Naiw Nakamoto
October 5, 2026
Newsletters
India Pulls Bitchat 🇮🇳, Banks Sue OCC 🏦, Absa Custodies Bitcoin 🇿🇦
India pulled Bitchat from its app stores, but Bluetooth mesh and Nostr don't need a storefront to keep working.
Proof of Press
October 05, 2026 • Reading Time: 7 minutes
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Greetings Bitcoiner,
Welcome to Issue #668 of the Bitcoin Breakdown daily newsletter, where we’re rounding up the most talked-about developments in the Bitcoin-only space from the past weekend with our Quick Bits and Quick Media sections. But first, today’s Top Stories:
India ordered Jack Dorsey's Bitchat off Apple's App Store, a messenger that pairs Bluetooth mesh with Nostr. Community banks sued the OCC over crypto trust charters, putting Block's bank bid at risk. And Absa became the first African bank to custody BTC, with bitcoin the predominant asset its institutional clients hold so far.
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🇮🇳 India Orders Bitchat Off Apple's App Store
Jack Dorsey said the government of India officially removed Bitchat from Apple's App Store in India on Saturday, October 3. India's Ministry of Electronics and Information Technology issued the demand under Section 69A, and Bitchat also went missing from Google Play in India.
Why it matters: Bitchat pairs Bluetooth mesh networks with the Nostr protocol and carries Cashu ecash payments backed by Bitcoin Lightning. India's unpublished order shows how one app store listing becomes a switch a ministry can flip. Read more→
🏦 Community Banks Sue OCC Over Crypto Charters
The Independent Community Bankers of America sued the OCC on October 2 in the US District Court for the District of Columbia. The ICBA argues the OCC exceeded the authority Congress granted it by letting crypto firms obtain national trust bank charters.
Why it matters: A win could block future OCC charters, including Block's pending Builders Bank & Trust, N.A. application. The suit reveals incumbents leveraging regulation to keep potential competition out of their market. Read more→
🇿🇦 Absa Becomes First African Bank to Custody BTC
South African bank Absa has become the first African lender to custody bitcoin. Rob Downes, head of digital assets at Absa CIB, said bitcoin is the predominant asset in custody so far for its institutional clients in South Africa.
Why it matters: Absa plans to serve more client groups and African markets, subject to regulatory approvals. Bitcoin leading its custody book shows South African institutions picking scarce money first when a Big Four bank offers the choice. Read more→
Donald Trump tells TIME magazine that 'certain levels of inflation' will pay off the $40T national debt rapidly, even as his Federal Reserve chair Kevin Warsh hikes rates to fight inflation.
Bitcoin surges to about $86,950 early Monday, within $500 of its eight-month high near $87,400, then reverses as sellers stall the second rally in a week.
Blink, a Lightning wallet, publishes a post-mortem on its September 19 hack that drained 6.61 BTC from 24 accounts without two-factor authentication, and offers a 3.3 BTC recovery bounty.
Strike, a Bitcoin financial services firm led by Jack Mallers, teases a feature that pays interest in sats on users' cash balances, joining Cash App, River, 21Bitcoin in offering a similar product.
Metaplanet, a Tokyo-listed Bitcoin treasury company, sells then repurchases bitcoin to prove liquidity, adding 1,000 BTC to reach 44,000 BTC, becoming the second-largest listed corporate holder worldwide.
Strategy reports a $21B Q3 2026 gain on their Bitcoin holdings, acquires 334 BTC and repurchases $176M of STRC preferred stock, now holding 848,000 BTC in total.
Strive acquires 2,000 BTC for $169M at an average price of $84,422, lifting total holdings to 29,462 BTC.
Saifedean Ammous, author of The Bitcoin Standard, argues that Bitcoin treasury firms will struggle to rival Michael Saylor's Strategy, the largest corporate holder with 847,666 BTC, thanks to its scale and $5.02B cash reserve.
Anchorage Digital, the first federally chartered US Bitcoin and crypto bank, reportedly lays off 17% of its staff, roughly 68 jobs, as a year-long market slump drives cuts across the industry.
Bitcoin futures open interest, the total value of unsettled derivatives contracts, rises $2.3B to $56.2B since Sept. 30 as funding rates climb to 10%, signaling renewed bullish demand, according to data from CoinGlass.
Fidelity global macro director Jurrien Timmer says Bitcoin looks especially attractive after breaking resistance at $80K and targeting $100K, citing strength against gold, 30% correlation to the S&P 500, and returning flows.
Adam Back updates that Bitcoin's 200-week moving average, a long-term price floor indicator according to him, has crossed $66K, just two weeks after crossing $65K.
Bitcoin's 50-, 100- and 200-day moving averages near their first fully bullish alignment since June 2025, signalling a durable recovery, according to CoinDesk.
Rustin of Simply Bitcoin discusses how Bitcoin is outperforming gold by 66% since March during the Iran war as Trump floats inflating away the $40T debt and Treasury yields surge, though midterm election volatility poses a short-term risk to the rally (Oct 4 | 16:07 min watch).
Rob of Bitsaga posts an animated video explaining shielded bitcoin, where encrypted sealed notes swap privately inside a shared vault on Bitcoin without consensus changes, though it still requires trusting a vault operator (Oct 2 | 1:00 min watch).
ForrestHODL, a Bitcoin educator, demonstrates how the hosted email service Dead Man's Switch can pass inheritance clues to an heir after death, but warns that seed phrases and absolute secrets never belong in it because the host can read messages (Oct 3 | 7:32 min watch).
Nik Bhatia, founder of The Bitcoin Layer and a macro researcher, warns of a developing French sovereign debt crisis and possible European money creation, explaining how surging bond volatility and a stronger dollar tighten liquidity, and why a red dot signal deserves low confidence while bitcoin sits in recovery (Oct 1 | 21:50 min watch).
Joe Nakamoto, a Bitcoin content creator nurturing a broken foot, argues that cartels mining Bitcoin on stolen power in Puebla, Mexico is plausible but unproven, contrasts it with beneficial mining in Kenya and Finland, and says liking Bitcoin doesn't mean defending its misuse (Oct 4 | 10:31 min watch).
Hubertus, founder of the Bitcredit Protocol, speaking at BTC Prague 2026, argues that Bitcoin isn't yet sound money because trade runs on credit, not coin, and pitches BitCredit, a non-custodial bills-of-exchange layer, to tap the $35T world trade market and $2.5T financing gap (Oct 2 | 22:43 min watch).
