One Big Idea

November was one of the worst months in Bitcoin and Crypto history for price action, but global policy and adoption continue behind the scenes.

1. Turkmenistan Legalizes Crypto Mining & Exchanges

Turkmenistan passed a new law formally legalizing and regulating digital assets, including a licensing regime for cryptocurrency exchanges and mining companies.

2. Texas Buys Bitcoin for Treasury Reserve

Texas has become the first U.S. state to allocate public funds to Bitcoin. The state’s treasury made an initial $5 million purchase of BlackRock’s iShares Bitcoin Trust (IBIT) on November 20 as part of a planned $10 million Bitcoin reserve program.

3. China reaches 14% of mining power Globally

Bitcoin mining is quietly making a comeback in China four years after a national ban. Industry data show China has regained the world’s third-largest share of Bitcoin mining, reaching about 14% of global hashrate by the end of October.

4. US Bill introduced to allow Americans to pay taxes in Bitcoin.

Rep. Warren Davidson (R-Ohio) introduced the Bitcoin for America Act, enabling individuals and businesses to pay federal taxes in Bitcoin without capital gains taxes, with proceeds funneled into the U.S. Strategic Bitcoin Reserve.

5. Square opens up Bitcoin payments to 4 million merchants

Last month, Square did a test roll out of Bitcoin payments to a select group of merchants. They finally rolled out Bitcoin payments to everyone else, enabling over 4 million merchants to accept BTC at checkout.

6. The IMF unveils framework for adopting & reporting CBDCs

The IMF is looking to incentivize central banks to adopt Central Bank Digital Currencies (CBDC’s) using a “centralized ledger”. Hong Kong and South Korea already have. You can read their entire CBDC playbook below updated this November.

7. Brazil introduces new Crypto regulations with New Central Bank Rules

Brazil’s central bank has introduced a sweeping new regulatory framework for digital asset service providers, extending anti-money laundering (AML) and counter-terrorism financing rules to the country’s growing crypto sector. This is one of the largest efforts to bring the crypto market into the current financial system.

8. Bitcoin ETFs Suffer Record Outflows in Risk-Off Market

Exchange-traded funds holding Bitcoin are on track for their worst month ever as investors pulled approximately $3.5 billion from U.S.-listed Bitcoin ETFs in November.

9. Swiss supermarket Spar introduces Bitcoin payments across it’s retail network.

This development allows customers in Switzerland to make faster and more efficient Bitcoin transactions when shopping at Spar. The chain, which operates 13,900 stores across 48 countries, is expanding its cryptocurrency payment capabilities, reflecting a growing trend among retailers to adopt digital currencies.

10. Japan cuts capital gains tax on crypto from max 55% to flat 20%

Technically this was announced Dec 1st, but slated for 2026 adoption, this regulation to implement a flat capital gains tax on crypto is designed to spur new adopters to enter the market.

Those are the big highlights for November.

If you’re curious to learn more about Bitcoin, how it can be used in your life and business, or simply want to chat, don’t hesitate to reach out.

Thanks for reading!

Lucas Bazemore