Original: The Round Trip
Compiled by: Yuliya, PANews
In the era of convergence between crypto and AI, the truly important stories often lie beyond the noise. To uncover these overlooked truths, PANONY and Web3.com Ventures have launched an English video program called 'The Round Trip'. Hosted by John Scianna and Cassidy Huang, this episode focuses on the market landscape after Bitcoin's breakthrough of $10,000, delving into the Bitcoin conference in Las Vegas, analyzing the policy signals behind US Vice President JD Vance's speech, and exploring how Lummis's Strategic Bitcoin Reserve Act could change the national attitude towards digital assets. From Pakistan joining the global Bitcoin reserve ranks, to SharpLink Gaming's massive investment in Ethereum, and stablecoins reshaping payment infrastructure in developing countries, this article will reveal the deeper significance behind these key developments and their potential impact on the global financial landscape.
*Note: The video was released on May 30th, and some data and dynamics may differ from the current situation.
Las Vegas Bitcoin Conference
The 2025 Las Vegas Bitcoin Conference became the most eye-catching focus last week. This was not just an ordinary conference, but a potentially history-rewriting moment for cryptocurrency. US Vice President JD Vance delivered an important speech, not only acknowledging his ownership of a significant amount of Bitcoin (estimated around 5 Bitcoin) but also declaring that the "Chokepoint 2.0 operation has ended", indicating that the enforcement policy towards cryptocurrency during the Biden administration has concluded.
This was the first Bitcoin conference held when Bitcoin's price exceeded $10,000, and it was the largest in history, demonstrating the booming cryptocurrency market.
Stablecoins: Future Payment Infrastructure
Another hot topic at last week's Bitcoin conference was stablecoins. With the Genius bill advancing in Congress, stablecoins like USDC and USDT are expected to take on a new financial role for the US dollar globally. Especially in economies without their own national currency, stablecoins may become the basic payment infrastructure, and their design based on debit logic significantly reduces payment costs. Currently, multiple regions, including Bermuda, have been using USDC for daily settlements because it is much cheaper than credit cards and based on the debit card system.
Strategic Bitcoin Reserve Act
US Senator Cynthia Lummis proposed the Strategic Bitcoin Reserve Act, suggesting Bitcoin as a sovereign reserve asset for the United States. This reserve would not use taxpayer funds but would be financed through revaluation of gold certificates and forfeited assets. Lummis also pushed the Bitcoin Act, proposing that the government be allowed to hold up to 1 million Bitcoins in the next five years, representing nearly 5% of the global total supply. Once this proposal advances, it will reshape the Bitcoin market landscape.
Currently, 19% of the US population has owned or been exposed to crypto assets, with most supporting the Republican Party in the last election. This provides a public opinion basis for Lummis's policy proposal. Meanwhile, podcast host David Sacks pointed out that the US Department of Commerce and Treasury might purchase Bitcoin with part of the tariff income, a first in US history.
Pakistan Joins Bitcoin Reserve Ranks
Not just the US, Pakistan also announced plans to create a national Bitcoin strategic reserve, a news directly announced on stage by the country's blockchain special advisor Bilal Bin Saqib. This marks a significant shift in Pakistan's attitude towards cryptocurrencies and indicates that the concept of using Bitcoin as a sovereign asset is rapidly spreading globally.
It's worth noting that Pakistan was already ahead in Bitcoin development in 2015-2016, owning an exchange called Urdu Bit, but was forced to close due to the country's opaque bank regulations. Today, Pakistan's renewed embrace of Bitcoin is encouraging.
PSG's Bitcoin Holdings
The sports world is also embracing cryptocurrencies. Paris Saint-Germain football club (PSG) holds Bitcoin on its balance sheet, just a week before the Champions League final. This football giant's Bitcoin investment shows mainstream institutions' recognition of crypto assets, with people hoping this move would bring them luck in their match last weekend.
James Wynn's $85 Million Loss
However, not all stories in the crypto realm are successful. Trader James Wynn's experience became a hot topic on Twitter last week. This trader reportedly started with $7,000 and pushed his portfolio value to $90 million by trading meme coins like Pepe and Baby Pepe. But his high-leverage trading strategy, including 40x leverage long on Bitcoin, led to a $1.2 billion position, ultimately losing about $85 million in a week.
Although he announced on X that he would stay away from perpetual contract trading, he returned to trading in less than 24 hours, demonstrating the addictiveness and danger of leveraged trading. More worryingly, some accused Wynn of participating in a pump and dump scheme, using his influence to drive up certain token prices before selling and leaving followers to bear the losses.
Macro Environment Impact: Tariffs and Market Volatility
Despite the enthusiastic atmosphere at the Las Vegas Bitcoin conference, the macroeconomic environment was not optimistic. The federal court ruled Trump's "Liberation Day tariffs" illegal, causing a brief Bitcoin price increase, but after the government's appeal, the tariffs remained unchanged, and the market dropped again.
The court believed Trump exceeded the powers granted by the International Emergency Economic Powers Act (IEEPA), which could trigger a chain reaction in global markets and crypto sentiment. Additionally, US-China trade negotiations stalled, requiring direct dialogue between top leaders to progress, causing the market to drop 2% overnight.
Musk Exits DOGE
Elon Musk officially left the Trump administration's Government Efficiency Department (DOGE), which was also significant news last week. Musk originally joined DOGE to reduce federal waste and modernize bureaucracy, but due to the 1974 Congressional Budget and Impoundment Control Act, the president and executive branch have limited power in cutting federal expenses, making Musk's role more symbolic.
Musk's departure is also related to the negative impacts on Tesla, as working for Trump led some consumers to boycott Tesla products, with some Tesla dealerships even being burned and vehicles deliberately damaged. Nevertheless, Tesla's stock price has rebounded 50% after the decline.
Ethereum's "MicroStrategy" Moment: SharpLink Gaming's Transformation
Another major news last week was SharpLink Gaming's strategic transformation. This company, once on the brink of delisting, successfully raised $425 million and shifted to Ethereum investment, becoming the first Nasdaq-listed company to make a large-scale Ethereum investment, dubbed by analysts as the "first institutional ETH supply squeeze".
SharpLink's investor lineup is impressive, including Joseph Lubin's Consensus company (where he is also chairman), Pantera, Galaxy Digital, ParaFi, Electric Capital, and Arrington, among other renowned venture capitals. The company's stock price surged an astonishing 2700% in five days.
Meanwhile, SOL Strategies also applied for a 10 billion Canadian dollar financing, planning to expand its Solana investment, but its stock price has only increased by 1% in the past month, far less impressive than Ethereum-related stocks.
Despite Bitcoin briefly falling below $106,000 in the past week, it has maintained a strong support level above $100,000 for 20 consecutive days. Ethereum and XRP have shown more stability compared to most mainstream cryptocurrencies, with many analysts pointing out that ETH is forming a bullish technical pattern and is expected to break through $3,000 in the short term. Sharp Link's entry could be the trigger point.
In the current uncertain macroeconomic environment, investors should maintain low leverage and ensure cold wallet security. Although the cryptocurrency market shows an exciting development trend, policy changes and market volatility still require vigilance. As industry insiders say: "Maintain low leverage, keep your cold wallet calm, because you don't want to transfer those funds unnecessarily. In today's macroeconomic environment, you never know what might happen."
