Raveenthiran Raguparan

The Trump administration plans to aggressively acquire Bitcoin through budget-neutral methods that won’t impact taxpayers, said Bo Hines, the executive director of the Presidential Council of Advisers for Digital Assets, during a panel at Blockworks’ Digital Asset Summit 2025.

“The President was adamant about creating the SBR. We wanted to make sure that we did it right in a way that respected Bitcoin for being so unique and also gave credence to innovation and other spaces in the digital asset world,” Hines said.

The administration views Bitcoin as a commodity rather than a security, emphasizing its intrinsic stored value and unique characteristics.

“Bitcoin, it’s not a security, it’s a commodity. It has intrinsic stored value, it’s traditionally accepted. It has, as David likes to describe, the immaculate conception. There’s no issuer,” Hines explained.

Hines, appointed by President Trump to lead the Crypto Council, is working with the White House’s crypto and AI czar David Sacks to facilitate innovation and growth in the crypto sector.

“It’s something that’s imperative for the United States to have, retain, continue to build on,” Hines stated, drawing a parallel between Bitcoin and gold.

Hines added that the administration is focused on finding ways to acquire more Bitcoin without burdening taxpayers, targeting “budget-neutral” approaches.

He said that Trump’s Crypto Council is collaborating with the Treasury and the Secretary of Commerce to identify viable acquisition strategies.

When asked about acquisition targets, Hines compared it to asking how much gold a country wants, implying a desire to acquire as much as possible.

“That’s like asking a country, how much gold do you want? Right? I mean, as much as we can get,” he said.

In an interview with CNBC’s Squawk Box earlier this month, Treasury Secretary Scott Bessent, a known Bitcoin advocate, said that Bitcoin acquisition plans are in discussion but the first step would be to prevent further liquidation of seized Bitcoin by the government.

Bessent stated that the next step would be to explore strategies for additional BTC acquisitions. He also noted that while Bitcoin is the focus, the initiative aims to encompass a broader crypto reserve.
#TradersBootCamp

Made in USA cryptos to watch this week include XRP, Pi Network (PI), Story (IP), Jupiter (JUP), and Aerodrome Finance (AERO). XRP is leading in market cap, while PI is coming off one of the largest token launches in recent history.
IP has been one of the top performers recently, while JUP and AERO are under pressure despite strong fundamentals. Here’s a breakdown of how these five Made in USA cryptos are setting up for the third week of March.
XRP
XRP is currently one of the largest Made in USA cryptos by market cap. Over the past month, its price has dropped nearly 17%, but it has rebounded in the last week with a gain of almost 6%. This recent recovery is attracting attention as traders watch for signs of a sustained trend reversal.

XRP Price Analysis. Source: TradingView.
There is growing speculation that the SEC might reclassify XRP as a commodity. Any positive developments in the SEC vs XRP case could serve as a major bullish trigger.
A few months ago, similar news sparked a rally in XRP and boosted activity across its ecosystem, including sharp gains in related meme coins.
If XRP can maintain this momentum and build an uptrend, it could target the resistance at $2.47. A breakout above this level might open the door for a move toward $2.64, and potentially even $3 if bullish sentiment strengthens.
On the downside, a return to bearish conditions could push XRP back to the $2.21 support, and if broken, further losses down to $1.90 are possible.
Pi Network (PI)
PI was one of the largest crypto launches in recent history, quickly reaching a market cap close to $20 billion. However, the token has been under pressure, correcting by over 20% in the past 30 days. Its market cap has now dropped below $10 billion as bearish sentiment continues to weigh on price action.

PI Price Analysis. Source: TradingView.
In recent days, PI has faced growing criticism following the rollout of its .pi domains, which some in the community have questioned.

Additionally, a significant sell-off took place after the token’s mainnet migration, adding further downside pressure and contributing to its recent decline.

If the current downtrend persists, PI price could test the support at $1.23, and a breakdown could push it below $1.20, marking its lowest level since February 22.

However, if the token manages to reverse momentum and regain an uptrend, it could challenge the resistance at $1.57, with further upside potential toward $1.82. A strong rally could even see PI testing $1.98 and possibly $2.35, breaking above $2 for the first time since March 1.
Story (IP)
IP is currently one of the best-performing altcoins over the past 30 days, with its price surging nearly 235%. The rally has pushed its market cap to almost $1.4 billion, making it one of the standout tokens in the market during this period.

IP Price Analysis. Source: TradingView.
In the last few days, IP has entered a consolidation phase, with price action slowing down after its impressive run. However, if momentum returns and an uptrend is established, IP could challenge key resistance levels at $6.66 and $6.96.

A breakout above these levels might open the door for a push toward $7.95 and possibly beyond $8, setting new all-time highs.

On the flip side, if selling pressure increases and a correction takes hold, IP could first retest the $5 support level. If this level fails to hold, further downside could lead to a decline toward $4.49, and in a deeper pullback, the price could even fall to $3.65.

Jupiter (JUP)
Jupiter, like most major Solana-based tokens and other Made in USA cryptos, has experienced a sharp correction over the past 30 days, with its price dropping nearly 45%. This decline mirrors the broader sell-off seen across the Solana ecosystem as market conditions remain challenging.

JUP Price Analysis. Source: TradingView.
Even with the recent pullback, Jupiter continues to be one of the most profitable businesses in the crypto space. As one of the largest aggregators in the market, it generated $27 million in revenue over the past seven days, ranking just behind Tether and Circle as one of the highest-earning protocols.
If the Solana ecosystem stages a recovery, JUP could benefit significantly, with price targets at $0.54, $0.598, and $0.63 as key resistance levels.
A strong uptrend could even push the token toward $0.86. However, if the downtrend persists, JUP may retest the support at $0.48 and $0.44, and a further decline could see it fall below $0.40 for the first time ever.
Aerodrome Finance (AERO)
AERO is the largest DEX focused on the Base chain ecosystem and has recently benefited from the growing interest in this network.
Over the past week, Aerodrome has generated $1 million in fees, outperforming notable players such as Trokan, BONKbot, and GMGN, solidifying its position as a key player in the Base ecosystem.

AERO Price Analysis. Source: TradingView.
However, despite its strong fundamentals, AERO’s price has been under pressure, correcting more than 38% over the last 30 days. The token is now trading at its lowest level since October 2024, reflecting the broader volatility across the market.

If the downtrend persists, AERO could soon retest the support level at $0.48.

On the flip side, if buying momentum returns and AERO establishes an uptrend, it could move toward resistance at $0.56 and $0.61. A breakout above these levels could open the door for a rally toward $0.67 and potentially $0.739.
$XRP #StablecoinSurge #story
#piNetwork
#Aerodrome
#Jupiter
$JUP

Large holders are leaving the market at an alarming rate, which is a worrying trend for Shiba Inu. Recent data shows a startling 70% drop in whale transactions, pointing to a significant change in institutional and high-net-worth investors' attitudes. The price of SHIB is further declining into bearish territory as a result of this sharp outflow and a larger downward trend.

According to on-chain analytics, SHIB's large-holder outflow has decreased by roughly 73% in the last month, which is indicative of a precipitous drop in whale engagement. Such a large decline may indicate growing doubt about SHIB's future performance, as whale transactions have historically been a crucial gauge of market confidence.

At the same time, large-holder inflows have also fallen by almost 85%, which has further cemented the downward trend in interest. It will be more difficult for SHIB to bounce back from its recent losses because decreased whale activity usually indicates lower liquidity and weaker buying support.

The token is already showing oversold conditions, and there is little chance of a significant recovery unless there is fresh demand from key players. Due to its inability to maintain any meaningful bullish momentum, SHIB has been trapped in a declining trend. At the moment, the asset is trading close to a critical support level at $0.000012. The price may drop to $0.000010 if this level is not maintained, which could result in additional losses.

Breaking that barrier could put SHIB in a more severe bear market phase, from which recovery would be more challenging. Regaining $0.000014 and maintaining momentum above $0.000015 are necessary for SHIB to change market sentiment. However, the likelihood of such a move currently seems low due to declining whale participation.

The sharp decline in whale activity raises serious concerns about SHIB’s near-term stability. Without fresh buying pressure, particularly from institutional players, the token’s trajectory remains bearish. Unless a significant catalyst emerges, SHIB could struggle to reverse its losses, leaving investors in a precarious position.
#SHİBA

Russian oil firms are using Bitcoin and USDt for trade with China and India despite global sanctions, according to Reuters.

Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate trade with China and India amid international sanctions, according to a Reuters report.

Russian oil companies have used crypto assets including Bitcoin
BTC
$84,347
and Tether’s USDt
USDT
$0.9999
for international trade, Reuters reported on March 14, citing four sources with direct knowledge of the matter.

One Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.

While the Russian finance minister publicly declared in late 2024 that Russia is free to use assets like Bitcoin in foreign trade, the use of crypto in oil transactions with China and India had not been previously reported.

Russia’s oil trade in crypto: How does it work?

According to Reuters, Russia’s foreign oil trade in crypto involves intermediaries who manage offshore accounts and facilitate transactions in the buyer’s local currency. One example includes a Chinese buyer of Russian oil that pays a trading company acting as a middleman in yuan into an offshore account.

The middleman then converts payments into crypto assets and transfers it to another account, which then sends it to a third account in Russia and converts it to Russian rubles, sources said.

Crypto will be used no matter of sanctions

According to one of Reuters’ sources, crypto will likely continue to be used in Russia’s foreign oil trading regardless of whether any sanctions are in place and even if the sanctions are lifted and Russia is free to use the dollar.

“It is a convenient tool and helps run operations faster,” the report said, citing the source.

The news comes amid the Bank of Russia officially proposing to legalize cryptocurrency investments for high-net-worth individuals who have at least $1.1 million in securities and deposits.

Bitcoin remains highly restricted in mainland China

While Russia has been increasingly open to Bitcoin, including its use in foreign trade, mainland China has maintained a cautious and restrictive approach toward cryptocurrency.

Since banning virtually all crypto transactions in 2021, authorities in mainland China have maintained a restrictive agenda on crypto, while neighboring jurisdiction Hong Kong has emerged as a global crypto hub.

Related: Indian authorities arrest alleged Garantex founder for US extradition

Despite the restrictions, mainland China has remained one of the global leaders in Bitcoin mining, raising controversy over the application of its crypto ban.
#TradersBootCamp

As the United States moves forward with its strategic Bitcoin reserve initiative, some industry observers believe China will not ignore Bitcoin’s growing role in the global financial landscape.

According to data from the Bitcoin technology company Jan3, the Chinese government may be holding at least 193,000 BTC.

On Mar. 11, 2025, Washington, D.C., saw a gathering of top-tier Bitcoin enthusiasts organized by the Bitcoin Policy Institute.

Michael Saylor gave a strong speech about Bitcoin in America. On X, the video of the speech sparked the debate over the need for a “better Bitcoin.” The Riot Platforms’ Pierre Rochard joined the discussion and provided his views on why there cannot be a better Bitcoin. 
The debate started after a podcaster, entrepreneur, and angel investor, Jason Calacanis, responded to the video of Michael Saylor’s speech. The speech suggested that the U.S., as a superpower, has to dominate cyberspace so as not to lose its status. Saylor explained why Bitcoin is important and why America should own a huge portion of it.

Calacanis reposted a video, adding that Saylor is damaging the brand and the ecosystem of Bitcoin via constant pumping and high-risk accumulation techniques. According to Calacanis, there is “Too much centralization, too much hyperbole and too many conflicts.” He concluded that Saylor perfectly sets the stage for launching “a better Bitcoin.”

Of course, the comment didn’t go unnoticed by the Bitcoin maxis. They were saying that launching “a better Bitcoin” is impossible, suggesting that Calacanis simply doesn’t understand Bitcoin properly. For instance, Matty Ice of Consensus Pro responded that one cannot “reproduce the network effects, security, decentralization, origin story, etc.” He explained that Saylor’s ownership of a huge portion of Bitcoin doesn’t make it centralized.

Enter Pierre Rochard
Pierre Rochard, a Riot Platforms, Inc. Research VP, gave a detailed answer to the Calacanis’ concerns. He started by saying that decentralization is inherent to Bitcoin’s design and proof-of-work, and the distribution of nodes around the globe matters more than the accumulation of bitcoins in the hands of one person. The ownership of a large amount of BTC doesn’t provide the power to exploit the network. Rochard reminded us about the consensus rules, saying that “even a high-profile advocate or a single large holder is subject to the same validation and consensus processes as all other users.”
According to Rochard, Saylor’s activity is less significant for Bitcoin’s value than the predictable issuance schedule, global accessibility, security, and the community of decentralized node operators. No matter how aggressive the pumping by a single influencer is, all the involved parties will be treated equally, and no person or institution can have privileges. To confirm his point, Rochard says that Bitcoin survived a number of serious shake-ups like huge exchange collapses, market volatility, protocol disagreements, etc. None of these affected its operations.
Rochard did not explicitly say that a “better Bitcoin” is impossible. Rather, he stated that the creation of such is not probable. Creating a “better Bitcoin” will require challenging Bitcoin’s unique historical role and its dominant position in terms of liquidity, long-standing security, and other characteristics. He noted that existing altcoins and tokens have long-range vulnerabilities, while all the attempts to imitate Bitcoin’s infrastructure were failures. 
In conclusion, Rochard repeated that independent verification, decentralization, and a permissionless nature have always played a more important role in the Bitcoin network than cataclysms or the credibility of any influencers. “The protocol’s core properties — secure, permissionless, and verifiable by anyone — ensure that Bitcoin’s fundamental promise is not compromised.”
An X user under the “Chad” moniker was trying to reinforce criticism towards Bitcoin, saying that people like Saylor are damaging the brand, distorting the market, and threatening Bitcoin’s “decentralized ethos,” however, these concerns were dismissed with lazy nah-level responses. 

Rochard’s detailed excursion effectively finished the debate. Interestingly enough, Calacanis didn’t respond to Rochard.
What did Rochard say in his speech?
Pierre Rochard himself participated in the Washington, D.C., event, providing a speech aimed to prove that Bitcoin is a better gold. The things he said in his remarks add some points to the debate over Bitcoin’s characteristics.

Rochard built his speech around the doubt of whether the Fort Knox gold was still there. He argued that the latest audit that occurred 50 years ago wasn’t a real audit, as it was just a senator who looked at what he visually identified as gold and decided that everything was fine. 

Rochard estimates that Fort Knox must hold $425 billion worth of gold and hopes that DOGE will make a proper audit involving an assay, a sonogram, and other procedures that will confirm the purity of gold in Fort Knox. The procedures are expansive and require much expertise.
He continued by saying that even if all the gold in Fort Knox is real, we cannot estimate how much of the world’s total supply is kept there. Once gold may be discovered outside the Earth. That’s not the case when we speak about Bitcoin. The purity of Bitcoin is verifiable by any person with any connected device. The task of calculating the total supply’s share of any amount of BTC is easy. The audit of Bitcoin is easy. The secure storage and transport of Bitcoin is much easier and cheaper than the secure storage and transport of gold. 
In general, Rochard’s remarks echo many things said before by Saylor and other Bitcoin proponents. They all push for a more aggressive BTC purchase policy. In his speech, Saylor mentioned that by 2035, 99% of the BTC total supply will be mined, and the U.S. must solidify its leadership in Bitcoin by that time.

New research by Dragonfly Capital reveals that U.S. users may have missed out on as much as $5.02 billion in potential revenue from geo-blocked airdrops.

Back in the early days, before the crypto industry got overcrowded with grief memecoin pseudonymous creators, blockchain developers came up with a way to reward users for supporting and growing projects. That method became known as the airdrop.
Airdrops allowed projects to drum up early interest by encouraging engagement — like interacting with a protocol by sending to it on-chain transactions — or to retroactively reward users of blockchain products. Sometimes, these airdrops turned out to be highly lucrative for the most active supporters. Sometimes, they weren’t. One way or the other, airdrops eventually became too big to ignore, so they ran into political roadblocks, shutting out U.S. users.
Now, data from Californian venture firm Dragonfly Capital shows that geoblocking may have cost crypto addresses linked to U.S. users billions of dollars, as fearing regulatory crackdowns from U.S. watchdogs, many blockchain startups decided to block access for them altogether.
Billions in missed out opportunities
Of an estimated 18.4 to 52.3 million crypto holders in the U.S., between 920,000 and 5.2 million active users were affected by geoblocking in 2024 alone, the data shows. Dragonfly Capital estimates that 22-24% of all active crypto addresses worldwide belong to U.S. residents, many of whom have been excluded from airdrop participation.
“[…] the current regulatory landscape in the United States, with its focus on enforcement and lack of tailored frameworks, has created significant challenges for projects seeking to utilize this mechanism effectively.”Dragonfly Capital

In a commentary on crypto.news, Dragonfly Capital’s legal counsel Jessica Furr noted that there’s a “clear change in the regulatory winds in the U.S.,” adding that the firm has seen a “shift in the stance of agencies and an invitation for open dialogue, which is promising.”

“That said, policy changes are never linear — they ebb and flow, making it hard to predict exactly when we’ll see concrete action. In terms of legislation passing, the present conditions are the most favorable we’ve seen for some time. So, we’re optimistic we’ll see some movement.”Jessica Furr
A sample of 11 blockchain projects analyzed by the venture capital firm generated approximately $7.16 billion in total value, with around 1.9 million claimers worldwide. The average median claim per eligible address in this dataset was $4,600.
However, due to regulatory concerns, many projects chose to block U.S. users from participating. As a result, U.S. residents are estimated to have missed out on $1.84 billion to $2.64 billion in potential airdrop revenue between 2020 and 2024.

The report also points to a sharp drop in the share of active addresses and crypto developers in the Americas since 2015 — falling from 31% and 45% back then to 22% and 24% in 2024. Dragonfly Capital data scientist Hildobby says the decline likely has multiple causes.
“You have seen some people leave crypto frustrated by the current regulatory conditions and the promise of AI, but perhaps more significantly, there’s likely a rise in the number of non-U.S. developers entering the space.”Hildobby
Furr says the U.S. should “nurture this nascent industry” rather than drive talent abroad if it wants to stay ahead.
Looking at a broader dataset, a CoinGecko report reviewing 50 airdrops found that approximately $26.6 billion in total value has been distributed globally. Using CoinGecko’s figures alongside Dragonfly Capital’s calculations, the estimated total revenue lost to U.S. users due to geoblocking could range from $3.49 billion to $5.02 billion across 21 projects.
Tax revenue losses
Beyond individual losses, the U.S. government also appears to be missing out on substantial tax revenue. Based on lost airdrop income ranging from $1.9 billion to $5.02 billion between 2020 and 2024, federal tax revenue losses are estimated at $418 million to $1.1 billion, Dragonfly Capital reveals.
State tax revenue losses could add another $107 million to $284 million, bringing the total estimated tax revenue loss to between $525 million and $1.38 billion over the period.

Offshore migration
Regulatory uncertainty has also driven major crypto firms offshore, further reducing U.S. tax revenue. A prime example is Tether, the issuer of the 
usdt0%Tether stablecoin, which is incorporated in the British Virgin Islands.
In 2024, Tether reported a $6.2 billion profit, surpassing even financial giant BlackRock. If Tether were headquartered in the U.S. and subject to federal and state corporate taxes, it would have owed approximately $1.3 billion in federal taxes (at a 21% corporate tax rate) and $316 million in state taxes (at an average 5.1% state tax rate).
In total, the U.S. is potentially missing out on $1.6 billion annually in tax revenue from Tether alone. The absence of crypto firms like Tether also means lost payroll taxes, local business taxes, and income tax revenue from employees — further compounding the economic impact.
Given that Tether is just one of many high-revenue firms operating offshore, the cumulative effect of these corporate relocations represents a massive lost opportunity for the U.S. government, Dragonfly Capital concludes.
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