Greetings Bitcoiner,

Welcome to Issue #376 of Bitcoin Breakdown, where we’re bringing you your end-of-week Bitcoin Digest featuring all the need-to-know Quick Bits snippets and Quick Media.

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Now for today’s Top Stories:

• 🇰🇷 South Korea Threatens Home Raids for Hidden BTC in Cold Wallets

• 🇱🇺 Luxembourg Sovereign Fund Tiptoes into BTC ETFs

• 📜 Dorsey & Lummis Tag-Team for BTC Tax Freedom

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Oct 10, 2025

TODAY’S TOP STORIES

🇰🇷 South Korea Threatens Home Raids for Hidden BTC in Cold Wallets

South Korea’s tax agency is upping the ante on Bitcoin tax evaders, warning it can raid homes to seize cold wallets from non-compliant taxpayers. The National Tax Service says it can track blockchain histories and confiscate devices storing BTC and other digital assets. While cooperation with 74 countries assist their cause, gaps remain with major hubs like the US, China, and Russia – fueling a surge in traders moving funds offshore to dodge state-controlled liquidation of seized coins. Atlas21

🇱🇺 Luxembourg Sovereign Fund Tiptoes into BTC ETFs

Luxembourg’s Intergenerational Sovereign Wealth Fund will invest 1% of its €7M portfolio in Bitcoin ETFs, marking the nation’s first public fund exposure to BTC. Finance officials frame it as a cautious yet strategic move to cement Luxembourg’s role as a ‘digital assets’ hub in the EU. By joining Norway, the UK, and others in stacking sats, Luxembourg signals that Bitcoin is shifting from a fringe asset into a legitimate, long-term financial allocation. Bitcoin Magazine

📜 Dorsey & Lummis Tag-Team for BTC Tax Freedom

Jack Dorsey is calling for a federal ‘de minimis’ tax exemption on small BTC payments, with Senator Cynthia Lummis confirming she’s working to revive the proposal after it was cut from Trump’s reconciliation bill in July. This comes as Dorsey’s Block is rolling out a Bitcoin payments upgrade for Square users, as Lummis urges citizens to contact Congress to support her bill to exempt payments of $300 or less from capital gains tax, capped annually at $5,000. Advocates say the change would keep payment innovation in the US, counter tax-friendly rivals like Germany and Portugal, and advance Bitcoin’s role as true peer-to-peer digital cash. Decrypt

POLL #376

PREVIOUS POLL RESULTS

QUICK BITS

• Scott Bessent, US Treasury Secretary, reveals that the US government holds $17B in Bitcoin and plans strategic accumulation during private dinner with a Bitcoin mining CEO.

• Institutional Bitcoin demand explodes to record levels in 2025, with ETPs and public companies acquiring 944,330 BTC, surpassing all of 2024's purchases and buying 7.4 times more bitcoin than miners produced this year.

• Bitcoin profit-taking remains subdued despite BTC hitting new all-time highs above $126,000, suggesting the rally may continue with market tops not yet on the horizon, according to CryptoQuant.

• McLaughlin & Associates poll shows 64% of US voters consider candidates' Bitcoin and crypto positions crucial for elections, with investors favoring Republicans' approach over that of the Democrats.

• 97% of Bitcoin supply is in profit following the most recent rally, but rising leverage and crowded call positioning could create short-term fragility risks, according to a report by Glassnode.

• Unchained's Sound Advisory merges with Wyoming-chartered Gannett Trust Company to create Gannett Wealth Advisors, the first Bitcoin-native wealth platform combining SEC-registered investment advisory services with Bitcoin custody and inheritance planning.

• Institutional investors plan to double Bitcoin and crypto exposure from 7% to 16% by 2028, according to research by State Street.

• BlackRock's spot bitcoin ETF IBIT surpasses 800,000 BTC milestone worth $97B after a seven-day positive streak of inflows.

• Roger Ver, early bitcoin evangelist known as 'Bitcoin Jesus' and later a Bitcoin Cash proponent, reaches a tentative deal with the US Justice Department to pay $48M in back taxes and resolve criminal tax fraud charges.

• Luxor Technology Corporation, a Bitcoin mining software and services provider, launches Luxor Energy business offering retail electricity, demand response, and Intelligent Mining services to optimize profitability for Bitcoin miners and data centers.

• Tel Aviv resident Murad Mahajna was arrested for orchestrating a violent $600K Bitcoin robbery, binding and torturing the victim until wallet passwords were surrendered.

• Bitdeer Technologies Group, a Bitcoin mining and infrastructure company, accelerates self-mining operations amid weakening rig demand.

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QUICK MEDIA

• Samson Mow, CEO of JAN3, argues that Bitcoiners benefit from Tether CEO Paolo Ardoino's dual role as a true Bitcoiner who stacks BTC and funds Bitcoin projects while pushing USDT stablecoin adoption onto Lightning and RGB protocols, strengthening Bitcoin's ecosystem (Oct 8 | 0:39 min watch). 

• Daniel Batten, a Bitcoiner who regularly critiques and dispels FUD about Bitcoin mining, argues that the most important headline of the week was MoneyBadger's announcement of enabling over 650K merchants in South Africa to accept bitcoin payments (Oct 8 | 1:38 min watch). 

• Jack Mallers, CEO of Strike, declares that Gold and Bitcoin's simultaneous rise, something that's happening for the first time, marks the beginning of fiat currency's end as investors rotate out of US-based assets (Oct 7 | 2:07 min watch). 

• James Check, an on-chain analyst, and Marty Bent of the TFTC podcast, discuss how Bitcoiners have meme'd the so-called ‘debasement trade’ into existence, arguing that everything being correlated shows that there's something wrong with the denominator (Oct 10 | 3:02 min watch). 

• Simon Dixon, host of BitcoinHardTalk, in an appearance on the Bitcoin Archie Podcast, warns that Wall Street and traditional financial institutions are systematically gaining control over Bitcoin through public companies, leverage schemes, and stablecoin ecosystems, potentially undermining Bitcoin's decentralized nature and setting up a massive 'pump and dump' cycle to consolidate their power (Oct 9 | 21:16 min watch). 

• Dr Joshua Hendrickson and Dr Craig Warmke, Senior Fellows at the Bitcoin Policy Institute, explain 'feather forking' - a theoretical strategy where governments with minority hash power could enforce Bitcoin sanctions by threatening to rewrite blocks containing blacklisted addresses, potentially making non-compliant mining unprofitable in the short term but unlikely to succeed long-term due to miner adaptation (Oct 7 | 11:48 min watch).

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