Bitcoin took a hit this week after President Trump's remarks on Iran rattled oil markets and spilled into crypto, but the selloff was cushioned by a wave of bullish signals from institutional heavyweights. BlackRock CEO Larry Fink declared himself bullish on digital assets, while Michael Saylor's Strategy built a $3 billion cash buffer around its bitcoin stack. In other news, the CFTC backed prediction market Kalshi in its legal fight with Michigan, and venture capitalist Tim Draper reflected on his early miss on Coinbase.
Trump's Iran comments
Trump's latest comments on Iran sent oil prices higher and bitcoin lower this week. The president's remarks, which raised the specter of further conflict in the Middle East, triggered a risk-off move across markets. Crypto wasn't spared — bitcoin slid alongside crude, though the drop was modest compared to oil's spike.
Larry Fink's bullish turn
BlackRock's CEO surprised many by coming out as openly bullish on crypto. Fink, who once called bitcoin an index of money laundering, now says digital assets are here to stay. The shift from the world's largest asset manager adds weight to the institutional adoption narrative, even as short-term macro jitters persist.
Michael Saylor's $3B cash buffer
Strategy's Michael Saylor isn't letting the Iran noise shake his conviction. The company built a $3 billion cash buffer around its bitcoin holdings, a move that signals confidence in the long-term play. Saylor has been stacking sats for years, and this buffer gives Strategy room to weather volatility — or buy more if prices dip further.
CFTC backs Kalshi in Michigan
The Commodity Futures Trading Commission threw its weight behind Kalshi in the prediction market's legal battle with Michigan regulators. The CFTC argued that Kalshi's event contracts are not gambling and fall under federal jurisdiction. The case is being watched closely as a potential precedent for how prediction markets are treated in the U.S.
Tim Draper on missing Coinbase
Tim Draper, the venture capitalist known for early bets on Tesla and Skype, reflected this week on passing up an early investment in Coinbase. He later joined the ride, but the miss still stings. Draper's candor is a reminder that even the best VCs don't catch every wave — and that crypto's biggest winners often come from conviction, not timing.
