When a Country Announces a Bitcoin Reserve, What to Check First
Sovereign reserve announcements are written to sound settled. Most are a statement of intent with no custody arrangement, no purchase, and no legal…
Adoption & Projects
Who is genuinely using Bitcoin and for what. We test announced adoption against observable activity, and report the gap when we find one.
A Payment Processor Adds Bitcoin: What Counts as Adoption
Most merchant-acceptance announcements describe a settlement arrangement in which no merchant ever holds Bitcoin and no customer needs to.
A Lightning Capacity Milestone: What the Metric Can Support
Public Lightning capacity is a measure of how much Bitcoin is committed to visible channels. It is not payment volume, and it is not the whole…
A Corporate Treasury Bitcoin Purchase: What the Filing Actually Says
Corporate Bitcoin treasury announcements are reported as adoption milestones. The underlying regulatory filings usually say something narrower: a…