Archive 2025

At 10 years old, David Carvalho wrote his very first computer virus. It didn’t steal passwords, nor did it erase hard drives. It simply displayed a terrifying message on the screen: "You have been infected by Sunday. Your hard drive is being formatted." A prank, certainly, but in retrospect, it heralded something much larger: the emergence of a mind that would later advise NATO on cyber warfare and build what could become the most important security infrastructure of the post-quantum era. This journey, from a curious child in rural Portugal to the CEO of Naoris Protocol, is now recounted in a captivating interview on When Shift Happens. Carvalho reveals his personal evolution, but more importantly, why the trust model on the Internet is fundamentally broken, and how he plans to fix it.

When the crypto market wobbles, some bitcoin mining companies manage to come out on top. In May 2025, despite a tense consolidation phase for BTC, mining companies recorded their highest monthly revenues since the April 2024 halving. This remarkable result was achieved in a context of technical correction, where caution dominates trading. This resurgence in profitability, driven solely by the valuation of bitcoin, highlights the underlying tensions of an increasingly price-dependent model.

Morgan Stanley shakes the markets. Indeed, the investment bank forecasts a 9% drop in the US dollar within a year, bringing the currency down to its lowest levels since the pandemic. A shocking projection, published on May 31, which challenges the greenback's dominant status in the global monetary order and fuels fears of a lasting shift in international financial balances.

Circle makes a splash on the stock market! The issuer of USDC aims for 7.2 billion dollars for its IPO. Massive support from BlackRock, oversized ambitions, regulated crypto model... this entry to Wall Street could redefine the rules of the game. So, revolution or absorption?

As global trade lines shift under geopolitical pressure, Moscow is considering swapping traditional currencies for cryptocurrencies for its agricultural exports. This is not a marginal experiment but a massive project: the settlement of 49.5 million tons of grain could be done in crypto. An initiative that, if realized, would redefine the rules of trade for sanctioned states and impose blockchain as an alternative to dominant financial systems.

WisdomTree already has its ETF, but the SEC wants to rethink the rules. Bitcoin in-kind? Possible. Behind this step towards innovation, the agency is sharpening its tools to maintain control.

With a new market capitalization record, stablecoins are further increasing their dominance in the crypto market.

Ethereum (ETH) is back in the spotlight. The recent Pectra upgrade, activated on May 7, 2025, introduced significant improvements, including raising the staking limit to 2,048 ETH, boosting network efficiency, and enhancing wallet features. These upgrades aim to strengthen Ethereum’s position against competitors like Solana. In parallel, speculation around Ethereum spot ETFs, which might include staking, is fueling investor enthusiasm. Combined with a potential “altcoin season,” now may be the ideal time to ride ETH’s next bullish wave. But how can you benefit without spending hours analyzing charts? The answer may be Runbot.