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Saylor’s BTC pivot message needs clarity, StanChart says investors

Michael Saylor, the Strategy founder and long-time Bitcoin advocate, posted a new chart on Sunday meant to reinforce how investors should interpret his firm’s latest moves. The message—“Orange dots tell only part of the story”—drew attention because it follows a shift at Strategy toward using Bitcoin to support dividends and maintain cash reserves, an approach that differs from its earlier messaging. The debate matters for markets because Strategy’s Bitcoin treasury has often served as a proxy for broader institutional demand. But in a note to clients, Standard Chartered’s Geoff Kendrick said Strategy’s evolving communications are “muddying the waters” for Bitcoin in the near term—particularly regarding whether or not the company is likely to sell large amounts of BTC. Key takeaways Strategy’s recent filings and disclosures show a move away from strict “never sell” messaging, including BTC sales to fund dividends and replenish cash. Standard Chartered’s Geoff Kendrick argues the co...
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Pakistan Crypto Regulator Calls for Dialogue After Ruling on Crypto Payments

Pakistan’s virtual-asset regulator is urging continued dialogue with Islamic scholars over how digital assets should be treated under Shariah principles—following a religious ruling that declared certain crypto-based purchases impermissible. Pakistan Virtual Assets Regulatory Authority (PVARA) chairman Bilal bin Saqib said his meeting with prominent scholar Mufti Taqi Usmani focused on blockchain technology, digital assets, stablecoins, and tokenized real-world assets (RWAs), along with the need to protect the public from fraud and financial harm. While Saqib did not directly dispute the specific religious claim, he emphasized that different categories of digital assets should not be judged through a single framework. The comments land at a sensitive moment for Pakistan, where regulators are building a licensing regime for crypto, but religious views could meaningfully influence broader public acceptance. Key takeaways PVARA chairman Bilal bin Saqib called for continued discussions w...
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Pakistan Crypto Regulator Opens Dialogue After Court Ruling on Payments

Pakistan’s virtual-asset regulator is urging continued dialogue on how digital assets should be assessed under Islamic law, after a prominent scholar backed a religious ruling that certain crypto-based purchases are impermissible. Pakistan Virtual Assets Regulatory Authority (PVARA) chairman Bilal bin Saqib met with Mufti Taqi Usmani, and in a post shared on Saturday he said the conversation covered blockchain technology, digital assets, stablecoins, and tokenized real-world assets (RWAs), alongside the need to shield Pakistanis from fraud and financial harm. Key takeaways PVARA chairman Bilal bin Saqib called for scholars and regulators to keep discussing how Islamic law should apply to different categories of digital assets. Mufti Taqi Usmani and other scholars reportedly issued a ruling declaring crypto-based purchases impermissible, including transactions involving stablecoins such as USDT. Saqib did not directly dispute the religious ruling; instead, he emphasized differenti...
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Cambridge: Ethereum’s PoS energy use trails lower-end estimates

A new report from the Cambridge Centre for Alternative Finance places Ethereum’s post–Merge energy footprint among the less energy-intensive proof-of-stake (PoS) networks, even as it remains higher in absolute consumption than most single-network peers. The study estimates that Ethereum uses about 7.87 gigawatt-hours (GWh) of electricity per year. More importantly for sustainability comparisons, Cambridge also calculated Ethereum’s energy intensity relative to market value, finding roughly 33 kilowatt-hours (kWh) per $1 million. That figure ranks as the second-lowest among the PoS networks assessed, behind BNB Chain. Key takeaways Cambridge estimates Ethereum consumes about 7.87 GWh annually , based on modeled electricity use at the wall. Ethereum’s energy intensity is estimated at ~33 kWh per $1 million , the second-lowest among the PoS networks in the study. Solana is estimated to use the most electricity among the PoS networks considered, at ~13.48 GWh per year . Cambridge ...
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Cambridge Research Finds Ethereum’s Proof-of-Stake Energy Use at Low End

Ethereum’s post-Merge operating footprint is looking cleaner than its proof-of-work era, but a new assessment from Cambridge underlines a more nuanced reality: the network’s energy intensity sits near the lower end among major proof-of-stake blockchains, yet Ethereum still consumes more electricity than most of the other PoS networks included in the comparison. In a study published by the Cambridge Centre for Alternative Finance, researchers estimated Ethereum uses about 7.87 gigawatt-hours (GWh) of electricity annually . On an economic-adjusted basis—energy consumed per unit of market value—the network works out to roughly 33 kilowatt-hours (kWh) per $1 million , the second-lowest among the PoS networks evaluated, behind BNB Chain . Key takeaways Ethereum consumes ~7.87 GWh annually , according to Cambridge’s estimates of electricity usage at the node level. Energy intensity is ~33 kWh per $1 million of market value, placing Ethereum near the bottom of the proof-of-stake set mea...
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Saylor and Adam Back Criticize BIP-110 Ordinals Proposal

Strategy executive chairman Michael Saylor and Blockstream CEO Adam Back have renewed their opposition to Bitcoin Improvement Proposal 110 (BIP-110), a proposed temporary protocol fork aimed at curbing “non-monetary” data on the network, including Ordinals-style inscriptions. The debate has taken on the tone of another major Bitcoin governance dispute, with both sides framing the proposal as either a necessary defense of Bitcoin’s core purpose or an unnecessary risk to network credibility. According to Saylor, BIP-110 could even invalidate ordinary transactions. Key takeaways Supporters position BIP-110 as a short-term way to reduce Ordinals-like “arbitrary data” that they say contributes to network bloat. Saylor and Back argue a fork would do more harm than good, warning it could undermine Bitcoin’s reliability and permissionless ethos. BIP-110 is unlikely to pass: activation requires 55% of validating nodes to signal support during a Bitcoin block period, and recent signaling h...
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Saylor and Adam Back Criticize BIP-110 Ordinals Proposal

Michael Saylor and Adam Back have renewed their opposition to BIP-110, a proposed Bitcoin protocol change aimed at curbing certain “non-monetary” data activity associated with Ordinals-like inscriptions. Their critique highlights a recurring fault line in Bitcoin governance: whether developers should intervene at the protocol level to address perceived network bloat, and what such intervention could cost in terms of credibility and user safety. BIP-110 was introduced in December 2025 with the stated goal of discouraging arbitrary data from clogging the blockchain and preserving Bitcoin’s core role as a peer-to-peer cash network. In response, Saylor argued the proposal is more likely to create harm than solve the problem, adding that the risks extend beyond “spam.” Key takeaways Strategy’s Michael Saylor and Blockstream CEO Adam Back both oppose BIP-110, warning that a protocol-level fork could damage Bitcoin’s credibility and potentially disrupt normal transactions. BIP-110’s activ...
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