| Together with | | | | | | Greetings Bitcoiner, | Welcome to Issue #415 of the daily Bitcoin Breakdown, where we have some excellent Opinion & Analysis pieces and Tools & Projects for you today! | You currently have 0 referrals. Refer a friend and you both get 4,000 sats (currently worth $3.64) sent directly to both of you! | Here’s your unique link to share: https://www.btcbreakdown.com/subscribe?ref=2SpI1crnaT&utm_source=BTC2SpI1crnaT | Now for today’s Top Stories: | 🇧🇴 Bolivia Flips From Bitcoin Ban to Full Banking Integration 📊 Nasdaq Wants to Quadruple Bitcoin ETF Options Limits 🗑️ S&P Downgrades Tether To Junk Over Bitcoin and Gold Holdings
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| | | | | | TODAY’S TOP STORIES | 🇧🇴 Bolivia Flips From Bitcoin Ban to Full Banking Integration | Bolivia just went from having banned Bitcoin and crypto for a decade to integrating it fully into its banking system, allowing custody, savings accounts, credit cards, and loans. Economy Minister Jose Gabriel Espinoza announced the historic shift as the country battles 22% inflation and severe dollar shortages. Since lifting the ban in 2024, Bolivia processed $14.8B in crypto transactions, with stablecoin volumes surging 630% as citizens embrace digital alternatives. Brave New Coin | 📊 Nasdaq Wants to Quadruple Bitcoin ETF Options Limits | Nasdaq has asked the SEC to quadruple position limits on BlackRock's spot Bitcoin ETF options from 250,000 to 1M contracts, putting IBIT alongside tech giants like Apple and Microsoft. The move responds to surging demand and aims to enable better hedging and trading strategies. The move is indicative of Bitcoin transitioning from an experimental asset to an institutional-grade powerhouse, with deeper liquidity and tighter spreads expected once approved. Atlas21 | 🗑️ S&P Downgrades Tether To Junk Over Bitcoin and Gold Holdings | S&P Global Ratings downgraded USDT's stability rating to its lowest level, citing increased exposure to ‘higher-risk assets’ such as Bitcoin and gold. Tether has shifted away from cash-equivalent reserves, which dropped from 81% in early 2023 to 77% by September 2025. The company recently acquired 26 tonnes of gold and nearly 10,000 BTC. Tether CEO Paolo Ardoino fired back on 𝕏, calling out traditional finance's broken system and arguing that legacy rating models failed investors before, giving high grades to companies that later collapsed. Financial Times |
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| | | | | | POLL #415 | Bolivia's stablecoin volumes surged 630% since lifting ban. Is that good for Bitcoin? | |  | | PREVIOUS POLL RESULTS | |
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| | | | | | OPINION & ANALYSIS | Kudzai Kutukwa, author of the 'Exit The Matrix' newsletter, argues that institutional Bitcoin adoption through tokenized money market funds represents a Trojan Horse attack on Bitcoin, as Wall Street domesticates Bitcoin by wrapping US government debt in blockchain technology to preserve centralized control rather than embrace true decentralization (Nov 26 | 4 min read). Nic Carter, partner at Castle Island Ventures, in part 2 of a three-part series, argues that quantum computing poses an existential threat to Bitcoin, and that Bitcoiners should adopt best-practice hygiene right now, while the community organizes a credible pathway toward post-quantum cryptography to preserve property rights and avoid chaotic, contentious responses if a cryptographically relevant quantum computer were to arrive sooner than expected (Nov 26 | 53 min read). Lnbitcoin of Bitcoin Learning, explains how 'paper Bitcoin' derivatives artificially suppress prices through massive short positions worth $4-10 for every $1 of real BTC traded, but argues this creates explosive upside potential when shorts must eventually buy back real bitcoin during inevitable short squeezes (Nov 25 | 3 min read). Gino Matos of CryptoSlate examines how MSCI's proposal to exclude companies holding over 50% of assets in bitcoin from major equity indexes threatens to trigger up to $8.8B in forced outflows from Bitcoin treasury firms like Strategy, potentially reshaping institutional BTC exposure toward regulated ETFs while leaving smaller treasuries vulnerable to liquidation pressure (Nov 25 | 4 min read). Saifedean Ammous, in an excerpt from his new book 'The Gold Standard', examines how the classical gold standard from 1873 to 1914 emerged through market forces rather than government design, explaining why gold's unique properties and low stockpile growth rate made it the dominant global monetary standard until banking credit expansion undermined its stability (Nov 26 | 23 min read). Nic Ward of Bitcoin For Corporations argues that MSCI's proposed rule to exclude companies holding over 50% of assets in bitcoin from major equity indexes is shortsighted and undermines benchmark neutrality by discriminating against legitimate treasury strategies while bitcoin remains more liquid and transparent than many traditional corporate assets (Nov 25 | 5 min read). Alby explores a modular architecture for Alby Hub that uses lightweight, suspendable signers based on Spark and Ark, combined with Nostr Wallet Connect, to deliver scalable, low-cost self-custodial lightning wallets that reduce onboarding barriers for casual users while maintaining user control and strengthening the bitcoin app ecosystem (Nov 25 | 7 min read). Satoshi Pacioli Accounting argues that Bitcoin remains exempt from wash sale rules under Section 1091 because the statute explicitly covers only stock and securities, court precedent prevents IRS expansion through judicial doctrines, and the post-Chevron legal landscape strengthens this statutory interpretation (Nov 25 | 5 min read). Super Testnet, a Bitcoin developer, argues that upcoming BitVM sidechain implementations by Citrea and Alpen Labs are unnecessarily expensive because they post all state differences on Bitcoin, proposing instead a more efficient merkle tree approach that keeps data off-chain in the happy path like Lightning Network (Nov 21 | 4 min read).
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| | | | | | TOOLS & PROJECTS | New on Geyser: Evento, a social events platform powering thousands of Bitcoin meetups globally, integrates Breez SDK Lightning wallet, enabling users to tip hosts, send/receive sats, convert currencies, and spend bitcoin via Bitrefill without leaving the app. New on Geyser: SatNotes is a Bitcoin-backed physical banknotes project in El Salvador's Mercado Central that enables fee-free, offline BTC transactions through a satoshi-denominated cash ecosystem with smart ATMs and redemption technology for unbanked communities. Bitcoin Core merges cluster mempool implementation in PR #33629, introducing transaction clustering with new size limits, feerate diagram-based RBF rules, and optimized mining selection while eliminating ancestor/descendant limits. Adopting Bitcoin hosts a five-day road trip from Feb 1-5, 2026 exploring South Africa's Garden Route, showcasing real-world Bitcoin adoption through visits to circular economy projects including Bitcoin Ubuntu, Bitcoin Ekasi, and Bitcoin Plett. Fanfares is a publishing platform built using Bitcoin's Lightning Network that enables authors to upload audiobooks instantly, readers to unlock content with sats, and curators to earn bitcoin for sharing, eliminating platforms, subscriptions, and middlemen. Rob Woodgate, entrepreneur and software developer, introduces Pay to Blinded Key for Cashu, a privacy-enhancing specification using Elliptic Curve Diffie-Hellman to cryptographically blind public keys in ecash proofs, preventing linkability while maintaining P2PK security. Javascript-dlc is an open-source JavaScript library that enables developers to build applications with Discreet Log Contracts, Lightning Network integration, and privacy features including Tor and I2P support across Bitcoin networks. BTC Map, a Bitcoin merchant mapping service, celebrates surpassing 20,000 listings as the platform experiences significant growth in cataloging Bitcoin-accepting businesses worldwide. Core Lightning introduces BIP-39 12-word phrase support for new nodes, enhanced xpay payment routing with HTLC limits, askrene-bias-node RPC command, and experimental LSPS2 service support, alongside significant performance improvements for large nodes in version 25.12's first release candidate.
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