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🪙🐋 BTC price seeks $155K 'trigger' — 5 Things to know in Bitcoin this week
🇺🇲 US long-term Treasury yields jumped above 5% amid fiscal concerns while Bitcoin reached new records. Key Fed communications and earnings from Nvidia dominate this week.
The Federal Reserve’s “preferred” inflation gauge highlights the week’s US macroeconomic data prints amid the threat of rising interest rates.
The Personal Consumption Expenditures (PCE) Index print for April is due on May 29, along with initial jobless claims.
These will follow the first revision of Q1 GDP, while in the background, rising bond yields are causing concern. Last week’s threat of 50% trade tariffs on the EU from President Donald Trump appeared to worsen the situation.
“It’s like clockwork: President Trump delays 50% EU tariffs until July 9th. Then, the 10Y Note Yield instantly rises back above 4.55%,” trading resource The Kobeissi Letter wrote in an X thread on the topic.
✳️ Hyperliquid’s Wynn heads to memecoins
Up or down, Bitcoin is currently a prime target for large-volume traders entering sizable speculative positions.
As Cointelegraph continues to report, one entity in particular, Hyperliquid’s James Wynn, has flipped from long to short and back again within a few days.
While just one “whale” trader out of many, Wynn’s moves have gained considerable attention, and with it sway over sentiment.
An initial $125 billion long position was exited at a loss thanks to the latest US tariff headlines, with Wynn then entering a short. This, however, lasted a matter of hours before he returned with another 40X leveraged long.
The POL token, now the native token of the Polygon network, has a history rooted in the Matic Network. Founded in 2017, the Matic Network aimed to solve Ethereum's scalability issues. After an IEO on Binance in 2019, the project rebranded to Polygon and focused on Web3 development. The native token, initially called MATIC, was upgraded to POL in a significant upgrade on October 2023, with the transition officially completing on September 4, 2024. POL serves as the gas and staking token for Polygon PoS, facilitating network expansion and security. Key Milestones: 2017: The Matic Network, later Polygon, was founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic to address Ethereum's scalability. 2019: The MATIC token was launched via an IEO on Binance. October 2023: A significant upgrade began the process of changing the native token from MATIC to POL. September 4, 2024: The transition to POL was completed. Functionality of POL: Gas and Staking Token: POL is used for paying transaction fees and is staked by validators to secure the network. Governance: POL allows holders to participate in network governance by voting on upgrades and changes. Emissions Model: POL supports sustainable growth through a unique emissions model, funding community-driven initiatives. Hyperproductivity: POL can be used to secure multiple chains within the Polygon network, enhancing scalability.
What It Will Take to Make Bitcoin a Real Medium of Exchange—Not Just a Store of Value
Since its creation in 2009, Bitcoin has evolved from a digital experiment into one of the most talked-about financial innovations of our time. But while Bitcoin is often dubbed “digital gold” for its ability to hold value, it has not yet fulfilled its original purpose as a peer-to-peer electronic cash system.
To move from a store of value to a true medium of exchange, several key challenges must be overcome—and the world is slowly but surely heading in that direction.
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1. Scalability: Transactions Must Be Fast and Cheap
Bitcoin’s base layer can handle about 7 transactions per second—a far cry from Visa’s thousands per second. For everyday use like buying coffee or paying rent, Bitcoin needs to become faster and more affordable.
The Solution?
Layer 2 technologies, like the Lightning Network, are making progress. These solutions allow for near-instant and low-fee transactions, ideal for small, everyday payments.
Continued development and wider adoption of such technologies are critical.
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2. Price Stability: Reducing Volatility
Volatility is one of the biggest barriers preventing people from spending Bitcoin. If a coin could be worth $70,000 today and $50,000 next month, why would anyone use it to pay for groceries?
The Solution?
Increased adoption and market maturity can help stabilize Bitcoin’s price over time.
Integration with stablecoins and Bitcoin-backed synthetic assets might also help bridge the gap for more predictable daily transactions.
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3. Regulatory Clarity and Support
In many regions, spending Bitcoin is taxed as if it were property, creating a tax headache for every transaction.
The Solution?
Clear, consistent, and favorable regulatory frameworks are needed globally to treat Bitcoin like a currency, not an asset.
Countries like El Salvador are leading the way, recognizing Bitcoin as legal tender and encouraging real-world use.
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4. Merchant Adoption and Infrastructure
If Bitcoin is to be used daily, people need places to spend it. Currently, only a small fraction of businesses accept Bitcoin directly.
The Solution?
More crypto-friendly payment processors like BitPay, Strike, and Binance Pay are making it easier for merchants to accept BTC.
Widespread integration with Point-of-Sale systems, e-commerce platforms, and QR payment apps can accelerate mainstream usage.
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5. Cultural Shift: Spend, Don't Just HODL
The final—and possibly most important—factor is mindset. Right now, most holders see Bitcoin as an investment. To become a medium of exchange, there needs to be a cultural shift where spending BTC is not seen as “losing” value, but as using money with real-world utility.
How to Encourage This?
Incentives like BTC cashback, discounts for crypto payments, and community-driven campaigns can motivate people to transact in Bitcoin rather than just save it.
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Final Thoughts
Bitcoin was born to be both a store of value and a tool for everyday exchange. With the rise of fast Layer 2 networks, evolving regulations, and a growing ecosystem, we’re getting closer to this vision. But it will take global collaboration, user education, and a shift in how we perceive value and money.
If these pieces fall into place, we may soon live in a world where Bitcoin doesn’t just sit in a wallet—it flows through the economy, changing how we spend, save, and connect.
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