The Rake Review: March

Bitcoin Becomes Strategic

Bitcoin didn’t just move sideways in March—it moved up the geopolitical ladder. It became more than a hedge or investment. It became strategic.

March: Bitcoin Gets the Government Stamp

The month began with low expectations. After February’s drag, few were predicting anything major. But then came Washington.

Just two days into March, Bitcoin made history—posting its first-ever $10,000 daily candle. The surge followed a pair of posts by President Donald Trump on Truth Social, where he publicly acknowledged Bitcoin, along with Ethereum, Ripple, Solana, and Cardano, as part of a proposed Strategic Crypto Reserve. For many in the Bitcoin space, it was surreal: the US president naming digital assets as strategic considerations on a public stage.

Social media erupted, and the price responded. But this wasn’t just another rally. It marked the first time Bitcoin had moved not because of market cycles or ETF news—but because of political messaging. The asset was now firmly entangled in policy.

And that was only the beginning.

A couple days later, Trump signed an executive order establishing the Strategic Bitcoin Reserve (SBR)—making Bitcoin an official reserve asset held by the United States. The reserve would be built using 200,000 BTC already in government possession, mostly from seizures and forfeitures, with a formal commitment to retain, not sell.

This move didn’t come with a flashy buying program or massive market intervention. But it came with something more important: recognition. The world’s most powerful economy had just placed Bitcoin alongside oil, gold, and foreign currencies in its strategic framework.

For years, Bitcoin had been the outsider. Suddenly, it was sitting at the table.

April: The Month Tariffs Go Live

While March was about policy, April brings pressure. On 2 April, reciprocal tariffs between the US and potentially 25 other countries are set to go live—marking the official start of what many are calling the next global trade war.

For markets, this isn’t just about trade—it’s about what follows. Tariffs raise costs, strain supply chains, and often feed inflation. And in an already fragile global economy, this could be the spark that reignites a broader volatility cycle.

Bitcoin now sits in the middle of that conversation. Will it behave like a risk asset and falter under global pressure? Or will it rise as a hedge, a tool for sovereign resilience, just as the SBR narrative suggests?

April will begin to answer those questions.

Breaking down the Strategic Bitcoin Reserve:

The details of the SBR matter—and they tell a story of gradual but meaningful integration.

200,000 BTC now held as a reserve asset
Valued at roughly $17.6B, these coins will not be sold
No new market purchases are authorised (yet), but future expansion is on the table
Other seized cryptocurrencies—like ETH and XRP—are being held in a separate stockpile

This isn't a speculative play. It's a signal: that Bitcoin has utility beyond investment. It's now being treated like energy reserves, precious metals, and other national stores of value.

And while this move doesn’t change Bitcoin’s fundamentals, it changes the context in which those fundamentals exist. It elevates the asset’s standing—especially as nations start to weigh their own positions on digital sovereignty and reserve diversification.

What Happens Next?

The SBR doesn't immediately move markets. But it reshapes the long-term game. If the US is willing to hold Bitcoin as a matter of strategy, how long until others follow?

Meanwhile, the tariffs going live in April create a fresh wave of uncertainty. Global growth expectations are being revised down. Inflation risks are back in the headlines. And monetary policy—once expected to ease—may have to stay tight for longer.

That’s where Bitcoin re-enters the conversation. Not for its price today, but for what it represents in a world where traditional levers—money printing, debt, central bank intervention—are under more scrutiny than ever.

Transitory tariffs – Powell:

Earlier this month, markets eagerly awaited Jerome Powell’s press conference following the Federal Reserve’s decision to hold rates. Not because of the rate itself, but to hear his views on Trump’s tariffs that had been shaking the markets. Powell was surprisingly dovish in tone and labelled Trump’s tariffs as ‘transitory’ and unlikely to impact inflation in the long run. This suggests the main source of uncertainty may not last long—so this period should be seen as an opportunity to accumulate Bitcoin and other assets.

Australian Federal Budget

The annual budget report has been released, and a major threat to superannuation is being proposed: a potential tax on unrealised gains on assets held within superannuation for those with balances over $3 million. Whilst Bitcoin in SMSFs isn’t immune to these changes, the continuous government interventions in what was introduced as a stable, long-term vehicle highlight the importance of becoming self-sovereign—and Bitcoin is the doorway to doing so.

War Updates: Russia vs Ukraine, Middle East Conflict

March 2025 escalated tensions as Russia’s deadly strikes in Ukraine intensified, ceasefire talks with Trump stalled, and Ukrainian President Zelensky faced a dramatic exit from the White House mid-month, signaling U.S. frustration with Kyiv’s demands, whilst no progress has been made in the Middle East. Global markets shuddered, with oil leaping $3-$5 per barrel, lifting energy and defense stocks, yet the S&P 500 plunged 6.3% for the month. Gold surged 8%, soaring as the safe haven bid intensified amid geopolitical chaos and inflationary pressures.

Top 10 cryptocurrencies by market cap

Here is the fast five of what you need to know about the market in March 2025:

Bitcoin falls 3.33% in March
Ethereum falls 20% to below $2,000 for the first time since November 2023
Tron returns to the top 10, displacing STETH after Ethereum’s poor month
World Liberty Financial set to launch its own USD stablecoin ‘USD1’
Total crypto market cap loses 3.11%, down to $2.66T

Video of the month

' Is Bitcoin flourishing or crashing under Trump? ~ A Chat with Bisher from Stormrake'

Education: Why Bitcoin is a Hedge Against Monetary and Fiscal Policy

Imagine a world where your savings lose value not because you spent them—but because someone else decided to tweak the system. Whether it’s money printing, reckless government spending, or political chaos, the value of your money is often at the mercy of decisions you didn’t make.

That’s the problem Bitcoin was built to solve.

Now, in an era of trade wars, ballooning deficits, and inflation risk, Bitcoin is gaining new attention—not just as an investment, but as a hedge. A digital shield against bad policy.

Let’s break it down.

Why Was Bitcoin Created in the First Place?

Bitcoin launched in 2009 during the fallout of the global financial crisis. Banks were failing, governments were bailing them out, and people were losing trust in the system.

The very first line of Bitcoin’s whitepaper sets the tone:

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

Bitcoin was designed to cut out the middlemen—banks, central banks, governments. It’s decentralised, meaning no single entity controls it. Instead, it’s run by code and secured by a global network of users.

It’s like a digital piggy bank that only you can access, with no one able to change the rules after the fact.

Free from Government Control

Bitcoin operates outside of traditional financial systems. No central bank or government can change its code or manipulate its supply.

That makes it powerful. In a world where most currencies are controlled by central authorities, Bitcoin stands alone as a self sovereign form of money—neutral, borderless, and censorship-resistant.

It gives individuals the ability to opt out of local monetary regimes and hold wealth in a digital asset that can’t be inflated away or politically weaponised.

Sovereign: Escaping Monetary Expansion

When governments want to stimulate the economy or fund massive spending, they often “print money”—increasing the supply of fiat currency. That dilutes the value of every dollar in circulation.

Bitcoin doesn’t play that game.

Only 21 million BTC will ever exist. That number is hard-coded and cannot be changed. No central bank, no emergency meeting, no stimulus bill can alter that.

So when money printing ramps up—like it could in response to the 2025 US–global tariff battle—Bitcoin becomes attractive as a scarce digital asset: a financial lifeboat in a sea of endless liquidity.

Protection from Currency Devaluation

When a nation’s currency drops in value—because of inflation, trade wars, or political instability—citizens often lose purchasing power, especially on imports or travel. That’s currency devaluation.

Bitcoin isn’t tied to any one country or central bank. It exists globally, and its value is determined by open markets—not national policy.

In places like Venezuela or Turkey, people turned to Bitcoin as their local currencies collapsed. In 2025, similar concerns are bubbling again in places like Argentina, and even in developed markets facing inflation shocks.

Bitcoin offers a way to opt out.

Hedge Against Political Risk and Fiscal Mismanagement

Bad policy isn’t just theoretical—it hits wallets. Whether it’s rising national debt, aggressive taxation, or government overreach, there’s always the risk that political decisions will erode the value of your savings.

Bitcoin is a hedge against all forms of government overreach.

From war in Eastern Europe to Australia’s super tax changes, we’re seeing more people diversify into Bitcoin as a way to insulate themselves from poor fiscal decisions. It’s portable, self-custodied, and completely detached from political agendas.

In a world where trust in governments is declining, Bitcoin becomes more than just a hedge—it’s a plan B.

The Bottom Line

Bitcoin started as a rebel idea to ditch banks and give power back to people. Free from government control, immune to money printing, and resilient to political missteps—it’s a hedge when the system starts to crack.It’s not perfect (prices can swing wildly), but for those worried about monetary and fiscal chaos, Bitcoin’s a simple, bold answer: control your own cash, no strings attached.

Memes of the Month

Written by Alexandar Artis

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