July 28th 2024
Bitcoin has always been an anti establishment movement. It eliminates the need for centralized control, money issuers and fee seeking middlemen and has proven to be a successful tool for exercising personal freedom and self sovereignty. These are precisely the ideals that American democracy was built on.
At this weekend’s Bitcoin 2024 conference in Nashville Tennessee, multiple presidential candidates made promises to the over 60M “bitcoin people” in America.
RFK Jr. promised to sign Executive Orders on day 1 of his presidency to:
- Transfer the over ~210k US Marshal confiscated bitcoin to the US Treasury where it will be held as a strategic asset
- Direct the US Treasury to buy 550 BTC daily until the US has built a reserve of at least 4M bitcoin (19% of supply, same position as the US gold reserve)
- Direct the IRS to issue public guidelines that all transactions between BTC and USD are un-reportable and by extension non-taxable
- Direct the IRS to treat bitcoin as an eligible asset for 1031 exchange into real property
President Trump promised that upon being elected he will immediately:
- End the crusade against the crypto industry and shut down Operation Chokepoint 2.0
- Fire Gary Gensler and appoint a new SEC Chairman
- Appoint a bitcoin/crypto advisory council to deliver transparent regulatory guidance within 100 days
- Defend the right to self custody
- Keep 100% of the ~210k BTC The US has obtained through asset forfeiture to serve as the the core of a new strategic bitcoin reserve
Wyoming Senator Cynthia Lummis expanded on Trump’s announcement of the strategic reserve by announcing The Bitcoin Reserve Bill which states:
In The Senate of The United States to establish a Bitcoin Strategic Reserve. A network of secure storage vaults, purchase programs and other programs to ensure the transparent management of bitcoin holdings of The Federal Government
The bill goes on to describe how over the next 5 years the US will convert excess reserves at our 12 Federal Reserve banks into a 1M BTC (5% of the worlds supply) strategic reserve held for a minimum of 20 years and can be used for 1 purpose - reduce US national debt.
Yes, the candidates are pandering to bitcoiners for votes. And yes, they have smart people writing their speeches. But it did seem like RFK genuinely understands bitcoin. He’s also got skin in the game as he admitted to having the majority of his net worth in bitcoin. Wow.
Bitcoin’s counter culture has served it well to this point, but it’s currently experiencing a massive shift as we enter the final chapter of:
“First they ignore you, then they laugh at you, then they fight you, then you win.”
Bitcoin “winning” has always meant bitcoin being embraced by both the public as well as our governmental overlords as a better money for securing, transacting and storing value. For this, we need rules to change. Rules only the violent and archaic system that created them can reverse. And as a permissionless system, I guess we’ll have to let them.
To the moon 🚀 — @GΞR฿Z Founder & Creator @ BitLift
The BitLift Podcast
Last week I grabbed lunch with Brian Russ to talk all things crypto: The ETH ETF, BTC & ETH cycle predictions, $1 Trillion Market Caps, Productive assets, Bitcoin as a reserve currency, Trading events - And so much more!
“The Cycle” Update
Everyone was expecting President Trump to announce a US Bitcoin Strategic reserve. Talk of it didn’t come until a half hour into his rambling speech. And when it did, all he promised was to send the BTC the US Marshals already confiscated over to the US Treasury. When that happened. Price dumped -$2,000.
Minutes later, Senator Cynthia Lummis came out and clarified Trumps statements and proposed her Bitcoin Reserve Bill. Price pumped right back up! Fun to watch in real time.
Crypto Podcast Snips
I listen to a ton of crypto podcasts and started bookmarking important moments using Snipd to share with you guys on Instagram, TikTok and YouTube.
Raoul Pal: “ Is Tokenization a reality in this Bitcoin cycle?”
Greg Fosss: “ Bitcoin will reach $2,000,000”
Raoul Pal: “ Don’t let FOMO guide your Investments”
Keep Up With Crypto
What I’m reading, watching, sharing and keeping an eye on in crypto recently.
From the BitLift Discord:
@thejezzajc: Noooo!
@GERBZ: I guess Bitcoin "did" it
@GERBZ: Fold going public via SPAC
@428580:Polymarket has Harris at 80% likelihood to be the candidate:
@GERBZ: That one has $260k bet, the other one has over $217M lol
@428580: better odds too!