Fear & Greed: 77
Price: $94 – 97k (or) £74 – 76k
Hashrate: 735 EH/s
Nodes: 19,240
MSTR Price: $394

There are rumours coming out of Russia on X. It seems that crypto will be taxed in Russia at rates between 13-15% with no VAT. This bill is awaiting Putin’s signature.

It would see Russia begin to pave the way for the taxation of crypto moving forward in a positive light. Nobody ever wants to pay tax, but 13-15% is not a slap in the face when you consider that some states were trying to hit their citizens with a 40% tax on crypto gains.

Aside from that, the US are having thanksgiving and the markets are dead – on the surface at least. Commentary is out there ridiculing the halt of tradfi whilst crypto stills trades 24/7. This is worth considering alongside the recent IT outage when CrowdStrike’s faulty update caused disruption for Microsoft computers across the world. Institutions like The Bank of England were unable to process funds. And it was noted that Bitcoin kept running with no issue.

It’s worth remembering that as you begin to see news of Nations adopting a Strategic Bitcoin Reserve. This is not a small development. It is huge, and it is why the Bitcoin community is so stoked. Nation states are the equivalent of Gwynn in Dark Souls.

It’s the last boss.

For now, it seems that bitcoin is hovering in the mid 90k region whilst the hashrate continues to slump. This is indicative of the ruthlessness of Bitcoin mining – only those who can secure the cheapest energy will survive.

And it will be interesting to see how that story plays out next year. Bitcoin is inseparable from the energy grid/infrastructure of our day. In parts of the world it subsidises the development of the grid, in others it rewards those who can secure cheap energy early.

2025 is going to be big for Bitcoin.

And there’s a lot of people sitting at the dinner table for thanksgiving saying exactly the same thing.