15
References

An extensive list of sources cited or consulted in this publication

Bitcoin at sweet sixteen

^{[i] “How to Value Bitcoin and Other Cryptocurrencies,” Lyn Alden, INVESTMENT STRATEGY, Originally published: November 2017 (updated since then with editor’s notes).}^{How to Value Bitcoin and Other Cryptocurrencies - Lyn Alden}

^{[ii] “BlackRock’s Bitcoin ETF Gets Record Inflow Ahead of US Election,” Sidhartha Shukla, October 31, 2024, Bloomberg Law.}^{BlackRock’s Bitcoin ETF Gets Record Inflow Ahead of US Election}^.

^{[iii] “The Bitcoin Standard: The Decentralized Alternative to Central Banking”, Saifedean Ammous, 2018, WILEY.}^{The Bitcoin Standard: The Decentralized Alternative to Central Banking: Ammous, Saifedean: 9781119473862: Amazon.com: Books}

Bitcoin adoption in the UK

^{[iv] “Cryptocurrency Statistics: How Many People Invest in Crypto in 2024?”, George Sweeney, DipFA & Sophie Barber, October 17, 2024.}^{Cryptocurrency statistics: How many people invest in crypto in 2024?}

^{[v] “The 2024 Global Adoption Index: Central & Southern Asia and Oceania (CSAO) Region Leads the World in Terms of Global Cryptocurrency Adoption,” Chain Analysis Team, September 11, 2024, Chain Analysis.}^{2024 Global Crypto Adoption Index - Chainalysis}

^{[vi] “The Rise of Crypto Hubs: Which Cities are Leading the way in Cryptocurrency Adoption?”, Don Howitt, January 26, 2023.}^{The Rise of Crypto Hubs: Cities Leading Adoption Recap Report}

^{[vii] “Crypto Ownership Among Consumers in the United Kingdom (UK) in the Three Months Prior to November 2022, By Age and Gender”, Statista Research Department, May 29, 2024, Statista.}^{Crypto ownership in UK, by age and gender 2022 Statista}

Catalysing a global transformation in cross-border payments

^{[viii] “Remittances: Funds for the Folks Back Home”, Dilip Ratha, IMF.}^{Remittances: Funds for the Folks Back Home}

^{[ix] “The Lightning Network Grew by 1212% in 2 Years”, Sam Wouters, October 10, 2023, River Research.}^{https://blog.river.com/the-lightning-network-in-2023/}

^{[x] “B2B Cross-border Payments: Complete 2023 Guide”, Chris Harmse, July 18, 2023, BVNK Blog.}^{B2B cross-border payments: complete 2023 guide | BVNK Blog}

^{[xi] “HTX Announces Strategic Partnership with IBEX to Jointly Promote Global Bitcoin and Lightning Network Applications”, August 12, 2024, HTX Square.}^{HTX Announces Strategic Partnership with IBEX to Jointly Promote Global Bitcoin and Lightning Network Applications}

^{[xii] “Strike Expands ‘Send Globally’ to Mexico, the Largest Market for Cross-Border Payments from the U.S.”, June 14, 2023, Business Wire.}^{Strike Expands “Send Globally” to Mexico, the Largest Market for Cross-Border Payments from the U.S. | Business Wire}

^{[xiii] “87% Bitcoin Holders Regularly Send Or Receive Cross-border Remittances: Survey”, Business Today Desk, October 5, 2023, Business Today.}^{87% Bitcoin holders regularly send or receive cross-border remittances: Survey – BusinessToday}

Bitcoin as a store of value: the gold standard of the digital age

^{[xiv] “Silver Standard, Definition,” The Editors of Encyclopaedia Britannica, Britannica Money.}^{Silver standard | Definition, History, & Facts | Britannica Money}

^{[xv] “Silver Standard: What it Means, How it Works, Example”, Jason Fernando, Updated August 31, 2022, Investopedia.}^{Silver Standard: What it Means, How it Works, Example}

^{[xvi] “Here’s Why Gold Has So Much Further to Run,” Arian Neiron, November 3, 2024, Australia Financial Review.}^{Trump trade: Here’s why gold has so much further to run}

^{[xvii] “Broken Money: Why Our Financial System is Failing Us and How We Can Make it Better”, Lyn Alden, paperback edition published on August 20, 2023 by Timestamp Press.}^{Broken Money Why Our Financial System Is Failing Us And How We Can Make It Better by Alden, Lyn - Amazon.ae}

^{[xviii] “The Bitcoin Standard: The Decentralized Alternative to Central Banking”, Saifedean Ammous, 2018, Wiley Press.}^{The Bitcoin Standard: The Decentralized Alternative to Central Banking: Ammous, Saifedean: 9781119473862: Amazon.com: Books}

Bitcoin as an investment

^{[xix] “The 2024 survey, conducted by PwC and the Alternative Investment Management Association (AIMA).}^{https://www.pwc.com/gx/en/industries/financial-services/crypto-services/sixth-annual-global-crypto-hedge-fund-report.html}

^{[xx] “2023 Institutional Investor Digital Assets Outlook Survey”, Institutional Investor, November 16, 2023.}^{https://www.coinbase.com/en-es/institutional/research-insights/resources/education/2023-institutional-investor-digital-assets-outlook-survey}

^{[xxi] “David Krause on the State of Wisconsin Investing in Bitcoin,” PBS Wisconsin, May 31, 2024.}^{https://pbswisconsin.org/news-item/david-krause-on-the-state-of-wisconsin-investing-in-bitcoin/}

Bitcoin mining in the UK, and far beyond

^{[xxii] “Bitcoin Mining: Flexible Load for Sustainable Grids – A Message to the incoming Government,” Bitcoin UK, July 9, 2024.}^{Bitcoin Mining: Flexible Load for Sustainable Grids - A Message to the incoming Government - Bitcoin Policy}

^{[xxiii] “Top Ten Bitcoin Mining Countries and Their Renewable Electricity Mix,” Chris Dickert and Zack Aboulazm, October 12, 2023, Visual Capitalist.}^{Top 10 Bitcoin Mining Countries and Their Renewable Electricity}

^{[xxiv] “Iceland: The Unlikely Bitcoin Mining Hub,” September 8, 2023, Industry Leaders magazine.}^{Iceland: The Unlikely Bitcoin Mining Hub}

^{[xxv] “Middle East Oil Producers Move Into Bitcoin Mining With Crusoe Energy Stakes,” June 3, 2022, Coin Desk.}^{https://www.coindesk.com/business/2022/06/03/middle-east-oil-producers-move-into-bitcoin-mining-with-crusoe-energy-stakes/}

^{[xxvi] “PermianChain and Ejada Forge Partnership to Build Distributed Digital Energy Infrastructure in Saudi Arabia,” October 29, 2023, Maaal News.}^{https://en.maaal.com/archives/202310/permianchain-and-ejada-forge-partnership-to-build-distributed-digital-energy-infrastructure-in-saudi-arabia/}

^{[xxvii] “Russia's Gazpromneft and BitRiver Partner to Develop Crypto Mining Operations,” Jun 16, 2022, Coin Desk.}^{https://www.coindesk.com/business/2022/06/16/russias-gazpromneft-and-bitriver-partner-to-develop-crypto-mining-operations/}

Bitcoin mining in the UK, and far beyond (continued)

^{[xxviii] “Bitcoin Production Roars Back in China Despite Beijing’s Ban on Crypto Mining,” Ryan Browne, May 18, 2022, CNBC.}^{https://www.cnbc.com/2022/05/18/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.html}

^{[xxix] “Texas Is Home to Nearly 30% of All Bitcoin Hash Rate — Foundry,” September 27, 2023, Coin Telegraph.}^{https://cointelegraph.com/news/texas-home-nearly-30-percent-bitcoin-hash-rate-foundry}

Bitcoin regulations in 2025

^{[xxx] “ETPs Get Approval to List on the London Stock Exchange”, Vivek Sen, May 22, 2024, Bitcoin Magazine.}^{Bitcoin ETPs Get Approval to List on the London Stock Exchange - Bitcoin Magazine - Bitcoin News, Articles and Expert Insights}^.

^{[xxxi] “Fidelity International lists Bitcoin ETP on the LSE,” Piyasi Mitra, Funds Europe, August 5, 2024.}^{Fidelity International lists Bitcoin ETP on the LSE - Funds Europe}

^{[xxxii] “Global Crypto Policy Review and Outlook 2023/24: Toward Consistent Standards and Regulatory Clarity”, TRM Labs.}^{TRM Report: Global Crypto Policy Review & Outlook 2023/24 (trmlabs.com)}

^{[xxxiii] “2023 Crypto Crime Trends: Illicit Cryptocurrency Volumes Reach All-Time Highs Amid Surge in Sanctions Designations and Hacking”, Chain Analysis, Jan 11, 2023.}^{2023 Crypto Crime: Illicit Crypto Volumes Reach All-Time Highs - Chainalysis}

^{[xxxiv] “Policy Professor’s International Study Reveals Weaknesses in Global Efforts to Combat Money Laundering”, School of Public Policy, May 28, 2024.}^{Policy Professor’s International Study Reveals Weaknesses in Global Efforts to Combat Money Laundering | UMD School of Public Policy}^.

Bitcoin regulations in 2025 (continued)

^{[xxxv] “Money Laundering Statistics for 2023: A Comprehensive Overview”, Kundan Agarwal, Coin Law, October 27, 2023.}^{Money Laundering Statistics Report 2023 (coinlaw.io)}

^{[xxxvi] “UK Leads International Crackdown on Crypto Tax Evaders”, UK government website, November 10, 2023.}^{UK leads international crackdown on crypto tax evaders - GOV.UK (www.gov.uk)}

^{[xxxvii] “CryptoLink - August 2024 Updates”, JD Supra, September 13, 2024.}^{CryptoLink - August 2024 Updates | Akin Gump Strauss Hauer & Feld LLP - JDSupra}

^{[xxxviii] “SEC’s Enforcement Authority Over Crypto Asset Transactions Upheld (Again) in Case Against Coinbase”, Cory S. Flashner et al, Mintz, April 18, 2024.}^{SEC’s Enforcement Authority Over Crypto Asset Transactions Upheld (Again) in Case Against Coinbase | Mintz}^.

^{[xxxix] “Markets in Crypto-Assets Regulation (MiCA),” European Securities and Markets Authority.}

^{[xl] “France’s Shock Election Wins Will Upend Crypto Tax Cuts, Industry Fears,” Inbar Preiss, DL News, July 8, 2024.}^{France’s shock election wins will upend crypto tax cuts, industry fears – DL News}

^{[xli] Global Crypto Policy Review & Outlook 2023/24, TRM Labs.}^{TRM Report: Global Crypto Policy Review & Outlook 2023/24}

^{[xlii] “Leaving the Wild West: Taming Crypto and Unleashing Blockchain,” Remarks by the IMF Managing Director Kristalina Georgieva delivered at the MOEF-BOK-FSC-IMF International Conference on Digital Money December 14, 2023, Seoul, South Korea, IMF.org.}^{Leaving the Wild West: Taming Crypto and Unleashing Blockchain}^.

^{[xliii] FSB Global Regulatory Framework for Crypto-Asset Activities: Umbrella Public Note to Accompany Final Framework, July 17, 2023, Financial Stability Board.}^{P170723-1.pdf (fsb.org)}

UK’s position in the global bitcoin race

^{[xliv] The 2023 Global Crypto Adoption Index,” Chain Analysis Team, Chain Analysis, September 12, 2023.}^{Chainalysis: The 2023 Global Crypto Adoption Index}

^{[xlv] “Cryptocurrency Statistics: How Many people Invest in Crypto?”, Danny Butler and Sophie Barber, Finder, June 18, 2024.}^{www.finder.com/uk/cryptocurrency/cryptocurrency-statistics}

^{[xlvi] “2023 Global Bitcoin Ownership Overview”, Christopher Bendiksen, CoinShares, Mar 23, 2023.}^{2023 Global bitcoin Ownership Overview | by Christopher Bendiksen | CoinShares Research Blog}

^{[xlvii] “The 2023 Global Crypto Adoption Index: Central & Southern Asia Are Leading the Way in Grassroots Crypto Adoption”, Chain Analysis, Chain Analysis Team, September 12, 2023.}^{Chainalysis: The 2023 Global Crypto Adoption Index}

^{[xlviii] “Bitcoin Adoption Trends by Alexander Leishman,” MicroStrategy World 2024, May 1, 2024.}^{(1127) Bitcoin Adoption Trends by Alexander Leishman - MicroStrategy World 2024 - YouTube}

^{[xlix] “Appeal of Indirect Bitcoin Trading on London Stock Exchange Will Be Limited, Research Suggests,” Chris Mahony, Bayes Business School, July 23, 2024.}^{Appeal of indirect Bitcoin trading on London Stock Exchange will be limited, research suggests | Bayes Business School (city.ac.uk)}

^{[l] “The Giving Block Celebrates Six Years of Crypto Philanthropy”, Pat Duffy and Alex Wilson, May 22, 2024, The Giving Block.}^{The Giving Block Celebrates Six Years of Crypto Philanthropy - The Giving Block}

^{[li] “Cryptocurrency: The Future of Charity Fundraising?”, Megan Ruddlesden, Alzheimer’s Research UK, September 10, 2024.}^{Cryptocurrency – the future of charity fundraising? - Alzheimer's Research UK (alzheimersresearchuk.org)}

^{[lii] “Merchants Getting Ready for Crypto,” Deloitte, August 18, 2021.}^{us-cons-merchant-getting-ready-for-crypto.pdf (deloitte.com)}

^{[liii] “Crypto Payroll: The Complete Guide for Global Businesses,” March 22, 2024, BVNK Industry Insights.}^{Crypto payroll: The complete guide for global businesses | BVNK Blog}

^{[liv] “S.4356 - Lummis-Gillibrand Responsible Financial Innovation Act,” July 6, 2022, Congress.gov.}^{https://www.congress.gov/bill/117th-congress/senate-bill/4356/text}

The future of money: Bitcoin’s potential role in reshaping global economies

^{[lv] “ Bipartisan Support Builds For Strategic Bitcoin Reserve,” Sam Lyman, October 2, 2024, Forbes.}^{Bipartisan Support Builds For Strategic Bitcoin Reserve (forbes.com)}

^{[lvi] “Global Public Debt Is Probably Worse Than it Looks,” Era Dabla-Norris, Davide Furceri, Raphael Lam, Jeta Menkulasi, October 15, 2024, IMF Blog.}^{Global Public Debt Is Probably Worse Than it Looks (imf.org)}

^{[lvii] “Public Sector Finances, UK: September 2024,” October 22, 2024.}^{Public sector finances, UK - Office for National Statistics}

^{[lviii] “Pensions in the National Accounts, a Fuller Picture of the UK’s Funded and Unfunded Pension Obligations: 2018”, February 8 2021, UK Office of National Statistics.}^{Pensions in the national accounts, a fuller picture of the UK’s funded and unfunded pension obligations - Office for National Statistics}

^{[lix] “Public Sector Pension Bill Exceeds UK GDP for the First Time,” Sara Banwell, Pensions Expert, July 21, 2023.}^{Available to Registered users only - Pensions Expert}

^{[lx] U.S. National Debt Surpasses $35 Trillion“, July 29, 2024, House Budget Committee.}^{U.S. National Debt Surpasses $35 Trillion | The U.S. House Committee on the Budget - House Budget Committee}

^{[lxi] “A National Debt Of $14 Trillion? Try $211 Trillion”, NPR staff, August 6, 2011, NPR.}^{A National Debt Of $14 Trillion? Try $211 Trillion : NPR}

^{[lxii] “What is the National Debt?”, fiscaldata.treasury.gov.}^{Understanding the National Debt | U.S. Treasury Fiscal Data}

^{[lxiii] “Global Debt Hits New Record High at $313 Trillion -IIF”, Jorgelina Do Rosario, Feb 21, 2024, Reuters.}^{Global debt hits new record high at $313 trillion -IIF | Reuters}

The future of money: Bitcoin’s potential role in reshaping global economies (continued)

_{[lxiv] “What Is ‘Global Debt’ - And How High Is It Now?”, Victoria Masterson and Madelaine North, Dec 23, World Economic Forum.}_{Global debt is at $307 trillion. Why does it matter? | World Economic Forum (weforum.org)}

_{[lxv] “U.S. Debt Interest Payments Reach $1 Trillion,” Niccolo Conte and Dorothy Neufeld, April 16, 2024, Visual Capitalist.}_{U.S. Debt Interest Payments Reach $1 Trillion (visualcapitalist.com)}

_{[lxvi] “The Economic Consequences of the Peace,” Chapter 6, “Europe After the Treaty,” John Maynard Keynes, 1919.}_{Inflation (1919) | SpringerLink}

_{[lxvii] “The Global Economic Reset—Promoting a More Inclusive Recovery”, Kristalina Georgieva, June 11, 2020.}_{The Global Economic Reset—Promoting a More Inclusive Recovery (imf.org)}

_{[lxviii] “Central Bank Digital Currency Tracker”, Atlantic Council.}_{Central Bank Digital Currency Tracker - Atlantic Council}

_{[lxix] “Central Bank Digital Currencies: A Solution in Search of a Problem?”, House of Commons Economics Affairs Committee, Jan 13, 2022.}_{Central bank digital currencies: a solution in search of a problem? Report published - Committees - UK Parliament}

_{[lxx] “Thailand’s Digital Wallet Goes Live”, Chris Dixon, Global Policy Institute, Aug 18, 2024.}_{Thailand’s Digital Wallet Goes Live – Global Policy Institute (gpilondon.com)}