Europe’s unified approach to cryptocurrency regulation is beginning to yield tangible results, with trading volumes and investor confidence on the rise across the EU. At the same time, Eric Semler — chairman of Semler Scientific and a long-time contrarian investor — is reaffirming his company’s aggressive Bitcoin strategy despite doubts from traditional hedge fund peers in the US. Europe Surges Ahead in Global Crypto Race as MiCA Spurs Record Growth Europe has taken a commanding lead in the global cryptocurrency race, propelled by its newly implemented Markets in Crypto-Assets ( MiCA ) regulation. While the United States grapples with fragmented state-level oversight and legislative ambiguity, the European Union is seeing a wave of crypto activity, particularly among retail investors, thanks to its comprehensive and harmonized regulatory framework. The shift is already being felt in market activity. According to Konstantins Vasilenko, co-founder and chief business development officer at Paybis, EU customer trading volumes on the platform soared 70% quarter-on-quarter in Q1 2025, just as MiCA officially took effect on Jan. 1. “The timing is hard to ignore,” Vasilenko said. “MiCA’s licensing window opened in January. In that very quarter, our EU volumes jumped 70% while the number of trades hardly moved, which tells me the new money was larger and more deliberate.” At the same time, Paybis reported a downtrend in activity from US-based users, mirroring a broader pattern of retail retreat across American trading platforms. Kaiko estimates that retail activity now comprises just 18% of Coinbase’s spot trading volume, down from 40% in 2021. Robinhood reported a 35% drop in crypto trading in Q1 2025. The surge in European activity reflects growing investor confidence, underpinned by the key provisions of MiCA. The regulation introduces a single licensing regime for crypto-asset service providers (CASPs), allowing companies authorized in one EU country to “passport” their license across all 27 member states. This removes the regulatory patchwork that previously slowed pan-European crypto adoption. MiCA also enforces strict rules on stablecoins, requiring full 1:1 fiat reserves, regular audits, and clear segregation of client assets. Investor protections similar to those found under MiFID, including disclosure requirements, cooling-off periods, and transparent fee structures, offer users a more predictable and legally secure experience. Major Platforms Embrace MiCA In anticipation of MiCA’s full enforcement, several major crypto platforms have already secured licenses under the new regime. OKX, Crypto.com, and Bybit were early movers, while Coinbase recently received authorization from the Luxembourg Commission de Surveillance du Secteur Financier (CSSF), allowing it to operate across the bloc. Despite President Donald Trump’s pro-crypto rhetoric and growing interest in digital assets among US investors, the country continues to suffer from an unclear regulatory environment. Crypto firms still face state-by-state money transmitter licensing, ongoing lawsuits from the Securities and Exchange Commission (SEC), and a lack of consistent federal legislation. The contrast with Europe’s unified MiCA framework couldn’t be starker. While US firms navigate red tape and regulatory unpredictability, Europe is already benefiting from a surge of capital, innovation, and user engagement. France, Germany, and the Netherlands Lead the Way France has emerged as a key beneficiary of this new wave. Paybis reported a 175% increase in activity from French users, a jump Vasilenko attributes to the country’s regulatory head start through the 2019 PACTE law, which required crypto exchanges to register under anti-money laundering (AML) rules. Home to fintech hubs like Station F and guided by the proactive stance of the AMF (Autorité des marchés financiers), France is on track to become one of the most crypto-active nations in Europe, with user penetration expected to reach 24% of the population this year. Germany, meanwhile, leads in institutional infrastructure. Deutsche Boerse’s Clearstream arm is preparing to offer crypto settlement services, paving the way for institutional investors to enter the space with confidence. The Netherlands continues to be a heavyweight in payments and integration infrastructure, giving users seamless fiat-to-crypto access. While the US currently lags behind, a comeback is still possible. The proposed GENIUS Act , working its way through Congress, could introduce federal licensing for crypto firms and define regulatory standards for dollar-backed stablecoins. If passed before the end of 2025, Vasilenko believes the bill could “do for US retail what MiCA just did for Europeans,” potentially leveling the playing field between the two economic giants. Eric Semler Doubles Down on Bitcoin as Hedge Fund Peers Remain Skeptical While skepticism looms among many hedge fund managers about Bitcoin’s long-term viability, especially in a post-Trump America, one seasoned investor remains defiantly bullish. Eric Semler, chairman of Semler Scientific Inc. and founder of TCS Capital Management, has positioned himself and his company as unwavering believers in the future of Bitcoin — regardless of the political climate. In a candid interview with Coin Stories host Natalie Brunell on Thursday, Semler addressed growing uncertainty within traditional finance circles. He claimed many of his hedge fund peers see Bitcoin as a short-lived phenomenon, propped up largely by the current administration’s support. “I think that they think it is a fly-by-night concept and that it is probably going to, after the Trump administration, go back down a lot,” Semler said. This sentiment echoes broader concerns in the crypto space about how long the US government’s favorable stance will last. While President Donald Trump recently approved the formation of a Bitcoin Strategic Reserve, some, like JAN3 CEO Samson Mow, worry that a future administration could undo that progress. But for Semler, this uncertainty only sharpens his conviction. Semler has never shied away from taking contrarian positions. Having founded hedge fund TCS Capital in 2001, he built his reputation — and his fortune — on going against the grain. “The best investments I’ve ever made have been in things that I’m kind of the lone voice crying in the wilderness,” he told Brunell. “Those are the types of investments that have the highest returns.” And Bitcoin, in his eyes, is no exception. Semler Scientific first made headlines in May 2024 when it became only the second publicly traded US company to adopt a Bitcoin treasury strategy, following in the footsteps of MicroStrategy. As of June 2025, the company holds 4,449 BTC — worth over $450 million at current prices — and recently unveiled plans to scale that figure up to an astonishing 105,000 BTC by the end of 2027. Top corporate BTC holders (Source: BitcoinTreasuries ) The roadmap includes an ambitious goal of reaching 10,000 BTC by the end of this year. Contrarian Confidence Amid Industry Doubt “I love the negativity; I’m a contrarian investor,” Semler said. “When you’re making a bet on something that the majority doesn’t believe in, and you’re right, you make so much more money.” This attitude stands in stark contrast to the cautious approach adopted by many in the traditional finance world. Despite increasing exposure to crypto among hedge funds, the dominant narrative among legacy investors remains cautious — if not outright skeptical. Surveys back up this divide. A 2024 report by PwC and the Alternative Investment Management Association (AIMA) found that 47% of hedge fund managers trading in traditional markets are now exposed to cryptocurrencies, up from 29% in 2023 and 37% in 2022. The data reflects growing adoption but also significant reluctance among the majority. Even more telling, a 2021 Intertrust Global survey found that while 98% of CFOs at major hedge funds anticipated crypto allocations by 2026, the average exposure was projected to be just 7.2% of total assets. That’s a far cry from Semler Scientific’s trajectory, which appears to be steering toward one of the most aggressive corporate Bitcoin strategies in history. Post-Trump Uncertainty One of the key concerns dampening institutional enthusiasm is the uncertainty surrounding US crypto policy after President Trump’s term. While the current administration has enacted pro-Bitcoin policies, including the creation of a strategic reserve and support for crypto-friendly legislation, the future remains unclear. Semler acknowledges these risks but believes that Bitcoin’s fundamentals — its scarcity, decentralization, and increasing global adoption — transcend political cycles.