Arthur Hayes: I bet that Bitcoin will surpass $110,000 before retracing to $76,500

May 10 — Iran is seeking licensing, fees and legal jurisdiction over foreign submarine cable operators, Fars News Agency reported Wednesday. The undersea cables carry massive data traffic between Europe, the Gulf and Asia. Additionally, the Iranian government mandates all management and maintenance work on the cables be performed exclusively by local firms. Previously, Iran’s Islamic Revolutionary Guard Corps (IRGC) warned it could target relevant undersea cable infrastructure.

**U.S. President Trump said in a May 10 interview with French outlet LCJ that Iran wants to strike a deal.** He added he expects a response from Tehran to the latest U.S. peace proposal “very soon,” noting Iran is “very eager” to reach a lasting peace agreement. Trump made the remarks in a phone interview that day, indicating Iran remains open to wrapping up the negotiation process. On May 9, speaking to reporters at a Virginia golf course, Trump said the U.S. “expects to get a letter from Iran tonight” and would monitor how the situation unfolds. When asked if Iran is intentionally delaying talks, he responded: “I don’t know, we’ll find out very soon.” (FX678)

May 10 — Russian President Vladimir Putin said the Russia-Ukraine conflict is "winding down" and noted Slovak Prime Minister Robert Fico told him Ukrainian President Volodymyr Zelenskyy is ready to meet. Putin also thanked the U.S. for helping to broker talks but emphasized the Russia-Ukraine issue is "ultimately an issue between Russia and Ukraine," suggesting a meeting could take place in a third country with the condition that a lasting peace deal is reached. Additionally, Putin said former German Chancellor Gerhard Schr?der would be a fitting mediator for negotiations between Russia and the European Union, and expressed hope for a quick end to the Iran conflict.

**Breaking: Israeli Air Force Intercepts Drones From Lebanon; No Casualties Reported** (May 10, CCTV) — Local time on the evening of May 9, the Israel Defense Forces (IDF) announced air raid sirens blared across multiple northern Israeli neighborhoods. Shortly after, the Israeli Air Force intercepted several drones approaching from Lebanon. As of now, there are no reports of casualties.

**May 9** — A Swiss initiative to add Bitcoin to the Swiss National Bank’s (SNB) official reserves has failed, falling short of the signatures needed to trigger a nationwide referendum. The campaign aimed to amend the Swiss Constitution, mandating the SNB hold BTC alongside its gold and foreign exchange (forex) reserves. Under Swiss rules, initiators needed 100,000 valid signatures in 18 months to force a vote—but they only gathered roughly half that target, leading them to abandon the proposal. Supporters framed Bitcoin as a “neutral reserve asset” that could hedge against risks tied to U.S. dollar (USD) and euro (EUR) holdings. Currently, USD and EUR assets make up about three-quarters of the SNB’s forex reserves. The SNB, however, explicitly opposed the plan last year, noting Bitcoin’s poor liquidity and extreme volatility fail to meet central bank reserve requirements.

On May 9, Binance released a research report noting that emerging market users made up 77% of the platform’s total users by 2026—up from 49% in 2020. The report also points out that more users are now using crypto exchanges for savings, payments, and investments, not just trading. Binance adds that globally, 1.3 billion adults still lack access to financial services, 4.7 billion can’t get credit, and around 1.4 billion depositors in low-income countries earn no interest on their savings. In this space, crypto platforms are filling the gaps left by traditional finance. The report finds that roughly 36% of emerging market users put at least half their assets into stablecoins. Binance notes this reflects how stablecoins are viewed as a savings tool. It also highlights that stablecoin cross-border transfer fees can be as low as $0.0001 with near-instant settlement—a big edge over traditional SWIFT remittances, which average over $20 per transfer.