⭐️ Bitcoin Hits New All-Time High

The Bitcoin price started to rapidly increase last week. It reached new highs over the weekend, before setting a new record yesterday at around $122k, significantly exceeding the previous peak values.

As a result, short positions worth more than $20 million were liquidated in one hour during the weekend.

This price increase marks the start of a new discovery phase which, according to analysts, has parallels with the price rally from the end of 2024. At that time, a comparable momentum led to a further 50% price gain within a few weeks.

The driving force behind the rise of the past few days is primarily the massive demand from institutional investors. The various American spot Bitcoin ETFs recorded inflows of over $1 billion on two consecutive trading days - a first since their launch in January 2024.

BlackRock's IBIT ETF in particular became a volume driver, with assets under management recently rising to over $80 billion. This means that IBIT now generates higher income than BlackRock's flagship product, the iShares Core S&P 500 ETF.

At the same time, a look at the current Bitcoin asset distribution reveals the increasing dominance of large players. According to the Rich List 2025, the cold wallets of Binance, Robinhood and Bitfinex alone hold several hundred thousand bitcoins.

Strategy holds the largest corporate position worldwide with over 597,000 BTC. Government access to Bitcoin is also growing: the USA holds 207,189 BTC and China 194,000 BTC. Other countries such as the UK, Ukraine, Bhutan and El Salvador also hold reserves, some of which are considerable.

While institutional demand and government acceptance are increasing, retail investor participation remains conspicuously low. Despite all-time highs, Google search volume for "Bitcoin" is around 60% lower than after the US election in 2024, according to Bitwise.

Analysts attribute this to entry price barriers and gloomy sentiment in the retail segment. At the same time, demand from private investors could now be indirect via ETF products, making it difficult to capture their exposure via on-chain data.

The new all-time highs mark a turning point, not just in terms of price but structurally. Bitcoin is increasingly supported by institutional structures that dominate the market via ETFs, treasuries and cold wallets. This brings stability and capital strength, but also raises questions: How decentralized is a network when a growing share of the supply is controlled by a few players? The answer to this question will play a decisive role in shaping the character of Bitcoin in the coming years.

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📈 Bitcoin Tops Amazon in Market Cap

With an estimated fortune of $120 billion, Satoshi Nakamoto - the anonymous creator of Bitcoin - is now one of the richest people in the world. Around 1.96 million bitcoins, which are stored in several wallets and have been untouched since 2011, catapult the crypto pioneer to the 11th place on the global rich list.

But it is not only Satoshi's position that is remarkable: Bitcoin itself has also reached a new chapter of market maturity. With a market capitalization of over $2.16 trillion, Bitcoin has overtaken the tech giant Amazon and is now the 5th most valuable asset in the world.

The historic rise to over $122,000 per BTC not only makes headlines, but also brings with it impressive performance figures. According to Bitcoin Magazine Pro, 5,441 out of 5,442 trading days since the cryptocurrency was launched have been profitable - a success rate of 99.98%.

A long-term investor who has consistently invested $100 per month in BTC for nine years, for example, now holds a portfolio of over $230,000 - from an investment of just $10,900. By comparison, the same strategy yielded $22,152 for gold, $33,081 for Apple shares and just $16,993 for the Dow Jones.

This performance reflects not only the market response, but also macroeconomic developments. Since 2013, the global money supply (M2) has risen from $61 trillion to over $102 trillion. At the same time, the BTC price has risen from around $113 to over $122,000, a clear signal for Bitcoin as a hedge against inflation.

Voices such as Robert Kiyosaki, bestselling author and Bitcoin advocate, point to Gresham's Law: In a system with "good" and "bad" money, the money with a stronger value prevails in the long term.

Bitcoin has long been more than just an object of speculation, it is a macroeconomic signal. The fact that Satoshi Nakamoto is now on a par with the richest people in the world is not just a curiosity, but an expression of a new value system. Those who believed early were rewarded. But this narrative has become institutionalized: Hedge funds, corporations and states recognize bitcoin as a counterweight to expansionary monetary policy. In the midst of global uncertainties, Bitcoin remains the asset that is making history.

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🌍 The Global Bitcoin Map

Around 463,000 bitcoins (2.3% of the total supply) are in the hands of governments. What sounds like a small proportion actually corresponds to state crypto assets worth over $50 billion. Bitcoin is therefore increasingly becoming a geopolitical factor: as a strategic reserve, as an economic instrument or as an element of financial sovereignty.

The US government holds the largest publicly known stockpile. For years, US authorities have confiscated Bitcoin from darknet operations, ransomware cases and cyber investigations. At the beginning of 2025, President Trump issued an executive order to no longer auction the assets but consolidate them instead under federal control into a "Strategic Bitcoin Reserve" - a clear departure from the previous liquidation practice.

Today, around 200,000 BTC are stored under federal supervision, worth between $18 and 22 billion. China is also at the top of the list, albeit with a greater lack of transparency. Following the PlusToken scam in 2019, over 190,000 BTC were confiscated and their whereabouts are unclear - it is estimated that some of them are still in cold storage.

However, smaller countries are increasingly coming up with their own Bitcoin strategies. Bhutan, for example, has generated around 12,000 to 13,000 BTC via hydropower-based mining through its state investment company DHI since 2019. The holdings now account for up to 40% of the national GDP – unique in the world. The approach is energy-efficient, sovereign and makes economic sense: instead of exporting surplus electricity cheaply, it is converted into digital assets.

Iran is also pursuing a structured model: licensed mining is permitted, but all proceeds must be sold to the central bank. In this way, the Islamic Republic is gradually building up Bitcoin reserves that are shielded from international sanctions.

However, not all holdings are the result of targeted accumulation. In Ukraine, for example, over $70 million worth of Bitcoin donations were collected after the start of the war in 2022 - funds that were actively used for defense, infrastructure and humanitarian aid. Today, around 186 BTC remain.

The UK has held 61,000 BTC since 2021, confiscated during a Chinese money laundering operation. While such assets were previously auctioned off, the country is now discussing permanent BTC custody for the first time. El Salvador, on the other hand, is pursuing an experimental course: although Bitcoin's legal status was revoked as part of an IMF deal, daily state BTC purchases continue, a symbolic way to build up long-term reserves.

Furthermore, numerous rumors are circulating about secret state reserves. According to unofficial sources, the United Arab Emirates is said to hold over 400,000 BTC from previous fraud proceedings. In Bulgaria, around 200,000 BTC were confiscated in 2017, the whereabouts of which remain unclear. Countries such as Georgia, Venezuela and Finland also appear in international rankings with smaller holdings, mostly from confiscations.

In parallel, corporate Bitcoin accumulation is also expanding. In addition to prominent players such as Strategy (597,000 BTC) and Tesla, more and more listed companies are using BTC as a strategic treasury asset. According to BitcoinTreasuries.net, 26 new companies added Bitcoin to their balance sheets in June 2025 alone. The trend ranges from tech start-ups to commodity companies.

Some examples: BitFuFu (1,709 BTC) and Cipher Mining (1,063 BTC) combine mining yields with long-term BTC stockpiling. Fintechs such as Méliuz (595 BTC) or MercadoLibre (570 BTC) use Bitcoin as inflation protection in emerging markets.

Even conservative industrial groups such as Aker ASA or Jasmine International are following this course. Blockchain analytics companies make these holdings visible through address clustering and timing correlation, despite increasing privacy tactics and third-party custody models.

Countries and companies are increasingly getting into the Bitcoin game, some loudly, others quietly. The geopolitical significance of Bitcoin as digital gold is increasing noticeably: in Bhutan, surplus hydropower is becoming monetary sovereignty, in the USA a strategic asset, in Iran an economic weapon. At the same time, companies are building a digital foundation for their treasury strategies. Whether as a hedge, reserve or signal, Bitcoin is gradually becoming an integral part of the global economic order.

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👊 Global Stablecoin Offensive

Crypto payments are on their way out of the niche and into everyday global life, and states are positioning themselves strategically along two lines: usage and control.

A current example from Dubai shows the growing integration of digital payments into the real economy: Emirates airline has signed a Memorandum of Understanding (MoU) with Crypto.com to enable crypto payments by the end of 2025.

During the integration, customers will be able to pay for their flights with Bitcoin, Ether and stablecoins, with transactions being converted to Dirham in real time. Emirates will not hold any cryptocurrencies itself.

The deal is part of a broader strategy by Dubai to establish itself as a global center for digital assets. Blockchain projects in areas such as real estate, financial services and logistics are already flourishing in the emirate's capital. Over 600 crypto companies are registered in the Dubai Multi Commodities Center, while new legislation for real-world asset tokenization (RWA) is paving the way for tokenized real estate and commodities.

Stablecoins play a central role in this: partnerships with companies such as Tether and the approval of the RLUSD stablecoin by the Dubai Financial Services Authority (DFSA) show how seriously Dubai takes its role as a crypto hub.

At the same time, the US government is pursuing a different path: it sees stablecoins as a geopolitical tool to maintain dollar dominance.

According to a recent report by Sygnum, Washington is pushing ahead with the adoption of the so-called GENIUS Act, which is intended to regulate and approve stablecoin issuers in the US. Treasury Secretary Scott Bessent and technology consultant David Sacks are loudly calling for regulatory clarity in order to promote US dollar stablecoins worldwide. The aim is to offset the shrinking role of the dollar as a global reserve currency with digital dollar tokens, especially in emerging markets with high inflation and weak currencies.

So while Dubai is promoting the use of stablecoins in practice, the US is focusing on regulation and market control. Both strategies reflect a common goal: shaping the next phase of the global financial system.

However, opposites are also emerging. In Abu Dhabi, for example, local companies are already working on a stablecoin linked to the dirham, which is positioned as an alternative to the US dollar. The Italian finance minister recently warned that US dollar stablecoins could pose a greater geopolitical risk than tariffs, a warning that is echoed in the BRICS countries that are actively advocating for a multipolar financial system characterized by multiple currencies and tokens, not just the US dollar.

Analysts emphasize that the demand for non-dollar-based stablecoins is growing, even if their liquidity is still limited. Although the dollar continues to dominate at present, the direction is clear: those who control or widely use stablecoins will secure economic influence in the coming decentralized economy.

Stablecoins are on the cusp of becoming systemically relevant. While Dubai is testing their use in the real world and focusing on inclusion and technological openness, Washington is trying to assert geopolitical influence through regulation. Both strategies are pragmatic, but diametrically different. One creates demand, the other seeks control. In the background, a global struggle for standards, infrastructure and currency dominance is growing. Whoever wins this race will shape the rules of the game for a new monetary world order.

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🧠 Ethereum Goes Zero-Knowledge

Ethereum is about to take one of the most ambitious technological steps in its history: The Ethereum Foundation (EF) has presented a roadmap that considers the use of Zero-Knowledge-Proofs (ZK-Proofs) directly on Layer-1 within a year.

At the heart of this reform is the integration of a so-called zkEVM - an Ethereum Virtual Machine that no longer verifies transactions through traditional re-execution, but by means of cryptographic proofs. This could make Ethereum the world's largest zero-knowledge application.

Previously, all validators had to run each transaction again to check that it was correct. With ZK-Proofs, this step is no longer necessary: a proof generated once is sufficient to guarantee validity. The new structure is based on several parallel zkVMs (Zero-Knowledge Virtual Machines), which provide proofs independently of each other. This increases security without compromising speed, and at the same time reduces the hardware requirements for nodes.

To maintain the decentralized claim, the Ethereum Foundation formulates clear standards: Proofs should be able to be generated in under 10 seconds, not require more than $100,000 of capital, and consume a maximum of 10 kilowatts of electricity. The aim is to also enable private users to participate in network security. The long-term vision: a scalable, censorship-resistant Ethereum that is not only more efficient, but also more democratic.

The roll-out is to take place in multiple stages. Initially, ZK clients will be operated alongside existing validators as an option. As soon as their stability and performance will have proven themselves, they will become the norm. Despite the ambitious timetable - the aim is to implement the project by mid-2026 - the Foundation considers the development to be realistic. The dynamics in the CC research environment and the progress in the open source sector make the project tangible.

The planned integration of zkEVM marks more than just an upgrade, it stands for a conceptual reorientation of the Ethereum architecture. While layer 2 solutions have so far used ZK-Proofs as a scaling aid, they are now moving to the center of the core logic. If the plan works out, Ethereum could open a new chapter in terms of efficiency, decentralization and privacy. But the changeover also harbors risks: Fragmentation, technological complexity and governance issues could create new tensions. What remains is a bold step, and a race against time.

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🇺🇸 American Party, Crypto Populism or Monetary Reform?

With the founding of the new "America Party", Elon Musk is bringing Bitcoin one step further into the political discourse in the United States.

On July 5, the tech billionaire announced the launch of his own political party with the declared intention of running in the 2026 congressional elections. At the heart of the agenda: a radical break with the current financial system. "Fiat is hopeless," Musk said.

The America Party wants to support Bitcoin as an alternative monetary system, a move that combines economic interests with political activism.

The criticism is primarily directed at the USA's fiscal situation. Exploding national debt, partisan political blockades in the budget dispute and a loss of trust in the existing system form the stage of his criticism. Musk is calling for an end to "endless debt packages" and sees Bitcoin as a decentralized answer to central control mechanisms. The fact that he can back up his stance economically strengthens his credibility: Tesla and SpaceX together hold around 20,000 BTC with a market value of over $2 billion. This makes Musk one of the largest institutional Bitcoin investors in the world.

Reactions have been divided. Donald Trump dismissed the new party as "superfluous". Political scientists are also expressing doubts about the likelihood of a successful third way in the US electoral system, which is traditionally dominated by Republicans and Democrats. Nevertheless, initial surveys show that around 40% of the US electorate could imagine an alternative, especially among younger and tech-savvy groups.

Musk's move could have far-reaching economic consequences. The linking of crypto and politics marks a breach of taboo, but also a new form of lobbying. While traditional lobbying organizations usually operate in the background, Musk brings capital, brand power and media presence directly into the election campaign. Whether this will result in concrete results remains to be seen. However, with the America Party and its focus on Bitcoin, he is publicly challenging the central institutions of the US financial architecture and making it clear that the monetary policy debates of the future will not only take place in central banks.

Elon Musk is known for testing the limits of influence: economically, technologically and now also politically. With the America Party, he is combining the crypto agenda and criticism of the system to create a disruptive narrative. Whether this will result in actual political power is unclear, but he is already forcing the establishment to deal with Bitcoin not just as an asset, but as a political symbol. What "sound money" used to be for gold, Bitcoin could now be for a new generation: ideologically charged, economically relevant, socially polarizing.

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