Trending News: Fusaka upgrade makes Ethereum cash flow orientedRay Dalio: The huge dangers of huge bubbles and wealth disparityThe DAT model is undergoing a huge market testStablecoins are not “stable”Pantera: Privacy renaissance, the next era of blockchainBitcoin continues to fall, spot ETFs become the main force, and treasury companies sell coins one after anotherUS stocks staged an epic dive, BTC was affected and suffered a heavy setback. What happened to the market?The Fed’s “Eagle” Voice Returns: The Risk of Asset Price Collapse Is an Obstacle in Cutting Interest RatesNon-farm payrolls in September: a textbook “Goldilocks”Strategy may be delisted from indices such as the Nasdaq 100, risking billions of dollars in lossesSingle point of crisis: It’s time for MM to step back from the centerCompleting the 10-year coming of age ceremony, Vitalik discusses the value of EthereumBankless: Zcash surges, encryption privacy becomes focus againCrypto market macro research report: AI bubble, interest rate repricing and cycle switchingAfter the 1460% increase: Re-examining ZEC’s value foundationEthereum privacy explosion?What voices were conveyed at the Ethereum Developer Conference?Monthly “report card” from U.S. stocks to currency circles, looking for the next round of growth enginesDeconstructing DAT: Building in-depth analysis beyond mNAVWhy Kohaku is critical to Ethereum’s 2025 privacy transformationBitcoin on-chain data: MVRV price divergence, long-term “BTC” impact weakensBTC hit a new low of 89,000, looking at the market reaction from on-chain and off-chain dataGrayscale Research Report: LINK between traditional finance and the crypto worldHas Bitcoin really entered a bear market?Comprehensive evaluation of 5 analytical frameworksVanEck: BTC fell from 120,000 all the way to 90,000. Who is selling and who is increasing?The minutes of the Federal Reserve meeting revealed serious differences: many people believe that it is not appropriate to cut interest rates in DecemberNVIDIA’s surge in performance dispels AI haze, giving Wall Street reassuranceThe 15th Five-Year Plan: Where are the opportunities for digital assets?Price fluctuations and probability cloudsDanny Ryan: Wall Street needs more decentralization and Ethereum is the only answerThe new harvesting method of currency circle in PolymarketWhy aren’t your tokens rising?Light at the end of turmoil: BTC’s pullback is paving the way for the next big wave of gainsVariant: Key Crypto Industry Trends and Opportunities in 2025The super cycle is here, but it’s not what you expectedCZ’s private lawyer details Trump pardon controversy: Responding to political deal accusationsDAT’s Dilemma: How to Sustain Current Strategy in a Bear MarketThe team spoke out after the release of Gemini3: Three major innovation points and the law of scale is still validNew currency hedging game with lack of liquidity: A new way for retail investors to make new profits?Why does your currency keep falling despite continuous good news?Liquidity Crisis Signal: Systematic Interpretation from SOFR Loss of Anchor to BTC’s PlungeThe first BTC-guaranteed municipal bond in the United States was born, and New Hampshire “eat crabs”Trump angrily rebuked Powell, saying, “I want to fire him now but I’m being dissuaded.”Stablecoin Bible: Risk Indicators and Comparative Analysis5 charts to understand the current status of the Bitcoin marketUnderstand DeFi aggregation protocols in one article: mainstream models and profit pathsWant to make money in Web3?I advise you not to rush to become a KOL first.Vitalik Buterin introduces Ethereum in 30 minutes (2025 edition)Is the global bull market over?DappRadar Another tear of the timesThe privacy address + ZK technology combination solution is the optimal solution to cater to supervisionThe pros and cons of SharpLink and Upexi: DAT in different modesWhy BTC gave back all its gains, altcoins are underwater: The truth emergesAvoiding a repeat of 1011: circuit breaker mechanism and algorithm design under insufficient liquidityIs the crypto market “bottom of the century” or a “falling knife”?BTC may first fall to 85,000, and then the money printing frenzy begins to soar to 200,000 US dollars.Bitcoin’s plunge tests Wall Street fans, and large currency holders have recently increased their buyingThe U.S. government reopens: the chain shock caused by the 41-day shutdownThe crypto market fell again, BTC broke through the $90,000 mark, has it fallen into a bear market?Uniswap Unification Proposal and the Value of the CCA ProtocolPowell’s test: At least three people dissent at the December meeting, and the Fed’s consensus collapsesLiquidity pressure in the U.S. monetary system reappears: repo market tightening and reserve scarcityImagination on the Robot Industry: The Integrated Evolution of Automation, Artificial Intelligence and Web3How to evaluate which Web3 airdrops are worth picking up?New RWA Engine in Southeast Asia: Robust Innovation and New Opportunities of Web3 in Malaysia“Whales” are accelerating their selling of Bitcoin, but it’s still not a panic signal?10 observations on Hong Kong’s blockchain regulatory environment: pessimistic in the short and medium term, optimistic in the long termDeconstructing JPYC’s DeFi path and the institutional path of joint stablecoinsHyperliquid founder Jeff talks about three sources of inspiration for starting a businessWhat would happen if the Fed cut interest rates on Christmas Eve?See the essence of Crypto clearly and don’t be swayed by emotionsBitcoin surpasses gold?Saylor the whale’s gamble of the century. Crazy or crazy?Is there a bubble in AI?I’m afraid this logic can explain it clearly.Bitcoin gave up all its gains this year, and the crypto bear market continues to deepenFinancial markets continue to slump. Should we worry about a drop?Chances of Fed rate cut in December cool and cracks appear in AI narrativeIs Bitcoin about to break up with “cryptocurrencies”?Multicoin: Why we’re bullish on Ethena in the long termBitMEX: Analysis of new debt instrument STRC from micro-strategy whether it will sell off BTC2025 On-chain Movement Investigation Report: Make DeFi More DeFiIt’s already 2025. Where should crypto companies apply for licenses?a16z: Arcade Token The most undervalued token typeWintermute: The asymmetric impact of BTC’s correlation with NasdaqRWA’s main battlefield?What is the underlying business logic of stock tokenization?When the U.S. government opened its doors, BTC fell below $100,000. What happened?DeFi’s Black Box: How Risk and Return Are RepackagedHow Polymarket uses “mechanism” to cast “probability”Opinion: The x402 protocol is not equivalent to the Ethereum AA account abstractionThe hawks’ army is suppressing the Fed’s December meeting, and there may be many dissenting votesGold vs. Bitcoin: Who is in charge of the “offensive and defensive paths” in the investment portfolio?SEC Chairman May End the Ten-Year Fog of U.S. Token RegulationWhy Tether behaves more like a central bank than a stablecoinPrivacy Coin Track: Revaluation from Anonymity Requirements to Zero-Knowledge ProofsEnd of shutdown = market rebound?The performance of US stocks and BTC after previous government restartsCrypto core is a disenchantment for financeUniswap flips the switch: A $500 million bet and the DeFi civil warPolkadot 2.0 system restarts. Who can seize this value revaluation window?Data injection?What is the real logic behind Polymarket’s tens of billions valuation?The relationship between Bitcoin and gold: How to choose between BTC, gold and the US dollar?The U.S. House of Representatives passes the temporary appropriations bill, the government begins a “long restart”U.S. SEC Chairman: The next step for Project Crypto is to establish a token taxonomy
Sat. Nov 22nd, 2025
Trending News: Fusaka upgrade makes Ethereum cash flow orientedRay Dalio: The huge dangers of huge bubbles and wealth disparityThe DAT model is undergoing a huge market testStablecoins are not “stable”Pantera: Privacy renaissance, the next era of blockchainBitcoin continues to fall, spot ETFs become the main force, and treasury companies sell coins one after anotherUS stocks staged an epic dive, BTC was affected and suffered a heavy setback. What happened to the market?The Fed’s “Eagle” Voice Returns: The Risk of Asset Price Collapse Is an Obstacle in Cutting Interest RatesNon-farm payrolls in September: a textbook “Goldilocks”Strategy may be delisted from indices such as the Nasdaq 100, risking billions of dollars in lossesSingle point of crisis: It’s time for MM to step back from the centerCompleting the 10-year coming of age ceremony, Vitalik discusses the value of EthereumBankless: Zcash surges, encryption privacy becomes focus againCrypto market macro research report: AI bubble, interest rate repricing and cycle switchingAfter the 1460% increase: Re-examining ZEC’s value foundationEthereum privacy explosion?What voices were conveyed at the Ethereum Developer Conference?Monthly “report card” from U.S. stocks to currency circles, looking for the next round of growth enginesDeconstructing DAT: Building in-depth analysis beyond mNAVWhy Kohaku is critical to Ethereum’s 2025 privacy transformationBitcoin on-chain data: MVRV price divergence, long-term “BTC” impact weakensBTC hit a new low of 89,000, looking at the market reaction from on-chain and off-chain dataGrayscale Research Report: LINK between traditional finance and the crypto worldHas Bitcoin really entered a bear market?Comprehensive evaluation of 5 analytical frameworksVanEck: BTC fell from 120,000 all the way to 90,000. Who is selling and who is increasing?The minutes of the Federal Reserve meeting revealed serious differences: many people believe that it is not appropriate to cut interest rates in DecemberNVIDIA’s surge in performance dispels AI haze, giving Wall Street reassuranceThe 15th Five-Year Plan: Where are the opportunities for digital assets?Price fluctuations and probability cloudsDanny Ryan: Wall Street needs more decentralization and Ethereum is the only answerThe new harvesting method of currency circle in PolymarketWhy aren’t your tokens rising?Light at the end of turmoil: BTC’s pullback is paving the way for the next big wave of gainsVariant: Key Crypto Industry Trends and Opportunities in 2025The super cycle is here, but it’s not what you expectedCZ’s private lawyer details Trump pardon controversy: Responding to political deal accusationsDAT’s Dilemma: How to Sustain Current Strategy in a Bear MarketThe team spoke out after the release of Gemini3: Three major innovation points and the law of scale is still validNew currency hedging game with lack of liquidity: A new way for retail investors to make new profits?Why does your currency keep falling despite continuous good news?Liquidity Crisis Signal: Systematic Interpretation from SOFR Loss of Anchor to BTC’s PlungeThe first BTC-guaranteed municipal bond in the United States was born, and New Hampshire “eat crabs”Trump angrily rebuked Powell, saying, “I want to fire him now but I’m being dissuaded.”Stablecoin Bible: Risk Indicators and Comparative Analysis5 charts to understand the current status of the Bitcoin marketUnderstand DeFi aggregation protocols in one article: mainstream models and profit pathsWant to make money in Web3?I advise you not to rush to become a KOL first.Vitalik Buterin introduces Ethereum in 30 minutes (2025 edition)Is the global bull market over?DappRadar Another tear of the timesThe privacy address + ZK technology combination solution is the optimal solution to cater to supervisionThe pros and cons of SharpLink and Upexi: DAT in different modesWhy BTC gave back all its gains, altcoins are underwater: The truth emergesAvoiding a repeat of 1011: circuit breaker mechanism and algorithm design under insufficient liquidityIs the crypto market “bottom of the century” or a “falling knife”?BTC may first fall to 85,000, and then the money printing frenzy begins to soar to 200,000 US dollars.Bitcoin’s plunge tests Wall Street fans, and large currency holders have recently increased their buyingThe U.S. government reopens: the chain shock caused by the 41-day shutdownThe crypto market fell again, BTC broke through the $90,000 mark, has it fallen into a bear market?Uniswap Unification Proposal and the Value of the CCA ProtocolPowell’s test: At least three people dissent at the December meeting, and the Fed’s consensus collapsesLiquidity pressure in the U.S. monetary system reappears: repo market tightening and reserve scarcityImagination on the Robot Industry: The Integrated Evolution of Automation, Artificial Intelligence and Web3How to evaluate which Web3 airdrops are worth picking up?New RWA Engine in Southeast Asia: Robust Innovation and New Opportunities of Web3 in Malaysia“Whales” are accelerating their selling of Bitcoin, but it’s still not a panic signal?10 observations on Hong Kong’s blockchain regulatory environment: pessimistic in the short and medium term, optimistic in the long termDeconstructing JPYC’s DeFi path and the institutional path of joint stablecoinsHyperliquid founder Jeff talks about three sources of inspiration for starting a businessWhat would happen if the Fed cut interest rates on Christmas Eve?See the essence of Crypto clearly and don’t be swayed by emotionsBitcoin surpasses gold?Saylor the whale’s gamble of the century. Crazy or crazy?Is there a bubble in AI?I’m afraid this logic can explain it clearly.Bitcoin gave up all its gains this year, and the crypto bear market continues to deepenFinancial markets continue to slump. Should we worry about a drop?Chances of Fed rate cut in December cool and cracks appear in AI narrativeIs Bitcoin about to break up with “cryptocurrencies”?Multicoin: Why we’re bullish on Ethena in the long termBitMEX: Analysis of new debt instrument STRC from micro-strategy whether it will sell off BTC2025 On-chain Movement Investigation Report: Make DeFi More DeFiIt’s already 2025. Where should crypto companies apply for licenses?a16z: Arcade Token The most undervalued token typeWintermute: The asymmetric impact of BTC’s correlation with NasdaqRWA’s main battlefield?What is the underlying business logic of stock tokenization?When the U.S. government opened its doors, BTC fell below $100,000. What happened?DeFi’s Black Box: How Risk and Return Are RepackagedHow Polymarket uses “mechanism” to cast “probability”Opinion: The x402 protocol is not equivalent to the Ethereum AA account abstractionThe hawks’ army is suppressing the Fed’s December meeting, and there may be many dissenting votesGold vs. Bitcoin: Who is in charge of the “offensive and defensive paths” in the investment portfolio?SEC Chairman May End the Ten-Year Fog of U.S. Token RegulationWhy Tether behaves more like a central bank than a stablecoinPrivacy Coin Track: Revaluation from Anonymity Requirements to Zero-Knowledge ProofsEnd of shutdown = market rebound?The performance of US stocks and BTC after previous government restartsCrypto core is a disenchantment for financeUniswap flips the switch: A $500 million bet and the DeFi civil warPolkadot 2.0 system restarts. Who can seize this value revaluation window?Data injection?What is the real logic behind Polymarket’s tens of billions valuation?The relationship between Bitcoin and gold: How to choose between BTC, gold and the US dollar?The U.S. House of Representatives passes the temporary appropriations bill, the government begins a “long restart”U.S. SEC Chairman: The next step for Project Crypto is to establish a token taxonomy
Sat. Nov 22nd, 2025

Paradigm: The competition for sovereign states to establish BTC reserves has begun

Original title:Bitcoin for the Sovereign

Author: Matt Huang, founder of Paradigm; compiled by: 0xjs@Bitchain Vision

At the beginning of Paradigm in 2018, we firmly believed that the value of BTC (at the time of about US$4,000 per coin) would increase several times in the next few years, partly due to increased legitimacy and institutional adoption (for more reasons to be optimistic about BTC, please see the previous article”Preach Bitcoin to enlightened skeptics“).

But at that time, the possibility of sovereign states adopting BTC was still very small.Now it seems that the possibility is underestimated.

Currently, multiple sovereign states hold BTC, the most well-known of which is El Salvador.

Abu Dhabi sovereign wealth fund participates in Bitcoin mining.

US President-elect Donald Trump talks about strategic Bitcoin reserves on the stage of Bitcoin Nashville.

U.S. Senator Cynthia Lummis proposed a draft legislation on strategic Bitcoin reserves.

Forecast market platform Polymarket estimates that Trump is about 30% likely to establish strategic Bitcoin reserves.

So what?As Tyler Cowen likes to say, seeking solve for the equilibrium.The game theory equilibrium adopted by BTC has changed.

Sovereign states can no longer ignore BTC.From a game theory perspective, BTC is like gunpowder, not iPhone.Christopher Nolan can use an iPhone, and his intentional Ludeism may even lead to increased creativity.All computers that are not connected to the Internet are used).But once gunpowder is discovered, every sovereign state is forced to adopt it…or the consequences are terrible.Today, so are AI, drones and other key technologies.

Since the US adopts BTC’s Overton Window (Translator’s Note: Overton Window, a political theory that refers to the policy concept that was once flatly rejected is now widely discussed) has opened, other sovereign countriesI won’t wait.Sovereign states that establish BTC reserves in advance will benefit from significantly more favorable entry prices.

The competition for sovereign states to establish BTC reserves has begun.

    • jakiro

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