Crypto World
Ray Dalio thinks bitcoin is no gold, and that is exactly why bulls are buying
Crypto experts are pushing back after billionaire hedge fund manager Ray Dalio renewed his skepticism about bitcoin , arguing that the largest and oldest cryptocurrency lacks the qualities that make gold a reliable store of value.
Speaking on the All-In Podcast, the Bridgewater Associates founder said bitcoin should not be compared to gold because it lacks central bank backing, offers limited privacy and could face an existential threat from future advances in quantum computing. Dalio also pointed to the asset’s public ledger, suggesting transactions can be monitored and potentially controlled.
Dalio, who said last year that he has about a 1% allocation to bitcoin, isn’t new to the criticism of the digital asset. At the time, he said bitcoin faces challenges as a global reserve asset due to its traceability and potential vulnerabilities from quantum computing.
However, industry figures say those critiques reflect longstanding debates around bitcoin, and that the risks Dalio highlighted are already reflected in bitcoin’s much smaller market value compared to gold.
Bitcoin’s risks are also its upside
However, some analysts say those critiques are exactly why bitcoin is worth buying.
“Dalio’s not ‘wrong’ in an absolute sense,” Matt Hougan, chief investment officer at asset manager Bitwise, told CoinDesk. “There really is some risk with quantum and central banks really aren’t buying bitcoin yet.”
But Hougan said those concerns are precisely why bitcoin still trades far below, roughly 4%, of gold’s total market size. Bitcoin’s market cap currently stands at around $1.4 trillion, compared to gold’s estimated $35 trillion
“These criticisms are quite literally the opportunity,” he said. “We invest in bitcoin because we think these things will change over time; that developers will solve quantum risk and central banks will come around.”
“If these critiques did not exist, bitcoin would already be at $1 million a coin,” he added.
‘Tired’ old narratives
Alex Thorn, Galaxy’s head of research, said Dalio’s arguments echo older narratives from bitcoin’s early years.
“Ray Dalio’s Bitcoin critiques are reminiscent of tired narratives from the pre-2017 era,” Thorn said in an email, adding that quantum risks are already being addressed by developers.
Read more: Here’s why the quantum threat for bitcoin may be smaller than people fear
He also said that comparing bitcoin to gold is fair but overlooks how the two assets differ in practice. “Gold might function well stored in a bunker or at the New York Fed, but Bitcoin has actual real-world utility in ways that gold could never match,” he said, pointing to the asset’s growing adoption by both individuals and institutions over nearly two decades.
Monetary shift
Matthew Sigel, head of digital assets research at VanEck, said both gold and bitcoin “have a role” as they represent hard assets from different monetary eras.
“Ultimately, this is a debate between the monetary architecture of the last century and the one emerging in this one,” he said in an email.
Gold, in his view, solved the trust problem in an “analog” financial system built around reported reserves and custodians. Meanwhile, bitcoin addresses that in a digital environment through open-source development and verifiable transactions.
He added that central banks — like the Czech National Bank — are already beginning to experiment with digital asset exposure and that privacy improvements are emerging through better wallet practices and second-layer networks.
Sigel also pushed back on the quantum computing concern, saying the issue affects the entire financial system rather than bitcoin alone. “Quantum risk is a broader cryptography challenge facing the entire financial system, not a flaw unique to bitcoin,” he said.
Investor surveys, he said, also show that younger investors increasingly favor bitcoin, suggesting a gradual shift in “monetary center.”
Read more: ‘Big Short’ Micheal Burry spots 2022 vibes in bitcoin crash
Elon Musk’s new payment app X Money has rolled out limited external beta testing this week, with early screenshots showing that users will be eligible for cashback and yield on deposits.
One of the beta testers was Hollywood actor William Shatner, who played Captain Kirk in the original Star Trek series.
Several screenshots shared by Shatner show that X Money users will be able to earn cashback on certain card purchases and earn 6% annual percentage yield on deposits.
Another screenshot shows that deposits are held by Cross River Bank, a member of the Federal Deposit Insurance Corporation, and are insured up to $250,000 per person.
X Money is part of Musk’s “everything app” vision
On Feb. 11, Musk said X Money would go to external beta before launching to X users worldwide. It had been in closed beta testing since at least May 2025.
The integration of crypto payments into X Money remains a mystery, however.
X Money is part of Musk’s broader vision to make X an everything app, from payments and private messaging to AI chatbot services through Grok, creator content, identity and more.
“This is intended to be the place where all money is. The central source of all monetary transactions,” Musk said in February, calling it a “game changer.”
X, Shatner to expand beta testing
Shatner has since used the $42 Musk sent him to raise money for charity. With the permission of X, Shatner auctioned out 42 X Money beta invites for $1,000 each.
Each of the 42 winning bidders would receive a $25 welcome gift card from X and also $1, initially sent to Shatner by Musk.
After the first auction, Shatner and X opened up a second round of invites, auctioning out another 166 beta invites, also for $1,000.
To be eligible, users must be US residents over 18 and maintain an active X account in “good standing.”
Those who register will be able to receive a metal X Money debit card with their username from X’s partner, Visa, Shatner noted.
No sign of crypto
Musk’s appreciation for Dogecoin (DOGE) has sparked speculation in the crypto community that the memecoin could be part of X’s future, but nothing concrete has come of it, let alone any integration into X Money.
Related: Kraken wins Kansas City Fed approval for limited master account access
X Money marks a return to the payment space for Musk, having founded X.com in the late 1990s before it merged to become PayPal.
Over the last few years, X has secured money transmitter licenses in over 40 US states and registered with the Financial Crimes Enforcement Network to make peer-to-peer payments possible on the platform.
Magazine: Musk’s ‘AI in space’ plan, vending machine calls in FBI over $2 fee: AI Eye
BTC at a crossroads: surge to $75K or correction to $65K?
The primary cryptocurrency has shown remarkable resilience amid the ongoing military conflict in the Middle East, briefly rising to a monthly peak of almost $72,000.
The big question now is whether this marks the start of a real breakout – or just another bull trap.
Further Gains Ahead?
The war between the USA (supported by Israel) and Iran has dominated global attention as the conflict intensifies, reshaping geopolitical alliances and fueling uncertainty across financial markets. Bitcoin (BTC) reacted negatively to the initial attack over the weekend, with its price plunging below $64,000.
In the following days, though, it reclaimed some of the lost ground, while several hours ago it pumped to a one-month high of nearly $72,000 before retreating to the current $71,000. A potential catalyst for the revival could be emerging reports that Iran has offered to discuss terms for ending the war.
Multiple analysts noted BTC’s resurgence, claiming it may have more fuel left to post an additional increase. The popular trader, using the X moniker Crypto Tony, believes a reclaim of $71,500 could open the door to a push to $74,000. X user exitpump shared a similar thesis, suggesting that a retest and hold of the $70K level may pave the way for a move above $75K.
Ash Crypto also chipped in. The analyst with more than 2 million followers on the social media platform said BTC’s weekly Relative Strength Index (RSI) has plunged to an all-time low. This means the price has dropped too much in a short period, making the asset oversold and ready for a potential comeback. Additionally, Ash Crypto outlined that sentiment among investors is at maximum fear: a development that could have marked the cycle bottom.
The Bears Are Not Done Yet
X user Ted drew an interesting parallel between the Russia-Ukraine war and the current Middle East conflict. He reminded that shortly after the Russian invasion in February 2022, BTC experienced a major pump, speculating that history could repeat itself and the asset may soar to as high as $80K in the near future. However, Ted warned that the surge in 2022 was short-lived and followed by a major pullback, hinting that a similar pattern might unfold in the coming weeks.
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Prior to that, the analyst argued that a daily close beyond $70,000 “will be good for markets.” At the same time, he warned that failing to hold above that mark could lead to a retest of the $65,000-$66,000 support zone.
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TLDR:
- Swiss lawmakers warned UBS to reduce CEO Ermotti’s public profile amid the capital reform lobbying row.
- Finance Minister Keller-Sutter rejected a cross-party compromise proposal, deepening the two-year standoff.
- UBS’s board is in talks with Ermotti about extending his tenure past his planned April 2027 departure date.
- UBS has identified internal successors including Iqbal Khan, Robert Karofsky, Ivanovic, and Bea Martin.
UBS has been advised to dial back its lobbying campaign against Swiss government capital reform plans. Swiss lawmakers privately warned the bank to reduce CEO Sergio Ermotti’s public profile in opposing the changes.
The government is seeking to raise UBS capital requirements by up to $26 billion. The standoff has now stretched nearly two years, and a recent compromise proposal was firmly rejected.
Meanwhile, the bank’s board is actively exploring an extension of Ermotti’s tenure beyond April 2027.
Swiss Lawmakers Push Back on UBS Lobbying Strategy
UBS’s aggressive campaign against capital reforms has drawn notable criticism from Swiss parliamentarians. Lawmakers warned the bank that its current approach was working against its own cause.
One lawmaker acknowledged that many in parliament actually agree with UBS on a key point of contention. Even so, Ermotti’s public statements were described as unhelpful to the broader negotiation process.
A cross-party group of Swiss politicians presented a set of compromise proposals back in December 2025. Those proposals were widely regarded as a potential turning point in the prolonged dispute.
However, Finance Minister Karin Keller-Sutter rejected the compromise proposals entirely. That rejection effectively closed a door many had believed was starting to open.
The relationship between UBS leadership and Keller-Sutter has since deteriorated further. A member of Switzerland’s upper house privately advised the bank to reconsider its lobbying strategy.
The parliamentarian singled out Ermotti’s public-facing statements as a specific concern. Those statements, lawmakers argued, were hardening positions rather than encouraging dialogue.
Despite these warnings, UBS has shown no sign of pulling Ermotti back from the public stage. One person familiar with the bank’s lobbying efforts said reducing his profile was not being considered.
UBS publicly confirmed that Ermotti would remain Group CEO until at least early 2027. The bank maintained its position on capital reform remains both justified and well-founded.
Ermotti’s Tenure Extension Enters Board-Level Discussions
UBS’s board of directors is now open to keeping Ermotti in his role beyond his planned exit. The board has entered talks with Ermotti about staying past his originally planned April 2027 departure.
The aim is for him to lead the bank until there is greater certainty around its capital position. A final decision on whether he remains beyond that date has not yet been made.
Ermotti, who is 65, initially planned to step down once the Credit Suisse integration was complete. He returned to lead UBS in 2023 following the state-orchestrated takeover of Credit Suisse.
He had previously stated he would lead the bank until “at least” late 2026 or early 2027. Swiss newspaper NZZ was the first to report UBS was exploring an extended tenure for him.
The board has identified a shortlist of potential successors within the bank. Among those being considered are wealth management co-heads Iqbal Khan and Robert Karofsky.
Asset management chief Aleksandar Ivanovic and Chief Operating Officer Bea Martin are also on the list. UBS confirmed the board would evaluate both internal and external candidates when the time comes.
UBS noted the Credit Suisse integration would be substantially complete by end of 2026. The bank said it was premature to discuss a specific timeline for Ermotti’s departure.
There remains considerable work ahead in preparing the bank for its next strategic phase. The ongoing capital reform dispute continues to shape UBS’s leadership planning in meaningful ways.
Ethereum is still trying to transition from capitulation into stabilization, with the price holding above the key $1,800 demand zone while repeatedly pressing into resistance near $2,150. The higher timeframe trend remains bearish, but the short-term structure is improving, so the next clean break from this range will likely set the tone for the next multi-week move.
Ethereum Price Analysis: The Daily Chart
On the daily chart, ETH is still trading below the 100-day moving average and the 200-day moving average, and both are sloping lower, which keeps the broader bias bearish. The asset is also respecting a descending channel, and the latest bounce is happening from the lower end of that structure rather than from a reclaimed trend level. The nearest overhead supply remains the $2,300 to $2,400 zone, which has acted as a pivot area during the previous distribution phase.
The most important support remains $1,800, which has been tested and defended after the sharp breakdown. If ETH loses $1,800 on a daily close, the next downside magnets are $1,600 and then $1,400, where prior demand zones sit on the chart. On the upside, a daily reclaim of $2,400 would be the first meaningful step toward shifting structure, with the next major resistance band near $2,800 to $3,000.
ETH/USDT 4-Hour Chart
On the 4-hour chart, ETH has been carving out a clear range, with buyers defending the $1,800 support area while sellers repeatedly cap the price near the $2,150 mark. This kind of consolidation after a hard sell-off often becomes a decision point, because liquidity builds at both ends, and the breakout can travel quickly. A clean push above $2,150 that holds would put $2,300 to $2,400 back in play as the next target zone.
If ETH fails again at $2,150 and rolls over, the immediate focus returns to the $1,800 area. The risk with repeated support tests is that each bounce can weaken the bid over time, especially if broader market sentiment stays fragile. A breakdown below $1,800 would likely trigger another volatility expansion move because it removes the main demand shelf that has been absorbing selling pressure.
On-Chain Analysis
The exchange reserve chart shows a sustained downtrend in ETH held on exchanges, falling toward roughly 15.9 million ETH. In general, declining exchange reserves are associated with reduced immediate sell-side supply, because fewer coins are sitting on venues where they can be quickly sold. That can support stronger rebounds when demand returns, especially if the price is already basing near support.
The key nuance is timing. During a bear phase, reserve declines can reflect a mix of cold storage withdrawals, staking, and migration to on-chain venues, not necessarily aggressive accumulation. If reserves keep falling while price holds above $1,800 and starts reclaiming resistance, it would strengthen the case for a recovery move. If reserves flatten or begin rising again while ETH remains rejected under $2,150, it can signal renewed distribution and increase the odds of another sweep back into the $1,800 support area.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
XRP is still trading under a broader bearish structure, but the recent price action looks like a base attempt after the sharp drawdown. For buyers, the main job is to reclaim key resistance zones and break the downtrend structure. Otherwise, this remains a sideways pause inside a larger downtrend.
Ripple Price Analysis: The USDT Pair
On the daily XRPUSDT chart timeframe, Ripple’s token is trading around $1.40 inside a descending channel and below both the 100-day and 200-day moving averages, which are still acting as overhead pressure. The nearest resistance sits around $1.70 to $1.80, where prior demand flipped into supply and where the 100-day moving average area is also located. The higher boundary of the descending channel is also located just above this area.
On the other side, support is defined around $1.20 to $1.10, which is the key floor that has to hold to keep the base intact. If XRP can reclaim $1.85, the next major upside zone is around $2.45 to $2.50, but if $1.20 fails, downside risk expands quickly because it breaks the current support shelf.
The BTC Pair
On the daily XRPBTC chart, the token is pressing into a key support region near 2,000 sats. The asset is also sitting below the 100-day and 200-day moving averages, so relative strength versus Bitcoin is still weak.
If 2,000 sats hold and XRP can reclaim 2,200 and 2,500 sats, the next upside target becomes 2,700 sats, with 3,000 sats as the key, higher resistance zone. However, if the 2,000 sats support zone breaks on a clean daily close, the next major demand area comes in way deeper at around the 1,500 sats zone.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
China’s National People’s Congress opened on March 5 with signals that will reshape crypto capital flows for years to come. A stable yuan, record fiscal spending, and a structural push toward equity financing and RWA markets — these are the numbers that matter for digital asset investors.
However, the headlines stopped at China’s growth target of 4.5–5%, the lowest range since 1991. They shouldn’t, because the math tells a bigger story.
A Small Percentage of a Very Large Number
China’s economy surpassed $20 trillion for the first time in 2025, cementing its status as the world’s second-largest economy. Even at the floor of the new target range, China still adds roughly $900 billion to global output this year. The Netherlands, Saudi Arabia, Poland, and Switzerland each run economies of roughly $1 trillion to $1.3 trillion, and China is generating nearly that much in new economic activity, on top of what it already has.
In 2025, China contributed around 30% of total global economic expansion, reinforcing its role as the world’s primary growth engine. That share holds even if 2026 comes in at the lower end of the stated range. The rate of growth is decelerating, but the sheer weight behind it is not shrinking.
Why the Framing Matters for Markets
On the property side, Beijing stopped well short of a sweeping bailout. Policymakers pledged to coordinate orderly risk resolution across real estate, local government debt, and smaller financial institutions. The “white list” mechanism for housing projects continues, and unsold homes will be purchased for government-subsidised use — but there is no aggressive reflation of the sector. That measured stance keeps a lid on near-term expectations for iron ore and copper demand.
For crypto, Beijing’s broader policy package carries more signal than the growth target itself. China reaffirmed loose monetary policy and flagged RRR and interest rate cuts as active options going forward. Total general public budget expenditure hits 30 trillion yuan for the first time, with the overall deficit at 5.89 trillion yuan.
Macquarie’s chief China economist noted that if exports falter, Beijing will dial up domestic stimulus to defend the GDP target. The floor under Chinese liquidity is meaningfully higher than the headline growth figure suggests.
Yuan Stability Is the Real Signal
Beijing’s commitment to a basically stable yuan matters more than the growth number for near-term currency and crypto flows. Analysts see Beijing tolerating gradual yuan appreciation toward 6.70 against the dollar, while resisting sharper moves that would erode China’s hard-won competitive edge. A controlled, modestly stronger yuan reduces the pressure from capital flight that has historically driven Chinese retail demand toward Bitcoin and dollar-pegged stablecoins.
The 15th Five-Year Plan: Quality Over Speed
The annual growth target is only part of what the NPC unveiled on March 5. Beijing simultaneously released the 15th Five-Year Plan, setting the strategic framework through 2030. Previously, the headline theme was technological innovation; now, a modernized industrial system stands at the forefront, with innovation following directly after. The sequencing is intentional — turning lab breakthroughs into scalable production capacity, not just patents.
Central to the plan is an R&D spending target of more than 3.2% of GDP, a record high aimed at overcoming what Beijing calls “chokepoint” technologies. Advanced manufacturing, semiconductors, next-generation IT, and aerospace are the designated priority sectors.
The digital economy’s targeted share of 12.5% of GDP by 2030, combined with an embedded “AI-Plus” consumption model, is the number most relevant for crypto and digital asset markets. This planning cycle is less about acceleration and more about reengineering the vehicle itself — and at $20 trillion in scale, that vehicle is large enough that even a cautious rebuild moves global markets.
Fold, a Nasdaq-listed Bitcoin financial services firm, has removed a major liability from its balance sheet after eliminating $66.3 million in convertible debt. The move also released 521 Bitcoin previously pledged as collateral, giving the company direct access to assets that had been locked against its financing obligations. By removing convertible notes that could have been turned into equity, Fold has reduced potential share dilution while gaining more operational flexibility. The restructuring comes as the company prepares to expand its consumer-facing product lineup, including a Bitcoin rewards credit card designed to attract mainstream users interested in accumulating digital assets through everyday spending.
Key takeaways
- Fold retired $66.3 million in convertible debt, removing the possibility of future equity dilution tied to those notes.
- The repayment freed 521 Bitcoin previously used as collateral, restoring full corporate control over the assets.
- With the debt eliminated, the company says it now operates under fewer financing constraints.
- Fold is preparing to launch a consumer Bitcoin rewards credit card as part of its growth strategy.
- The firm became publicly listed in February 2025 after completing a SPAC merger with FTAC Emerald Acquisition.
- Competition among crypto rewards cards is intensifying, with multiple platforms offering similar spending incentives.
Tickers mentioned: $BTC, $FLD
Sentiment: Neutral
Price impact: Neutral. The balance sheet improvement may strengthen fundamentals, but no immediate market reaction is indicated.
Market context: Crypto-financial companies are increasingly exploring debit and credit card products that reward users in digital assets, reflecting broader efforts to integrate cryptocurrency with everyday payments.
Why it matters
Balance sheet restructuring can significantly affect how financial technology companies operate in volatile markets. By removing convertible debt, Fold eliminates a potential source of dilution that could have impacted shareholders if the notes were converted into stock. For investors, this simplifies the company’s capital structure and clarifies its long-term financial obligations.
The release of more than 500 Bitcoin also increases the firm’s strategic flexibility. Digital asset reserves can be used for corporate operations, liquidity management or ecosystem initiatives, particularly as competition among crypto-financial platforms continues to intensify.
More broadly, Fold’s focus on rewards-based Bitcoin accumulation highlights a growing trend within the industry. Instead of positioning cryptocurrency primarily as a speculative asset, many platforms are now embedding it within consumer finance tools, potentially accelerating mainstream adoption.
What to watch next
- The rollout timeline and adoption metrics for Fold’s planned Bitcoin rewards credit card.
- How the newly released Bitcoin holdings are allocated within the company’s corporate strategy.
- Potential financial disclosures showing the impact of the debt restructuring on Fold’s balance sheet.
- Competitive responses from other crypto card providers expanding into consumer payment services.
Sources & verification
- Fold’s official disclosure announcing the elimination of its convertible debt.
- Public filings and investor communications regarding the company’s capital restructuring.
- Market data showing Fold’s share performance following its Nasdaq listing.
- Public announcements from crypto payment platforms offering reward-based cards.
Fold removes debt overhang as crypto rewards competition intensifies
Fold, a publicly traded financial technology company focused on Bitcoin (CRYPTO: BTC) services, has eliminated $66.3 million in convertible debt, a move that simplifies its financial structure and restores access to digital assets that had previously been pledged as collateral. The decision removes a potential source of future shareholder dilution while improving the company’s operational flexibility as it prepares to expand its consumer products.
According to the company’s disclosure, Fold repaid two outstanding convertible notes. These financial instruments allow lenders to convert debt into equity at a later date under predetermined terms. While such financing can provide early-stage capital, it also carries the possibility of share dilution if creditors exercise conversion rights.
By retiring the notes entirely, Fold removed that risk. The company’s management indicated that the repayment strengthens the balance sheet and clarifies its capital structure, which can be particularly important for publicly traded firms navigating volatile market conditions.
The restructuring also released 521 Bitcoin that had been locked as collateral for the debt. With the notes settled, the digital assets are no longer encumbered and can be redeployed for corporate use. This may include treasury management, strategic initiatives or other operational needs as the company continues expanding its services.
Access to those holdings could become increasingly important as Bitcoin-focused financial companies look to build new products around digital asset accumulation and spending. While Fold has not detailed how it intends to deploy the newly available BTC, the company emphasized that the removal of financing restrictions provides greater flexibility for future initiatives.
Founded in 2019, Fold built its reputation through a consumer rewards platform that allows users to earn Bitcoin while making everyday purchases. The company’s core offering includes a debit card linked to a rewards system in which spending in traditional currency generates BTC cashback instead of points or fiat rewards.
That model aims to encourage gradual accumulation of cryptocurrency without requiring users to directly buy or trade digital assets. For many consumers, rewards-based programs offer a simpler entry point into the crypto ecosystem.
Fold entered public markets in February 2025 following a special purpose acquisition company merger with FTAC Emerald Acquisition. The transaction resulted in Fold shares trading on the Nasdaq under the ticker FLD (NASDAQ: FLD), making it one of the first companies dedicated to Bitcoin-based financial services to list on a major US exchange.
Since its public debut, the company has faced the same volatility affecting many crypto-related equities. Market data shows that the stock has declined significantly since listing, reflecting broader market uncertainty and the fluctuating performance of digital asset markets.
Despite these challenges, Fold continues to focus on expanding its consumer-facing offerings. One of the company’s most anticipated upcoming products is a Bitcoin rewards credit card. Unlike the existing debit-based rewards system, the new card would allow customers to accumulate BTC through credit purchases, potentially increasing engagement and transaction volumes.
The launch comes amid rising competition in the crypto rewards card market. Several companies are now targeting consumers who want exposure to digital assets through everyday financial tools rather than direct trading.
For example, the Coinbase Card enables users to spend cryptocurrency balances while earning crypto rewards on transactions. The product forms part of Coinbase’s broader strategy to integrate payments, trading and financial services into a unified digital platform.
Other providers have adopted slightly different models. The Nexo Card allows customers to borrow against their crypto holdings and spend fiat without liquidating their assets, while still earning rewards on purchases.
Meanwhile, exchanges such as Bybit and Crypto.com offer Visa-branded cards that distribute rewards in tokens associated with their platforms. These products aim to create loyalty incentives while also encouraging users to remain within each company’s ecosystem.
Traditional financial networks are also entering the space. Mastercard has collaborated with MetaMask to introduce a crypto-linked payment card that converts digital assets into fiat at the point of sale, enabling purchases at any merchant accepting Mastercard.
Such developments highlight the increasing overlap between cryptocurrency infrastructure and mainstream financial services. As payment networks, fintech firms and exchanges compete for users, reward-based incentives have become a central strategy for attracting and retaining customers.
Fold’s debt repayment and product expansion plans therefore arrive at a time when the sector is becoming more crowded and technologically advanced. The company’s focus on Bitcoin accumulation rather than direct spending positions it somewhat differently from competitors that emphasize transactional crypto payments.
Whether that strategy resonates with a broader consumer base will depend on adoption of its forthcoming credit card and the effectiveness of its rewards program. If successful, the model could appeal to users who prefer gradually earning Bitcoin through spending rather than purchasing it outright.
For now, the elimination of convertible debt represents a structural improvement for Fold’s financial position. By removing potential dilution and reclaiming control of its BTC collateral, the company has taken a step toward strengthening its balance sheet at a time when crypto-focused businesses continue to navigate rapidly evolving market dynamics.
China’s liquid-fueled intercontinental strategic nuclear missiles DongFeng-5C, which have a global strike range, pass through Tian’anmen Square during the V-Day military parade on September 3, 2025 in Beijing, China.
China News Service | China News Service | Getty Images
BEIJING — China plans to increase its defense spending by 7% this year, Reuters reported Thursday, citing official documents due for public release later in the day.
That would mark the slowest increase in its annual military expenditure since 2021.
The proposal comes as conflict in the Middle East has escalated, amid a broader rise in geopolitical tensions.
For the last three years, China has budgeted a 7.2% annual increase in defense spending. Beijing had increased spending by 7.1% in 2022 and 6.8% in 2021, according to official data.
China will support the faster development of advanced combat capabilities, Reuters said, as well as the “high-quality” modernization of its national defense and armed forces.
Some of Beijing’s latest weapon systems, including long-range missiles, were displayed during a military parade in September.
China is set to kick off its 8-day National People’s Congress on Thursday, an annual parliamentary meeting that officially approves the budget and development goals for the year.
Last year, China proposed a national defense budget of 1.78 trillion yuan ($244.99 billion at the time).
Beijing accounted for nearly 44% of Asia’s defense spending in 2025, up from 39% in 2017, according to the International Institute for Strategic Studies.
China is also second to the U.S. in terms of military spending.
The U.S. budgeted $849.77 billion for defense during the 2025 fiscal year. But estimates from non-profit USAFacts indicate the U.S. ended up spending about $919.2 billion during that time, up 2% from the prior year and accounting for 13% of the federal budget.
Kraken has secured a Federal Reserve “master account,” giving its banking arm direct access to the Fed’s core payment systems and making it the first crypto firm to operate on the same rails as traditional financial institutions.
The company said its unit, Kraken Financial, received approval for a Federal Reserve “master account,” the Wall Street Journal first reported. The account provides direct access to Fedwire, a major interbank payment network that processes trillions of dollars in transfers each day.
Until now, Kraken had to rely on partner banks to send or receive U.S. dollars. Direct access changes that flow as the firm can now settle payments itself, which may speed up deposits and withdrawals for large traders and institutional clients.
“This approval is a watershed moment for the digital asset industry,”U.S. Senator Cynthia Lummis said in a press release.
“The Federal Reserve has acknowledged what I’ve always said was the case — that a digital asset company can balance innovation with strong risk management,” she added. “[This] is going to create the 21st century financial services industry.”
Kraken Financial operates under a Wyoming charter designed for crypto-focused banks. The Federal Reserve Bank of Kansas City oversaw the application.
“This news has been a long time coming, but Wyoming welcomes it nonetheless,” said Wyoming Governor Mark Gordon. “This approval of a master account for Kraken by the Federal Reserve signals support for Wyoming’s banking and digital asset laws.”
The approval is limited, however. Kraken will not receive the full set of services available to traditional banks, as it won’t earn interest on reserves or tap the Fed’s emergency lending.
Kraken, a cryptocurrency exchange founded in 2011, has been slowly moving towards an initial public offering (IPO). Several of its rivals, including Gemini, Coinbase, and CoinDesk’s parent company Bullish, have already made their public market debut.
Its parent company, Payward, has been on an acquisition spree, adding the token management platform Magna last month. Last year, it acquired U.S. futures trading platform NinjaTrader for $1.5 billion and U.S.-licensed derivatives trading venue Small Exchange for $100 million.
It also moved into the tokenization space with the acquisition of tokenized stock specialist Backed Finance, the issuer of xStocks.
UPDATE (March 4, 3:55pm UTC): Adds comments from Cynthia Lummis’ press release.
Crypto World
Alchemy Pay Obtains Delaware MTL, Reaches 15 U.S. State Licenses for Fiat-Crypto Payments
TLDR:
- Alchemy Pay now holds Money Transmitter Licenses in 15 U.S. states after securing Delaware approval.
- The Delaware MTL authorizes Alchemy Pay to offer regulated money transmission services in the state.
- Alchemy Pay plans to launch a stablecoin and develop Alchemy Chain, backed by its growing MTL network.
- Beyond the U.S., Alchemy Pay holds regulatory approvals in Australia, South Korea, Switzerland, and Hong Kong.
Alchemy Pay has received a Money Transmitter License in Delaware, marking another regulatory step in the United States.
The fiat-crypto payment company now holds such licenses in 15 states nationwide. Delaware law requires entities transmitting money to be licensed under the state bank commissioner’s office.
This approval supports Alchemy Pay’s broader goal of building a compliant payment infrastructure across the country, including future plans for a stablecoin and a dedicated blockchain network.
Expanding Regulated Operations Across U.S. States
Under Delaware law, transmitting money through checks, drafts, or monetary instruments is a regulated activity. Businesses must operate under the Delaware Office of the State Bank Commissioner.
Alchemy Pay has fulfilled these requirements and now holds a valid license. It can therefore offer fully compliant money transmission services within the state.
The Delaware approval brings the company’s total U.S. MTL count to fifteen states. The list includes Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, and Wyoming. Arizona, South Carolina, Kansas, West Virginia, South Dakota, and Nebraska also hold Alchemy Pay MTLs. More state applications remain active and are currently under regulatory review.
Alchemy Pay announced this milestone on social media, confirming the company’s progress:
“With this approval, #AlchemyPay now holds MTLs in 15 U.S. states, further strengthening its compliant fiat-crypto payment infrastructure and laying the groundwork for future stablecoin initiatives.”
This wider regulatory coverage helps the company reach more users across the country. It also supports access to compliant fiat-crypto on-ramps and off-ramps at a larger scale. The continued expansion reflects a deliberate, compliance-first growth strategy.
These licenses also lay the groundwork for Alchemy Pay’s future financial products. The company plans to launch a proprietary stablecoin, which requires strong regulatory backing.
It is also developing Alchemy Chain, a blockchain infrastructure built around stablecoin use. Both initiatives depend on the compliance foundation that these MTLs are building.
Regulatory Progress Extends Across Global Markets
Alchemy Pay has also made meaningful regulatory progress in markets outside the U.S. The company registered as a Digital Currency Exchange Provider in Australia.
In South Korea, it completed an Electronic Financial Business registration. Both approvals strengthen its position in key Asia-Pacific financial markets.
In Switzerland, Alchemy Pay joined the VQF, a recognized Self-Regulatory Organisation. This admission places the company within a well-established Swiss financial oversight framework.
The VQF is an official SRO recognized by Swiss regulators. Membership confirms that the company meets quality assurance standards in Swiss financial services.
The company also gained regulated exposure to Hong Kong’s financial market. It did so through an investment in HTF Securities Limited.
HTF holds Hong Kong SFC Type 1, 4, and 9 licenses. This indirect participation adds another regulated market to Alchemy Pay’s global reach.
Taken together, these approvals show a pattern of consistent regulatory engagement worldwide. Alchemy Pay has pursued compliance across different legal systems and financial frameworks.
Each approval reinforces the company’s credibility with regulators, users, and institutional partners. The strategy positions the company to support the next generation of global digital payments.
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