Bitcoin rebound, Strategy losses, & Iran crypto economy (Crypto Series Part XXXIX)

This is part 39 of the crypto series. In this episode we examine Bitcoins performance over the last month through a chart and multiple articles. Has Bitcoin found a new resistance level? Will it see continued increases? Has Satoshi Nakamoto been found? Coinbase receives conditional approval from the OCC for a bank trust charter. Franklin Templeton acquires crypto firm 250 Digital to be included in their new Franklin Crypto unit. PayPal, Convera, and Nium are racing to incorporate stablecoins in cross-boarder plays. Strategy purchases an additional $1 billion in Bitcoin after posting a $14.5 billion unrealized loss in the 1^st quarter of 2026. Iran’s crypto economy has increased to approximately $7.8 billion as crypto and stablecoin have aided both their citizens and the regime. FDIC sets stablecoin standard for banks. White House Economic Council downplays stablecoin threat on bank deposits in new report. This episode examined multiple articles from The Epoch Times, The Wall Street Journal, S&P Global, Investopedia, CNBC, and Coinbase.  

Review of Bank Director’s 2026 Risk Survey

Bank Director has released their 2026 Risk Survey. Key findings from the survey include regulatory risk recedes, examiners are learning on the job, cybersecurity oversight, identifying cybersecurity gaps, credit risk concerns, and risk responsibility. Bank are feeling better about being overburdened by bank regulators. They also feel like new bank examiners are inexperienced. Less than 50% of bank board’s brought in an outside cybersecurity expert to learn from. 89% of banks did conduct a tabletop exercise of their cybersecurity incident response plan. Overall credit and commercial real estate were top concerns this year. 54% of banks surveyed employ a Chief Risk Officer (CRO).  This episode reviewed an article from Bank Director titled “2026 Risk Survey: AI exposes threats, knowledge gaps” and the 2026 Risk Survey report. Links to both are included below.  

Link: 2026 Risk Survey: AI Exposes Threats, Knowledge Gaps | Bank Director

Link: 2026-Risk-Report-Open.pdf

Review of JPMorgan CEO Jamie Dimon’s annual letter to shareholders

JPMorgan Chase CEO Jamie Dimon released his 2025 letter to shareholders as part of the bank’s annual report. Mr. Dimon listed five main concerns which include inflation, intensifying competition, Americans’ loss of trust in government, artificial intelligence, and weak allies. Mr. Dimon was critical of Basel III and G-SIB proposals from regulators. In addition, Mr. Dimon has concerns about Private Credit, but notes that even if losses are elevated through the next credit cycle they will not rise to the level of being a systemic problem. This episode reviewed JPMorgan Chase CEO Jamie Dimon’s annual letter to shareholders. A link to the website is included below.  

Link: Jamie Dimon’s Letter to Shareholders, Annual Report 2025 | JPMorganChase

Remembering Frédéric Bastiat

The sunk cost fallacy is a mindset of continuing onward with an investment or project based on past information even though logic dictates that the outcome will not be favorable. Even when we are faced with flawed reasoning, human nature will not allow us to change course because of aversion to waste and the need to be right. The sunk cost fallacy can occur in both business and government. The sunk cost fallacy emanates from a sunk cost expense, which is a lost amount of time, money, or effect, that cannot be regained. Behavioral economics tells us that the foundation of sunk cost fallacy is psychological and tied to several biases which include loss aversion, commitment bias, and endowment effect. This episode reviewed articles from Investopedia and The Epoch Times (subscription required).