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- 🥜 No one's selling
🥜 No one's selling
PLUS: Democrats Make Move
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What we’ve cooked up for you today…
🚀 Democrats making a move
🤑 It doesn’t matter
🤔 No one wants to sell
💰 And more…
MARKET WATCH ⚖️
Prices as at 3:50am ET
Only the top 20 coins measured by market cap feature in this section
DEMOCRATS MAKING A MOVE 🏦
BREAKING: Democrats urge Harris and DNC to select crypto-friendly Vice President, SEC Chair
Looks like the Democrats are taking note of the Republican party’s recent pro-crypto stance…
(Specifically Trump’s speech yesterday at Bitcoin 2024)
A range of Democrat politicians wrote a letter to the Democratic Party urging them to pivot away from their anti-crypto policies.
“[We] write to urge you to take a forward-looking approach to digital assets and blockchain technology. This area hold immense potential for American innovation, economic growth, and financial inclusion.”
Funnily enough, the letter also blamed Gary Gensler’s SEC for the party’s negative public perception.
“There is a public perception that the party holds a negative viewpoint on digital assets, largely due to the current SEC’s approach to these transformative technologies.”
The letter also mentions that over 52 million Americans currently own crypto.
And more than 20% of voters in key battleground states identified crypto as a major issue in the 2024 election.
These votes matter.
And the Democrats are finally waking up to the fact.
“We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the U.S.’s position as the leader in the global digital economy.”
The letter than requested that the Democratic Party make the following changes:
Include pro-digital asset language in the Party’s Platform
Select a Vice-Presidential candidate sophisticated in digital asset policy
Select a pro-innovation SEC Chair
Engage with industry experts
At the end of the day, Bitcoin should be bipartisan.
After all, Bitcoin is for everyone. 😎
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IT DOESN’T MATTER 🤑
Even though we’ve been talking about Bitcoin as an election issue quite a lot recently…
According to Fred Krueger, it doesn’t even matter.
Bitcoin will thrive regardless of who becomes the next President.
If you haven’t heard of him, here’s Krueger’s credentials:
Worked on Wall Street for close to a decade 💼
Extremely successful entrepreneur - has exited 10 companies, with some exits in the tens of millions 💰
Studied mathematics, with a P.H.D from Stanford University 📚
For the first time ever, Bitcoin is a serious election issue. (as mentioned in the first section)
But in his latest interview, Krueger explains that the US election doesn’t matter for Bitcoin (at least in the long-term).
Krueger was asked: How would a pro-bitcoin candidate being elected impact Bitcoin?
Here’s what Fred had to say:
“I think longer-term it won’t make a difference.”
Krueger then goes on to make the comparison that a pro-mobile phone candidate likely wouldn’t have impacted the adoption of mobile phones…
“We are going to go to our cell phones because cell phones are a good invention. We adopted social media because social media serves a purpose. I think ultimately Bitcoin serves a purpose and over a couple of years the presidential candidate won’t matter.”
Fred is basically saying that nothing can stop Bitcoin.
And it’s true.
Over the years, it hasn’t mattered if the Democrats or Republicans were in office.
“You can look at Bitcoin price relative to Biden or Trump. And it doesn’t matter. It doesn’t matter who is in the white house, who’s running the Fed. It doesn’t matter. Ultimately Bitcoin is about adoption. But it can matter in the very short-term, like the next year.”
So what does Fred think can happen in the short-term then?
Well as it stands, Fred has been open about his support for Trump.
Fred is a single issue voter and currently Trump is winning that vote.
But it’s more than Trump’s pro-crypto initiatives that have swayed Fred.
“There’s a lot more than just being pro-Bitcoin. I think Trump is going to be more de-regulation, lower taxes, lower interest rates. And I think all of those things are going to be good for Bitcoin.”
Under these conditions, Fred thinks Bitcoin “could reach $200k next year".
As long as Bitcoin isn’t banned, ultimately it doesn’t matter who is in the White House after this election.
Bitcoin is inevitable. 💪
NO ONE WANTS TO SELL 🤔
Let’s take a look at the Bitcoin HODL Waves.
And in case you’re wondering, this is one of our favourite metrics.
Each coloured band shows the percentage of Bitcoin that last moved within that time period.
As the colours get cooler, the age bands get older (yellow being the oldest, representing coins last moved within the last 3 - 6 months).
This metric can also be used for long-term holders, but we’ll just be focusing on short-term holders today. (coins held for less than 6 months)
Here’s the breakdown:
24hr: 0.41%
1d - 1w: 3.38%
1w - 1m: 3.57%
1m - 3m: 6.30%
3m - 6m: 12.52%
That means that ~26.18% of the Bitcoin supply has moved within the last 6 months.
Which leaves ~73.82% of the Bitcoin supply NOT moving in 6+ months.
That’s a ridiculous amount of the Bitcoin supply sitting idle when you think about it.
This metric can also be used to gauge where we are in the cycle.
As the price of Bitcoin increases, the amount of short-term holders also increases. (notice that uptick in short-term holders as the price of Bitcoin rises?)
This is due to long-term holders deciding to take profits by selling their coins. (This makes those coins “young” again) 🤑
Although, each spike is smaller than the previous one…
Which means the amount of long-term holders increases with each cycle.
With such a limited amount of Bitcoin for sale, the price has no choice but to go up. 🚀
CRACKING CRYPTO 🥜
Tyler Winklevoss accuses Biden-Harris of avoiding crypto critics. In a long X post on Saturday, Gemini crypto exchange co-founder Tyler Winklevoss accused the current White House Administration of unwillingness to engage with the crypto community.
HK police arrest 4, including teen, in HK$11M crypto fraud. Hong Kong police arrested four individuals, including a 14-year-old, for using fake banknotes to defraud crypto owners of HK$11 million.
Wall Street's Cantor Fitzgerald to Open Bitcoin Financing, Lending Business. The financial services company will start with $2 billion in lending.
August preview: Nearly $1 billion in unlocks planned for these token projects. Just months after Wormhole's airdrop in April, the cross-chain project will unlock a third of its token's circulating supply this month: 600 million.
WHAT WE’RE READING 📚
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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
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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”)
In what year did China ban Bitcoin mining? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 2021 🥳
Crypto trading and mining has been banned in China since 2021
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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.
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