Latest news with #CryptoPlaybook
Entrepreneur
5 days ago
- Business
- Entrepreneur
America Needs a Bitcoin Reserve — Here's Why
The U.S. has released its most comprehensive digital-asset policy yet, the 160-page Crypto Playbook. The initiative holds promise and invites further discussion in the world of digital assets. Opinions expressed by Entrepreneur contributors are their own. On July 30, the U.S. released its most sweeping digital-asset policy framework to date: a 160‑page U.S. Crypto Playbook. While the report steers clear of new promises regarding a federal Bitcoin acquisition program, it renews attention on the Strategic Bitcoin Reserve, first announced in March — an initiative that could reshape America's financial posture. The newly published Crypto Playbook is the most comprehensive digital asset policy guide the U.S. has ever produced. The report outlines strategic goals around stablecoin regulations, DeFi innovation, digital infrastructure, consumer protections and financial literacy. Highlights include endorsement of the bipartisan GENIUS Act, laying regulatory ground rules for crypto exchanges; clarification of jurisdiction between the SEC and CFTC via the proposed Clarity Act; and recommendations for tax treatment of staking income, mining equipment depreciation, and wash-sale exemptions. But the most headline-grabbing omission? No fresh policy announcement regarding the Strategic Bitcoin Reserve. Despite speculation, the Playbook simply restates the administration's March 6 directive to consolidate all seized Bitcoin into a national reserve, while remaining silent on future acquisitions. For many in the crypto community, the message is clear: the idea isn't dead, but it's still taking shape. Related: Why Not Owning Bitcoin is Making You Poor What we know about the reserve so far In March, an executive order directed U.S. agencies to begin aggregating all federally seized Bitcoin into a single account under the Department of the Treasury. The U.S. currently controls an estimated 200,000 BTC, mostly obtained through forfeitures linked to cybercrime and darknet operations. Rather than liquidating these holdings at auction (as has been common practice for years), the White House policy marks a significant pivot: treat Bitcoin like a sovereign asset, not a liability. While today's Playbook did not mention any direct purchases or operational updates, the crypto industry remains optimistic. As one policy advisor put it, "They've already laid the foundation. We're just waiting for them to build the house." According to a reporter present at the event, the Treasury Secretary emphasized the growing role of digital assets in global finance and outlined the administration's commitment to regulatory modernization. A key theme from his speech was the need to "reinforce dollar dominance through stablecoins and modernize banking regulations for digital assets." His comments reflect the administration's broader strategy, as outlined in the newly released U.S. Crypto Playbook, to position the United States as a global leader in blockchain innovation while safeguarding national financial stability. The event drew senior policymakers, industry leaders, and regulatory officials, many of whom welcomed the remarks as a turning point in the federal government's tone toward crypto. This affirmation of support marks a pivotal moment, suggesting that Washington sees the maturation of Bitcoin and stablecoins not as a threat to the dollar but as a tool to strengthen its role in a rapidly digitizing global economy. Related: Exploring Bitcoin As a Retirement Investment Avenue Why America needs a Bitcoin reserve At a time of rising geopolitical friction, debt uncertainty and de-dollarization efforts by global rivals, a Bitcoin strategic reserve offers the U.S. several vital advantages. Just as gold once anchored the monetary system, Bitcoin now serves as a decentralized, censorship-resistant store of value. A sovereign reserve positions the U.S. to weather inflation, monetary dilution and foreign central bank diversification. Nations like China and Russia have been quietly offloading U.S. Treasuries and accumulating gold. If a currency crisis or dollar liquidity shock ever emerged, a Bitcoin buffer could serve as a geopolitical hedge with instant global liquidity. America's dominance in technology is already being challenged by decentralized finance and token-based commerce. A strategic reserve signals leadership in digital capital formation, making the U.S. more attractive for Web3 entrepreneurs and fintech investment. While U.S. sanctions have long used the dollar as a weapon, adversaries are actively seeking alternatives. A Bitcoin reserve gives the U.S. a tool of resilience, rather than dependence on legacy systems vulnerable to fragmentation. By leveraging forfeited BTC from criminal seizures, the reserve grows without costing taxpayers a cent — a rare bipartisan win with massive asymmetric upside. In short, a Bitcoin reserve isn't about speculative gain. It's about future-proofing national strength. Related: A Bitcoin Hot Girl Summer — Will Bitcoin's Success Continue? Skepticism — and strategy — remain Of course, not everyone is on board. Economists have voiced concern that Bitcoin's volatility makes it an unstable strategic asset. A recent University of Chicago poll found that over 70% of economists do not believe such a reserve would reduce national economic risk. Global reaction has also been cautious. European and Asian officials have warned that a U.S. crypto reserve could destabilize existing foreign exchange reserves and provoke retaliatory monetary policies. And then there are the technical and ethical questions: Who controls the keys? Can sovereign actors manipulate Bitcoin? Should the reserve be disclosed in real time? The answers remain murky. What happens next Under the March order, agencies have until late September to deliver implementation frameworks to the Treasury. Legislative allies in Congress have already floated the BITCOIN Act, which would authorize a broader reserve and explore alternative funding strategies, potentially including gold-for-BTC swaps. Until then, the Strategic Bitcoin Reserve will remain more symbol than substance. But for crypto advocates, that symbol is growing heavier by the day.
Yahoo
07-08-2025
- Business
- Yahoo
This VC has invested in crypto for a decade. He has 3 pieces of advice for those getting into the market
Jake Brukhman is a computer scientist who worked at Amazon and on Wall Street before founding CoinFund, one of the first venture capital firms dedicated to cryptocurrency investing. He is also the latest guest on Fortune's new podcast Crypto Playbook (available on Spotify, Apple and YouTube) where Brukhman shared his insights based on a decade of investing—and offered some very practical tips for those coming to this market for the first time. His first piece of advice for newcomers is that it's safest to choose major cryptocurrencies that have an established track record. Doing so will let investors gain exposure to crypto, and benefit from its upswings, while also letting them stay clear of the hyper-volatility and outright scams that can come with newer projects. 'As a new participant just entering the space, it is absolutely much safer to stick with the big names. You're not going to go wrong if you are investing in Bitcoin, investing in Ethereum. These are projects that have been around for over 10 years at this point, and have very well established communities and ecosystems,' said Brukhman. CoinFund had the good fortune to invest in Ethereum when it was just 60 cents, compared to the nearly $4,000 it is trading for today, but his advice still holds. In the podcast, Brukhman went on to note that, as the crypto industry has matured, a set of norms and guardrails have emerged to ensure blockchain projects are managed responsibly. These new practices focus primarily on token management and creating incentives to align founders and investors. In the past, most notably during the Initial Coin Offering mania of 2016, blockchain project founders would rush to sell millions of tokens to retail investors—and then fail to follow through with their plans, causing the price of the token to slump or collapse altogether. Today, Brukhman notes that responsible projects will include governance measures to protect investors and to restrict the distribution of their token supplies over a timeframe of several years. He says that 90% of the crypto projects CoinFund chooses to back have these attributes—which is a pretty clear indication that newer investors should also look for these qualities before putting down their money. Finally, Brukhman shared that his fund shies away from projects with anonymous founders. While this may seem obvious, it's worth remembering that the original appeal of crypto for many people was as a new form of money that was not controlled by governments, and that protected the privacy of its users. The most famous example, of course, is Bitcoin whose founder Satoshi Nakamoto has never disclosed his identity to this day. Satoshi enjoys nearly mythical status among crypto fans for building the first and most successful blockchain, and for acting with complete integrity—but unfortunately, he is the exception not the rule. Subsequent projects run by anonymous founders have typically proven to be scams. Brukhman says that CoinFund has backed founders whose privacy choices run the gamut from being totally open on social media, to those who shield their identity with pseudonyms. But he says the firm always makes a point to know who they are dealing with before investing. 'From our perspective, we've never had to invest in something that had a purely anonymous founder. We never found a project where, you know, it was so important to invest in it that we should have taken that risk on founder anonymity, and so we just haven't done that,' he says. You can find the whole interview with Brukhman, as well as the first three episodes of Crypto Playbook, here. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-07-2025
- Business
- Yahoo
Why crypto OG Dan Morehead believes investors should look beyond Bitcoin
When Dan Morehead—featured guest on the latest episode of Fortune's Crypto Playbook podcast—first started digging into Bitcoin in 2013, he decided to leave behind his long career in traditional finance and throw all his chips into the world of cryptocurrencies. A former trader at Goldman Sachs and Tiger Management, Morehead felt that Bitcoin represented a financial revolution—and his bet paid off. Since Morehead first purchased Bitcoin for under $100, the price has erupted to well over $100,000—thanks in part to all of his former colleagues on Wall Street piling into the once-renegade asset. But unlike many of those who came to the currency early, Morehead is not a 'Bitcoin maxi' who shuns other coins. Rather, he has used his investment firm, Pantera Capital, to back many other crypto projects, including prominent ones like Ripple Labs and Solana. In doing so, Morehead has ridden the industry's success to over $4 billion in assets under management. In his interview on Crypto Playbook, Morehead made the case for investing in other blockchains and projects. 'There isn't just one internet company, right?' he said. 'That's the way I think of blockchain.' Bitcoin vs. the rest Among cryptocurrencies, Bitcoin still remains king, with a market cap of over $2 trillion. Ethereum, the second largest, has a market cap of just $435 billion. But investors like Morehead argue that, despite its dominance, Bitcoin's use cases remain more limited, especially as proponents continue to push for decentralized financial applications like payments and lending. Other blockchains, such as Ethereum and Solana, offer advantages that Bitcoin does not, including speed, programmability, and lower transaction fees. While other crypto assets may not have Bitcoin's 'escape velocity,' as Morehead puts it, they do have upside as different use cases continue to evolve. 'I think it is very important for people to be invested in this space, but do it sensibly,' he said. 'Don't do more than you could afford to lose, and as long as you can hold it.' 'In 20 years, everybody will have crypto,' he added. Despite the explosion in crypto prices, few projects have been able to achieve the mainstream success of Bitcoin, which is still mostly limited to a store of speculative value. While Pantera has invested in a variety of fields, like on-chain gaming, none have achieved the status of 'killer app' or widespread adoption. Morehead pointed to stablecoins, a type of dollar-backed cryptocurrency, as a potential breakthrough for the broader industry, especially as banks and Big Tech companies explore the field. 'They're essentially the Trojan horse of crypto,' he said. 'As more and more corporations start including stablecoins, it'll just bring more people into the blockchain ecosystem.' Listen to the entire vodcast here. You can also find Morehead's interview—and future episodes of the Crypto Playbook—on Spotify, Apple, and YouTube. This story was originally featured on Sign in to access your portfolio
Yahoo
18-07-2025
- Business
- Yahoo
Bitcoin treasury firms are a better bet than crypto ETFs, says Twenty-One Capital CEO Jack Mallers
At a time when Bitcoin broke the $120,000 mark for the first time, Wall Street's appetite is growing for new ways to hold the first—and largest—cryptocurrency. The latest vehicle: publicly traded companies that hold Bitcoin in their treasuries. On the inaugural episode of Fortune's vodcast Crypto Playbook, Jack Mallers—a prominent Bitcoin champion and the CEO and cofounder of the new Bitcoin treasury company Twenty-One Capital—argued that betting on firms whose sole goal is to accumulate more Bitcoin is a superior way for traditional investors to get access to the red-hot asset class. Pioneered by Michael Saylor's technology company MicroStrategy, many firms have recently adopted the approach of using balance sheet capital to buy Bitcoin, with some launching over the past few months. Those include the upstart Twenty-One Capital, which is backed by stablecoin leader Tether and tech investment giant Softbank and led Mallers, a 31-year-old known for founding the Bitcoin company Strike and leading efforts to push global adoption, including in El Salvador through his work with President Nayib Bukele. 'What makes us uniquely different than an ETF is we're an operating company, so we're founded as a Bitcoin business with a core goal of increasing what we call Bitcoin per share,' Mallers told Fortune. 'Our goal is to be the best way for the capital markets to participate in this Bitcoin story.' Mallers added that, with capital trapped in public markets, companies like Twenty-One allow investors to gain exposure to the asset class without having to use crypto exchanges or self-custody their Bitcoin through more complex instruments like hardware wallets. 'What we figured is we would put together a vehicle and a business that solves that problem,' he said. 'I'm making Bitcoin more useful to the world.' Twenty-One is preparing to go public in the coming weeks after the startup agreed to a merger with Cantor Equity Partners, a special-purpose acquisition company sponsored by Cantor Fitzgerald, the financial firm previously led by U.S. Commerce Secretary Howard Lutnick and now run by his son, Brandon. Cantor Fitzgerald is also the primary custodian for the reserves backing Tether, the controversial stablecoin company that will serve as the majority owner of Twenty-One. Though the launch date is still unclear, Twenty-One and Cantor Equity Partners announced last week they had confidentially filed with the SEC to publicly list. Twenty-One will face stiff competition as the Bitcoin treasury strategy grows more popular, including from MicroStrategy, which recently rebranded to Strategy. But as a pure-play Bitcoin company, Mallers insists that the company's approach—and formidable founding team—represents a new era for the cryptocurrency. 'We've heard a lot of how Wall Street has arrived to Bitcoin,' he told Fortune. 'We view Twenty-One as 'Bitcoin has arrived on Wall Street.'' Listen to the enitre vodcast here. You can also find Mallers' interview—and future episodes of the Crypto Playbook—on Spotify, Apple, and YouTube. This story was originally featured on
