The Dojo Bulletin #1—15 Nov 2025

Welcome to the first instalment of this series where, twice a week, I’ll take you through the most interesting and relevant news from the world of Bitcoin.
The space is flooded with garbage, and it gets overwhelming. No worries! I’ll filter out the rubbish and bring you only the most valuable insights I can find.
Let’s begin.

🟠Adoption grows, price falters

🟠Taiwan opens to a SBR

🟠First central bank to ever purchase Bitcoin

🟠Dorsey’s Square now accepts BTC payments

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⚫Bitcoin crashes, even as positive news keeps flooding in—that’s 2025 in a nutshell!
We dropped below $100,000 and we touched a yearly low at $94,000. Fear sets in, and a bear market now seems plausible. As always, though—no one knows.
Why is sentiment so negative despite 2025 having been an incredible year for Bitcoin? We all expected to be in the 200s by now, but once again we are reminded of the sheer unpredictability of Bitcoin.
Who’s selling, though? We know that ETFs now play a somewhat significant role. This week alone, we saw more than $1B outflows, but is that the whole picture? The narrative is still the same: old whales are finally selling their Bitcoin, thus creating an “ownership rotation”.
Macro-wise? We don’t really do macro at the Dojo, sorry!

⚫Taiwan expresses its interest in establishing a Bitcoin reserve, very similar to the one Donald Trump implemented earlier this year.
This doesn’t come as a surprise—the country did in fact take its first steps earlier in May, by consulting Samson Mow, a prominent Bitcoiner.
Diversification, US debt over-reliance, store of value, and economic independence: these are the main driving forces behind this manoeuvre that, for now, does not imply any direct purchase of Bitcoin. The government holds Bitcoin obtained through seizures and, rather than selling it, they figured they could just HODL it. Smart move, you guys. Don’t be like Germany.
Taiwan is surely not the first country planning a Bitcoin reserve. We know that Pakistan, the Philippines, Sweden, Brazil, and France all had internal proposals to implement one.
This is huge, of course. The famous “gradually, then suddenly” is here. Whether you like it or not, it was bound to happen—if Bitcoin truly is the new gold, then countries will inevitably enter the conversation, and join in the accumulation.
Could “nation-state adoption” be the catalyst for a massive 2026 bull run? Let’s see!

⚫CNB, Czech Republic’s central bank, acquires roughly $1M worth of Bitcoin.
This is a world first! Despite seeing central banks expressing their interest in BTC this year, none actually pulled the trigger.
What are they even doing with it? Apparently, they are just “testing”—experimenting, planning. How could Bitcoin be integrated into the fiat system? That’s what they are thinking.
Mixed feelings here. As Bitcoiners, we all (maybe?) wish for our favourite currency to become the base layer of global finance. The famous “Bitcoin standard”, or “HyperBitcoinisation”, where the world relies on BTC rather than fiat.
Well, this is a necessary step. Central banks must own it, if we hope for such a future. The fiat system has to get involved; there’s no way around it.
Do we like it? Is that what we want for Bitcoin? Aren’t central banks our biggest enemies? I’ll leave that to you.

⚫Dorsey drops a bombshell, and makes a significant step forward in terms of global adoption.
Head of Block Inc. and Twitter co-founder, Jack is now deep in the Bitcoin world, being one of the most prominent members of the community. His company is into mining, self-custody hardware and, of course, payment systems. Cash app now allows merchants—over 4 million of them—to accept Bitcoin payments via the Lightning Network.
Users can choose to pay in BTC even without holding any, and that’s where it gets interesting.
The system will automatically convert the USD payment into Bitcoin, if requested by the merchant. With no fees until 2027, this sounds like a great deal and, crucially, a milestone in terms of mass adoption.
I am not surprised—Dorsey has for years been the proponent of the “spend and replace method”. He sees Bitcoin potentially falling into irrelevance if “store of value” becomes its only use case.
Instead, he advocates for spending Bitcoin instead of fiat, where possible, so that the network may grow, and more and more merchants become aware of this “new” currency.
Needless to say, I’m all for it. Good on ya, Dorsey!


I’ll see you in the next one, take care.
—Senpai