What has been happening this week in the world of blockchain and cryptocurrencies? Current events and background reports in our weekly review.
Selected articles of the week:
Ray Dalio sees the US financial system heading toward a breaking point. Therefore, the Bridgewater Associates founder advises cutting government bond holdings. Instead, he recommends 10 to 15% gold plus a smaller Bitcoin allocation. Moreover, the numbers support his concern. US government debt topped USD 40 trillion for the first time. In ten months of fiscal year 2026 alone, the shortfall reached USD 1.8 trillion, while net interest costs run at roughly USD 1.2 trillion. As a result, the yield on 30-year paper climbed to a 19-year high. Personally, however, Dalio stays cautious. Only around 1% of his wealth sits in Bitcoin, and he prefers to hold the rest in gold bars. In May, he also criticized the close correlation with tech stocks. However, an analysis by Bitwise shows that 15% gold and Bitcoin nearly tripled the Sharpe ratio of a 60/40 portfolio over ten years.
Ray Dalio advises 10 to 15% gold and a small Bitcoin position, because he expects a US debt crisis within about three years.
Bessent’s bond buybacks fuel the flight into Bitcoin
Exactly this debasement worry drove prices higher this week. Bitcoin jumped above USD 80,000 and hit USD 80,908 in Asia, a weekly gain of 23%. The trigger came from an announcement by US Treasury Secretary Scott Bessent. He wants to at least double buybacks of long-dated government bonds, from USD 2 billion to more than USD 4 billion per operation. Critics read this as a sign that Washington is not cutting the deficit, but merely adding liquidity. As a result, the move weighs on the dollar and strengthens the so-called debasement trade. That name covers positions in Bitcoin and gold as protection against currency debasement. Meanwhile, the 13 US spot Bitcoin ETFs took in USD 1.92 billion during the week, the most in ten months. At the same time, roughly USD 7.2 billion in short bets unwound.
Bitcoin topped USD 80,000 and trades back at its mid-May level, supported by USD 1.92 billion of weekly inflows into US spot ETFs.
Ripple and Kraken back a billion-dollar vehicle for XRP
The price jump in XRP meets fresh institutional tailwind. Moreover, the US Securities and Exchange Commission (SEC) declared the registration of Evernorth effective this week. Therefore the company can list on the Nasdaq through a merger with the special purpose acquisition company Armada Acquisition Corp. II, ticker XRPN. Evernorth buys XRP exclusively onto its own balance sheet. Investors thereby gain exposure through the stock, without having to custody the token themselves. The model follows Strategy, formerly MicroStrategy. Behind the vehicle stand Ripple, the crypto exchange Kraken, Pantera Capital, the SBI Group, Arrington Capital and GSR. After the deal closes, Evernorth should hold at least 473 million XRP. In addition, the transaction should raise more than USD 1 billion, over four times Armada’s own IPO. Meanwhile, the shareholder vote comes in late September.
The SEC declared the S-4 registration effective, bringing the planned Evernorth Nasdaq listing under the ticker XRPN a step closer.
Why Cardano and Solana stumble in their first votes
Reliable structures are missing not only at young treasury companies, but also in the self-governance of large networks. Cardano and Solana barely pass their first real votes. At Cardano, the election of the constitutional committee recently reached 51.7% approval among delegates, while 67% is required. Stake pool operators managed only 10.8% instead of the required 51%. Should the vote fail by early September, three members remain. Hard forks, parameter changes and payouts would then stall. Blocks and transactions, however, continue undisturbed. Solana struggles less with apathy than with contradictory rules. On proposal SGP-0002, 87.45% of participating votes said yes. The rule in the code repository counts that as enough, yet the official FAQ does not. Moreover, the proposal would shrink emissions much faster. Against it voted the Solana Company itself, which draws 99.4% of its revenue from staking.
Cardano’s DReps are 24 percentage points short before the deadline, while Solana’s quorum rule contradicts its own governance framework.
Judge Failla makes Roman Storm wait until 2027
In addition: the retrial of Tornado Cash co-founder Roman Storm begins only in April 2027. Judge Katherine Polk Failla set the date this week. The Justice Department had wanted a much earlier trial, namely in October. As a result, more than 20 months separate the partial verdict from the new proceedings. In August 2025, the jury convicted Storm on one count, operating an unlicensed money transmitting business. On the heavier charges of money laundering and sanctions violations, however, it remained split. Together those counts carry up to 40 years in prison. The delay stems from a 2025 defense motion that Failla has not yet decided. Moreover, Storm’s lawyers rely on a Supreme Court ruling from March 2026. Under that decision, mere knowledge does not suffice to hold a provider liable. Storm himself sees his case as an example meant to deter others.
Judge Failla has pushed the Roman Storm trial to April 2027, because she has not yet ruled on the Tornado Cash developer’s acquittal motion.
