Hey you… it’s been ages!!!
Is this time different?
Are we in a bear market or is the four year cycle breaking down?
As 2026 begins, bitcoin’s behaviour looks increasingly shaped by structure and capital flows rather than speculation.
Full analysis in yesterday’s Forbes article.
https://www.forbes.com/sites/digital-assets/2026/01/01/what-is-bitcoins-price-prediction-for-2026/
https://blossom.primal.net/cff9c576633626f8175e0d7a84f7dd07b59deb1bbd13f320e0a7cdf84cca744e.mov
Bitcoin hasn’t changed, but the market around it has.
My annual NGU article looks at what that means for 2026, as structure and capital flows begin to dominate price discovery.
Full analysis in my latest Forbes article.
https://www.forbes.com/sites/digital-assets/2026/01/01/what-is-bitcoins-price-prediction-for-2026/
Bitcoin was built to remove discretion from money.
When growth weakens and inflation persists, rates are moved and hope is meant to do the rest.
In a discretionary system, those in power decide when to inflict pain, moving rates to crush demand, slow spending, weaken jobs and suppress prices, while calling the damage stability.
Savers lose, risk bends and debt holds the system together ... until it doesn’t.
This is what happens when economic theory hardens into doctrine.
nostr:npub18uapepe4rezq9htjem6metrjg632kxe6u54l4c5773e99dlffshsx62m3g
https://blossom.primal.net/f0a0733763a2ab3def8f20484cfea8f6a68f238ae2a3bf8219cd1a6b6c4b720a.mov
Signed off for Christmas on nostr:nprofile1qqsr7wsusu63u3qzm4evaadu43eydg4trvaw22l6u200gujjkl55ctcpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxgqguwaehxw309ahx7um5wgknqvfw09skk6tgdahxuefwvdhk6uvxplv with Gemmy.
Fiat is on the naughty list.
Bitcoin is hope, freedom, and patience.
Santa rally or not, the signal stays the same.
Merry Christmas!
Bitcoin Policy UK 2025: a year of real progress.
Thanks to our members and supporters, Bitcoin is now formally recognised as property under UK law, a major step for legal clarity, innovation, and adoption.
From policy papers to Parliament, events to engagement, we moved the dial.
In 2026: we build momentum.
Read our CEO’s full year-in-review letter here:
https://bitcoinpolicy.uk/blog-1/f/letter-from-our-ceo---2025-review-of-bitcoin-policy-in-the-uk
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The UK needs Bitcoin; Bitcoin doesn’t need the UK.
Bitcoin is sound money, open infrastructure, and long term thinking built into code. It doesn’t need permission but it does reward those who pay attention.
With the right approach it can strengthen innovation, energy systems, and economic resilience.
I’ve reflected on the year in my letter to members and supporters below.
Thank you to everyone who has supported us in 2025, We are now looking forward to 2026.
Tick tock, next block.
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Britain is heading toward a monetary breaking point and Steve Baker doesn’t hold back. In this conversation he lays out why fiat money is failing, why Westminster can’t see the crisis it created, and why Bitcoin is the only credible way out.
We get into democracy, technocracies, media misinformation, forever wars, CBDCs and the incentives quietly steering UK policy off a cliff. If you want the unfiltered version of political reality this one is worth a watch.
Watch the full episode on nostr:nprofile1qqsr7wsusu63u3qzm4evaadu43eydg4trvaw22l6u200gujjkl55ctcpz3mhxue69uhhyetvv9ujuerpd46hxtnfduq3vamnwvaz7tmjv4kxz7fwdehhxarj9e3xzmny6vj33p. Link below:
https://youtu.be/179-rRPoV9E?si=3Ol_VmqxBY3AwWD7
Is Saylor building his own central bank?
His Bitcoin MENA keynote mapped out something far bigger than balance sheet accumulation. He described a full monetary engine built on bitcoin reserves, corporate credit and synthetic digital dollars.
Here is how it works and why it matters in my latest Forbes piece.
Today has been a wild day at Bitcoin MENA.
My day was going to start with a panel, which turned into a fireside thanks to visa issues, and almost became a keynote.
Thankfully nostr:nprofile1qqsq87lh6t4wx9e85snh80v4lhskefmwdagnjf3z4amwgu699yjx0aspz4mhxue69uhk2er9dchxummnw3ezumrpdejqzxmhwden5te0dehhxarj95cjumnzduhxzmn8v9hxjtnrduugzumc jumped in and saved me.
Loved hanging out with the nostr:nprofile1qqsr7wsusu63u3qzm4evaadu43eydg4trvaw22l6u200gujjkl55ctcpr3mhxue69uhkummnw3ez6vp39eukz6mfdphkumn99e3k7mgpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxg8yp7p7 team, interviewing Tony at The Bitcoin Way, nostr:nprofile1qqsglmzzvfrcgk7aymek4e8hxaggc9wmasrag08p37xpx64euddvyyspz4mhxue69uhk2er9dchxummnw3ezumrpdejqzxthwden5te0dehhxarj9ecxcetzvd5xz6tw9ehhyec3xj78n , and Kyle Knight from Bitcoin Culture Hub.
It was great spending time on the livedesk with nostr:nprofile1qqsxe3pztauhp3ttna9p0p9gthdmm6t4n83ktw5vse9ymyg9js4hygspgdmhxw309am8v6n9dgexkefnwam8y7tnw4jkxmpkxumk5dm9vdhhqetvd3crvvmwwemxyercv9jkyut5w4axvamddemh2er8w9jzummwd9hkuqgcwaehxw309ac8yetdd96k6tnswf5k6ctv9ehx2aqz3dsfs and Lukas Duczko, Chairman at Blink.
Thanks nostr:npub1rwh33t5x8n7czknhts5fg0v0fml8mkl7neaarksumkkf8d679qrqcz7avv , it’s been a blast!
One year ago today, I became CEO of Bitcoin Policy UK.
Since then, our small team of volunteers has achieved what most well funded organisations struggle to do, in one of the toughest environments for UK businesses.
Individuals and companies are leaving the country at a record pace, and the policy space is dominated by pay to play dynamics and crypto lobbying money.
Despite that, we have delivered. What we have accomplished together:
- Helped secure Bitcoin’s recognition as property in UK law.
- Responded to government consultations, submitted detailed policy papers, and held constructive conversations with MPs, Lords, regulators, and civil-service teams.
- Launched our new website
- Distributed our 2025 Manifesto to all 650 MPs and expanded our research across energy, tax, financial inclusion, and infrastructure.
- Hosted events on Human Rights, Bitcoin in Business, and Bitcoin for Institutions.
- Had a presence and a main hall stall at the 2025 Labour Party Conference, opening new Bitcoin conversations.
- Partnered with 11 organisations and hosted multiple BPUK events that connected the bitcoin industry with policymakers, energy experts, and regulators.
- Appeared in multiple podcasts, interviews, and media articles
-Set up mining proof of concepts
-Launch our 'On the Record' podcast.
- Spoke at industry events around the world.
- Designed and delivered the ‘Contact My MP’ App, helping supporters reach their representatives directly and raising the bar for political engagement in the Bitcoin space.
All of this has been achieved by a team of outstanding volunteers with no full time staff, very modest funding, and no compromise to our values. We have been pushing uphill in a system where influence is usually bought.
We have moved the dial and proven that the UK does have a place in Bitcoin’s future, provided we continue to fight for it.
Year one was foundations.
Year two is where we build strength and momentum.
Thank you to everyone who has supported us, shared our work, and contributed time, expertise, or energy. BPUK exists because the community wants it to.
Here’s to the next chapter.
A special thanks to my amazing team: Freddie New Dr Cristina Llamas-Rey Russell Rukin Nick Bowick Jeremy Cline Juniper Jason Jason Sami Shams and others who prefer to stay behind the scenes.
nostr:nprofile1qqsp02kerjznyqgla3gujxw33dhr80lm7pvhp9vn8p2f2095afggdcgpzpmhxue69uhkummnw3ezuamfdejszrthwden5te0dehhxtnvdakqz2r55r nostr:nprofile1qqs80cjjxm2psuux933tsd0w5ljjtf49j9rxnxmyajweh3cgg5ca76gpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhszsmhwvaz7tmkdpukj7r2w33rv6ttv9crgem4dpjk66nnd3hryerexveh2dmjv4kn2drxwpk8xmt3x4nnv7ryde4hydn4vem8v6ty9ehku6t0dc44ggh3 nostr:nprofile1qqsfhrvk8ewt9sjffx6dh4v96lypg7l2kanez36xtjqhux79x09um6spz4mhxue69uhk2er9dchxummnw3ezumrpdejqzyrhwden5te0dehhxarj9emkjmn9s0jy2f nostr:nprofile1qqs0nwvnaehaczkxnwygf6smah9r7h8ppmc96nvu6f8kyx856n9gn3cpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqj2amnwvaz7tmjv4kxz7fwdaexzmn8v5kkxun4wd5zucm0d5hkjmnkda5kxetnm37lqm
Packed first day at Bitcoin MENA with discussions on sovereignty, Bitcoin as a medium of exchange, and how the UAE keeps pulling in talent and innovation by actually listening to people in the space. Wrapped it up with the Musqet team.
nostr:nprofile1qqsxe3pztauhp3ttna9p0p9gthdmm6t4n83ktw5vse9ymyg9js4hygspgdmhxw309am8v6n9dgexkefnwam8y7tnw4jkxmpkxumk5dm9vdhhqetvd3crvvmwwemxyercv9jkyut5w4axvamddemh2er8w9jzummwd9hkuqgcwaehxw309ac8yetdd96k6tnswf5k6ctv9ehx2aqz3dsfs nostr:nprofile1qqs9n7lwwd5a7acnmwl6nw7mpzfvvt46j2fryc2udle8sldrsn9hwrcpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qywhwumn8ghj7mn0wd68ytndw46xjmnewaskcmr9wshxxmmd9u0t3tqj nostr:nprofile1qqs24sp8syccmlyv84ldp9uwlxn7s922dw9wdjgskwjjksha26r4qqspzamhxue69uhhyetvv9ujumn0wd68ytnzv9hxgtcpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0v5eq66 nostr:nprofile1qqsd7gqv4s60d743gfv8x4z09krv6zmn6x02sswcfsrt0ymshw3pfqcpzamhxue69uhhyetvv9ujumn0wd68ytnzv9hxgtcpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0l48th4
Africa is showing the world what Bitcoin is actually for.
At the African Bitcoin Conference in Mauritius, you see it up close. When banks fail and currencies collapse, people build their own solutions.
Real innovation is happening in Africa while the Western world sleeps.
My latest Forbes article:
nostr:nprofile1qqs8t4ehcdrjgugzn3zgw6enp53gg2y2gfmekkg69m2d4gwxcpl04acpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtcppemhxue69uhkummn9ekx7mp0w3radp
Loved every second of Bitcoin Amsterdam. From KYC to mining to the satoshi quiz, the whole event was on fire.
Huge respect to everyone who put it together. Bitcoin feels stronger than ever.
The cracks in the fiat system are becoming impossible to ignore.
I spoke with Archie from nostr:nprofile1qqs2t6f6a78gyr9u02mmvgzls49c0tk5kjx976eslwlt5hyeusxu70cpz3mhxue69uhhyetvv9ujumn0wd68ytnzvuq3samnwvaz7tmjv4kxz7fwwdhx7un59eek7cmfv9kqgpz9ey about why governments can’t print trust, how central banks are panicking as debt spirals deepen, and why Bitcoin is becoming the escape hatch for a world losing faith in money.
We also disussed the new global order, hyperinflation, and the end of monetary privacy, and why Bitcoiners saw this collapse coming....
With a special guest appearance from Ozzy.
Watch the full conversation on nostr:nprofile1qqsr7wsusu63u3qzm4evaadu43eydg4trvaw22l6u200gujjkl55ctcpz3mhxue69uhhyetvv9ujuerpd46hxtnfduq3vamnwvaz7tmjv4kxz7fwdehhxarj9e3xzmny6vj33p.
🚨 IT'S OFFICIAL: The BBC cannot be held accountable for misinformation.
No right to appeal, no transparency, and the regulator is just another dead end.
For those following the case, here’s an analysis of the BBC’s Stage 2 response, highlighting systemic flaws in how they address inaccuracies:
1/ Conflict of Interest Not Addressed
Flaw: BBC failed to disclose Alex de Vries' affiliation with the Dutch Central Bank, which has a vested interest in undermining Bitcoin.
Impact: Readers lack full context to assess de Vries' credibility.
2/Reliance on a Discredited Source
Flaw: Heavily relied on Alex de Vries' commentary, which has been debunked in peer-reviewed critiques.
Impact: Treated de Vries' work as credible research, perpetuating misinformation.
3/ Failure to Independently Fact-Check
Flaw: Cited similar reporting from other outlets, neglecting their responsibility as a public broadcaster to verify claims independently.
Impact: Undermines the BBC’s editorial standards and trustworthiness.
4/ Freedom of Information Request - Refusal
Flaw: Refused to disclose the fact-checking process under the FOI Act.
Impact: Lacks transparency, raising concerns about their editorial process.
5/ Inadequate Responses to Evidence
Flaw: Avoided addressing detailed rebuttals from the Digital Asset Research Institute (@dari_org).
Key Issues Ignored:
-Misrepresentation of Bitcoin’s energy metrics.
-Failure to consider efficiencies from the Lightning Network.
-Overreliance on outdated methodologies.
-Exclusion of peer-reviewed studies on Bitcoin’s benefits.
Impact: Demonstrates a lack of impartiality.
6/ Breach of Editorial Standards
The BBC violated their own guidelines in three areas:
Accuracy: Relied on discredited sources without fact-checking.
Impartiality: Omitted conflicts of interest and rebuttals, creating bias.
Transparency: Refused to disclose their fact-checking process.
7/ Avoidance of Accountability
Flaw: Avoided engaging with evidence and arguments presented in Stage 1 & 2 complaints.
Impact: Resistance to accountability makes it difficult to challenge inaccuracies.
Summary of the Process Challenges
The BBC’s reliance on flawed justifications, refusal to address rebuttals, and lack of transparency demonstrate systemic shortcomings:
1. Failed to retract or correct misleading content.
2. Ignored conflicts of interest.
3. Failed to adhere to accuracy, impartiality, and transparency standards.
Full Stage 2 response attached.
This process began on 5 December 2023, and over a year later, we are here with no resolution.
This is a clear institutional failure undermining public trust in a taxpayer-funded organisation. The BBC must be held accountable for inaccuracies in their reporting.
The BBC must be defunded.
Full X thread and history here:
https://x.com/decentrasuze/status/1877730630403838011
The BBC has now been found to have misled the public on two of the most emotionally charged subjects of our time: Gaza and Trump.
These are not comparable in scale or consequence. One involves unimaginable human suffering, the other a turning point that exposed how politics, media, and public trust became dangerously entangled. But they share a single truth.
When the media manipulates context, selectively edits, or conceals crucial facts, it betrays public trust and undermines the very fabric of society. When national institutions spread or enable falsehoods, they divide, destabilise and damage democracy.
In July, the BBC's Gaza: How to Survive a War Zone was ruled 'materially misleading' by Ofcom after it failed to disclose that the child narrator's father held a ministerial role within Gaza's Hamas run administration, a grave breach of transparency that warped the audience's understanding.
Just months later, a leaked 19 page memo revealed that BBC Panorama had spliced two separate parts of Donald Trump's 6 January speech, almost an hour apart, to make it appear that his call to "fight like hell" directly followed his direction for supporters to march on the Capitol, omitting his earlier words urging them to protest "peacefully and patriotically."
In addition, this week the BBC's Executive Complaints Unit has upheld complaints against presenter Martine Croxall for correcting "pregnant people" to "women" on air and rolling her eyes, judged to be a breach of impartiality rules because the facial expression "laid it open to the interpretation that it indicated a particular viewpoint".
The same Executive Complaints Unit that leapt into action over an eye roll stands in clear contrast to my own experience dealing with the BBC’s wider complaints system.
Over 13 months, my evidence based submission, detailed, factual and supported by documentation, was passed from department to department, never properly addressed and never resolved. The responses I received bore little resemblance to the points I raised. They obfuscated, deflected and left me wondering whether I was witnessing staggering incompetence or something more deliberate.
These can't be accidental lapses. They are editorial decisions made in full awareness of how powerful the subjects are, and how easily emotion can override the truth.
The BBC knew the weight of both narratives, but still chose narrative over accuracy. This is more evidence of a dereliction of its public duty and a dangerous precedent for democracy itself.
For those paying attention, we knew this was happening, though perhaps not to the extent it was or still is. I still know people who rely on the BBC as a trusted news source, believing its content is fact checked, verified, and impartial. It is none of those things.
It doesn't matter where you sit politically, left, right, or anywhere in between. This should concern everyone.
When a public broadcaster, paid for by the public under threat of penalty, stops informing and starts editing reality, it no longer serves democracy. It undermines it.
Bitcoin Policy UK is joining forces with Antidote, London’s new home for Bitcoin builders.
This partnership brings policy and innovation together, linking those shaping regulation with those building on Bitcoin.
The UK has the talent, energy and vision to lead in Bitcoin.
Let’s make it happen.
Had an amazing time in Prague and got to visit SatoshiLabs, home of Trezor and nostr:nprofile1qqsd54k9fd0xwjwkttgr3svkg7reftu5una95nhacg95nxq7fmzkdscpzamhxue69uhhyetvv9ujucm4wfex2mn59en8j6gpzemhxue69uhhyetvv9ujumn0wd68ytnfdenx7gfsy44 .
Recorded a brilliant pod with Marcel about Bitcoin Dada, Grafton about Vexl, and Efrat about her ‘You’re The Voice’ podcast.
Always great hanging out with Isabella, a phenomenal freedom fighter and educator for Get Based, as dedicated as ever.
It was a lovely surprise bumping into Nick Anthony from the Cato Institute.
All these incredible people had one thing in common:
Bitcoin as freedom money.
Thank you to the Trezor team for being so welcoming and awesome.
nostr:nprofile1qqsx5dvc2g3cmjgz4mgelwlk5p2ln2ljrsw23y2ar38z0agd7tefpkgpxdmhxue69uhkuamr9ec8y6tdv9kzumn9wshkxdrfvguxsvnjwvmrycntd4kxkdrhw5mk5cntduuh2em3vfhqz9rhwden5te0wfjkccte9ejxzmt4wvhxjmc9tfska nostr:npub1gunkavtrl32txueexz44el2l49rg0gv48pc6suadf7hwj852tuuqj3nudq nostr:nprofile1qqsw54ajtaa903sa0hgt7cjpzfz2tqxkwz0y9gsy9r7ns8ufa7xk8kcpzemhxue69uhk7unpdenk2urfd3kx2u3wdaexwqgswaehxw309ahx7um5wghxcctwvsuzk7tc
In 1994, Rwanda descended into one of the darkest chapters in modern history. Over a million people were killed while the world looked away.
Anaïse Kanimba lost her biological parents in that genocide and was later adopted by Paul and Tatiana Rusesabagina, whose story inspired Hotel Rwanda.
Her life is a living reminder of survival, silence, and the fight for freedom.
In our conversation, she shares how in times of collapse money becomes a weapon and how Bitcoin can serve as a tool for freedom.
You can watch the full interview here:
Simon Dixon says we’re now in the “Wall Street Attack Phase”, a period where traditional finance will do whatever it takes to get our bitcoin.
The history of bitcoin has always been one of counterattacks, and this is just another chapter.
Hal Finney imagined a future where banks would hold bitcoin as reserves and settle with each other using it, integrating rather than replacing the financial system. But that doesn’t mean we shouldn’t stay alert to how easily integration can become capture.
In this podcast, Simon issues a series of serious warnings:
- Many underestimate what Wall Street is willing to do to take your bitcoin. Everyone’s going to go through some really hard lessons in the coordinated, engineered process to teach people they should have bitcoin in self custody.
- People come in for Number Go Up technology and until they go through a disaster, they don’t realise that money you can own and money you can spend is the real utility.
- The true utility of bitcoin is self custody.
- There’s a crucial distinction between bitcoin in custody, bitcoin in self custody, and everything else in crypto. If you don’t figure that out over the next five years, you’ll end up in a Universal Basic Income surveillance state, an Orwellian nightmare where you get the vaccine or you get negative interest rates.
Which side of that are you going to be on?
Simon predicts that anyone who does it through Wall Street via ETFs, pensions or bitcoin backed loans will see a repeat of 2021. They will live through another elaborate scheme that ends with your bitcoin in their wallets and under their control.
We will live in a two tier bitcoin system with Wall Street instruments on one side and bitcoin in self custody on the other.
Self custody is ultra ultra important for people to figure out.
My takeaway:
This nostr:nprofile1qqs22afg9k7epyay82slkpap2mquwn9k0cmh3fxk2y8r4nr7wq6xapspzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqgjwaehxw309ac82unsd3jhqct89ejhxs4y4pn podcast with nostr:nprofile1qqs2t6f6a78gyr9u02mmvgzls49c0tk5kjx976eslwlt5hyeusxu70cpz3mhxue69uhhyetvv9ujumn0wd68ytnzvuqs6amnwvaz7tmwdaejumr0dsjxfsmw could be one of the most important podcasts you listen to.
Please don’t lose your way. Remember why bitcoin is special, it’s freedom money, not a Wall Street instrument.
As Simon says, bitcoin is the opt out. It’s an exit from the system.
Watch here:
You’re right, my wording could have been clearer. But lowering the bar still pulls the people behind those firms into wider disclosure via AML reporting. The wider concern remains the same, and the detail is in the provided documents.
The Financial Times published a piece this week titled “Why struggling companies are loading up on bitcoin.”
At first glance it looks like a story about corporate adoption of the world’s leading digital asset. Read beyond the headline and a problem emerges. The article uses “Bitcoin” and “crypto” interchangeably, which gives the impression they are the same thing.
The article includes high profile Bitcoin cases like MicroStrategy alongside firms acquiring other tokens such as Ether or Solana. It reports total figures for “crypto purchases” while presenting the trend as companies “loading up on bitcoin.” Warnings about systemic risk refer to companies holding crypto assets far above their revenues but do not distinguish between Bitcoin and other assets, which changes how the data can be interpreted.
The difference matters because Bitcoin is not “crypto.”
Bitcoin is a decentralised, fixed supply network with 16 years of uptime and a clear monetary policy. Crypto is a catch all for millions of tokens with very different levels of security, regulation, liquidity and purpose.
A company adding bitcoin to its treasury as a long term reserve asset is not the same as one speculating on illiquid, high volatility altcoins. The risk profile, motives and signal to the market are different.
When journalists blur these lines, the analysis loses its foundation. Readers are left with an oversimplified narrative that only holds together if Bitcoin and crypto are treated as one category. If an argument depends on merging those two worlds, it is not analysis. It is misdirection, and it is harmful.
Many policymakers read mainstream articles like this, take the narrative at face value and form their views about bitcoin without consulting subject matter experts or reviewing primary data.
This is how flawed coverage can end up influencing lawmaking.
In 2018 the UK Treasury Select Committee’s report on “crypto-assets” grouped Bitcoin and altcoins into a single category, a framing that mirrored mainstream coverage at the time. That framing then became part of the political record and aligned with the concerns later cited by the FCA when it introduced a ban on crypto derivatives for retail investors.
In the EU, early drafts of the MiCA legislation included language that would have effectively banned proof of work networks such as Bitcoin by subjecting them to strict environmental standards. These provisions reflected the narrative common in mainstream coverage at the time, which portrayed Bitcoin’s energy use without context.
Media driven misconceptions about Bitcoin have already influenced regulation. If coverage like this continues to shape political understanding, the effort required to undo the damage will only grow, and Bitcoin will be regulated on fiction rather than fact, as it appears to have been so far.
I am glad Bitcoin is getting attention from mainstream media, but not like this.
Brandolini’s Law says it takes ten times the effort to correct misinformation as it does to produce it. If that pattern continues, the cost of fixing the damage will be enormous and the policy mistakes even more so.
Read the full article:
https://www.ft.com/content/8a160bd3-c96d-468a-8052-b0aae43e5aea
Privacy has taken another hit with the conviction of Tornado Cash developer Roman Storm.
A Manhattan jury found him guilty of operating an "unlicensed money transmitting business," based on the idea that the software he helped build functioned like a financial service. The jury could not agree on the more serious charges of money laundering and sanctions violations, but the single conviction is still significant.
This case challenges how the law defines and responds to open source code. Tornado Cash is not a company, nor does it hold or move user funds. It is a set of smart contracts on Ethereum that let users break the link between the wallets they use to send and receive funds. These contracts were deployed in a way that made them unchangeable. The private keys were destroyed. No one, including the developers, could modify or shut down the system.
A money transmitting business typically holds and transfers funds on behalf of customers. At no point did Tornado Cash or its developers do this.
The protocol gave users a tool that enabled them to mask the public trail of their transactions by depositing into a shared pool and later withdrawing without revealing the source.
The case focused heavily on North Korean hackers using the protocol to move stolen funds. But others testified that they used the tool for legitimate purposes, including donating to humanitarian causes, preserving privacy in repressive regimes, and protecting activists from surveillance.
The bigger issue is whether software developers can be held criminally responsible for what other people do with tools they create. If someone uses a car as a getaway vehicle in a robbery, we don’t prosecute the manufacturer who built the car. Responsibility should fall on those who commit the acts, not those who build general purpose infrastructure.
Storm's defence argued that the team had already taken steps to limit abuse. They added a sanctions screening oracle built by Chainalysis to the public interface, which blocked flagged wallet addresses from interacting with the app. This was one of the few actions available, given the immutable nature of the contracts. Even so, prosecutors claimed they should have done more, and that Storm conspired to operate a financial service without authorisation.
To secure the conviction, the government needed to prove intent. They had to show that Storm knowingly operated a money transmitting business, despite the absence of custody, accounts, or control over user funds. They argued that because he was aware that bad actors were using the tool, he was complicit.
This interpretation of the law creates a dangerous precedent. It opens the door to charging developers for building privacy tools that are later used in ways they cannot control.
Roman Storm now faces up to five years in prison. The outcome of this case will be watched closely by developers, privacy advocates, and anyone building open source infrastructure. It raises urgent questions about whether it is still safe to publish permissionless code in a world where intent can be inferred from other people's actions.
What happens next will determine the fate of a developer, test the legal boundaries around publishing open source code, and reveal just how far the state is willing to go to punish software it cannot control.
The fight over the future of digital freedom continues.
Brilliant reporting on this case from nostr:nprofile1qqsxe3pztauhp3ttna9p0p9gthdmm6t4n83ktw5vse9ymyg9js4hygsprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet59w7r6u and nostr:npub12apcw0ak27qxdnc3gz5ax83k3766hp9l326fqle055xsat24clqqcgn3wz.
No new info, no depth, just sensationalism over substance.
The Telegraph just dropped another lazy, clickbait Bitcoin article.
It tries to link the UK’s budget deficit to government crypto procurement and floats the idea of selling 61,250 bitcoin right in the middle of a bull market.
The UKs bitcoin is still legally contested. Chinese authorities and victims are demanding it back. No sale can happen while that legal process is unresolved.
Plenty of time before we repeat Gordon Brown’s devastating decision to sell off the UK’s gold at the bottom. Let’s just hope this doesn’t all conclude in a bear market. When they do sell, it’ll be typical if it ends up happening at the bottom again.
https://www.telegraph.co.uk/business/2025/07/19/britain-sitting-billions-bitcoin-can-rescue-reeves/
It’s a genuine concern. Evolution doesn’t guarantee immunity. Old incentives have a habit of resurfacing, especially when profit and power are at stake.
One of the toughest challenges for peer-to-peer cash is solving the challenge of how to send value directly between two people without internet, mobile signal, or centralised infrastructure.
In parts of the world affected by conflict, disaster, censorship, or simply poor connectivity, access to the financial system is fragile or non-existent. If digital cash is going to live up to its promise, it must also work in those places.
Over the past few years, developers and researchers have been working on exactly this. In October 2023, I interviewed some of them for Forbes, when researching how mesh networks, federated eCash, and Lightning tools could make offline bitcoin payments possible.
Now Jack Dorsey’s new app Bitchat shows that this future is closer than many realised. Using Bluetooth, it enables encrypted payments between devices without the internet.
This is a turning point. This shows us a future where money can’t be shut off.
If value can move without permission, gatekeepers, or surveillance, we unlock a powerful new layer of financial freedom. ⚡️