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BITCOIN BOX SCORE

Exchange Rate: $64,780
Market Capitalization: $1.28T
Hash Rate (90 days): 598.9 EH/s
Transactions (30 days): 17,941,299
Network Fees (economy): 4 sat/vB
Bitcoin Dominance: 56.22%

What do these numbers mean?

At the Bitcoin 2024 conference in Nashville, the speaker lineup was stacked with presidential candidates, CEOs, and senators, all expressing strong support for bitcoin and its future in the American economy.

Presidential candidate Robert F. Kennedy Jr. announced plans to issue an executive order for the U.S. Treasury to buy 550 bitcoins daily, aiming for a total of at least 4 million bitcoins. Whether or not such an aggressive plan would be possible, its sheer ambition demonstrates the growing importance of bitcoin in political discourse.

Former President Donald Trump pledged to create a strategic bitcoin reserve by holding the U.S. government's 200,000 bitcoins and position America as a leader in bitcoin mining.

Senator Cynthia Lummis echoed Trump and RFK Jr.'s sentiments, proposing a strategic bitcoin reserve, with legislation already drafted, that she claims would help alleviate federal debt. The Harris campaign, burdened by what has been the Biden-Harris administration's hostile stance toward bitcoin and crypto, wants to “reset” with the industry.

Meanwhile, the State of Michigan Retirement Fund disclosed a $6.6 million bitcoin position, and Cantor Fitzgerald revealed a bitcoin position alongside a $2 billion bitcoin financing product. Additionally, bitcoin native companies like Coinbits, Onramp, and Fold made major product announcements.

The energy surrounding bitcoin has never been more charged, and historians will look back on the events that transpired as a turning point in its history.

NEWS

🏫 University of Wyoming announces Bitcoin Research Institute

Wyoming will soon host the University of Wyoming Bitcoin Research Institute, which will focus on producing rigorous studies to address knowledge gaps in bitcoin research. The institute will open this fall and will be directed by Associate Professor and Resistance Money coauthor Bradley Rettler.

Bitcoin breaking into higher education

The Bitcoin Research Institute marks the first standalone research center at an American university – but it might be the start of a trend. Texas A&M University features a class on the technical and economic foundations of bitcoin, and Cornell University's College of Arts & Sciences approved the ability of one student to study bitcoin as part of their College Scholar program requirements.

💰National debt hits $35T as fiscal dominance continues

We are midway through 2024, and the U.S. public debt now stands at $35 trillion (and growing), just 206 days after hitting $34 trillion, surpassing the combined GDPs of China, Japan, and Germany. For context, the Biden administration's $7.2 trillion debt nearly matches the combined debt from Washington to Bush.

Deficits, Debt, Debasement

The deficit-driven rapid debt accumulation, especially during periods of low interest rates, creates significant vulnerabilities for the U.S. economy. Since interest rates are now elevated, federal debt service costs are approximately $900 billion annually.

The cycle of deficits → debt → debasement has occurred repeatedly throughout history, and the only effective solution has been citizens protecting themselves with sound money. Historically, gold has served this role. Today, bitcoin is similar, but better adapted to a global, digital economy.

💸 Fairshake takes top spot among Super Pacs

Bitcoin and crypto Super PAC Fairshake, led by Coinbase, has raised over $202 million, surpassing the MAGA super PAC's $201 million in the 2024 U.S. election cycle, according to OpenSecrets. The advocacy group, supported by major crypto firms like Coinbase, Ripple, and a16z, advocates for a clear regulatory framework for bitcoin and crypto companies.

In related news, former President Donald Trump raised $25 million at the Bitcoin Conference, the second-highest amount collected at any of his fundraising events across his three campaigns.

The industry makes itself heard

Opposing bitcoin and crypto this election cycle is proving to be a mistake as politicians realize the funding, influence, and appeal that comes with aligning themselves with the future of money. Conversely, this November's national election results will reveal which candidates hurt themselves by opposing the industry.

⛏️ How have miners been affected by recent price movement?

Past bitcoin halvings have led to price rallies that offset decreased rewards. This time, however, the order has reversed, with a price rally and fee surge occurring before the halving, creating a gap between miner revenue and bitcoin's price.

Despite challenges, bitcoin mining remains profitable for larger operations. Miners are shifting to financing through bitcoin and equity sales instead of debt. Additionally, the potential for AI and high-performance computing sectors to offer better margins presents a new opportunity for miners.

BITCOIN ADOPTION CONTINUES

U.S. Senator Cynthia Lummis proposed legislation called The BITCOIN Act that would establish a strategic bitcoin reserve for the United States, totaling at least 1 million bitcoins.

At the Bitcoin Conference 2024, VanEck CEO Jan van Eck announced that over 30% of his portfolio is in bitcoin, viewing it as "digital gold" and a significant store of value.

Mempool launched an off-chain service called Mempool Accelerator to expedite unconfirmed bitcoin transactions through five mining pool partners.

Ego Death Capital, a venture fund focused on bitcoin technology startups, announced the successful first close of its $100 million second fund.

Jersey City Mayor and NJ gubernatorial candidate Steven Fulop announced that the city's municipal pension fund is investing in bitcoin ETFs as an inflation hedge.

Eric Yakes launched a bitcoin ecosystem venture fund with a 32-page memo titled "Bitcoin Marginalism," explaining the fund's role in helping the industry succeed.

Casa announced an integration with YubiKeys, enabling users to secure their bitcoin vaults with the devices.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

Discretionary versus rules-based monetary policy

Monetary policy is a crucial driver of economic stability, and its formulation can follow either a discretionary or a rules-based approach. Discretionary monetary policy allows central banks to make decisions based on political or economic conditions, providing flexibility to respond to unforeseen events. However, this flexibility often leads to uncertainty, as decisions can be influenced by politics and subjective judgment, resulting in unpredictable policy measures that can end up doing more harm than good.

In contrast, rules-based monetary policy offers a more stable and predictable framework by adhering to predetermined guidelines, such as targeting specific inflation rates or following a fixed monetary growth rule. This approach minimizes the influence of human error and political bias, fostering economic stability and market confidence. By providing clear expectations, rules-based policies reduce uncertainty and create a consistent environment for economic growth.

Over time, the United States monetary policy has increasingly become discretionary, with the central bank taking on new responsibilities and actions in response to crises regardless of established rules or precedents.

Bitcoin transcends discretionary and rules-based monetary policy by offering a consensus-based, algorithm-driven approach. The bitcoin protocol leverages the strengths of a rules-based system, but the rules are set by the users themselves.

Unlike traditional currencies or central banks, bitcoin is immune to the pitfalls of discretionary policy, such as inflation caused by excessive money printing or political manipulation. Bitcoin’s consensus-based model offers a stable and transparent alternative, highlighting the advantages of a rules-based approach.

On a new episode of The Bitcoin Standard Podcast, our own Dave Birnbaum talks about how Coinbits.app is using bitcoin to build an innovative operating system for money. Listen now: Spotify | YouTube | Apple | Fountain

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COIN CHECK

Which location installed the first Bitcoin ATM in 2013?

1. Tokyo Skytree, Japan

2. Vancouver’s Waves Coffee House, Canada

3. Ohio Times Square, New York, USA

4. Piccadilly Circus, London, UK

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

2. Vancouver’s Waves Coffee House, Canada.

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