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BITCOIN BOX SCORE

Exchange Rate: $57,530
Market Capitalization: $1.13T
Hash Rate (90 days): 598.2 EH/s
Transactions (30 days): 17,753,285
Network Fees (economy): 6 sat/vB
Bitcoin Dominance: 54.47%

What do these numbers mean?

Anyone who piled into bitcoin when it broke past $70,000 might look at the recent price drop and wonder what happened. Well, for starters, bitcoin is a global market that trades 24/7/365. The combination of liquidation of enormous amounts of bitcoin by Germany (and possibly the U.S. government as well) increased available supply. Mt. Gox redemptions also struck fear in markets, leading to a swift fall back to the $58,000 range.

This provides an important lesson. Assumptions may be correct, but confirmation may come later than expected. It’s healthy to periodically re-examine one’s underlying thesis. What is a better long-term store of value: a decentralized global currency with a fixed supply, whose network's monetary policy cannot be influenced by government actors, or the paper currencies of nations deeply in debt?

We all must make this decision for ourselves. Some have clearly made theirs, as both institutional and retail investors are now "buying the dip," piling hundreds of millions into spot bitcoin ETFs.

The integration of bitcoin with leading first-world economies may accelerate as bitcoin is adopted by sovereign nations. Regardless of how it happens, bitcoin (and the people who own it) will benefit in the long term. No one could have predicted that the U.S. Presidential frontrunner would be speaking at the Bitcoin 2024 conference this year, but here we are. Political passions are ephemeral, but bitcoin is permanent, and policy decisions today will set the stage for decades to come.

NEWS

🇺🇸 GOP embraces bitcoin, Trump to speak at Bitcoin 2024; new polls reveals impact of new pro-bitcoin stance

Former President Donald Trump's recent embrace of bitcoin after years of skepticism may win him votes among reluctant Republicans as he seeks a return to the White House. According to a poll by investment firm Paradigm, 13% of Republicans who weren't planning to vote for Trump now view him more positively due to his pro-bitcoin and crypto stance, with 60% believing Congress should create regulatory clarity for the industry. The poll also revealed that 28% of Republicans have dabbled in bitcoin and crypto ownership, with this involvement skewing toward younger, male, and non-white demographics.

Bitcoin 2024

The organizers of the Bitcoin 2024 conference announced former President will be giving a keynote address. The conference is scheduled for July 25 through 27 in Nashville, Tennessee. The event will also feature presidential candidate Robert F. Kennedy Jr., and several high profile politicians and liberty activists.

Pro-bitcoin RNC platform

Before Trump's speaker slot was announced, the Republican National Committee's 2024 party platform was released. It contains pledges to defend mining rights and self-custody and oppose a Central Bank Digital Currency.

SEC drops BUSD case against Paxos

The SEC decided to drop its investigation into stablecoin issuer Paxos and will not file an enforcement case. This decision follows a February 2023 Wells notice that alleged Paxos's Binance USD (BUSD) token was an unregistered security. Paxos has consistently maintained that its USD-backed stablecoins are not securities, and welcomed what it saw as a correct decision by the agency.

What's a security?

This decision constitutes a de facto admission that the SEC (for now) does not consider payment stablecoins a security, offering some clarity to U.S.-based issuers.

CFTC pushes for spot bitcoin market oversight

Per Commodities Futures Trading Commission (CFTC) Chair Rostin Behnam's testimony to the Senate Agriculture Committee this week, the CFTC is seeking to expand its authority to regulate spot bitcoin markets, potentially requiring all bitcoin-related companies to register with the federal government and comply with strict KYC/AML requirements overseen by the CFTC.

Overreach? It sure sounds like it.

As Zaprite's Will Cole states, this approach would place undue burdens on new and existing bitcoin companies.

BITCOIN ADOPTION CONTINUES

Block, Inc. and Core Scientific announced a partnership to decentralize mining hardware by integrating Block's advanced 3-nanometer ASIC chips into Core Scientific's large-scale bitcoin mining operations.

Bitcoin Core developers introduced a new policy to improve the disclosure and handling of security vulnerabilities, enhancing transparency and addressing long-standing issues in communicating risks to the public.

The City of Santa Monica is opening a bitcoin office to provide education, grow tourism, connect residents to jobs, and explore sustainable mining, following El Salvador's model.

U.S. Senator Marsha Blackburn's re-election campaign now accepts bitcoin and crypto donations; Blackburn, who recently chaired the RNC Platform Committee endorsing bitcoin rights, is speaking at the Bitcoin 2024 Conference in Nashville.

Japanese public company Metaplanet purchased ¥400 million ($2.5 million) in bitcoin, continuing its bitcoin treasury strategy and bringing its total holdings to approximately 203 bitcoins.

HOW BITCOIN WORKS

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

What is the maximum bitcoin you will ever own?

Dollar-cost averaging (DCA) is a popular bitcoin saving strategy. It involves consistently converting fixed amount of fiat into bitcoin each month, regardless of the price. This approach is taken by many people who believe bitcoin’s purchasing power will increase over the long term. This week, a user on X.com shared an interesting model that predicts the maximum amount of bitcoin one will own based on the specifics of their DCA strategy.

Assuming a fixed monthly DCA amount and that bitcoin's price follows a power law with an exponent of 5.7, one can create a theoretical maximum amount of bitcoin that one will accumulate over time.

Per the model:

1. Starting Today (July 2024):

   • To reach 1 bitcoin, one would need to invest a minimum of $1,500 per month.

2. Starting in 2026:

   • The minimum monthly investment required to reach 1 bitcoin will increase to $2,300.

3. Starting in 2033:

   • Even an investment of $10,000 per month will never reach 1 bitcoin.

While the model presented here is based on several assumptions and is not financial advice, these projections underscore a crucial insight: the earlier you start, the better. Dollar-cost averaging provides a disciplined, long-term approach to bitcoin accumulation.

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COIN CHECK

Who was the first politician to accept bitcoin donations for a presidential campaign in the United States?

1. Ted Cruz

2. Donald Trump

3. Robert F. Kennedy Jr.

4. Rand Paul

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

4. The first candidate was Senator Rand Paul during the 2016 race.

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