Greetings Bitcoiner,

Welcome to Issue #295 of the Bitcoin Breakdown daily newsletter, where we’re rounding up the most talked about developments in the Bitcoin only space from the past weekend with our Quick Bits and Quick Media sections.

But first, today’s Top Stories:

• 🕵️ Coinbase Exec Suspects $8.6B BTC Move Was a Hack

• 🇺🇲 Musk Launches America Party, Backs Bitcoin Over 'Hopeless' Fiat

• 📱 Dorsey's Bitchat Ditches Internet for Bluetooth Mesh Magic

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Jul 7, 2025

TODAY’S TOP STORIES

🕵️ Coinbase Exec Suspects $8.6B BTC Move Was a Hack

Conor Grogan from Coinbase believes the recent transfer of 80,000 BTC, worth approximately $8.6B from wallets dormant for 14 years, could be the largest ‘hack’ in history. His suspicion stems from a peculiar Bitcoin Cash test transaction that preceded the BTC moves, igniting debate about true ownership, privacy leaks, or even a breakthrough in quantum decryption. However, many widely dismiss the hack theory, citing the slow and methodical pace of the transfers. These coins had been untouched since 2011 when Bitcoin traded at just $0.78, representing a mind-blowing 13.9M percent gain. CryptoSlate

🇺🇲 Musk Launches America Party, Backs Bitcoin Over 'Hopeless' Fiat

Tesla CEO Elon Musk says his new America Party will support Bitcoin, calling fiat currency 'hopeless' while challenging the existing two party system. The party emerged after Musk's public dispute with US President Donald Trump over a $3.4T spending bill that significantly increases the US deficit. Despite bold statements and follower support via 𝕏 polls, no concrete steps have been taken to launch the party, and Federal Election Commission filings claiming Musk's involvement were denied as false. The Block

📱 Dorsey's Bitchat Ditches Internet for Bluetooth Mesh Magic

Block CEO Jack Dorsey launched Bitchat, a decentralized messaging app that runs entirely over Bluetooth mesh networks without internet infrastructure. The system provides encrypted, ephemeral communication with no central servers, accounts, or data storage. Messages hop between devices within 30 meter ranges, making it perfect for conferences, protests, or disaster areas where internet access is unavailable or untrusted. Atlas21

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QUICK BITS

• Mexican billionaire Ricardo Salinas urges homeowners to sell properties and invest in Bitcoin, warning of fiat currency collapse amid inflationary government policies threatening global financial stability.

• Coinbase CEO reveals that his company buys Bitcoin weekly using excess cash reserves, as its stock hits record highs following S&P 500 inclusion and regulatory developments.

• US Secret Service amasses $400M in Bitcoin and crypto through decade long seizures from online scams, all of which sits in a single cold wallet.

• Bitcoin's mempool drops to just 5,000 unconfirmed transactions as BTC trades near record highs, sparking warnings from observers about missing retail participation.

• Ukraine approves sweeping Bitcoin and crypto sanctions targeting over 130 Russian entities and foreign firms accused of facilitating sanctions evasion.

• Russia launches a national mining equipment registry to track energy consumption and apply taxes, targeting illegal miners with regional bans and fines up to $22,000 until 2031.

• Drake, Grammy winning hip hop artist, references BTC in new song 'What Did I Miss?', after previously wagering $1M in BTC on the outcome of the 2022 Super Bowl.

• Chinese tech giants JD dot com and Ant Group lobby China's central bank to approve yuan backed stablecoins in Hong Kong.

• MARA Holdings, a publicly traded Bitcoin mining company, reaches 49,940 BTC in its corporate treasury worth $5.4B solidifying it as the second largest public corporate holder of Bitcoin.

• Andrew Kim, CEO of US hedge fund Parataxis, announces plans to launch South Korea's first Bitcoin corporate treasury through acquisition of Kosdaq listed Bridge Biotherapeutics.

• NIP Group, parent company of esports organization Ninjas in Pyjamas, acquires Bitcoin mining rigs with 3.11 EH/s hashrate, targeting a 60 BTC monthly production.

• Belgian court sentences three kidnappers to 12 years each for abducting crypto entrepreneur Stéphane Winkel's wife in December 2024, ordering 1M euros in civil damages.

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QUICK MEDIA

• Nomad Capitalist, a popular offshore consulting podcast, argues that Americans should consider obtaining second or third passports as strategic assets to mitigate risks associated with global instability, anti American sentiment abroad, and to enhance international mobility and business opportunities (Jul 5 | 1:50 min watch). 

• Bill Miller IV, portfolio manager at Miller Value Partners, in an appearance on Natalie Brunell's Coin Stories podcast, argues that since Bitcoin tracks and enforces property rights on its own without the need for a government to do the same, it obviates the need for Bitcoin related taxes (Jul 7 | 0:51 min watch). 

• Mental Outlaw, a privacy advocate, discusses law enforcement agencies reportedly profiling Google Pixel users who utilize Graphene OS, a privacy focused Android alternative that significantly enhances security through features like automatic reboots, duress PINs, and resistance to data extraction tools used by police (Jul 7 | 9:41 min watch). 

• Adam Livingston, Author of 'The Bitcoin Age' and 'The Great Harvest', presents a highly critical comparison positioning Bitcoin as a superior monetary system with fixed supply and proven security, while dismissing Ethereum as an unstable experiment plagued by changing monetary policies, governance issues, and misaligned incentives (Jul 6 | 18:42 min watch). 

• Colby Noe, Founder of Enlighten Mining, explores the theory linking US strikes on Iranian nuclear facilities to Bitcoin's network hash rate drop from 950 to 800 exahash, examining potential impacts on mining difficulty adjustments and the broader implications for efficient Bitcoin miners (Jul 6 | 9:51 min watch). 

• Isabella Santos, Founder of BTC Isla, warns that obsessively pursuing Bitcoin accumulation can become a destructive cycle that mirrors the traditional 'fiat rat race,' potentially leading to neglected relationships, burnout, and missing life's important moments despite Bitcoin's intended purpose of providing freedom (Jul 4 | 5:42 min watch).

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