than support. This flip is typically a bearish signal and aligns with the ongoing macro-driven weakness highlighted by analysts across the market.

Volume remains elevated during the downturn, reinforcing that the sell-off has been driven by strong hands exiting. However, the most recent candles show wicks forming near $83K–$86K, suggesting early attempts at demand absorption. If BTC can hold above the recent low around $80K and close back above the 200-day MA, the market could see a short-term relief rally.

Featured image from ChatGPT, chart from TradingView.com

Ethereum (ETH) is showing early signs of stabilization after a turbulent month, bouncing back above the crucial $2,800 level as fresh institutional inflows reignite optimism across the market.

Related Reading: Bitcoin Quantum-Break Catastrophe Is Pure FUD, Says Gabor Gurbacs

ETH currently trades near $2,821, up modestly over the past 24 hours, with traders closely watching to see whether this rebound can evolve into a sustained trend reversal. The renewed momentum follows major accumulation from BitMine, which has doubled down on its Ethereum strategy despite steep market drawdowns.

BitMine’s $59M ETH Accumulation Sparks Fresh Investor Confidence

The catalyst for Ethereum’s latest recovery came on November 23, when blockchain data confirmed that BitMine acquired 21,537 ETH worth roughly $59–60 million. The purchase increases the company’s total holdings to more than 3.5 million ETH, equivalent to approximately 3% of Ethereum’s circulating supply.

While Ethereum prices have fallen nearly 30% in the last month, BitMine maintains that the downturn stems from a temporary liquidity shock rather than deteriorating fundamentals.

Bitmine is simultaneously expanding its ecosystem footprint through its upcoming MAVAN staking network, expected to launch in early 2026, and recently announced a dividend issuance, moves that collectively signal long-term conviction.

Investors appear to be taking notice. Exchange reserves have dipped to multi-year lows as whales continue accumulating ETH, even as traditional ETF products face outflows. This divergence suggests deep-pocketed players view the current range as a strategic entry zone.

Ethereum Battles the Downtrend but Momentum Improves

Despite the bounce, Ethereum remains inside a steep descending channel, with resistance stacking between $2,947 and $3,000. This zone contains compressed EMAs, trendline resistance, and the upper Bollinger Band, making it the first major test for buyers.

A clean break above $3,000 could pave the way for ETH to reach $3,120, $3,250, and potentially even $3,450. However, a failure at this level may send ETH back toward $2,760 or lower.

Indicators remain mixed. The RSI near 40 signals oversold conditions, hinting that a reversal may be developing, while the MACD and moving averages still indicate lingering bearish pressure.

Rising open interest and elevated long-short ratios across exchanges reflect aggressive long positioning, momentum that could amplify volatility in either direction.

Institutional Products and Upgrades Add Momentum

Beyond price action, Ethereum continues to gain structural support. The Singapore Exchange just launched regulated ETH perpetual futures, giving institutions a compliant on-ramp. Meanwhile, anticipation builds around Ethereum’s December Fusaka upgrade, expected to deliver meaningful scalability improvements.

With whales accumulating, institutional demand rising, and network upgrades approaching, Ethereum’s rebound above $2,800 may be more than a dead-cat bounce.

Related Reading: JPMorgan Backlash Explodes: Bitcoin Supporters Push Hard For Boycott

But breaking the downtrend ultimately depends on whether buyers can reclaim the $3,000–$3,100 resistance range, a battleground that will determine the next major swing.

Cover image from ChatGPT, ETHUSD chart from Tradingview

Bitcoin has lost more than 35% of its value since early October, dropping sharply from its $126,000 all-time high and sending the market into full panic mode. Sentiment has deteriorated quickly, with liquidations, forced selling, and collapsing confidence pushing price action into deeply oversold territory.

Most analysts now argue that Bitcoin has officially entered a bear market, pointing to structural breakdowns and the violent rejection from cycle highs. However, a smaller but vocal group of market participants still believes the cycle is not over, claiming that the recent crash reflects capitulation—not long-term exhaustion.

Supporting this view, key on-chain data from analyst Darkfost highlights a critical signal: the BTC NVT Golden Cross. This indicator evaluates Bitcoin’s valuation relative to its transactional and on-chain activity. Darkfost notes that when the NVT Golden Cross drops below –1.6, Bitcoin historically becomes undervalued, often preceding sharp mean-reversion rallies and major recovery points.

With the indicator now approaching this oversold threshold again, some see this collapse as a potentially attractive long opportunity rather than the beginning of a prolonged downturn.

Bitcoin NVT Golden Cross Signals Opportunity, but Risks Remain Elevated

Darkfost explains that the current NVT Golden Cross reading has triggered a preset alert designed specifically to identify short-term opportunities. Historically, when this indicator dives into deeply negative territory, it often aligns with moments when Bitcoin becomes temporarily undervalued relative to its on-chain activity.

Traders frequently use these signals to establish long positions or accumulate spot BTC at discounted levels. However, Darkfost also cautions that this is far from a perfect signal. It works best during healthy market structures, not during periods of aggressive macro stress or cascading liquidations.

The present environment is one of the most challenging of the cycle. Liquidity has thinned, volatility has exploded, and systemic fear dominates behavior across Bitcoin, altcoins, and risk assets globally. Under these conditions, Darkfost warns that leverage should be avoided entirely. Even historically reliable signals lose accuracy when price action becomes disorderly, and sharp intraday swings can invalidate setups within hours.

The coming days will be decisive. Investors are watching closely to see whether Bitcoin can stabilize above local support and form a base—or whether selling pressure will extend, confirming the bearish thesis. Either way, the next move is likely to define the market’s trajectory heading into year-end.

Testing Deep Support After a Sharp Breakdown

Bitcoin’s 3-day chart shows a market fighting to stabilize after one of the steepest corrections of this cycle. Price has tumbled from the $126K peak in early October to the $86K region, briefly tagging liquidity below $85K before rebounding.

The structure now reflects heavy downside momentum: BTC has broken below both the 50-day and 100-day moving averages, flipping them into resistance. The 200-day moving average — currently sitting near $88K — is now acting as a critical dynamic support level and the last major line before deeper structural damage.

What stands out most is the surge in volume accompanying this decline, confirming aggressive selling rather than a low-liquidity drift. This aligns with the broader capitulation narrative seen across on-chain metrics. Candle structure signals exhaustion on the downside, with long lower wicks showing buyers stepping in near key liquidity zones.

However, BTC remains in a vulnerable position: any daily close below the 200-day moving average risks opening the door to a deeper slide toward the $78K–$80K region.

For bulls, reclaiming $90K is essential to shift momentum and invalidate a cascading lower-high, lower-low sequence. Until then, the chart signals caution — but also the potential for a short-term relief rally if buyers defend current levels.

Featured image from ChatGPT, chart from TradingView.com

As global markets enter a tense, data-heavy week, traders across both traditional finance and digital assets are bracing for heightened volatility.

A wave of critical U.S. economic releases, paired with rapidly shifting expectations around Federal Reserve policy, is shaping what could be one of the most pivotal moments for crypto heading into the year-end.

Inflation and Jobs Data Set the Tone for a Volatile Week

This week’s U.S. macro calendar is unusually crowded. Investors are watching the Producer Price Index (PPI) set for release on November 25, followed by jobless claims and the Personal Consumption Expenditures (PCE) Index on November 26, the Fed’s most trusted inflation gauge.

Rising PPI numbers often signal future consumer price pressure, while jobless claims reveal the underlying strength of the labor market. Strong labor data typically argues against aggressive rate cuts, whereas elevated claims reinforce expectations for Fed easing.

With U.S. markets closed on November 27 and trading shortened on November 28, Bitcoin and other digital assets face a two-day window where low volume could magnify even modest price swings. Analysts warn that crypto’s historical sensitivity to macro shifts makes this week’s data especially consequential.

Dovish Rate Expectations Revive Hopes of a Crypto Rebound

Just days ago, the odds of a December rate cut hovered near 30%. Now, futures markets have flipped sharply, pricing a roughly 70% probability of a 25-basis-point cut. Remarks from New York Fed President John Williams hinting at room for further policy “adjustment” added fuel to the shift.

This dovish repositioning follows Bitcoin’s dramatic drop from its all-time high above $126,000, which triggered widespread liquidations and sparked fears of a deeper downturn.

Nonetheless, analysts argue the recent sell-off may have cleared excess leverage, with Swissblock noting a sharp decline in risk-off signals. Many now expect stabilization and a potential grind higher if liquidity improves.

Regulatory Decisions Add Another Layer of Uncertainty

Beyond the Fed, all eyes are on the SEC as it prepares to issue rulings on multiple crypto ETFs, including those tied to Solana and XRP, decisions that could unlock significant institutional inflows.

Meanwhile, regulatory pressure from abroad, such as Korea’s FIU crackdown on major exchanges, is reshaping compliance costs across the industry.

With inflation trends, monetary policy shifts, and regulatory decisions converging at once, crypto markets face a defining moment. The next few days may determine whether digital assets recover into December, or face yet another bout of turbulence.

Cover image from ChatGPT, XRPUSD chart from Tradingview

Changpeng Zhao (CZ), co-founder of Binance, is once again in the spotlight as a new lawsuit accuses him and the cryptocurrency exchange of enabling millions of dollars in financial transactions for Hamas and other designated terrorist organizations.

Binance Accused Of Laundering $1 Billion For Terror Groups

The legal action, filed in North Dakota federal court, involves 306 plaintiffs, including victims and relatives of individuals affected by Hamas’s October 7, 2023, attack on Israel. 

According to the complaint, Binance allegedly laundered significant amounts of money for groups such as Hamas, Hezbollah, the Palestinian Islamic Jihad, and Iran’s Revolutionary Guards. 

The plaintiffs assert that these transactions exceeded $1 billion, with more than $50 million processed through Binance following the recent attacks. The lawsuit claims that Binance intentionally positioned itself as a “safe haven for illicit activities.” 

The plaintiffs argue that the exchange’s operations have not been meaningfully altered, stating, “When a company chooses profit over even the most basic counterterrorism obligations, it must be held accountable — and it will be,” said Lee Wolosky, an attorney representing the victims.

In response to the lawsuit, a spokesperson from Binance has refrained from commenting on the specifics of the case, asserting only that the company fully complies with internationally recognized sanctions laws. 

Suspicious Crypto Transactions

Compounding the situation, the complaint highlights suspicious activities involving cryptocurrency transactions that flowed through accounts with no clear financial justification. 

Furthermore, it notes that at least two transactions were traced back to online addresses in Kindred, North Dakota, a small community with a population of around 1,000.

In addition to the North Dakota lawsuit, Binance and Zhao are defending themselves against another legal action in Manhattan federal court, where victims of previous attacks allege that Binance has provided a “clandestine” funding mechanism for Hamas and the Palestinian Islamic Jihad over several years. 

Featured image from DALL-E, chart from TradingView.com 

Ethereum’s flagship developer conference, Devcon 8, is set to take place in Mumbai in the fourth quarter of 2026, according to the Ethereum Foundation and multiple reports.

The move brings one of the protocol’s biggest in-person gatherings to India, a country that, based on reports, added the most new crypto developers worldwide in 2024.

Organizers say the choice reflects where builders are growing, not only where markets trade.

India’s Ethereum & Developer Boom

Local groups and startups are named among the reasons for the pick. Based on reports, initiatives such as ETHMumbai and homegrown projects — including well-known layer-two teams that started in India — helped push the region into the spotlight.

ETHMumbai is already scheduled as a four-day conference and hackathon from March 12–15, 2026, which community members expect will feed more local talent into the lead-up for Devcon 8.

The site selection also raises clear questions about costs and rules. Reports have disclosed that India applies a 30% tax on crypto gains and a 1% TDS on many crypto transactions.

Those measures have not stopped builders from forming teams, but they may affect how foreign attendees and investors plan their trips and budgets for the event.

Logistics And Local Momentum

Choosing Mumbai signals more than a single event. Devcon is meant to gather core protocol researchers, app developers, and community organizers.

The Ethereum Foundation has thanked Devconnect hosts in Argentina for their recent work, showing how the Foundation rotates its major events.

Organizers will need to sort venues, visas, and travel plans for a large international crowd; these are typical, but significant, practical hurdles for any global conference.

For Indian startups and developers, the event is likely to deliver a boost. Reports suggest more investor attention could follow, and more partnerships may form as international teams meet local builders.

The presence of major conferences in the same city and year can increase hiring, funding conversations, and the visibility of smaller projects that otherwise would fly under the radar.

Devcon 8’s arrival in Mumbai is both a nod to the size of India’s developer community and a practical bet on global participation.

Organizers say they plan to make the conference accessible, but details on ticket prices, visa support, and local partnerships have not been fully released.

Attendance from overseas teams will hinge on those details as well as on how firms account for tax and compliance.

Featured image from Unsplash, chart from TradingView

Recent developments have shown that China’s possible connection to Ripple’s XRP may be stronger than most realize. Versan Aljarrah, founder of Black Swan Capitalist, points out that the country already has indirect exposure to the token through specific financial channels. These pathways indicate that Ripple’s payment rails have long been facilitating international transactions, quietly integrating the altcoin into key global financial networks and regions. 

China’s Proposed Indirect Exposure To XRP Through Ripple

Aljarrah’s recent remarks reveal a more complex picture of China’s relationship with XRP. In his post on X, he pointed out that the country is already indirectly involved with the asset through major financial structures such as the BRICS New Development Bank (NDB) and SBI Holdings, a Japanese financial services company. 

He also noted that cross-border payment corridors linking Asia, the Middle East, and Africa provide avenues where Ripple’s payment rails operate. These channels enable XRP to facilitate transactions in regions with potential financial ties to China, demonstrating that the cryptocurrency’s influence extends well beyond the Great Wall. 

By design, Ripple’s payment infrastructure enables fast, low-cost cross-border transactions. As a result, through established global payment corridors, XRP can become part of financial flows moving across continents, including areas influenced by China. This suggests that Ripple’s technology is integrated into the broader global payments landscape, potentially reaching markets with financial links to Chinese institutions. 

The involvement of the BRICS New Development Bank further positions the altcoin in networks aligned with emerging economies. Earlier this year, Aljarrah noted that BRICS’ reluctance to adopt US stablecoins came as no surprise. The Black Swan Capitalist founder revealed documents from the central banks of various regions, including China’s New Development Bank, that indicate that institutions have been building on the XRP network for years. This suggests that the connection with the cryptocurrency has been in motion for longer than people realize. 

XRP Emerges As Neutral Settlement Asset

In a separate X post, Aljarrah emphasized XRP’s broader value proposition as a neutral, free-floating settlement asset. He argued that in a multi-polar world, the US dollar alone cannot handle global transactions. As a result, the altcoin becomes essential to maintain liquidity and stability across international corridors. 

Aljarrah noted that smart investors recognize this potential and are positioning the token as a tool to navigate the structural changes in global finance. He also added that global institutions continue to invest and hold because of its status as a neutral settlement asset. 

On the technical front, Aljarrah has warned that the XRP market is showing signs of renewed fear. He cautioned that many investors who don’t fully understand what it means to hold the altcoin won’t survive the engineered volatility set to hit the market. According to the founder of Black Swan Capitalist, this volatility is intended to shake out weaker positions before the cryptocurrency reaches its true valuation.

Ethereum co-founder Vitalik Buterin is sounding the alarm over X’s new “show which country the account is from” transparency tag, arguing that the feature will be quickly undermined by spoofing while exposing some users to unacceptable privacy risk. X has recently expanded its “About This Account” surface, letting users see metadata such as an account’s country or region alongside creation details, a move the platform positions as a tool against manipulation and inauthentic behavior.

Ethereum Founder Sounds The Alarm

Buterin’s first post acknowledged near-term upside but framed the system as fragile under adversarial pressure. “In the short term it will have lots of positive effects,” he wrote. He then predicted that sophisticated operators will adapt faster than the platform can harden the signal: “the sophisticated actors will find ways to pretend to be from countries that they are not,” pointing to rentable passports, phone numbers, and IP infrastructure that can be used to manufacture plausible provenance.

His core asymmetry claim was blunt: “Getting a million accounts with fake location will be medium-hard, getting a single account with fake location, and then getting it to a million followers, will be easy.” In his view, the feature will drift from authenticity check to theater, with foreign influence accounts displaying Anglosphere tags to amplify credibility: “In six months, the actually-[random Eurasian country]-based political troll accounts with names like ‘Defend Western Civilization’ or whatever will all have ‘USA’ or ‘UK’ as their location tags.”

The Ethereum founder stressed that he was describing incentives, not endorsing them: “This is what I think will happen, not what I wish.” What he wants instead is a provenance system that yields “more visibility into how people from different communities think about different issues, in a way that is not easy to spoof,” and that defines communities through broader, emergent evidence rather than “a narrow set of highly legible credentials like countries.”

He concluded that “making such a system adversarially robust will not be easy,” a critique consistent with the crypto security view that identity signals decay once attackers can buy or synthesize them at scale.

Shortly after, the Ethereum founder sharpened his objection to consent and safety. “I thought about this more and I think responders are right that revealing the country non-consensually without offering any opt-out option (not even ‘stop using your account’) is wrong,” he wrote.

He noted that country-level disclosure is broadly non-identifying, yet warned that edge cases matter: “there are some people for whom even a few bits of leakage are risky, and they should not have their privacy retroactively rugpulled with no recourse.” Privacy advocates on X have echoed this concern, especially for users in authoritarian or conflict settings who fear location metadata can support harassment, surveillance, or legal targeting.

X has already faced questions about accuracy and implementation, with reports that some country tags appeared incorrect and the platform adjusted visibility while promising fixes. That instability reinforces the Ethereum founder’s warning: if tags are inferred from IP, app-store, or telecom data, they are vulnerable not only to deliberate spoofing but also to routine distortions like VPN use, SIM swapping, or account resales.

At press time, Ethereum traded at $2,800.

The third edition of the Crypto Content Creator Campus (CCCC) took place in the city of Lisbon. An event focused on monetization in the new Web3 era, creating more revenue opportunities and new ways to connect with and build communities in the emerging sector.

From November 14 to 17, the Bitcoinist team covered the events from the ground, speaking with influencers, key figures, and executives in the Web3 space.

ByBit CEO Declares a New Era for ‘FinFluencers’

The event kicked off with Ben Zhou, CEO and Co-Founder at ByBit. During his intervention, Zhou talked about the evolution of monetization, affiliate marketing, and the changes that are forcing an evolution in the sector.

From AI to regulations, Zhou declared that a new “Age of Compliance and Finfluencers” will emerge over the next five years. To Bybit’s CEO, this new era brings “unprecedented opportunities,” with a wider reach beyond crypto-native users, convergence of TradFi and Web3, and the evolution of exchanges into one-stop wealth platforms.

He noted that creators will need to decide whether to promote compliant or non‐compliant platforms as global licensing regimes continue to take shape, knowing that regulation will eventually catch up.

“People trust people faster than brands,” Zhou stated. “But as crypto becomes a regulated global financial system, the creators who build for the long term – not the fast shortcut – will be the ones who shape its future.”  

Maye Musk at the Crypto Content Creator Campus: Building A Community In The Web3 Era

On the event’s final day, Maye Musk, with decades of experience in fashion, nutrition, and media, discussed the foundations of a lasting personal brand that can be monetized, focusing on authenticity and staying “true to yourself.”

Musk was joined by Musa Tariq, former marketing executive at Airbnb, Apple, and Nike, and Philippe Ben Mohamed, Head of Digital Innovation at Tomorrowland. During the panel, they explored sustainability and how creators can ethically monetize their communities in an increasingly competitive Web3 space.

“Content creators should consider themselves entrepreneurs with the opportunity of multiple streams of income,” Tariq said. The executive highlighted the importance of identity, noting that it is pivotal to know what your brand stands for and how it’s differentiated. “Brands that stand the test of time, are ones that know who they are and are protective and selective over what they do,” Tariq concluded.

Leveraging AI to Optimize Content: a Conversation with Sergei Loiter

We had the opportunity to talk with Sergei Loiter, CEO of Search, AI, and AdTech at Yango, about the impact of AI in digital marketing, content creation, and monetization in the Web3 era. This is what he told us.

Q: From your perspective, how has Web3 reshaped digital marketing so far? Are we seeing real innovation in this space?

Sergei Loiter: AI has been part of digital marketing for a long time, but generative AI — the AI everyone talks about today — has completely reshaped content production and the way creators work. With these tools, you can create content faster, cheaper, and experiment more freely. They unlock creative possibilities that simply weren’t available before. AI tools are transforming the industry, especially content creation and production.

Q: Let’s talk monetization. How do you compare the current landscape between Web2 and Web3? And do you see AI as more of a disruptor or an enabler for creators?

Sergei Loiter: I don’t think there’s a huge difference between Web2 and Web3 when it comes to creators and monetization models — the main difference lies in the kind of content being created. AI, on the other hand, is a massive enabler. Those who learn how to use these tools effectively will stay ahead of the game.

Q: Lastly, what advice would you give a new creator who wants to start monetizing and growing their audience? What tools would you recommend?

Sergei Loiter: First, think of your content as a product. Start with your audience — who are they, what do they want, and where do they consume content? Once you understand that, treat different platforms as your distribution channels. Don’t stick to just one — diversify and tailor your content for each.

Monetization shouldn’t be the goal; it should be the outcome. If you focus on creating value and high-quality content, followers — and income — will follow naturally. Don’t be afraid to fail. Learn from your mistakes and keep evolving.

Even while the price of Solana experienced a slight bounce on Sunday, investors are still feeling the pain from the current pullback. Given the sharp drawdown in SOL’s price, a significant portion of the supply held by investors is now in the red, which is triggering a wave of uncertainty in the market.

Solana Investors Slip Into The Red Amid Price Weakness

Following the recent bearish action of Solana’s price, its market pressure seems to have increased sharply. This notable increase in ongoing market pressure is reflected in the Solana Percent Supply in Profit metric.

After examining the metric, Ted Pillows, a market expert and investor, reveals that the percentage of SOL supply held at a loss has deepened to levels not seen in a long time. Despite strong ecosystem activity and relentless development momentum, price volatility has put more SOL holders in the loss, signaling growing strain across the network’s investor base. 

Data shared by Ted Pillows shows that over 79.6% of the total supply of SOL in circulation is now at a loss. This expanding loss profile is a reflection of both the intensity of the recent decline and the shifting mood of the market. A steady rise in supply loss is likely to impact the altcoin’s price action, raising questions about its next major move in the short term.

While the next major move remains uncertain, Pillows has outlined a pivotal moment in the altcoin’s short-term market structure. In another X post, the investor highlighted that most of the downside liquidity in Solana has now been cleared, hinting at a potential shift in trend.

What this means is that SOL has successfully eliminated the majority of the risky positions that were positioned below important support levels following weeks of intense sell pressure and deep sweeps into lesser liquidity pockets. This massive liquidity flush was observed within the $145 and $150 price range.

According to the investor, the price zone has a large liquidity cluster, while the $120 support level also has a decent one. With the removal of these liquidity pools, the market might be moving into a cleaner, more balanced area. 

Such development could pave the way for a dramatic shift in direction as traders reevaluate momentum, risk, and the future of one of the most actively traded cryptocurrency ecosystems. However, Pillows noted that Solana may be the first to sweep the upside liquidity if Bitcoin exhibits some strength at this stage.

SOL’s Chart Is Showing A Confluence

On the daily time frame, DrBullZeus, a crypto analyst and trader, highlighted a confluence on the Solana chart that could determine the next price direction. DrBullZeus stated that the price is currently in the zone of the liquidity grabbed and pump hard box, a pattern that aligns with the bullish Order Block (OB).

At the same time, SOL has formed a massive Descending Triangle pattern, which points to a huge upward move ahead. If the support between the $105 and $125 holds, the expert predicts a powerful launch to $240+, the previous high, and beyond. According to the expert, this notable rally is set to kick off in 2026.

One of Bitcoin’s most recognizable champions has stunned the market by revealing that he liquidated a multi-million-dollar portion of his holdings at roughly $90,000 per coin. 

Robert Kiyosaki, the Rich Dad, Poor Dad author whose unwavering support for Bitcoin has shaped conversations across the financial world, confirmed that he cashed out $2.25 million worth of BTC after holding it for years.

Kiyosaki Dumps $2.25 Million In Bitcoin At Around $90,000

Bitcoin broke below the $90,000 level on November 20 after a wave of intensified selling, and new information indicates that one of the asset’s most outspoken believers played a part in that downward pressure.

Taking to the social media platform X, Robert Kiyosaki explained that he sold $2.25 million worth of BTC, with the coins originally purchased at about $6,000 each years ago. The sale happened around the $90,000 price zone, meaning he profited about $84,000 on each coin.

He framed the announcement as “practicing what I teach,” pointing out that the liquidation was not due to fear or market weakness but by a deliberate decision to redirect his crypto profits into ventures that generate predictable monthly income.

What makes the announcement more noteworthy is that it came shortly after Kiyosaki declared he would not sell any of his Bitcoin during the recent correction. 

It also goes against the financial author’s history of telling investors to protect their wealth by accumulating Bitcoin and his calls for a $250,000 price target for the cryptocurrency.

In a November 15 post on X titled “BITCOIN CRASHING,” he answered questions from followers by saying he was not selling and that he was waiting. According to him, markets were crashing because the world needed cash, but he personally did not need cash.

Why Did Kiyosaki Sell His BTC?

Kiyosaki said he used the proceeds from his Bitcoin sale to acquire two surgery centers and invest in a billboard business. According to his estimates, these new ventures will begin producing about $27,500 in tax-free monthly income by next February. 

Even with the sale, he noted that he is still very bullish and optimistic on BTC. He described the cryptocurrency as a pivotal asset for the future, adding that the sale simply allowed him to expand his cash-flow portfolio. 

He even stated that he intends to accumulate more BTC using income generated from the surgery centers and billboard business. This clarification places the sale in a different light, not as a complete loss of confidence in Bitcoin from Kiyosaki, but as a change in long-term strategy.

At the time of writing, Bitcoin is trading at $86,720, up by 1% in the past 24 hours. However, the leading cryptocurrency is still down by 9.2% in the past seven days and 21% since the beginning of November.

Growing speculation around whether Ripple could one day replace certain functions of traditional banking using XRP intensified last week after Paul Barron, the founder of the Paul Barron Network, outlined why XRP is positioned at the center of global finance. His statements highlight XRP’s potential to reshape the future financial infrastructure and increase its role in payments and digital money movement. 

Why Ripple Could Replace Banks With XRP

On November 22, Barron sparked a debate on X by breaking down why he believes XRP may be engineered to take over core elements of traditional finance. According to his report, XRP stands out as one of the few digital assets that can operate without a counterparty, allowing it to serve as a neutral settlement layer across global institutions. 

Barron highlighted that banks and blockchain applications are converging rapidly, creating a system in which lending, settlement, and cross-border transfers can occur on-chain instantly. He claimed that XRP is at the center of this shift, enabling seamless value flow between systems operating on different technical standards. 

He believes XRP plays this central role because it serves as a bridge asset, routing transactions behind the scenes in high-volume environments where speed and reliability are critical. He also argued that every new stablecoin and tokenized Real-World Asset (RWA) deployed on blockchains inherently increases the need for a frictionless asset like XRP, which can move value across networks. 

Barron’s statements suggest a future in which traditional finance rails operate less visibly as blockchain networks handle global money flows. He believes this transition is already underway, with XRP positioned as the connective mechanism capable of replacing legacy settlement workflows that are typically slow, limited, and dependent on multiple intermediaries. 

Crypto Analyst Fires Back Against XRP Claims

Pseudonymous crypto analyst ‘Fishy Catfish’ has challenged and criticized Barron’s claims, arguing that XRP is unlikely to replace any traditional banking functions. He dismissed XRP as a “bank-themed meme coin” with minimal real-world use, citing low adoption metrics on the XRP Ledger (XRPL), limited developer activity, and negligible DEX volume. 

Fishy Catfish emphasized that banks operate through established systems like SWIFT, which are controlled by thousands of financial institutions, leaving little room for XRP to take over core banking functions. He noted that SWIFT is not a third-party middleman to the banks—it represents the banks themselves. As a result, XRP could face significant barriers in displacing a legacy system like SWIFT. 

The crypto analyst framed XRP’s role as overhyped on social media, stressing that the network “isn’t cheaper and solves nothing.” He also emphasized that XRP’s real-world activity remains far below levels needed to support institutional use. According to him, the low on-chain activity and the minor revenue generated from user fees highlight a fundamental mismatch between XRP’s current utility and Barron’s prediction that the cryptocurrency will replace traditional finance. 

Bitcoin is experiencing one of its largest pullbacks in 2025, as investors have been on a massive selling spree over the past few weeks, causing the flagship asset to retest the $82,000 price mark. On-chain data has revealed a significant wave of capitulation among new BTC whale investors during the ongoing pullback.

New Bitcoin Whales Show Weak Hands

Since the pullback of the Bitcoin price from its current all-time high, there has been a notable shift in market dynamics and investors’ behavior. A change in action is being observed among whale holders, but it is not the veteran investors who are currently panicking.

In a post on the X platform, CryptoRus revealed that the new whales, or the most recent large investors who just acquired BTC, are entering into panic mode. These key investors are steadily selling their holdings at a loss, putting more strain on a market structure that is already precarious.

According to the expert, new whales are capitulating, dumping into the red, taking realized losses, and leaving the market in fear. Meanwhile, OG whales are moving in an opposite direction, exhibiting steady resilience despite the ongoing market whirlwind.

Looking at the chart, the 30-day momentum just flipped into positive territory for the first time in weeks. At the same time, new whale holders are puking their coins, which is an indication of a classic weak-hand flush.

The chart also shows that the total balance of whales is moving upward in the midst of price volatility. CryptoRus highlighted that the divergence between the whale total balance and BTC’s price has marked each major bottom that occurred in the current market cycle. 

In such a market structure, the expert claims that retail sees the drop while new money feels pain. However, the investors who matter, the ones who made it through several cycles, are quietly buying more Bitcoin in the $80,000 and $95,000 price range.

This suggests a bottoming structure and a probable January rally that may result in a lower high or test the previous all-time high, but it does not indicate another year-long bull market leg. Therefore, the market still has room for growth as a bear market is likely when OG whales distribute into strength. Interestingly, this is how bottoms are formed, how traps are set, and how rallies begin.

Accumulation And Distribution Among Whales

Amid the ongoing market volatility, Darkfost, an author at the CryptoQuant platform, has disclosed interest moves on the Bitcoin whale side. Whale accumulation has increased alongside whale distribution.

Presently, accumulation is observed among large investors holding at least 10,000 BTC, who have acquired more than 26,3000 BTC. Meanwhile, wallet addresses holding between 1,000 BTC and 10,000 BTC have distributed over 112,600 BTC. Furthermore, smaller whale cohorts, such as those containing 100 to 1,000 BTC and 10 to 100 BTC, have accumulated over 99,800 BTC and 22,400 BTC, respectively.

Overall, large investors appear to have moved back into accumulation mode. However, it is also crucial to take into account the possibility that some whales have shifted from one category to another due to size changes, particularly between the 1,000–10,000 and 100–1,000 BTC tiers.

Grayscale’s Dogecoin ETF is set to start trading today, marking a positive for the DOGE price. Crypto analyst BareNakedCrypto has explained why this could be the catalyst that sends the foremost meme to a new all-time high (ATH) of $10. 

Grayscale Confirms Dogecoin ETF Launch

In an X post, Grayscale confirmed that its Dogecoin ETF will launch on the NYSE Arca today. The fund will offer institutional investors direct exposure to the foremost meme coin. Bitcoinist had earlier reported that the NYSE Arca had certified the DOGE ETF for listing and registration, the final step before the fund’s launch. 

Grayscale’s Dogecoin ETF will be the first to launch under the ‘33 Act. It will also be the first fund to offer institutional investors 100% spot exposure to DOGE. Bitwise and 21Shares are the other asset managers that filed for a DOGE ETF under the ‘33 Act. Bitwise is also expected to launch its fund this week after earlier filing an updated prospectus to remove the delaying amendment. 

In an X post, market expert Nate Geraci described the Grayscale Dogecoin ETF launch as being a “highly symbolic launch.” He opined that this is the best example of the monumental crypto regulatory shift over the past year. He added that the DOGE fund’s ticker, GDOG, might already be in his top 10 ticker list. 

Another ETF expert, Mike Akins, had questioned whether it wouldn’t have been better to serve the DOGE fund as a non-regulated instrument. He opined that the ETF wrapper may be giving credibility where it is not warranted. 

However, Geraci suggested that this was a free market and that institutional investors should be able to decide what they want to invest in. He reiterated that his major point is the regulatory progress made on crypto over the past year, which he described as a “huge” positive for the industry. 

Catalyst For DOGE Price Rally To $10

Ahead of the Grayscale Dogecoin ETF launch, crypto analyst BareNakedCrypto declared in an X post that this would spark a DOGE price rally to over $10. He noted how this fund would open institutional interest in the meme coin’s ecosystem. The fund could draw new capital into Dogecoin, sparking a potential price surge. 

BareNakedCrypto also mentioned that, with the Grayscale Dogecoin ETF, DOGE will no longer be burdened by lawsuits, threats, or lack of clarity. He added that the DOGE fund is the next ETF with over 100 billion tokens after XRP. The DOGE ETF is the seventh crypto fund to launch after the Bitcoin, Ethereum, Solana, Hedera, Litecoin, and XRP ETFs.

At the time of writing, the Dogecoin price is trading at around $0.14, up over 1% in the last 24 hours, according to data from CoinMarketCap.

A heated debate erupted on X this weekend after Gabor Gurbacs, founder of Pointsville and strategic advisor to Tether, dismissed growing fears about Bitcoin’s vulnerability to quantum computing. In a series of posts, Gurbacs called the notion of a “quantum doomsday” for Bitcoin “pure FUD,” arguing that Bitcoin’s cryptographic foundations are already resilient and adaptable enough to survive future advances in quantum technology.

“There’s a lot of FUD around Bitcoin’s quantum risk,” Gurbacs wrote. “The fact is that Bitcoin’s security is anchored in hash-based proof-of-work, which remains quantum-resistant. Quantum doesn’t break Bitcoin.”

Bitcoin Is “Quantum-Resilient By Design”

Gurbacs pointed to the distinction between Bitcoin’s hash-based consensus and its signature scheme, arguing that the consensus layer—secured by SHA-256—is already resistant to quantum attacks. Grover’s algorithm only provides a quadratic speed-up, he said, which does not undermine Bitcoin’s proof-of-work. The primary theoretical weakness, he acknowledged, lies in Bitcoin’s ECDSA signatures, which could be vulnerable if quantum computers reach the scale required to run Shor’s algorithm effectively.

But according to Gurbacs, even that threat is mitigated by best practices and Bitcoin’s modular design. “The main quantum target (ECDSA public keys) is already mitigated by non-reuse of addresses and can be upgraded to post-quantum signatures,” he noted, referencing NIST’s newly standardized FIPS-205, which formalizes the Stateless Hash-Based Digital Signature Algorithm (SLH-DSA).

“Bitcoin’s long-term security model was designed precisely for adversarial upgrades,” he added. “The consensus layer is hash-based and quantum-resilient, and the signature layer is modular, meaning post-quantum schemes like SLH-DSA/SPHINCS+ can be integrated without disrupting monetary integrity or supply rules.”

That assertion drew immediate responses from crypto security veterans, including Messari co-founder Dan McArdle and Project Eleven’s Graeme Moore, who both warned that Gurbacs was underestimating the complexity and timeline of a network-wide post-quantum transition.

McArdle agreed that mining and proof-of-work are not at immediate risk but outlined three structural issues Bitcoin must still face: legacy P2PK outputs with already-exposed public keys, the possibility of mempool sniping (quantum theft during transaction propagation), and the large size of post-quantum signatures, which could force a controversial blocksize increase.

“Given all that,” McArdle said, “it’s best to get serious about quantum robustness now. It’s not an issue to kick down the road until the threat is imminent.”

Gurbacs pushed back, calling those risks “real but remote.” The few P2PK addresses are “small and scattered,” and the kind of quantum computers required for mempool attacks are “unbelievably fast and stable—which we’re nowhere near.” He added that BTC could absorb larger signature schemes or even a blocksize upgrade “before any realistic threat shows up.”

“I agree we should take quantum hardening seriously,” Gurbacs wrote. “I just don’t buy the idea that we’re close to a break—and scammers tend to abuse the quantum narrative. The bigger risk now is people panicking instead of looking at actual timelines.”

The Open Questions For Bitcoin Devs

Graeme Moore countered that complacency is the greater danger. Citing his firm’s research, he argued that a coordinated post-quantum migration could take six months or more even under ideal conditions and that “we could have a CRQC in a couple years.” He pressed Gurbacs on whether the Bitcoin community could realistically agree on adopting NIST-approved standards like SLH-DSA or ML-DSA—especially since Satoshi Nakamoto intentionally avoided NIST curves for distrust reasons.

Moore also raised the thorny question of what happens to unmigrated or “lost” coins in a quantum transition, including Satoshi’s early holdings. “Are you in favor of freezing Satoshi’s coins?” he asked. “Why or why not?” Gurbacs replied that governance choices should apply equally to all unmigrated keys and rejected any “special rules.” He reiterated that the threat is not existential in the near term. “We’ll see weaker cryptosystems fall first,” he said. “That buys years of warning for picking schemes, implementing and testing, and allowing gradual opt-in rotation before the ‘oh shit’ moment.”

While Moore insisted that “we’re already at the ‘oh shit’ moment,” Gurbacs disagreed. “If a real CRQC existed at the level needed to break secp256k1,” he argued, “the first signs wouldn’t show up in Bitcoin. They’d show up in TLS, PGP, government PKI, and weaker ECC systems long before. That simply hasn’t happened.”

For now, Gurbacs’ position is clear: quantum computing represents a long-term coordination challenge, not an imminent collapse. “Quantum panic is misplaced,” he said. “Bitcoin’s architecture is adaptable, conservative, and mathematically robust. Quantum doesn’t break Bitcoin.”

Gurbacs has also received independent approval from OG Adam Back. Via X, the legendary cypherpunk wrote: “Bitcoin can just add a new signature type, and make a “quantum ready” taproot leaf alternative spend method, under taproot/schnorr. In that way you can be ready without paying the cost of large signatures until it becomes relevant. NIST standardized SLH-DSA aug 2024 only.”

He added: “If cryptographically relevant quantum computers are developed, then my guess is schnorr & ECDSA signature methods would be deprecated (become unspendable). IMO it’s a lot further away than 2030 so people should have time to migrate and be quantum ready long before.”

At press time, BTC traded at $85,984.