Bitcoin Saturday 🌡️
Bitcoin 2024, bigger and bolder. Trump fever dominates. RFK Jr. goes all in. Name SEC Chair before elections? Saylor’s crystal ball - BTC $13M in 2045. Cast your vote but don’t join a cult - Snowden.
Hello, y'all. That kinda day boss.
If not, then just play the 👉 Music Nerd quiz game 🎵
All the action is in Nashville this weekend.
Bitcoin 2024 baby.
It’s never been so bigger and bolder.
And you wonder 👇
Today is the big ticket day.
Former President Donald Trump takes the stage.
What to expect? TL;DR
Newfound support for crypto: From “not a fan” as the president to totally pro-crypto in the run up to 2024 elections. It’s been a journey for Trump.
He has pushed the Republican National Committee to include supportive language in its platform and accepting substantial donations from the crypto community.
Fundraising events: While in Nashville, he will also host a private fundraising roundtable, with seats priced at $844,600.
Policy expectations: Crypto advocates hope Trump’s speech will outline concrete pro-crypto policies, including potential commitments to integrate Bitcoin into US strategic reserves and protect Bitcoin mining rights.
The conference has attracted various political figures, including independent candidate Robert F. Kennedy Jr. and Senators Cynthia Lummis and Tim Scott, reflecting the growing intersection of politics and cryptocurrency.
RFK Jr. goes all in
An independent candidate for the US presidential election.
Urge the federal government to buy Bitcoin until its Bitcoin holdings match the size of the country's gold reserves (US government is the world's largest gold owner, with 8,134 tons of gold worth $615 billion).
Sign an executive order requiring the United States to purchase 550 BTC per day to build a reserve of 4 million BTC.
No capital gains tax on cryptocurrencies.
He also said that Trump may announce tomorrow that the US government will purchase Bitcoin as a strategic reserve asset.
Bitcoin will surpass gold's market cap?
SkyBridge Capital founder Anthony Scaramucci believes in Bitcoin.
We know. Very well. What’s the latest?
Bitcoin should trade to the market capitalisation of gold, which currently stands between $15 trillion and $16 trillion.
Argues that Bitcoin, being a superior asset class, will likely surpass gold's market cap in roughly a decade.
Pension funds are embracing Bitcoin as an asset class.
Corporations are turning to Bitcoin to protect their treasury holdings from monetary debasement and runaway inflation.
Pension funds are coming for Bitcoin
The State of Michigan Retirement System has disclosed ownership of 110,000 shares in the ARK 21Shares Bitcoin ETF, valued at approximately $6.6 million as of June 30.
In May 2024, the State of Wisconsin Investment Board revealed it held $164 million worth of shares in BlackRock's iShares Bitcoin Trust (IBIT) and Grayscale's Bitcoin Trust (GBTC).
Jersey City's municipal pension fund plans to invest in Bitcoin ETFs. With an estimated $130 million in assets under management, Mayor Steven Fulop announced this decision during the Bitcoin 2024 Conference in Nashville.
Japan's Government Pension Investment Fund, the largest pension fund in the world, announced in March 2024 that it was exploring adding Bitcoin to its portfolio.
In The Numbers 🔢
$13 million
Michael Saylor’s crystal ball gazing at Bitcoin 2024. Fast forward 2045.
Saylor: Bitcoin to Account for 7% of Global Wealth, Surge in Price to $13M in 21 Years
Saylor’s argument on the Bitcoin 2024 commentary desk.
“The future of the country is in cyberspace, and Bitcoin is, in essence, ‘cyber Manhattan,’ … You back the dollar by doing something economically rational.”
Name SEC Chair Before US Election
Tyler Winklevoss, co-founder of Gemini, urged the US government to reveal the next SEC chair before the elections.
“We should demand to know ... who the next chair of the SEC is before we head to the ballot box.”
Criticism of Biden administration: The Biden administration has failed to reset its relationship with the crypto industry.
“The Biden-Harris Administration had an opportunity to try and reset the relationship with the crypto industry this week. This perfectly captures the Biden-Harris Administration’s stance on the crypto industry.”
Need for bipartisan support: Why it’s timely and important in equal measure.
“This is table stakes, and this is how you make crypto bipartisan. No more guessing. No more hoping. No more surprises. Our industry should not tolerate any possibility of a repeat of the last 4 years.”
Mainstreaming crypto: Desire for crypto to become so mainstream that it no longer requires political debate, comparing it to discussions about the legality of email or the Internet.
Block That Quote 🎙️
Former National Security Agency (NSA) employee turned whistleblower, Edward Snowden
“Cast your vote but don’t join a cult.”
Snowden’s caution for the voters in their backing of crypto-friendly politicians.
A virtual address at the annual Bitcoin conference in Nashville.
Political atmosphere at the conference: The conference featured a strong presence of pro-Trump sentiment, with attendees wearing red and displaying memorabilia ahead of the former president's keynote speech.
Skepticism about political change: Expressed skepticism about the potential for meaningful political change, comparing elections to “different uniform on the same cop,” and the need for collective action to protect freedoms.
Concerns over surveillance: Warned that governments are increasingly using AI to mine personal data.
“This is not Terminator... but we’re running out of time to fix this, and the consequences of ignoring it are a whole lot worse.”
Call for unity: Concluded his remarks by urging collaboration to prevent the erosion of civil liberties
“We have to work together... to ensure they do not reduce this country to the land of the fee and the home of the slave.”
Warren Red Flags Foreign-Owned Crypto Mines
Senator Elizabeth Warren, D-Mass., expressed concerns about foreign-owned cryptocurrency mining facilities in the US during the hearing of the Senate Committee on Banking, Housing and Urban Affairs on July 25.
National security risks: They could be exploited by adversaries for espionage and to disrupt critical infrastructure.
Environmental impact: Crypto mining’s harmful environmental impact, despite its potential benefits for renewable energy and job creation.
Anti-money laundering measures: Stronger anti-money laundering protections to prevent foreign nationals from secretly acquiring US mining operations, potentially bypassing traditional banking systems.
Treasury department support: The need for Congress to provide the Treasury Department with additional tools to combat the use of crypto by countries like China and Iran to evade sanctions.
Regulatory oversight: The importance of regulatory compliance in managing the risks associated with foreign crypto mining operations.
Cash still the king
Singapore's 2024 terrorism threat assessment report reveals a significant reliance on cash transfers for fundraising by terrorist organisations, particularly ISIS, despite a noted increase in cryptocurrency use.
The Surfer 🏄
The US Securities and Exchange Commission (SEC) has approved Grayscale's Bitcoin Mini Trust, Grayscale Bitcoin Trust (GBTC) spin-off, which will distribute new shares to GBTC shareholders. The mini trust, trading under the ticker "BTC," is expected to launch next Wednesday, pending registration statement.
SBI Holdings has partnered with Franklin Templeton to create a digital asset management firm in Japan, aiming to launch Bitcoin exchange-traded funds (ETFs) pending regulatory approval. SBI will hold a 51% stake in the venture, which is expected to enhance retail investor access to crypto investments.
Marathon Digital is actively seeking partnerships with blockchain developers to create Bitcoin layer-2 solutions aimed at enhancing cross-border payment efficiency, according to Julian Duran at the Bitcoin 2024 conference. It can reduce transaction costs and settlement times compared to traditional methods.
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