US President Donald Trump pardoned Ross Ulbricht on Tuesday, ending the double life sentence handed down to the Silk Road founder. 

Ulbricht, aged 40, was convicted of creating and operating the Silk Road marketplace, where illegal goods and services were sold using Bitcoin.  generating over $200 million in transactions.

Ross Ulbricht is Finally Free After More Than a Decade of Imprisonment

This move fulfilled Trump’s campaign promise to release Ulbricht, whose case had become a landmark in the legal and crypto worlds. His arrest in 2013 marked one of the first major prosecutions involving the emerging use of cryptocurrencies for illicit activities.

The Silk Road platform operated between 2011 and 2013. It hosted over 100,000 users engaged in the sale of illegal drugs and services worth approximately $214 million. 

“I just called the mother of Ross William Ulbright to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross. He was given two life sentences, plus 40 years. Ridiculous,” said US President Donald Trump. 

The FBI dismantled the marketplace in 2013 and seized 69,370 Bitcoins, which are now valued at more than $6 billion. Last month, the Biden administration authorized the sale of these Bitcoins before leaving office.

Trump had previously announced his intention to commute Ulbricht’s sentence during a speech at the Libertarian National Convention in May. 

The Libertarian Party had long advocated for his release. They criticized the case as government overreach and used it as an example in their broader push for drug policy reform.

“Ulbricht was sentenced to two life sentences, plus 40 years, a sentence worse than the worst drug sellers on the site,” wrote Collin Rugg.

Prediction platform Polymarket had estimated a 93% chance that Trump would grant clemency to Ulbricht during the first 100 days. That prediction materialized in just two days.

There was speculation that Trump might use the confiscated BTC to establish a national Bitcoin reserve. However, those assets had already been liquidated under Biden’s administration.

A Punishment Too Harsh? 

Back in 2022, BeInCrypto sat down with Ross’s mother, Lyn Ulbricht, who gave an honest account of her son.  

Lyn mentioned that she doesn’t condone her son’s actions and thinks Ross Ulbricht deserves the punishment. However, like most of the community, she was concerned about the severity and longevity of the sentencing.

“He wants to solve problems and to help make the world a better place, which is a lot of why he loves Bitcoin, because it opens up prosperity for people who can’t get a bank account and people. That’s his idealism,” said Lyn.

Lyn told BeInCrypto that Ross already severed a decade and learned his lesson. His true intention was never to facilitate illegal trade.

Rather, he wanted a marketplace where people could interact and communicate freely. However, he failed to consider the malicious actors. 

Overall, today’s presidential pardon will allow Ross Ulbricht to regain some of his life. 

Lawmakers in Oklahoma and Texas are pushing forward proposals to establish a strategic Bitcoin reserve, reflecting the growing adoption of the digital asset in public finance.

In Texas, State Senator Charles Schwertner introduced a bill to make Bitcoin a reserve asset, allowing the state to collect taxes, fees, and donations in BTC. 

States are Pushing for a Bitcoin Reserve 

With the largest budget surplus among US states, Texas aims to leverage Bitcoin as part of its financial strategy. According to Schwertner’s proposal, the state wants to be the first to establish such a reserve to become a leader in this space. 

“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve,” Schwertner wrote on X (Formerly Twitter). 

President-elect Trump’s inauguration is less than a week away, and it’s evident that Republican state leaders will relentlessly try to adopt BTC as a strategic reserve asset – at least at the state level, if not as a national reserve. 

Meanwhile, Oklahoma Representative Cody Maynard introduced House Bill 1203 today, dubbed the Strategic Bitcoin Reserve Act. The bill proposes allocating a portion of the state’s pension funds and savings accounts to Bitcoin.

Like other states, Oklahoma also wants to use BTC as a potential hedge against inflation. 

“Bitcoin represents freedom from bureaucrats printing away our purchasing power. It is the ultimate store of value for those who believe in financial freedom and sound money principles,” Maynard stated.

US Lawmakers are Recognizing BTC’s Store of Value

The movement to integrate Bitcoin into state finances is not limited to these states. 

In November 2024, Pennsylvania lawmakers proposed the state Treasury invest up to 10% of its assets in Bitcoin. Representative Mike Cabell emphasized that Pennsylvania could follow private asset managers like BlackRock and Fidelity. 

On January 10, North Dakota and New Hampshire joined the trend, introducing their own Bitcoin reserve bills. Notably, New Hampshire’s legislation uses broader terminology like “digital assets.” This indicates a potential interest in cryptocurrencies beyond Bitcoin.

Currently, 13 US states are considering Bitcoin reserve legislation, marking a significant shift in its role within public finance.

Globally, interest in Bitcoin reserves is growing as well. Countries like Japan, Switzerland, and Russia are exploring strategies to incorporate BTC into their financial systems. Vancouver, for example, has already approved Bitcoin as part of its municipal reserves.

Also, asset management firm VanEck predicts that adopting Bitcoin reserves could reduce the US national debt by 36% by 2025. These developments signal Bitcoin’s rising significance as governments and institutions seek innovative solutions to strengthen their financial resilience.

HashKey Group has revealed its top 10 market predictions for 2025. The leading digital asset management and financial services provider shared insights derived from a community-driven voting process.

The predictions reflect potential milestones in cryptocurrency adoption, regulatory advances, and technological innovation.

HashKey Shares 10 Milestones to Watch in 2025

Describing 2025 as the “gateway to the Golden Decade of Web3,” HashKey Group Chairman and CEO Dr. Xiao Feng emphasized that regulatory compliance, traditional capital inflows, and technological breakthroughs will play pivotal roles in shaping the market.

“With regulatory compliance taking center stage, a surge in traditional capital inflows, and accelerating technological breakthroughs, the cryptocurrency market is poised for extraordinary growth,” he said.

With this, the firm shared research findings detailing predictions from a nine-day voting period. It cites responses from nearly 50,000 community members who weighed in on 16 forecasts curated by HashKey researchers, analysts, and traders.

Bitcoin and Ethereum Surge to Record Highs

First, HashKey anticipates Bitcoin and Ethereum surging to record highs. Bitcoin, often referred to as “digital gold,” is predicted to surpass $300,000, while Ethereum, dubbed “digital oil,” is expected to exceed $8,000. The total cryptocurrency market capitalization is projected to reach a staggering $10 trillion, marking unprecedented growth.

Rise of Decentralized Exchanges

The digital asset manager also predicts the rise of decentralized exchanges (DEXs). Specifically, it forecasts DEXs to leverage artificial intelligence (AI) agents and meme-driven strategies to significantly increase market share.

Meanwhile, centralized exchanges (CEXs) are likely to adopt DeFi strategies, attracting capital with high-yield investment products.

Stablecoins Reach New Heights

Further, HashKey says stablecoins could reach new heights, with their market capitalization exceeding $300 billion. It cites the demand for compliant, yield-bearing, and real-world asset (RWA)-backed stablecoins as the potential fuel for this growth.

$3 Trillion Inflows from STOs, ETFs, and CBDCs

The research also predicts $3 trillion in inflows from STOs (security token offerings), ETFs (exchange-traded funds), and CBDCs (central bank digital currencies). Such an outcome would bolster the overall value of the crypto market.

Explosive Growth in AI Agents

It also forecasts that AI agent applications will drive significant advancements in data storage, collaborative networks, and decentralized verification systems, reshaping the technological playing field.

Layer-2 Solutions

The Layer-2 (L2) ecosystem is also expected to bifurcate into two main categories: application-specific chains and general-purpose chains. The digital asset management and financial services company says this would help address diverse scalability and usability needs.

FIT21 Act

HashKey also predicts regulatory breakthroughs under the FIT21 Act. It pegs this expectation to the Trump administration, which is predicted to approve the bill. Based on the report, such an outcome would help accelerate cryptocurrency legalization globally.

Simultaneously, non-compliant crypto businesses are likely to face intensified regulatory scrutiny.

Bitcoin Reserve

The firm also says Bitcoin could emerge as a strategic reserve asset supporting the US dollar. It joins VanEck, which recently argued that a strategic Bitcoin reserve could slash US debt by 36% by 2050.

Meanwhile, HashKey holds that the US may leverage this role to stabilize its currency and maintain demand for US Treasury bonds.

New ETF Approvals

HashKey also predicts the approval of new ETFs, citing assets like Solana (SOL) and XRP to attract substantial institutional investment into the crypto market. Nevertheless, recent reports indicate that Litecoin (LTC) could make faster headway in this regard.

“We had heard chatter that the Litecoin S-1 had gotten comments back from SEC. This looks to confirm that which bodes well for our prediction that Litecoin is most likely to be the next coin approved,” said ETF expert Eric Balchunas.

Balchunas’ remarks followed Canary Capital’s recent move to amend its S-1 for its Litecoin ETF filing. The amendment comes three months after the firm’s initial expression of interest in the financial instrument.  

According to analysts, Litecoin, being a Bitcoin fork, is better positioned to receive a regulatory green light for its ETF under the regulator’s guidelines. Unlike most crypto assets, the SEC regards BTC as a commodity and may apply a similar rationale to LTC.

Crypto Stocks on the Rise

HashKey says crypto-themed stocks, including mining and infrastructure companies, could gain significant attention on the Nasdaq, which, according to the report, would drive a wave of investor interest.

Taken together, these 10 predictions highlight transformative developments in the crypto space, offering a glimpse into what may lie ahead. They paint a bullish picture for the crypto industry, with a particular focus on the increasing intersection of traditional and digital finance.

If these forecasts materialize, 2025 could mark a defining moment for the cryptocurrency market. Specifically, it could solidify the industry’s position as a cornerstone of the global financial system.