Original text: The Round Trip
Compiled by: Yuliya, PANews
In an era where crypto and AI intersect, truly important stories often lie beyond the noise. To uncover these overlooked truths, PANONY has partnered with Web3.com Ventures to launch an English video program (The Round Trip). Co-hosted by John Scianna and Cassidy Huang, this episode will focus on the market landscape after Bitcoin breaks the $100,000 barrier, delve into the Las Vegas Bitcoin Conference, analyze the policy signals behind U.S. Vice President JD Vance's speech, and how Lummis' strategic Bitcoin reserve bill may change the nation's attitude towards digital assets. From Pakistan joining the global Bitcoin reserve ranks, to SharpLink Gaming's massive investment in Ethereum, to stablecoins reshaping payment infrastructure in developing countries, this article will reveal the deeper significance behind these key developments and their potential impact on the global financial landscape.
*Note: This video was released on May 30, and some data and trends may differ from the current situation.
Las Vegas Bitcoin Conference
The 2025 Las Vegas Bitcoin Conference became the focal point of last week. This was not just an ordinary conference but a moment that could rewrite cryptocurrency history. U.S. Vice President JD Vance delivered an important speech at the event, during which he acknowledged holding a significant amount of Bitcoin (estimated at around five Bitcoins) and announced that "Operation Choke Point 2.0 has ended," indicating that the Biden administration's enforcement policies on cryptocurrencies have come to a close.
This is the first Bitcoin conference held against the backdrop of Bitcoin prices exceeding $100,000 and is also the largest ever, demonstrating the vibrant growth of the cryptocurrency market.
Stablecoins: The Future Payment Infrastructure
Another hot topic at last week's Bitcoin conference was stablecoins. With the Genius bill advancing in Congress, stablecoins like USDC and USDT are expected to take on a new financial role for the dollar globally. Especially in economies without their own legal tender, stablecoins may become the infrastructure for everyday payments, and their design based on debit logic significantly reduces payment costs. Currently, several regions, including Bermuda, have already adopted USDC for daily settlements, as it is much cheaper than credit cards and based on a debit card system.
Strategic Bitcoin Reserve Bill
U.S. Senator Cynthia Lummis proposed the Strategic Bitcoin Reserve Bill, suggesting that Bitcoin be used as a sovereign reserve asset for the U.S. This reserve would not utilize taxpayer funds but would be financed through the revaluation of gold certificates and seized assets. Lummis also promotes a Bitcoin bill, recommending that the government be allowed to hold up to 1 million Bitcoins over the next five years, accounting for nearly 5% of the global supply. If this proposal moves forward, it will reshape the Bitcoin market landscape.
Currently, 19% of the U.S. population holds or has been exposed to crypto assets, with most of them supporting the Republican Party in the last election. This provides a public opinion foundation for Lummis' policy proposals. Meanwhile, podcast host David Sacks pointed out that the U.S. Department of Commerce and the Department of the Treasury may purchase Bitcoin with part of their tariff revenue, a first in U.S. history.
Pakistan Joins Bitcoin Reserve Ranks
Not only the U.S., but Pakistan has also announced plans to create a national Bitcoin strategic reserve, a news that was live-streamed by the country's special blockchain advisor Bilal Bin Saqib on stage. This marks a significant shift in Pakistan's attitude towards cryptocurrencies and indicates that the concept of Bitcoin as a sovereign asset is rapidly spreading globally.
It is worth noting that Pakistan was ahead in Bitcoin development as early as 2015-2016, when it had an exchange called Urdu Bit, but was forced to close due to a lack of transparency in banking regulations. Now, Pakistan's renewed embrace of Bitcoin is encouraging.
PSG's Bitcoin Holdings
The sports world is also embracing cryptocurrencies. Paris Saint-Germain Football Club (PSG) holds Bitcoin on its balance sheet, just a week before the Champions League final. This football giant's Bitcoin investment reflects mainstream institutions' recognition of crypto assets, and there are hopes that this move will bring them good luck in their match last weekend.
James Wynn's $85 million Loss
However, not all stories in the crypto space are successful. Trader James Wynn's experience became a hot topic on Twitter last week. This trader reportedly started with $7,000 and raised his portfolio value to $90 million by trading meme coins like Pepe and Baby Pepe. However, his high-leverage trading strategy, including going long on Bitcoin with 40x leverage, led him to hold a $1.2 billion position, ultimately resulting in a loss of about $85 million in just one week.
Although he previously announced on X that he would stay away from perpetual contract trading, he returned to trading in less than 24 hours, showcasing the addictive and dangerous nature of leveraged trading. Even more concerning, there are accusations that Wynn participated in a pump-and-dump scheme, using his influence to drive up the prices of certain tokens before selling for profit, leaving his followers to bear the losses.
Impact of the Macroeconomic Environment: Tariffs and Market Volatility
Despite the lively atmosphere at the Las Vegas Bitcoin Conference, the macroeconomic environment is not optimistic. A federal court ruled that Trump's "Liberation Day Tariff" was illegal, leading to a brief rise in Bitcoin prices, but the government appealed, and the tariffs remained unchanged, causing the market to fall again.
The court found that Trump exceeded the authority granted to him by the International Emergency Economic Powers Act (IEEPA), which could have a ripple effect on global markets and cryptocurrency sentiment. Additionally, the stalled trade negotiations between the U.S. and China require direct dialogue at the highest levels to advance, which caused the market to drop 2% overnight.
Musk Exits DOGE
Elon Musk officially exited the Trump administration's Department of Government Efficiency (DOGE), which also became important news last week. Musk originally joined DOGE to cut federal waste and modernize the bureaucracy, but due to the limitations of the 1974 Congressional Budget and Impoundment Control Act, the president and executive departments have limited power to reduce federal spending, making Musk's role more symbolic.
Musk's departure is also linked to the negative impact Tesla has faced, as his work for Trump led to some consumers boycotting Tesla products, and even incidents of Tesla dealerships being burned and vehicles damaged intentionally. Nevertheless, Tesla's stock price has rebounded by 50% after the drop.
Ethereum's 'Microstrategy' Moment: SharpLink Gaming's Transformation
Another major news last week was the strategic transformation of SharpLink Gaming. This company, which was on the verge of being delisted, successfully raised $425 million and shifted towards Ethereum investments, becoming the first major public company on NASDAQ to make large-scale investments in Ethereum, referred to by analysts as "the first institutional ETH supply squeeze."
SharpLink has a strong roster of investors, including Joseph Lubin's Consensus (who is also the board chairman), Pantera, Galaxy Digital, ParaFi, Electric Capital, and Arrington, among other well-known venture capital firms. The company's stock price skyrocketed an astonishing 2700% in just five days.
Meanwhile, SOL Strategies has also applied for CAD 1 billion in financing, planning to expand its Solana investments, but its stock price has only risen 1% in the past month, far below the performance of Ethereum-related stocks.
Despite Bitcoin briefly falling below $106,000 last week, it has maintained a strong support level above $100,000 for 20 consecutive days. Ethereum and XRP have shown more robust performance compared to most mainstream assets, with many analysts pointing out that ETH is forming a bullish pattern on technical charts, likely to break through $3,000 in the short term. SharpLink's entry could be a trigger point.
In the current uncertain macro environment, investors should maintain low leverage and ensure the security of their cold wallets. Although the cryptocurrency market shows an exciting development trend, caution is still needed regarding policy changes and market volatility. As industry insiders say: "Keep low leverage, and let your cold wallet stay cool, because you don't want to move that money unnecessarily. In today's macro environment, you never know what could happen."
