Allianz declared Bitcoin (BTC) a “credible store of value” in a recent investment report, marking the first time the $2.5 trillion asset manager has endorsed digital assets as a legitimate institutional investment.

The report, titled “Bitcoin and Cryptocurrencies: The Future of Finance,” represents a dramatic shift from Allianz’s 2019 policy against Bitcoin investments. 

The German investment giant now characterizes Bitcoin’s evolution from “an experimental protocol into a credible store of value” as fundamental to modern portfolio construction.

The report stated:

“Bitcoin’s deflationary design, decentralised governance, and low correlation to traditional markets have made it an attractive hedge and long-duration asset.” 

Allianz highlighted Bitcoin’s 0.12 correlation with the S&P 500 and negative 0.04 correlation with gold, positioning it as an effective portfolio diversifier.

Institutional adoption drives recognition

Allianz cited accelerating institutional adoption as a key factor in Bitcoin’s legitimization. The report noted that corporate treasuries surpassed exchange-traded funds (ETFs) in Bitcoin purchases for three consecutive quarters through the second quarter, with public companies acquiring approximately 131,000 BTC in the second quarter alone.

The asset manager emphasized university endowments’ emerging crypto strategies, highlighting Emory University as the first U.S. institution to disclose significant Bitcoin investments publicly. 

Allianz characterized this trend as signaling “the integration of digital assets into both operational and investment strategies across higher education.”

Federal Reserve Chairman Jerome Powell’s recent acknowledgment of Bitcoin as a “digital counterpart to gold” further validated institutional acceptance, according to the report. 

Allianz noted that regulatory clarity improvements globally have eliminated major barriers to institutional participation.

Infrastructure maturation enables access

The report credited infrastructure development with facilitating institutional entry. Regulated exchanges like Coinbase, institutional-grade custodians including Fidelity Digital Assets, and SEC-approved spot Bitcoin ETFs have “bridged the gap between traditional finance and crypto.”

Allianz described Bitcoin’s transformation as “one of the most profound shifts in modern finance,” predicting continued integration into mainstream portfolios. 

The firm expects real-world asset tokenization and decentralized finance to “substantially expand crypto’s total addressable market.”

The endorsement carries significant weight given Allianz’s status as one of Europe’s largest asset managers. A piece from the company’s policy issued in 2019 explicitly avoided crypto investments due to regulatory uncertainty and volatility concerns.

Allianz concluded that “barring any unforeseen calamity or global collapse due to technological flaws,” Bitcoin represents a permanent addition to the financial system rather than a speculative trend.

It further stated that digital assets are “not just a complement to but a cornerstone of our global financial future.”

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Big banks are making it harder and more expensive for consumers to use fintech and crypto apps, which amounts to what could be seen as “Operation Chokepoint 3.0.”

That’s according to Alex Rampell, General Partner at venture capital firm Andreessen Horowitz (a16z). In its latest fintech newsletter, Rampell pointed to traditional financial institutions charging high fees to access account data or move money, particularly to services like Coinbase or Robinhood, as a move to strangle the competition.

“Under the Biden administration, Operation Chokepoint 2.0 tried to debank and deplatform crypto,” Rampell said. “That era has ended, but now the banks are aiming to implement their own Chokepoint 3.0 — charging insanely high fees to access data or move money to crypto and fintech apps — and, more concerningly, blocking crypto and fintech apps they don’t like,” he added.

Chokepoint 2.0 refers specifically to the debanking of crypto businesses and executives as a result of pressure exerted during President Joe Biden’s administration by regulatory authorities like the Federal Deposit Insurance Corp (FDIC). After Donald Trump was elected U.S. president, the Chokepoint 2.0 ended as regulators reversed many of the directives put in place during the previous administration.

JPMorgan accusation

JPMorgan Chase, one of the largest U.S. banks, was singled out as an example.

Under current U.S. law, specifically Section 1033 of the Dodd-Frank Act, consumers have a right to access their own financial data.

But banks are now asserting control over how that data is delivered electronically, sometimes charging fees for access to information as basic as routing and account numbers.

A16z’s executive argued that such tactics could make transferring funds to alternative platforms more costly, deterring users and reducing competition.

“If it suddenly costs $10 to move $100 into a crypto account,” Rampell wrote, “maybe fewer people will do it. And if JPM and others can block consumers from connecting their own freely chosen crypto and fintech apps to their bank accounts, they effectively eliminate competition.”

Rampell’s words echo those of Gemini co-founder Tyler Winklevoss, who said JPMorgan charging fintech platforms for access to customer banking data will “bankrupt” them. “This is the kind of egregious regulatory capture that kills innovation, hurts the American consumer, and is bad for America.”

Read more: Winklevoss Claims JPMorgan Halted Gemini Onboarding After Data Access Fees Criticism

JPMorgan hasn’t address the platform directly, but did address the criticism. The bank told Forbes that nearly 2 billion monthly requests for user data come from third parties, and that by charging fees it aims to curb misuse.

Rampell, meanwhile, is calling on the Trump administration to stop such practices by the banks before they become standard among the rest of the financial institutions.

“In a perfect world, consumers would vote with their wallets. But every bank will likely do this, and getting a new banking charter takes years. Many banks have hostages, not customers,” Rampell said.

“We don’t need a new law; we just need the administration to prevent this callous and manipulative attempt to kill competition and consumer choice,” he added.

US Democratic lawmakers, led by House members Maxine Waters and Stephen Lynch, announced on July 11 that next week will be designated “Anti-Crypto Corruption Week.”

The initiative aims to unite Democrats in opposing several pro-crypto bills that are currently under consideration in Congress, including the GENIUS Act, the CLARITY Act, and a proposed law aimed at preventing the creation of a central bank digital currency (CBDC).

The push against these crypto legislations comes as Washington prepares for the “Crypto Week,” during which lawmakers hope to finalize these bills. Proponents of the proposals argue that they could reshape the crypto landscape and further cement the US’s status as a leader in the sector.

Anti-crypto corruption week

In their joint statement, Waters and Lynch argued that it may lead to fraud and entrench controversial crypto ventures linked to President Donald Trump.

According to Waters, these bills could allow bad actors to exploit the system, furthering Trump’s alleged corrupt activities that have benefited him and his allies financially.

She also criticized the legislation for lacking consumer protections and national security safeguards.

According to her:

“The irony couldn’t be more glaring: the same Republicans who rail against a government-backed digital dollar in the name of ‘freedom’ are now rushing to hand over the keys to Americans’ financial future to Trump’s illegal and corrupt crypto empire.”

Waters concluded that the bills would approve activities undermining trust in the US financial system.

She added:

“Republicans are sending a clear message to the American people that they are unwilling to stand up to the crypto lobby, and even more disturbingly, that they are too cowardly to stand up to the President. Well, Democrats are not afraid, and will spend this week reminding the public of the true cost of this corruption.”

Lynch also echoed similar views in his statement, warning that the Anti-CBDC bill could slow US research into digital currencies, giving countries like China an upper hand in the emerging technology.

He said:

“The volatile and risky nature of crypto products and the lack of investor protections will likely have devastating consequences on Americans’ financial lives, and Congress cannot allow it to undermine our traditional financial markets which are the envy of the world.”

Notably, the Democratic lawmakers’ position is consistent with their broader skepticism toward the crypto industry.

For context, Connecticut’s Democratic-majority legislature recently passed a law banning state agencies from investing in digital assets, which Governor Ned Lamont signed into law.

Nationally, prominent Democrats such as Senator Elizabeth Warren continue to voice concerns about the risks associated with cryptocurrencies, reinforcing the party’s caution towards the emerging sector

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Julia Smith

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Julia Smith

About Author

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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July 11, 2025

Ranking member of the House Financial Services Committee Maxine Waters (D-CA) Congressman Stephen Lynch (D-MA) announced July 11 that next week will be known as “Anti-Crypto Corruption Week” on Captiol Hill.

Democrats Push Back On GOP Crypto Week

According to the Friday notice posted on the House Financial Services Committee’s website, Democratic lawmakers will be pushing against the Republican Party’s planned “Crypto Week” in opposition to their political opponents’ mobilization to pass crypto legislation.

Specifically, Waters and Lynch called out both the CLARITY Act and the GENIUS Act by name in the notice, going so far as to call the proposed rulemaking “dangerous pieces of crypto legislation.”

The two U.S. lawmakers also took aim at U.S. President Donald Trump’s crypto ventures, claiming his dive into the world of digital assets is merely a part of his “evil and corrupt crypto empire.”

“Aside from lacking urgently needed consumer protections and national security guardrails, these bills would make Congress complicit in Trump’s unprecedented crypto scam – one that has personally enriched himself, his entire family, and the billionaire insiders in his cabinet, all while defrauding investors,” Waters said.

Donald Trump’s Digital Asset Ventures Questioned

Trump has garnered increased scrutiny in recent months over his affiliation with novel crypto platform, World Liberty Financial, over their new USD1 stablecoin as well as his the launch of his namesake memecoin $TRUMP.

Critics of Trump’s ties to the blockchain sector allege that his Trump-affiliated cryptocurrencies may pose ethics concerns as anyone – including those involved in foreign governments – may purchase and hold the coins.

“My Republican colleagues are eager to continue doing the bidding for the crypto industry while conveniently ignoring the vulnerabilities and opportunities for abuse that exist in crypto – especially given President Trump’s acceptance of billions of dollars in investment in his family crypto business from foreign governments and his blatant conflicts of interest,” said Congressman Lynch.

Crypto Journalist

Anas Hassan

Crypto Journalist

Anas Hassan

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Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

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July 1, 2025

Connecticut Governor Ned Lamont has officially signed into law a comprehensive “Bitcoin Reserve Ban” that prohibits the state from accepting, holding, or investing in digital asset.

The legislation, known as H.B. 7082, passed unanimously through both the state House of Representatives and Senate without a single opposing vote.

The new law explicitly bars Connecticut and its political subdivisions from accepting virtual currency as payment or establishing any form of digital asset reserve.

This positions Connecticut as one of the most restrictive states regarding cryptocurrency adoption, contrasting sharply with the growing trend of Bitcoin reserve legislation across the United States.

The timing appears particularly significant, as 26 states have introduced 47 Bitcoin reserve bills, with Texas, New Hampshire, and Arizona already having approved state-level Bitcoin reserve frameworks.

Connecticut’s decision effectively removes it from the national conversation around strategic crypto adoption for public treasuries.

The legislation extends beyond investment restrictions to comprehensive regulations governing the transmission of money.

Crypto businesses must now provide extensive disclosures about material risks, including warnings about fraud potential, market volatility, and the irreversible nature of transactions.

Additional protections require parental verification for users under 18 years old.

States Rally Around Bitcoin Adoption Despite Federal Uncertainty

Crypto adoption at the state level is aggressively growing and starkly contrasts with this new Connecticut move.

Texas leads the movement with Governor Greg Abbott signing Senate Bill 21, establishing America’s first state-funded Bitcoin reserve entirely separate from the state treasury.

Texas Comptroller Glenn Hegar will oversee the fund, with companion legislation HB 4488 protecting reserves from routine fund reallocations.

Senator Charles Schwertner led the initiative, arguing, “the state of Texas should have the option of evaluating the best performing asset over the last 10 years.“

New Hampshire also achieved a historic milestone by becoming the first state to pass laws allowing public funds to be invested in Bitcoin reserves.

Governor Kelly Ayotte signed legislation permitting up to a 5% allocation in digital assets with a market capitalization exceeding $500 billion, effectively targeting Bitcoin exclusively.

California is also not left out with its progressive adoption through Assembly Bill 1180, which unanimously passed with 78 Assembly Members supporting pilot programs for digital asset fee payments.

The Department of Financial Protection and Innovation will create frameworks for cryptocurrency-based government transactions by 2025.

Arizona, however, presents a complex picture, with Governor Katie Hobbs vetoing comprehensive Bitcoin reserve legislation while simultaneously signing HB 2749, which creates frameworks for managing unclaimed digital assets.

The state maintains multiple active bills, including revised HB2324, which recently passed Senate reconsideration.

Corporate adoption accelerates regardless of state-level policies, with 252 entities now holding Bitcoin, representing approximately 16.57% of the total supply.

Strategy maintains the largest position at 597,325 BTC worth $63.93 billion, with the most recent purchase being 4,980 Bitcoin for $531.1 million, at an average price of approximately $106,801 per bitcoin.

Regulatory Patchwork Creates Compliance Challenges

Notably, the new Connecticut law mandates extensive compliance measures, including customer identification protocols, transaction receipt requirements, and robust risk disclosure frameworks that exceed federal minimums.

Money transmission licensees must maintain virtual currency holdings equal to customer obligations while prohibiting unauthorized use of controlled assets.

The legislation establishes that virtual currency held by licensees becomes property interests of claimants, creating additional legal protections for consumers.

Several states have abandoned their efforts to reserve Bitcoin, creating an inconsistent national landscape.

Florida withdrew House Bill 487 and Senate Bill 550 during legislative sessions, joining Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma in failed adoption attempts.

Positively, some other states are still in the process. For instance, Michigan introduced House Bill 4087, which allows for a 10% treasury allocation to cryptocurrencies.

At the same time, Ohio advanced Senate Bill 57, which creates exclusive Bitcoin reserve funds with mandatory five-year holding periods.

Similarly, North Carolina also passed legislation permitting a 5% investment allocation pending validation by third-party oversight.

Additionally, West Virginia’s Inflation Protection Act proposes a 10% treasury allocation to digital assets with a market capitalization exceeding $750 billion, effectively limiting investments to Bitcoin and select stablecoins.

The legislation positions precious metals and cryptocurrencies as inflation hedges against government spending deficits.

Oklahoma has also approved the Strategic Bitcoin Reserve Act through the House Committee with a 12-2 vote, allowing for a 10% public fund allocation to digital assets that meet market capitalization thresholds.

The state previously passed Bitcoin Rights legislation protecting self-custody rights and transaction freedoms.