AUSTIN — Last spring, on a Friday morning, Mark Suman decided to take a sick day from his role as a senior engineering project manager at Apple. He headed downtown to the Bitcoin Commons, an informal gathering place dedicated to supporters of the leading cryptocurrency, located just a short distance from the Texas State Capitol. During that period, Suman described himself as “an active hobbyist,” engaging with the technology during his free time. “I even experimented with it a little at Apple,” he noted. “While I can’t disclose much, we were always investigating new technologies, and I explored some open-source Bitcoin tools at Apple, doing exploratory work.”
Suman attended the annual ‘Bitcoin Takeover’ event and was eager to experience it firsthand after following many of the speakers online. He took the day off to immerse himself in the environment. “I was in the audience, eager to enter the space and create something innovative,” he reflected. What unfolded next marked a significant shift in his career: he met a developer after a talk and was introduced to other coders involved in a project named Mutiny. A few months later, Suman resigned from Apple and, alongside the developers he met, co-founded Open Secret, a startup revolutionizing the storage of user data in the cloud. The company’s approach encrypts data to individual users, ensuring that even if a breach occurs, there is nothing valuable to steal, as Suman explained, eliminating the risk of a centralized data “honeypot.”
Parker Lewis, a prominent figure at the Bitcoin Commons, actively contributes to educational initiatives surrounding Bitcoin adoption and policy. “There are many sleepless nights,” Suman admitted, acknowledging the personal stakes involved in his transition. “I have a family and children, including one away at university.” With years of experience in privacy infrastructure and tackling complex technical challenges regarding user protection at scale, he recognized an opportunity to enhance these efforts using blockchain technology. “Apple often boasts about its commitment to privacy,” he mentioned. “Having worked there, I’ve seen firsthand how deeply they prioritize privacy at every level.” The vision he encountered at the Commons reinforced his determination, as the builders present were all intensely focused on creating meaningful innovations.
### Inside Austin’s Bitcoin Hub
Bitcoin Commons occupies the second floor of the Littlefield Building, strategically located at the intersection of Congress Avenue and Sixth Street, where the broad road leading to the Capitol meets the vibrant nightlife scene of Austin. This juxtaposition serves as a fitting metaphor for the venue itself. By day, it operates as a bright, open-plan coworking space for Bitcoin developers and enthusiasts. By night, it becomes a gathering spot for unconventional developers and informal meetups. The events hosted here attract a diverse mix of venture capitalists, open-source contributors, off-grid energy technicians, and Lightning engineers—developers focused on enhancing Bitcoin’s usability and affordability. As happy hour approaches, the kitchen area transforms into a bar.
“Bitcoin represents the most significant technological advancement of our lifetime and deserves recognition,” stated Parker Lewis, one of the Commons’ leaders and the author of a new book titled “Gradually, Then Suddenly.” He continued, “While Bitcoin lacks a CEO or marketing team, we at the Bitcoin Commons, along with Bitcoin enthusiasts worldwide, strive to educate people about Bitcoin, its importance, ongoing developments, and our vision for the future.” Dan Lawrence, CEO of OBM, which oversees energy management for large-scale mining operations, remarked on the positive atmosphere, expressing gratitude for the U.S. government’s evolving stance on Bitcoin under the current administration. “Regardless of what transpires elsewhere, everyone here will always advocate for Bitcoin,” he affirmed.
The “Bitcoin Commons” serves as a clubhouse for Austin’s Bitcoin advocates, offering a variety of programming, including conferences and hackathons, along with daytime coworking facilities. This year, the Commons exudes a different energy—not due to changes among Bitcoin proponents, but because of the shifting global landscape. The mood is optimistic, strategic, and even triumphant. Bitcoin’s price trajectory reflected this sentiment, climbing to an unprecedented high of nearly $110,000 in January, coinciding with the inauguration of Trump. Although it dipped to the low $70,000s by early April, it rebounded to approximately $85,000 by Saturday morning—showcasing the market’s volatility and responsiveness to political events and investor sentiment.
Just a year ago, the atmosphere at the Commons was more cautious, even as Bitcoin, an asset largely shielded from securities regulations, felt the impact of a stringent regulatory environment. Developers worldwide faced arrests, wallet providers encountered pressure, and open-source projects landed on sanctions lists, leading to an atmosphere of uncertainty. The looming question was, who would be next?
### The Shift in Political Climate
Then came the election. Trump’s return to the White House initiated a series of pro-Bitcoin policy actions. Within his first 100 days, he pardoned Silk Road founder Ross Ulbricht and three co-founders of the BitMEX crypto exchange, established a Strategic Bitcoin Reserve, and appointed a “crypto czar” to oversee federal digital asset initiatives. Even skeptics found themselves acknowledging this shift. “I was in Nashville during Trump’s address at the Bitcoin 2025 conference, and I hadn’t planned to attend,” Suman recalled. “But when someone like him is in town, you make it a point to be there.”
Suman expressed that he feels Trump has largely delivered on his promises to the crypto community, yet he remains cautious. “I’m not one to wholeheartedly embrace politicians,” he clarified. “I maintain a neutral stance regarding political affiliations. My trust is contingent on observing the tangible outcomes in our lives. So far, things appear to be progressing positively, but it could change at any moment.”
### A Cautious Optimism
Kevin Hurley, CTO of Lightspark, observes that Washington’s approach to crypto seems to be evolving, with regulators like the SEC adopting a less confrontational stance—shifting from lawsuits to clearer frameworks for capital markets. “Hopefully, we will finally gain clarity on what constitutes a security and what can be done,” he expressed. However, even in a more favorable political environment, there remains a pervasive caution regarding government involvement within the crypto community.
Joe Kelly, CEO of Unchained—a startup that assists clients in securely storing Bitcoin through private key management—cautioned against the potential pitfalls of the U.S. government acquiring significant amounts of Bitcoin. “That could lead to unforeseen consequences,” he warned. Currently, the government’s Strategic Bitcoin Reserve has left some digital asset advocates unimpressed, as it only includes Bitcoin obtained through enforcement actions, rather than newly acquired assets or sovereign investments. Nonetheless, the administration has instructed the Treasury and Commerce Departments to investigate budget-neutral methods of acquiring additional Bitcoin.
Kelly acknowledges the shift in regulatory sentiment but remains cautious about premature celebrations, despite significant market advancements such as the launch of exchange-traded funds (ETFs) that broaden access to Bitcoin for investors. “Had the ETF been introduced too early, it might have distracted from the efforts of those focused on actual technological development,” he noted. “Fortunately, for the most part of Unchained’s existence, we haven’t had an ETF,” he added, highlighting the firm’s commitment to educating investors on safe crypto storage.
### The Insurance Landscape
The evolving regulatory environment has also impacted the insurance sector. Becca Rubenfeld, COO of Anchor Watch, indicated that regulatory changes are paving the way for Bitcoin to be recognized as a financial asset. Traditional insurance providers typically do not cover Bitcoin directly; instead, they insure the surrounding infrastructure. However, if Bitcoin gains status as an admitted asset on insurance company balance sheets, it could transform the landscape. “The industry is currently underserved,” Rubenfeld stated. “Anchor Watch specifically insures the asset itself through our proprietary custody solution. When customers use our custody services, they gain access to Lloyd’s of London-backed insurance.”
The demand for such services is on the rise, along with the urgency to develop and secure the technical infrastructure that supports Bitcoin’s functionality. Mike Schmidt, executive director of Brink, which funds open-source Bitcoin developers through a nonprofit model, stressed the necessity of supporting the engineers responsible for Bitcoin’s foundational infrastructure. “Bitcoin needs engineers,” he asserted. “We are dealing with a $2 trillion asset, and numerous countries hold strategic reserves of Bitcoin. Yet, only a small number of engineers are actively maintaining the code base.”
### The Future of Bitcoin Development
Lisa Neigut, who began her career as a back-end engineer at Cash App, where she worked on internal Bitcoin products, later transitioned to Blockstream, spending six years as an open-source developer on the Lightning Network. Nowadays, she leads Bitcoin++, one of the most significant technical conference series in the field, with six events planned across multiple countries this year. “Bitcoin++ aims to unite Bitcoin developers and builders to discuss their ongoing projects—the frontier of Bitcoin,” Neigut explained. “It provides insight into what Bitcoin may look like in the future.”
This sense of momentum resonates with filmmaker Alana Mediavilla, who spent five years at Google creating films about big data and cloud infrastructure. At the Commons, she premiered her new documentary, “Dirty Coin,” a feature-length exploration of Bitcoin’s energy consumption and the individuals behind its infrastructure. “Having invested time in the cloud industry, I gained insights into data centers, their operations, and the significant energy demands required to maintain them—facilities that currently support our society’s backbone,” she said.
Mediavilla emphasized that her objective wasn’t solely to defend Bitcoin mining but to expand the conversation. “I aim to elevate everyone’s understanding of data center literacy, as these discussions will continue being relevant,” she asserted. She perceives the Austin community as a collective of individuals deeply committed to their craft, driven more by shared values than profit motives. “People often assume it’s a get-rich-quick scheme,” she commented. “That may have been true in Bitcoin’s early days, but for substantial returns, one should look towards altcoins and meme coins. Bitcoin won’t yield those kinds of profits.”
“What unites these individuals is their desire for superior money and a fairer world,” she added. “The underlying principles are solid, and how we implement them introduces diversity and richness to the conversation.”
### A New Wave of Investment
The influx of funding is also reshaping the landscape for Bitcoin builders. Venture capital investment in Bitcoin-focused startups surged in 2024, coinciding with the crypto market’s revival. Research from Trammell Venture Partners, a VC firm based in Austin that specializes in Bitcoin-native startups, revealed a 50% increase in pre-seed deals in the sector last year. Since 2021, nearly $1.2 billion has been invested across early-stage funding rounds for Bitcoin companies.
This renewed enthusiasm follows years of technical advancements to the Bitcoin protocol and a growing assurance in its long-term viability. “Serious investors no longer question Bitcoin’s future over the next 15 or 20 years,” stated Christopher Calicott, managing director at Trammell. “The pressing question now is whether it’s feasible to build the founder’s vision on Bitcoin, and increasingly, the answer is affirmative.”
PitchBook forecasts that crypto venture funding will exceed $18 billion by 2025—almost doubling the annual average from the previous two-year cycle. Much of this investment is directed towards Bitcoin infrastructure and applications, including payment systems, privacy enhancements, and custody solutions, rather than speculative trading platforms characteristic of earlier cycles.
### Building the Infrastructure
Translating ideals and venture funding into reality necessitates tangible infrastructure. Entrepreneurs like Steve Barbour, founder of the Canadian firm Upstream Data, are crucial to this endeavor. After years of constructing off-grid mining containers for remote oilfields, he is now expanding operations into Wyoming, a move he attributes directly to the Trump administration’s relaxation of energy regulations and renewed emphasis on domestic production.
Wyoming has emerged as a center for Bitcoin miners and supportive lawmakers, with the administration’s recent executive orders easing environmental restrictions and promoting fossil fuel development—an advantage for miners operating in oilfields, even as critics caution about the potential environmental impact. “I’m incredibly optimistic about the Trump administration,” Barbour remarked. “The EPA has finally adjusted its previous stance on regulations that have negatively impacted the energy sector in America. I see many favorable developments occurring as a result of the administration’s decisions aimed at attracting investment and manufacturing back to America.”
Parker Lewis from Zaprite, a prominent policy advocate at the Commons, concurs that progress is being made, particularly with the government’s initiative to establish a formal national Bitcoin reserve. He emphasized that while a crypto executive order is a vital initial step, “enshrining it in law will further clarify that the U.S. is open for Bitcoin.” This legislative effort, led by Senator Lummis, aims to solidify Bitcoin protections into federal law. The proposal outlines a strategy for the U.S. to acquire Bitcoin using existing Treasury funds, including tax revenues. The intention is to position Bitcoin as a strategic reserve asset—one that could appreciate over time and ultimately reduce reliance on debt. The senator has indicated that the overarching aim is to diminish the federal deficit and create a parallel between Bitcoin and other hard assets, thereby enhancing the dollar’s value over time.
Without the Bitcoin Act’s enactment, Lewis cautioned that the current favorable conditions could reverse with a change in administration. Amidst the ongoing discussions in Washington regarding Bitcoin’s role in the U.S. economy, Suman has already placed his own bets on its future. “Why would I leave a comfortable job at Apple, where I was well-compensated and had stock options, to come here, where my future is uncertain?” he pondered. “It’s the potential to create something new that I believe is essential for the world. I sincerely hope it works out… If it doesn’t and everything goes awry, at least I can say I tried something I truly believe in.”
Even after accepting the offer from Mutiny, which later transitioned into Open Secret, Suman’s journey was anything but calm. “It was right around the time when a group of prominent developers was arrested,” he recalled. “They were working on an app called Samurai when they were apprehended. I had accepted the offer with Mutiny, but hadn’t yet left Apple.” The decision was not just a career move; it was emotionally and existentially significant. “Despite the arrests and uncertainty, I took the plunge,” he reflected. “The team assured me that if I was concerned, we could reconsider and I could remain at Apple. But I replied, ‘No, I genuinely believe in what we’re building. Let’s scale this venture.'”
