Congress Wants BTC-Tax Option 🇺🇸, VanEck Says Whales Are Winning 🐳, Rich Millennials Fire BTC-Clueless Advisers 💼

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Now for today’s Top Stories:

• 🇺🇸 New Bill To Funnel US Taxes Into Strategic Bitcoin Reserve

• 🧹 Mid-Cycle Sellers Sweep the Floor, Whales Keep Stacking

• 💸 Young Wealthy Americans Ditch Advisers Over Crypto Access

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While crypto Twitter chases Zcash's 12x pump, few are asking the most important question: Why is it still down 99.92% when priced in Bitcoin?

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Nov 21, 2025

TODAY’S TOP STORIES

🇺🇸 New Bill To Funnel US Taxes Into Strategic Bitcoin Reserve

Congressman Warren Davidson introduced the Bitcoin For America Act, which allows Americans to pay federal taxes in bitcoin with proceeds funding the Strategic Bitcoin Reserve. Taxpayers would transfer BTC directly to the Treasury without recognizing capital gains, with holdings secured in cold storage for at least 20 years. The opt-in legislation aims to diversify US assets into a scare store of value, addressing the nation's $38T debt while maintaining competitive advantage as other nations also accumulate bitcoin. Bitcoin Magazine

🧹 Mid-Cycle Sellers Sweep the Floor, Whales Keep Stacking

New analysis by VanEck shows the current dump is coming from ‘cycle tourists,’ not OGs. Coins last moved in the past five years are hitting bids, while the 3–5 year band has shrunk for two years. ETFs shed about 49,000 BTC in 30 days, roughly 2% of assets under management, reflecting top buyers capitulating. Meanwhile, 5+ year holders keep growing, and 100–1,000 BTC wallets boosted balances 9% in six months. Translation: not a collapse, but a reset and redistribution. VanEck

💸 Young Wealthy Americans Ditch Advisers Over Bitcoin Access

Thirty-five percent of high-income young US investors have already moved capital away from financial advisers who don't offer digital asset exposure, with over half transferring between $250K and $1M. Among those earning over $500K annually, one in two has switched advisers specifically for Bitcoin or crypto access. Institutional involvement from BlackRock, Fidelity, and Morgan Stanley has boosted confidence, with 84% planning to increase their cryptocurrency holdings over the next year. Atlas21

POLL #410

PREVIOUS POLL RESULTS

QUICK BITS

• JPMorgan warns that Strategy risks exclusion from major equity indices as MSCI weighs a decision on companies with digital-asset treasuries exceeding 50% of total assets.

• US Treasury Secretary Scott Bessent made a surprise appearance at Pubkey, Washington DC's new Bitcoin-themed bar, sending the Bitcoin community into a frenzy.

• Owen Gunden, an early Bitcoin arbitrage trader from the Mt Gox era, liquidated his entire 11,000 BTC position worth $1.3B over the past month.

• Samourai Wallet developer William Hill receives 48-month prison sentence and $250K fine for unlicensed money transmission, with the judge citing need for deterrence despite autism diagnosis affecting his understanding of legal boundaries.

• Samourai Wallet developer Keonne Rodriguez launches petition seeking pardon from President Trump, arguing developers shouldn't face liability for bad actors misusing privacy software as supporters rally behind the #freesamourai campaign.

• Flash, Jamaica's native Bitcoin app created by Jabari Ennis, facilitates hurricane relief efforts by enabling rapid fundraising and distribution of supplies following Hurricane Melissa's devastation.

• BlackRock's Bitcoin ETF experiences record $523M single-day outflow as institutional investors rebalance portfolios and reduce exposure amid market volatility.

• Metaplanet, Japan's largest corporate Bitcoin holder, introduces 'Mars' and 'Mercury' preferred shares to raise $135M while paying regular dividends, mirroring Strategy's funding approach as the firm expands its BTC treasury.

• Kraken files for IPO with the SEC following an $800M fundraising round led by Citadel that values the company at $20B, planning further global expansion.

• David Bailey's bitcoin treasury firm Nakamoto has crashed 98% from its peak, yet prepares to pay Bailey's private company BTC Inc a lavish $306M in stock despite NAKA's market cap falling below $300M.

• Bitcoin futures traders maintain resilient positions as BTC dropped this week, with derivatives metrics showing cautious optimism rather than panic despite $144M in liquidations and five consecutive days of spot ETF outflows totaling $2.26B.

• 10-year power-law model shows investors can buy BTC at $100K and still achieve 300% returns, while global liquidity sits $7T above prior cycles and BTC trades at a rare 1.52 standard deviation discount to its $170K 'fair value'.

QUICK MEDIA

• US Congressman Warren Davidson, in an appearance on Fox Business, discusses legislation codifying Trump's Strategic Bitcoin Reserve Executive Order, which would enable tax payments in BTC and exempt bitcoin from capital gains taxes, affirming that 'bitcoin is currency' (Nov 20 | 1:12 min watch). 

• Miles Suter of Block, in an interview with Marty Bent of the TFTC podcast, says that in order for Bitcoin to maintain censorship resistance, it can't all be locked up in ETFs and treasury companies but used for everyday payments, while explaining the story and reasoning behind Block subsidiary Square's launch of Bitcoin payments for its merchants (Nov 18 | 3:08 min watch). 

• Frank Corva of Bitcoin Magazine provides a summary of what happened in the courtroom where Samourai developer William Lonergan Hill received a 48-month prison sentence, three years of supervision, and a $250K fine for his involvement with the privacy-focused Bitcoin wallet service (Nov 20 | 7:57 min watch). 

• Hurley of Swan Bitcoin examines Bitcoin's recent 21% crash, featuring macro expert Luke Gromen's 'poly-crisis' thesis, arguing that Bitcoin's decline signals broader economic stress including US fiscal pressures, Treasury market strain, and geopolitical risks, positioning the drop as an early warning and potential buying opportunity before expected liquidity injections (Nov 21 | 13:05 min watch). 

• BTC Sessions, a Bitcoin tutorial maker, publishes a comprehensive 15-minute tutorial on using Sparrow Wallet for Bitcoin management, covering hot wallet setup with seed phrase generation, sending and receiving Bitcoin with proper labeling, wallet recovery procedures, and cold storage integration using hardware wallets like Coldcard Q for enhanced security (Nov 17 | 14:58 min watch). 

• Adam Livingston, author of 'The Great Harvest', argues that Bitcoin's recent price dip represents a healthy market transition redistributing holdings from early adopters to institutions rather than a fundamental collapse, with strong fundamentals positioning the asset for its next major repricing cycle (Nov 19 | 16:27 min watch).

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