Crypto
Governments and banks once mocked Bitcoin. Now they want in on it
Bitcoin has proven to be one of the best-performing assets in modern history.
The value of the cryptocurrency has increased some 1,000 times over the past decade, far outpacing US stocks and real estate.
Buoyed by United States President-elect Donald Trump’s crypto-friendly stance, Bitcoin’s record rally hit a new high of $107,000 on Monday after the Republican reiterated his intention to create a Bitcoin strategic reserve.
Bitcoin, the first decentralised digital currency, was invented by the pseudonymous figure Satoshi Nakamoto in the wake of the 2007-2008 global financial crisis.
Nakamoto introduced the blockchain system – a digital ledger that stores transactions in a network of computers – to enable anyone to make financial transactions without the involvement of banks, financial firms or governments.
Once widely derided as a speculative asset with no intrinsic value, Bitcoin is being taken increasingly seriously by governments, financial institutions and investors alike.
Boaz Sobrado, a London-based fintech analyst, said Bitcoin has transformed from being a niche asset favoured by political dissidents and criminals carrying out Illicit transactions “to something that central banks have to keep in mind and consider”.
“The IMF has put very firm anti-crypto political guidelines into place when negotiating with countries that might require its own assistance. It’s gone from being an academic question to a practical, real one and one that central banks are taking very seriously now,” Sobrado told Al Jazeera.
In January, the US Securities and Exchange Commission (SEC) approved Bitcoin ETFs (exchange-traded funds), allowing investors to have exposure to the asset on the stock exchange for the first time.
In an October report, the US Department of the Treasury referred to Bitcoin as “digital gold”, noting its use as a store of value.
A number of countries have made big bets on the cryptocurrency.
El Salvador has accumulated some $600m worth of Bitcoin reserves and is one of just a handful of countries, along with the Central African Republic, that accepts the asset as legal tender.
Other countries, including the US and the United Kingdom, have acquired large holdings of Bitcoin through the seizure of assets implicated in criminal activity.
The US has seized at least 215,000 Bitcoins, valued at almost $21bn at current prices, since 2020, according to an analysis by crypto firm 21.co.
With Trump returning to the White House, Bitcoin supporters are hopeful that cryptocurrencies will gain unprecedented legitimacy after years of government-led crackdowns on the sector.
Despite once labelling Bitcoin “a scam”, Trump has emerged as arguably the world’s most powerful advocate for the asset.
After pledging to make the US “crypto capital of the planet”, he has picked several high-profile crypto enthusiasts to join his incoming administration, including former PayPal Chief Operating Officer David Sacks as crypto tsar and Paul Atkins as SEC chair.
Trump’s pro-crypto stance has found allies in the US Congress, such as Senator Cynthia Lummis, a Republican from Wyoming, who earlier this year introduced the BITCOIN Act of 2024, which would include Bitcoin among reserve assets such as gold and oil as a long-term store of value.
Under Lummis’s plans, the government would buy roughly 200,000 Bitcoins every year for five years, and then hold the assets for 20 years as a hedge against inflation.
“If we did that with five percent of all the Bitcoin that will ever exist – which is roughly a million Bitcoin – we could cut our debt in half in 20 years,” Lummis said in a television interview with Fox Business.
On Wall Street, derision and mockery have also given way to more positive appraisals.
BlackRock CEO Larry Fink, who once described Bitcoin as an “index of money laundering”, in January said the commodity was “no different than what gold represented for thousands of years” and an “asset class that protects you”.
‘Currency of resistance’
The key attribute of Bitcoin that makes it revolutionary is that it separates money from the state, according to Max Keiser, senior Bitcoin adviser to El Salvador President Nayib Bukele.
“This is the first time in history that this has ever happened – money exists that has no central authority controlling it. This is what makes it unique, very powerful,” Keiser told Al Jazeera.
“There’s now this growing feeling that the 21st century will be the century of Bitcoin.”
Keiser spotted Bitcoin’s potential early on and advised people to buy it when its value was only $1 in 2011. That year, he and his wife, television presenter Stacy Herbert, called Bitcoin “the currency of resistance”, and predicted it would top $100,000.
One of the reasons Bitcoin has gained strength in value is the poor performance of economies such as Argentina, where inflation last year skyrocketed more than 200 percent, according to Gerald Celente, founder and director of the New York-based Trends Research Institute.
“People were seeing their currencies being devalued… People were saying: ‘I’m losing all my money, what am I going to do?’ They can’t afford to buy gold, so they started buying whatever they could in cryptocurrencies like Bitcoin, so that kept it strong,” Celente told Al Jazeera.
Since Trump’s election, Bitcoin’s price has risen by more than 50 percent and with an incoming pro-crypto administration, Celente predicts an even greater rally.
“[The value] could go through the roof, but we don’t see [Bitcoin] going down much at all,” he said.
Crypto supporters argue that Bitcoin’s winning advantage is that its global supply is capped at 21 million.
Unlike central banks that can print money indefinitely, Bitcoin’s supply stays constant no matter the demand, which has helped boost its value against the dollar.
Armando Pantoja, futurist and tech investor, believes that Bitcoin will appreciate in value “forever”, likening the purchase of the asset to buying real estate in Manhattan.
“Bitcoin has value not because of the currency, but because of the technology that governs it, blockchain technology,” Pantoja told Al Jazeera.
“In Bitcoin’s blockchain, there’s a certain supply of Bitcoin that comes out every 10 minutes, and every four years they cut it in half. Over time there is less and less Bitcoin being generated.
“Once it reaches the limit, no more can be created… That’s why it’s going to keep going up, every four years when they cut the supply, it has to respond positively. It has to keep going up to supply the demand.”
Keiser predicts Bitcoin will reach $1m in value in the coming years, with a market cap at least equal to gold’s market cap of $20 trillion.
“That would be $1m a coin. I think that would be a conservative estimate for the price for the next three to four years,” he said.
Bitcoin’s stellar rise, however, has not convinced everyone.
Despite its recent rally, the commodity continues to be extremely volatile.
After hitting $107,000 at the start of the week, the asset had by Friday plunged below $97,000.
Many financial analysts continue to view Bitcoin as a bubble with little to support its stunning rise.
“The more resources Americans misallocate to #Bitcoin and #crypto-related businesses, the fewer resources will be available to devote to making stuff we actually need,” Peter Schiff, chief economist at Euro Pacific Capital, said in a post on X last month.
“The end result will be larger trade deficits, a weaker dollar, higher inflation, and a lower standard of living.”
Even as Trump’s positive stance towards Bitcoin has thrilled crypto enthusiasts, some pro-crypto governments have reined in their support of the sector.
El Salvador announced this week that it would privatize or close its cryptocurrency wallet “Chivo” as part of the terms of a $1.4bn loan deal with the International Monetary Fund (IMF).
Bukele’s government also agreed to make acceptance of Bitcoin by businesses voluntary, within steps to assuage the IMF’s concerns about Bitcoin-related risks.
Central bank digital currencies
Some crypto supporters see governments and central banks taking a leading role in the global march towards digitised money with the development of their own currencies.
Celente of the Trends Research Institute said the US, for example, could create its own digital currency as a way to pay off its federal debt.
“There’s no way the US can pay off their $36 trillion worth of government debt. They may come up with a new cryptocurrency as part of CBDCs (Central Bank Digital Currency),” Celente said.
“You’re seeing more and more of the central banks talking about CBDCs, they’re definitely going to go into that direction,” Celente added.
“They’re going to use this as an excuse to come up with a coin because they cannot pay off the debt that they have now. They’re going to say, ‘This [digital currency] is worth a lot more than the dollar, yuan, the euro,’ and use that to pay off their debt.”
Some observers have warned that the introduction of CBDCs would open a Pandora’s box of problems related to government control and surveillance of people’s finances.
Trump’s pick for commerce secretary, Howard Lutnick, is the CEO of Cantor Fitzgerald, which manages the stockpile of US Treasuries that back Tether, the largest stablecoin by market cap.
Stablecoins are cryptocurrencies that are pegged to a traditional commodity or currency to maintain a stable price. They have reached record volumes of more than $200bn in total market cap.
Sobrado said there could be an opening for Tether to become the national de facto privatised CBDC for the US, and for smaller economies such as the UAE, Hong Kong, Singapore and Switzerland to issue their own CBDCs.
“The pro-crypto voices and Fed-critical voices have never been louder in the White House,” Sobrado said.
Celente said he had no doubt that the future of money is digital.
“There’s no question at all,” he affirmed.
Key Takeaways
- On Thursday, Ireland’s Finance Minister, Simon Harris, launched a 30-point action plan to combat Irish money laundering and fraud.
- Crypto-assets and global financial networks face tougher regulations to halt digital illicit cash flows.
- An Garda Síochána and the Central Bank will continuously update enforcement policies through 2026.
Targeting Digital Assets and Crypto Loopholes
Ireland announced a sweeping crackdown on financial crime on June 18, unveiling a national strategy that places a major emphasis on targeting the misuse of cryptocurrency and digital finance by increasingly sophisticated criminal networks.
The new initiative, which includes a National Risk Assessment and a 30-point action plan, was launched by Tánaiste and Minister for Finance Simon Harris and Minister for Justice Jim O’Callaghan. Officials said the package is specifically engineered to close loopholes created by emerging technologies, with crypto-assets identified as a primary front in the country’s defense against illicit cash flows.
Under the new plan, Ireland will implement enhanced safeguards around crypto-assets to prevent their use in money laundering, fraud, and terrorist financing. The government plans to enforce tougher oversight on digital finance platforms alongside increased transparency around corporate ownership.
“Criminals are becoming increasingly sophisticated, exploiting technology, operating across borders and adapting rapidly to change,” Harris said during the announcement. “Government cannot stand still in the face of these threats.”
Harris emphasized that tech-driven financial crimes carry severe human costs. “Financial crime is not a victimless crime,” he said. “Behind every fraud, scam and money laundering operation, there are real victims — older people losing their savings, families being defrauded and communities harmed by criminal activity.”
The risk assessment warns that Ireland’s global financial networks are facing evolving threats. In addition to stricter cryptocurrency regulations, the 30-point plan introduces tougher anti-money laundering measures within the gambling sector, boosts intelligence sharing between state agencies, and mandates closer coordination among financial crime, tax, and customs investigators.
O’Callaghan said the roadmap provides a practical blueprint to keep Ireland’s regulatory and enforcement responses agile enough to match the pace of technological change.
“This National Risk Assessment provides a comprehensive picture of the threats we face and the actions required to address them,” O’Callaghan said, noting that the strategy will unify efforts across regulators, industry, and law enforcement.
Enforcement of the new policies will involve joint operations between government ministries, the Central Bank, Ireland’s tax authority, and An Garda Síochána, the national police force. Officials noted that the regulatory framework for digital assets will be continually updated to ensure Ireland remains a secure jurisdiction for international business.
Crypto
Best Crypto Recovery Law Firms in 2026: Leading Cryptocurrency Lawyers for Asset Recovery, Fraud Investigations and Digital Asset Disputes
Introduction
Cryptocurrency fraud has become one of the fastest-growing forms of financial crime worldwide. Investment scams, fake trading platforms, wallet compromises, pig-butchering schemes, recovery scams, phishing attacks, and hacking incidents continue to affect thousands of investors and businesses every year.
As digital assets have become increasingly mainstream, the demand for specialist cryptocurrency lawyers has grown significantly. Unlike traditional financial disputes, crypto-related matters often involve blockchain analysis, digital evidence, international jurisdictions, cryptocurrency exchanges, compliance considerations, and highly technical investigations.
The best crypto recovery law firms combine legal expertise with a deep understanding of blockchain technology, financial crime, digital asset tracing, and cryptocurrency investigations. Some specialise in assisting individual victims, whilst others focus primarily on institutions, exchanges, funds, and large-scale commercial disputes.
This guide highlights five law firms that have established reputations within cryptocurrency recovery, digital asset investigations, blockchain disputes, fraud prevention, and financial crime matters.
1. Crypto Legal
Website: https://www.cryptolegal.uk
Why We Selected Crypto Legal as Our Top Choice
Crypto Legal stands out because it combines specialist cryptocurrency lawyers, blockchain forensic investigators, intelligence analysts, compliance professionals, and digital asset experts within a single organisation.
Unlike many traditional law firms that outsource technical investigations to third parties, Crypto Legal performs blockchain investigations and forensic analysis internally. This allows legal and forensic teams to work together throughout a matter, providing clients with both legal expertise and technical blockchain intelligence.
Established in 2017, Crypto Legal has operated as a crypto-native legal and forensic practice since the early stages of the digital asset industry. The firm specialises in cryptocurrency fraud investigations, blockchain forensics, digital asset tracing, AML compliance, financial crime prevention, Web3 advisory services, and cryptocurrency-related disputes.
The firm has accumulated more than 70 industry awards and recognitions and has been recognised by organisations including the European Legal Awards, Legal Insider, Leaders in Law, and the Digital Economy Council of Australia.
Particularly impressive is Crypto Legal’s multidisciplinary structure, which combines legal professionals, blockchain investigators, forensic analysts, intelligence specialists, compliance experts, and cryptocurrency professionals under a single framework.
Key Areas of Focus:
- Cryptocurrency fraud investigations
- Blockchain forensics
- Digital asset tracing
- Asset recovery support
- Financial crime investigations
- AML compliance
- Exchange disputes
- Cryptocurrency scam investigations
- Web3 legal services
2. LegalByte
Website: https://www.legalbyte.io
LegalByte has developed a strong reputation for cryptocurrency fraud investigations, cybercrime matters, blockchain tracing, hacking incidents, wallet compromise investigations, and investment scam cases.
The firm focuses heavily on matters involving stolen cryptocurrency, fraudulent investment platforms, phishing attacks, exchange disputes, recovery scams, and digital asset tracing exercises.
LegalByte’s experience in both legal and forensic aspects of cryptocurrency investigations makes it particularly suitable for individuals and businesses seeking specialist assistance following hacking incidents or suspected fraud.
Key Areas of Focus:
- Cryptocurrency theft investigations
- Blockchain tracing
- Hacking incidents
- Investment fraud
- Recovery scam investigations
- Cybercrime matters
- Wallet compromise cases
- Financial crime investigations
3. Mishcon de Reya
Website: https://www.mishcon.com
For very large and complex cryptocurrency disputes, Mishcon de Reya is one of the most recognised names in the market.
The firm has been involved in several high-profile digital asset and fraud-related matters and possesses substantial experience handling sophisticated commercial disputes involving digital assets, fraud, asset preservation, injunctions, and cross-border litigation.
However, the firm primarily serves corporations, financial institutions, funds, high-net-worth individuals, and large commercial clients. For smaller retail recovery matters, specialist crypto-native firms may often be more suitable.
Where a matter involves significant sums, multiple jurisdictions, extensive litigation, or complex fraud structures, Mishcon de Reya remains a notable option.
Key Areas of Focus:
- Commercial fraud
- Digital asset disputes
- Asset preservation
- Cross-border disputes
- High-value litigation
- Financial crime matters
4. Andersen
Website: https://www.andersen.com
Many cryptocurrency investors are unaware that losses arising from hacks, scams, thefts, or fraudulent investment schemes may have tax implications depending on their jurisdiction and circumstances.
Andersen is one of the world’s leading tax advisory firms and has developed substantial expertise in cryptocurrency taxation, digital asset compliance, tax reporting, and crypto-related tax planning.
Whilst Andersen is not a cryptocurrency recovery firm, its expertise can be highly valuable following a loss event. Investors should understand whether losses may be reportable or potentially deductible under applicable tax frameworks.
For this reason alone, Andersen deserves consideration within any discussion relating to cryptocurrency recovery planning.
Key Areas of Focus:
- Cryptocurrency taxation
- Digital asset tax planning
- Tax compliance
- International tax matters
- Crypto reporting obligations
- Tax treatment of digital asset losses
5. CMS
Website: https://www.cms.law
CMS is one of the largest international law firms operating within the blockchain and digital asset sector.
Unlike specialist crypto recovery firms, CMS focuses more heavily on regulatory advisory work, financial services, fintech, digital asset compliance, commercial matters, and institutional legal services.
Although the firm is not primarily known for cryptocurrency recovery or blockchain investigations, its extensive international presence and expertise in financial regulation make it a valuable option for businesses, exchanges, fintech companies, and institutional participants operating within the digital asset sector.
Its inclusion highlights the importance of regulatory compliance and legal risk management in preventing cryptocurrency disputes before they arise.
Key Areas of Focus:
- Financial regulation
- Fintech advisory
- Digital asset compliance
- Commercial law
- Blockchain projects
- International legal services
Final Thoughts
Cryptocurrency recovery often requires far more than legal advice alone. Successful outcomes frequently depend upon a combination of blockchain forensics, digital asset tracing, intelligence gathering, fraud analysis, regulatory expertise, and legal strategy.
For individuals and businesses seeking specialist assistance with cryptocurrency fraud, scams, asset tracing, hacking incidents, or blockchain investigations, firms that combine legal and forensic capabilities generally offer the most comprehensive approach.
Among the firms reviewed, Crypto Legal stands out for its unique integration of legal services and in-house blockchain forensic expertise, whilst LegalByte remains a strong specialist option for hacking incidents, fraud investigations, and cryptocurrency-related cybercrime matters.
Disclosure: This content is provided by Crypto Legal. Insider Monkey’s editorial team doesn’t review the content provided by third party contributors for accuracy.
Key Takeaways
Buying the Dip, Every Day
El Salvador has once again added to its Strategic Bitcoin Reserve, summing up its strategy in four words, i.e. “Buying the dip, every day.” The latest buy continues a routine that has become a defining feature of President Nayib Bukele’s economic policy.
The country’s reserve now stands at 7,687 BTC, valued at more than $510 million, according to recent counts. Bitcoin.com News reported that El Salvador has been treating market weakness as an invitation to add to the national stack, scooping up coins even as bitcoin slid close to $66,000.
Between January and April alone, authorities added more than 1,600 coins, consistent with a long-running policy of acquiring close to one bitcoin per day regardless of short-term volatility.
That steady, mechanical approach, often described as dollar-cost averaging at the national level, has allowed the country to keep growing its holdings without trying to time the market. Each purchase is small, but the cumulative effect has pushed El Salvador into the ranks of the largest sovereign bitcoin holders.
The IMF Standoff Explained
The buying persists despite friction with the International Monetary Fund (IMF) because under a $1.4 billion financing agreement, the IMF has urged El Salvador’s public sector to halt bitcoin accumulation, and the fund has repeatedly questioned how the country reconciles its purchases with the deal’s terms.
Last year, El Salvador passed an IMF review even as it continued to expand its holdings, leaving observers puzzled over how both can be true at once.
Bukele has shown no sign of backing down as he has long insisted the country will not sell, framing its conviction with the mantra that 1 BTC = 1 BTC regardless of the U.S. dollar’s price. The government’s position is that the reserve is a long-term bet on bitcoin’s appreciation, not a trading position to be unwound during downturns.
The IMF, for its part, has argued that some of El Salvador’s reported accumulation amounts to shuffling existing coins rather than net new purchases, a characterization the government disputes. The opacity around exactly how and when coins are added has made the precise reserve figure difficult to pin down, even as the trend line points steadily upward.
A Long-Term Bet
El Salvador became the first country to adopt bitcoin as legal tender in 2021, and although it later adjusted that status under IMF pressure, Bukele has kept the reserve growing. The strategy has drawn both criticism and imitation, with other governments and corporations studying the model of steady, programmatic accumulation.
The approach has also reshaped how the country talks about its finances, given officials now report bitcoin alongside traditional reserves, and Bukele frequently uses unrealized gains on the stack as a talking point during market upswings. Either way, the reserve has become a central part of the nation’s economic identity.
Looking ahead, it will be interesting to see whether the IMF tolerates El Salvador’s trajectory or escalates its objections, thereby helping determine how far Bukele can push his bitcoin experiment.
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