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- Martin O’Malley stated that Bitcoin might be a Ponzi Scheme while supporting social security.
- Bitcoin tests $94K as analysts debate a breakout as technicals point to both sides.
Former Maryland Governor Martin O’Malley sparked controversy during a Social Security Works event after suggesting Bitcoin may be a Ponzi scheme. During the political rally, O’Malley instantly sought to equate the candidate’s financial security-safety social security to the prevailing cryptocurrency and dismissed it by stating, “It is not a Ponzi scheme. Bitcoin might be, but not social security.” This remark came to light shortly after he suffered defeat in the bid for the chairmanship of the DNC in 2025.
Social Security is not a Ponzi scheme. Bitcoin might be, but not Social Security.
Social Security has never missed a payment in 90 years. – @MartinOMalley pic.twitter.com/4N3tqMDPVy
— Social Security Works (@SSWorks) May 5, 2025
Republican leaders have become increasingly positive and, in some cases, enthusiastic about cryptocurrencies, while Democratic politicians continue to express concern about the alleged risks of digital currencies. This is in light of rising criticism from the Congress Democrats leading to stablecoins and even other aspects of the crypto industry.
State-Level Bitcoin Reserve Efforts Collapse
Florida’s attempt to allocate public funds to Bitcoin has ended up being futile since both House Bill 487 and Senate Bill 550 were withdrawn by the Florida legislation at the end of the session on the 3rd of May. The proposals sought to use up to 10% of some state reserves for Bitcoin, but none of them was voted on.
Florida is the latest US state to pull out of efforts to establish a Bitcoin treasury. The legislative attempts in Arizona, Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming experienced setbacks as they were stalled or vetoed.
In Arizona, SB 1025 passed through both houses only to be vetoed by Governor Katie Hobbs, who also said that it posed a threat to the pension system. “Retirement funds are not the place to experiment with untested assets,” she wrote.
State Senator Wendy Rogers, who co-sponsored the Arizona bill, vowed to reintroduce the legislation next session. She emphasized that Bitcoin’s track record makes it suitable for state reserves and pointed to a future under a different administration if needed.
Arizona has another bill that focuses on custody rather than investment in the form of SB 1373, which is also waiting to be signed by Governor Hobbs. It could potentially create a new narrative about how states are going to accept cryptocurrencies without funding them directly.
Bitcoin Approaches Technical Breakout Amid Mixed Market Sentiment
Bitcoin is still in a range-bound movement, falling between $92,000 and $98,000; this swing has caused mixed reactions among market analysts. According to Titan of Crypto, BTC is approaching a golden cross, setting up a technical analysis pattern of an uptrend, such as the 50-day moving average crossing over the 200-MA. Titan also highlighted a possible MACD crossover, which earlier pointed to a massive increase in October next year.
While the indicators suggest upward momentum, some analysts remain cautious. Ali Martinez identified that the TD Sequential has a bearish signal on Bitcoin with the 3-day chart. Similarly, higher trading volume in futures markets can signal an old-cycle resemblance during the bulls but may also signify volatility. At the time of writing, Bitcoin is at $94,122, with a 1.5 % loss in the last 24 hours.
