Overview
- Pierre Rochard, CEO of The Bitcoin Bond Company, submitted a January 20 letter asking the Federal Reserve to treat Bitcoin as an explicit variable in the 2026 supervisory stress tests.
- His filing cites Bitcoin’s distinctive risk profile, including 73.3% annualized realized volatility versus 18.1% for the S&P 500, an 83.8% peak‑to‑trough drawdown, and daily return tails from roughly −10.0% to 10.7%.
- He argues rolling correlations with macro assets are unstable and warns that fixed equity-style betas misstate risk, urging standalone modeling rather than grouping Bitcoin with other cryptocurrencies.
- Separately, the Department of Justice confirmed via White House crypto advisor Patrick Witt that 57.5 BTC from the Samourai Wallet case were not and will not be liquidated after on-chain movement sparked speculation.
- Newer coverage frames potential inclusion as a possibility as bank exposure to spot ETFs grows—citing BlackRock’s IBIT above $70 billion in assets—while noting there is no confirmed change to the Fed’s framework.