- Crypto Nutshell
- Posts
- 🥜 Massive Day For Bitcoin
🥜 Massive Day For Bitcoin
PLUS: Trump speaks at Bitcoin 2024
GM to all you crypto nuts. Crypto Nutshell #398 steppin’ up... 👟🥜
We’re the crypto newsletter that's more game-changing than hitting a walk-off home run in the bottom of the ninth... ⚾️💥
What we’ve cooked up for you today…
🚀 Bitcoin strategic asset bill
🤑 National Bitcoin stockpile
🤔 Were the Ethereum ETFs a failure?
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:50am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN STRATEGIC ASSET BILL 🏦
BREAKING: Sen. Lummis proposes US government purchase 5% of total Bitcoin supply
A couple of days ago, we told you it would be coming…
And here it is.
Senator Cynthia Lummis just announced her Bitcoin strategic reserve bill.
Senator Lummis made this announcement immediately after Trumps speech at Bitcoin 2024. (more on this in the next section)
"This is the solution, this is the answer, this is our Louisiana purchase moment, thank you Bitcoin!"
Senator Lummis’ bill proposes that the US government acquire 5% of the total Bitcoin supply, holding it for at least 20 years.
This initiative would begin by moving the 210,000 BTC the US government already holds into a Treasury-managed reserve.
“This Bitcoin Reserve that we are going to create will start with the 210,000 Bitcoin that President Trump just mentioned and pull it into a Reserve, stored in geographically diverse vaults, and that’s only the beginning.”
This reserve would then accumulate 1 million Bitcoin over a 5 year period. (~5% of the total supply)
This is a BIG moment for Bitcoin.
"We have the money now, but we will no longer be holding it in US dollars and assets that are designed to debase at least 2% per year, we'll be holding it in an asset that will grow in value."
But remember this is only a proposal.
This bill would have to make its way through congress and eventually the president for it to come into play.
Which has proved tricky in the past for pro-crypto legislation.
But times are definitely changing…
Invest Confidently With A Trusted Advisor
Feeling uncertain about the stock market in 2024? Take our online quiz to find a trusted fiduciary financial advisor who can ease your nerves and guide you through market fluctuations. We compare 2024's Top Financial Advisors & CFPs based on rigorous criteria: credentials, client reviews, and experience. Whether you're new to investing or a seasoned investor, expert advice can make all the difference. Don't navigate market uncertainty alone. Start your journey to financial confidence today!
NATIONAL BITCOIN STOCKPILE 🤑
Gary Gensler will be fired on day one.
And the US will become the crypto capital of the world.
Those are just some of the latest pro-crypto promises out from presidential candidate Donald Trump.
Donald Trump just spoke at Bitcoin Nashville, and it was interesting to say the least…
Now before you roll your eyes at us mentioning Donald Trump…
This is a big deal.
Trump is the first president to appear and speak at a Bitcoin event.
We get it. Not everyone is a fan of Trump.
But we encourage you to focus on the signal and ignore the noise…
A presidential candidate just spoke at a Bitcoin event and proposed numerous pro-crypto initiatives.
That’s massive, and you can’t understate the significance of it.
Now, back to what he said.
Kicking off the speech, Trump promised to make the United States a “Bitcoin mining powerhouse”.
“If crypto is going to define the future it's going to be mined, minted, and made in America. If Bitcoin is going to the Moon, as they say, I want it be America that sends it there.”
Trump then promised that if elected, the US government would NOT sell any of the Bitcoin that it currently holds (~210,000 BTC).
This ties in with Senator Lummis’ Bitcoin strategic reserve bill we mentioned earlier.
“It will be the policy of my administration...to keep 100% of all the bitcoin the US government currently holds or acquires into the future… This will serve in effect as the core of the strategic national bitcoin stockpile.“
But surprisingly, Trumps biggest round of applause came when he mentioned Gary Gensler:
“On day one, I will fire Gary Gensler and appoint a new SEC chairman… I didn’t know he was that unpopular… Let me say that again… On day one I will fire Gary Gensler.”
As soon as Trump said this, the crowd erupted in cheers. (checkout the clip here)
Trump then wrapped up his speech with the following:
“I will be the pro-innovation and pro-bitcoin candidate that America needs and that our citizens deserve.”
Is Trump just pandering to the Bitcoin community in order to gain votes?
We want to know what you think.
Let us know your thoughts in the poll at the bottom of this newsletter.👇️
But we think Anthony Pompliano summed it up perfectly with the Tweet below:
WERE THE ETHEREUM ETFs A FAILURE? 🤔
The Ethereum ETFs have now been live for one week.
So how did they shape up?
Let’s take a look.
First things first, total net flows were -$341.8 million…
But if we exclude Grayscale from the equation, the Ethereum ETFs saw net inflows of $1.14 billion. (which is seriously impressive)
The outflows from Grayscale have been WAY more than anyone was expecting.
The first four days of trading saw $1.51 billion flow OUT of Grayscale’s ETHE.
The entire fund only had $9.2 billion in assets under management to begin with…
So that’s 16.41% of the entire fund leaving within four days, which is absolutely ridiculous.
(ETHE launched as a conversion from Grayscale’s Ethereum Trust, that’s why is has $9.2 billion in AUM to begin with)
It looks like we’ll get over the Grayscale outflows much quicker this time.
But we’ve been here before…
Just take a look at what happened to Bitcoin when the ETFs launched back in January.
Bitcoin crashed ~20% (in two weeks) before going on a huge rally and setting a new all-time high.
As it stands, Ethereum is ‘only’ down 7.69% over the last week.
So when you put it like that….
It’s really not that bad.
And is holding up pretty well considering the large amount of outflows from Grayscale.
CRACKING CRYPTO 🥜
Democrats urge Harris and DNC to select crypto-friendly Vice President, SEC Chair. A range of Democrat politicians wrote a letter to the Democratic National Committee (DNC) on Friday, urging the party to pivot away from its anti-crypto policies.
Cantor Fitzgerald announces $2B Bitcoin financing business. Chairman of Cantor Fitzgerald Howard Lutnick took to the main stage at Bitcoin2024 to announce a $2 billion Bitcoin lending business.
Bitcoin to Account for 7% of Global Wealth, Surge in Price to $13M in 21 Years. The crypto would require an average annual return of 29% between now and 2045 to reach that level, he said.
SEC approves Grayscale Bitcoin Mini Trust, awaiting registration statement greenlight. The U.S. Securities and Exchange Commission approved Grayscale's mini version of its Grayscale Bitcoin Trust (GBTC) on Friday.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Seven Point Sunday (link) - Learn to build your career every Sunday
Bullseye Trades (link) - Daily stock market tips
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
Which Bitcoin ETF currently has the largest amount of assets under management? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) BlackRock 🥳
BlackRock’s IBIT currently holds 338,468 BTC
GET IN FRONT OF 64,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
HOW DID WE DO? 🤷
We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... 🥲 |
NUTCASE REVIEW OF THE DAY 🔍
DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
Reply