Roger Ver, a leading cryptocurrency advocate and early Bitcoin investor, has urged a US court to dismiss tax evasion charges filed against him. He is most popularly known as ‘Bitcoin Jesus’ among his 745,000 followers on X (formerly Twitter). 

Ver, 45, was arrested in February while attending a crypto conference in Barcelona. He is facing allegations of evading over $48 million in taxes and filing a false tax return.

Bitcoin Jesus Claims His Arrest Was Politically Driven

The charges are based on the sale of $240 million worth of cryptocurrencies and an “exit tax” linked to Ver’s renunciation of US citizenship in 2014. Prosecutors are seeking his extradition from Spain, where he awaits a court decision.

According to Bloomberg reports, Ver’s legal team has dismissed the indictment as politically motivated. They claim it represents the Biden administration’s heavy-handed approach to cryptocurrency enforcement. 

His lawyers argue the charges are part of a broader effort to regulate the sector through enforcement rather than clear policy measures.

Meanwhile, the case has drawn widespread attention in the cryptocurrency industry. Critics are accusing the US government of targeting high-profile crypto figures to set an example. 

“His crime? He didn’t commit one, but that doesn’t matter in the age of American Lawfare. What Roger did do was promote a revolutionary decentralizing technology that radically empowers citizens,” popular author Bret Weinstein wrote on X (Formerly Twitter)

Ver has been a vocal critic of US crypto regulation. He has long advocated for decentralized financial systems and the adoption of Bitcoin as a global currency. 

However, the government has successfully prosecuted several high-profile crypto figures over the past year. Earlier today, former Celsius CEO Alex Mashinsky pled guilty to multiple fraud charges. 

The government has also successfully prosecuted all major affiliates of Sam Bankman-Fried linked to the FTX collapse. 

A Legacy in Bitcoin

Nicknamed “Bitcoin Jesus,” Ver was among the first to promote Bitcoin when its value was less than $1. He would often give away BTC to followers to encourage adoption. He has also invested in leading crypto companies such as Ripple Labs, BitPay, and Kraken.

Born in the US, Ver moved to Japan in 2006 and became a citizen of Saint Kitts and Nevis in 2014 after renouncing his American citizenship. 

His arrest by Spanish authorities earlier this year has reignited debates on US cryptocurrency regulations and the treatment of industry pioneers. However, this is not his first legal battle. Ver has previously faced multiple lawsuits from crypto companies, including Genesis and ConFLEX. 

MicroStrategy has purchased $1.5 billion worth of Bitcoin, while Marathon Digital Holdings is raising $700 million to extend its Bitcoin purchases. 

MicroStrategy’s acquisition adds 15,400 bitcoins to its portfolio, bringing its total holdings to 402,100. The company now owns nearly 2% of the capped 21 million bitcoin supply.

Public Companies Continue an Extensive Trend of Bitcoin Purchases

This purchase further extends MicroStrategy’s lead as the largest corporate Bitcoin holder. In November alone, the company purchased over $12 billion worth of BTC. The latest acquisition was completed at an average price of $95,976 per bitcoin. 

Despite this move, MSTR stock prices fell nearly 1% during Monday trading. However, its year-to-date gains have mirrored Bitcoin’s performance, surging by nearly 500% so far this year. This rally recently placed MicroStrategy among the top 100 public companies in the US. 

Since its first Bitcoin purchase in 2020, Saylor has advocated for companies to use Bitcoin as a treasury reserve asset. He also recently suggested Microsoft’s board of directors and its CEO Satya Nadella to invest in Bitcoin, saying that Microsoft should be powered by digital capital. 

Earlier in October, Microsoft’s board urged its shareholders to vote against a proposal that suggested that the company diversify its portfolio through Bitcoin. 

“There’s a pretty low supply of Bitcoin over the counter, so you have a supply shortage, and if Bitcoin moves above $100,000, there will be a big chase. I’m still confident that Bitcoin is going to close much higher before year-end, well above $100,000. It’s just a matter of time,” Entrepreneur Thomas Less said on CNBC today. 

Meanwhile, Bitcoin mining firm Marathon Digital Holdings (MARA) announced a $700 million private offering of 0% convertible senior notes due in 2031. The offering, subject to market conditions, will target institutional investors under the Securities Act.

The notes, classified as unsecured senior obligations, will not bear interest. At the company’s discretion, they may be converted into cash, MARA common stock, or a combination of both.

MARA plans to allocate $50 million from the proceeds to general corporate purposes, including Bitcoin purchases, capital expenditures, and other growth initiatives. Additionally, part of the funds will go toward repurchasing its 2026 convertible notes to optimize its capital structure.

These developments highlight the growing interest in Bitcoin as a strategic asset among publicly traded companies. These firms are demonstrating an extremely bullish outlook for the leading cryptocurrency. Pantera Capital even predicted BTC to reach $740,000 by 2028. 

Crypto investment inflows experienced a sharp contrast last week, dropping to $270 million, signaling a slowdown after consecutive weeks of strong activity.

Year-to-date inflows have reached a record $37.3 billion, reflecting the continued growth of institutional interest in cryptocurrencies despite market volatility.

Crypto Inflows Drop Amid Profit Booking

Bitcoin faced significant outflows of $457 million last week, marking the first notable retreat since early September. It comes after a series of positive flows into digital asset investment products as BTC reached new highs. Specifically, crypto inflows reached $3.12 billion the prior week.

The impact of macroeconomic trends also played a role. Two weeks ago, inflows hit $2.2 billion as optimism surrounding a Republican sweep in US elections and a softer stance from the Federal Reserve buoyed investor sentiment.

However, momentum appears to be fading. Following the initial post-election rally, inflows have moderated. Last week’s figures also reflect a significant pullback compared to the $1.98 billion seen immediately after the elections. CoinShares’ James Butterfill attributes the selloff to profit-taking after Bitcoin approached the $100,000 psychological level.

“We believe is profit taking following bitcoin testing the very psychological level of $100,000,” Butterfill wrote.

Meanwhile, experts have divided Bitcoin’s outlook. Pessimistic analysts, including prominent figures like former Wall Street quant Tone Vays, forecast further downside.

Vays disclosed his decision to exit all long positions at $97,800, reflecting caution among seasoned traders. The analyst expressed skepticism about Bitcoin sustaining its $100,000 breakthrough this year.

“Still think sustaining a $100,000 break this year is unlikely.  Will be more than happy to be wrong OR Buy the Dip sub for $90,000! Might even consider a short,” he expressed.

Conversely, more optimistic views persist. Fundstrat’s Tom Lee remains bullish, projecting Bitcoin to reach $250,000 by the end of 2025. However, Lee’s team acknowledges potential short-term setbacks, with some expecting a dip to $60,000 before resuming its upward trajectory.

Robert Kiyosaki, the author of Rich Dad Poor Dad, echoed this sentiment but highlighted that any dip is a buying opportunity for long-term accumulation.

“Bitcoin is stalled short of $100,000. That means BTC may crash to $60,000. If and when that happens, I will not sell,” Kiyosaki stated.

While Bitcoin faced outflows, Ethereum recorded a massive $634 million in inflows, signaling renewed investor confidence in the asset. Ethereum’s YTD inflows have reached $2.2 billion, supported by a growing shift in sentiment as traders pivot to altcoins amid Bitcoin’s short-term uncertainty.

The crypto exchange-traded products (ETPs) market saw a drop in trading volumes, declining to $22 billion last week from $34 billion the week before.

Even with the introduction of options on US ETFs (exchange-traded funds), their effect on overall market volumes has been limited. This development raises concerns about the level of sustained institutional interest in these financial instruments.