At the SALT London 2025 conference in November, Arthur Hayes, CIO of Hong Kong-based Maelstrom (which he founded after creating BitMEX), advocated Bitcoin as a shield against public debt and aging populations amid fiat currency debasement. He argued Bitcoin's end would require full-reserve banking, disrupting fractional reserve systems reliant on central banks. Responding to host Anthony Scaramucci, SALT chairman, Hayes quipped public finance is fixable but not for re-election. On Europe, he warned of retirement fund restrictions funneling savings to governments.
Bitcoin prices, volatile recently, surged 490% over five years to $71,442 (Sunday evening, 24/7 trading). Debate persists on its safe-haven status versus gold (up 118% to $4,082/oz), buoyed by US debt, geopolitics, and Trump administration's dollar-weakening aims since January 2025.
### Regulatory and Blockchain Developments
Bob Diamond, founder/CEO of Atlas Merchant Capital and ex-CEO of Barclays (plus Credit Suisse, First Boston, Morgan Stanley), predicted blockchain in every exchange and deposit institution within 10 years. He noted US regulators' shift from Gary Gensler's "malign neglect" to a supportive "crypto sprint" post-Trump, aiding Bitcoin via lower rates. Institutions like Visa and Mastercard eye blockchain; Diamond highlighted tokens for illiquid assets like art.
Sarah Breeden, Bank of England Deputy Governor for Financial Stability, announced a 10 November consultation on regulating sterling stablecoins for payments/settlement, proposing temporary limits: £20,000 per individual, £10 million per business. Caroline Pham, acting CFTC chair, detailed the August 2025 CFTC-SEC "crypto sprint," targeting crypto futures on a federal US exchange by year-end.
Val Vavilov cofounded Bitfury in 2011 when Bitcoin was worth less than $30, compared to its current price of roughly $91,000. The company's mining operations have since spun off into two Nasdaq-listed firms: Cipher Mining (CIFR), valued at about $5.5 billion and operating in the U.S., and Hut8 (HUT), with a $4 billion market cap and based in Canada. Together, these entities exceed $9 billion in worth.
Bitfury has also launched AI infrastructure companies, including LiquidStack for data center cooling and Axelera AI for AI software and hardware design. On Tuesday, Bitfury announced a $1 billion investment initiative to back ethical tech innovators, planning to deploy $200 million in the next year and the remainder over several years. Targets include AI, quantum computing, transparent decentralized systems, and self-sovereign identity for user data control via cryptography.
CEO Val Vavilov highlighted the AI-crypto synergy driving the pivot, while executive vice chairman George Kikvadze emphasized supporting mission-driven founders to "make the world a better place." This aligns with trends where Google, Apple, and X explore blockchain amid loosened crypto regulations under President Donald Trump's administration. Kikvadze invoked Buckminster Fuller, advocating new models to obsolete outdated ones, even if impacts unfold in 20-30 years.
### Tether's Collaboration in Scam Seizure
On 13 November 2025, Tether, the largest company in the digital assets industry, supported the Royal Thai Police and the United States Secret Service in an international operation. This led to the seizure of approximately 12 million USDT (valued at roughly 400 million baht) linked to a major transnational scam network.
### Tether's AI and Cloud Services Initiative
On 12 November 2025, Tether announced a major step to advance open, freedom-first AI and cloud services. It signed an agreement to lease a significant share of a 20,000+ GPU network—one of the world's most advanced—from the Rumble–Northern Data Alliance. This will power Tether's AI research and creator-focused initiatives.
### Tokenized Capital Markets Agreement
On 6 November 2025, Hadron by Tether, KraneShares (a global asset management group), and Bitfinex Securities (a regulated tokenized securities platform) entered a strategic agreement. The collaboration aims to accelerate the development and adoption of tokenized securities in global markets, reshaping capital movement.
Tether has invested in Ledn, a Bitcoin-backed lending platform, to enhance access to credit for individuals and businesses without selling digital assets. Ledn provides secure custody, risk management, and liquidation systems. Since founding, it has originated over $2.8 billion in loans, including more than $1 billion in 2025, with a Q3 record of $392 million—nearly equaling its full 2024 volume—and annual recurring revenue exceeding $100 million, signaling strong demand for Bitcoin collateralized lending.
This investment supports wealth preservation and financial resilience amid growing Bitcoin financial services. Tether CEO Paolo Ardoino stated it bolsters self-custody and inclusive global finance. Ledn co-founder and CSO Mauricio Di Bartolomeo credited survival post-2022 collapses of BlockFi, Celsius, Genesis, and Voyager Digital to robust risk management, transparency, full collateralization, third-party Proof of Reserves, and regulated VASP operations.
The broader crypto-backed lending market, per Data Intelo, is projected to grow from $7.8 billion in 2024 to over $60 billion by 2033. Ledn CEO Adam Reeds noted the Tether partnership positions the firm to lead this expansion. (Article dated November 17, 2025.)
US equity futures are rebounding amid a global stock selloff, while the S&P 500 remains on track for its longest losing streak since August if the decline persists. In the cryptocurrency market, Bitcoin has bounced back after dipping below $90,000, signaling a recovery in its volatile trading.
Other notable developments include President Trump’s scheduled meeting with Saudi Crown Prince Mohammed bin Salman at the White House. Masai Ujiri, co-founder of Giants of Africa, is joining Bloomberg's Jennifer Zabasajja at the Bloomberg Africa Business Summit in Johannesburg. Sitara Sundar of JPMorgan Private Bank states there are no signs of an AI bubble currently. (Source: Bloomberg)
Cboe Global Markets will launch the first US-regulated perpetual-style Bitcoin and Ether futures, called “Continuous Futures,” on December 15, 2025, via the Cboe Futures Exchange (CFE). These contracts, under tickers PBT for Bitcoin and PET for Ether, feature 10-year terms with daily cash settlements to track spot prices, eliminating the need to roll positions. Designed for institutional investors, hedge funds, asset managers, and advanced retail traders, they enable leveraged exposure, shorting, margin trading, volatility hedging, and improved capital efficiency within a CFTC-regulated framework.
Trading will operate 23 hours per day, five days a week (Sunday 6 p.m. to Friday 5 p.m. ET, with a one-hour daily break), with clearing through Cboe Clear US to minimize counterparty risk. Daily funding adjustments use the Cboe Kaiko Real-Time Rate, aligning with CFTC margin standards and potential cross-margining with existing CFE crypto futures. Cboe announced plans in September 2025, responding to the popularity of offshore perpetuals, amid a regulatory shift under President Donald Trump’s administration.
The crypto perpetuals market shows massive scale, with open interest reaching $767 billion on Monday, per CoinMarketCap. Recent developments include the CFTC's April 21, 2025, request for feedback on perpetual derivatives; Bitnomial's March 2025 launch of CFTC-regulated XRP futures; and Coinbase's July 2025 announcement of nano-sized Bitcoin and Ether perpetual contracts.
The transcript discusses skepticism toward economic indicators like the Consumer Price Index (CPI), claiming 40% of its numbers are fabricated. It suggests Republicans face political challenges and may seek to influence voters, posing the rhetorical question: "Got Bitcoin?"
The speaker expresses strong optimism for Bitcoin's future, predicting it will reach $1 million, though it may take several years. Key drivers include demand from the world's largest families, private wealth funds, and Fortune 500 companies, which are actively hoarding it as a treasured asset. Major nations are mining Bitcoin using surplus energy, elevating its status to a world-class asset. Accessibility has surged, allowing purchases through equity markets, ETFs, 401(k)s, and Roth IRAs.
As Bitcoin's price dips below $90,000 to $89,900—a 5.9% drop over the last 24 hours—Nayib Bukele announced via tweet that El Salvador added 1,090 Bitcoins to its national strategic reserve overnight. This brings the total to 7,474.37 BTC, valued at approximately $668 million, marking a 16.82% increase in holdings.
The transaction consolidated 28 UTXOs into three new ones, fueling speculation on whether these are fresh purchases or internal transfers. Nearly a year ago, El Salvador secured funding from the International Monetary Fund (IMF) by scaling back pro-Bitcoin policies, including commitments to halt new BTC acquisitions. In April, IMF's Rodrigo Valdés confirmed the country's compliance, stating it respects non-accumulation in fiscal sectors.
Despite uncertainties, El Salvador ranks as the fifth-largest national Bitcoin holder globally. Separately, Strategy executed its biggest BTC purchase since July. (148 words)
