How BTC Gets to $1 Million

While many investors dismiss $1 million BTC as fantasy – a 14x increase from here – they're making a basic mistake. Bitwise’s Matt Hougan argues the real opportunity isn't bitcoin's share of today's $38 trillion store-of-value market; it's that this market has grown 13% annually for two decades and will likely keep expanding. If it reaches $121 trillion in 10 years, bitcoin needs just 17% market share to hit $1 million per coin. With institutional adoption accelerating and volatility declining, that shift looks less extreme than a continuation of recent trends. Read more →

According to exclusive reporting from the WSJ, The DOJ is investigating Iran's use of Binance to evade U.S. sanctions, following the exchange's shutdown of an internal investigation into $1.7 billion in suspicious transactions. More than $1 billion flowed through a Hong Kong payments company called Blessed Trust to networks funding Iran-backed groups, including Yemen's Houthi militants. Binance, which pleaded guilty in 2023 to sanctions violations and paid a $4.3 billion fine, says it did not directly transact with sanctioned entities and that only $24 million reached Iranian Revolutionary Guard Corps-linked wallets. Read more →

Binance, in turn, has filed a defamation lawsuit against Dow Jones, publisher of the WSJ, accusing it of falsely claiming the exchange fired staff who raised compliance concerns and mishandled Iran-linked transactions.

TD Cowen says Congress may be getting closer to a permanent ban on a Fed-issued digital dollar, after Sen. Ted Cruz filed an amendment that would turn the current through-2030 restriction into a lasting one. That would likely be a win for stablecoin issuers, because it removes the risk of the government eventually competing with them directly. The catch is that it could also give Congress another excuse to say, “we already did enough for crypto,” and further delay the Clarity Act. Read more →

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