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BITCOIN BOX SCORE

Exchange Rate: $76,450
Market Capitalization: $1.51T
Hash Rate (90 days): 667.4 EH/s
Transactions (30 days): 17,825,527
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 60.07%

What do these numbers mean?

On November 6th, 2024, Donald Trump won a decisive victory over Vice President Kamala Harris in the presidential election. As soon as election returns began to look positive for President Trump, bitcoin began a to climb, eventually reaching an all-time high almost simultaneously with the election tipping decisively in his favor. Equity markets also reacted positively.

Throughout his campaign, President-elect Trump made several pro-bitcoin promises. From speaking at the Bitcoin Conference in Nashville over the summer to hosting roundtables with industry leaders, his commitment to fostering a bitcoin-friendly environment has been apparent. But beyond the rhetoric, how could a Trump presidency empower bitcoin companies and the Americans who interact with it?

First, his appointees must allow banks to work with bitcoin companies, effectively "re-banking" the industry. By overhauling institutions like the FDIC, Federal Reserve, CFPB, and other relevant agencies, the new administration could reverse the de-banking trend currently hindering bitcoin innovation and investment. Further, investigating how entities like the DoJ, Fed, and FDIC previously weaponized banks against disfavored causes and holding those responsible accountable would restore trust.

Introducing bitcoin-friendly market structure bills and stablecoin legislation would improve access and efficiency of on- and off-ramps for bitcoin, broadening its user base. Appointing a new SEC chair who approaches the industry with clarity rather than seemingly arbitrary “regulation by enforcement” would embolden entrepreneurs.

A strategic bitcoin reserve, which Trump announced at the Bitcoin Conference, could strengthen the U.S. economy and signal to other countries and central banks that bitcoin will play a key role in the global financial system. Federal legislation protecting bitcoin mining would safeguard an important American industry. And pardoning individuals like Ross Ulbricht would demonstrate a commitment to justice and rectifying past overreach.

All these initiatives align with a singular goal: making the United States the bitcoin capital of the world. Let's hope it happens. For now, bitcoiners can reflect on the fact that, 16 years after Satoshi released the white paper, the President elect of the United States of America posted this on social media:

NEWS

🟠 Strive Asset Management integrates bitcoin into new wealth division

Strive Asset Management, co-founded by former Republican presidential candidate Vivek Ramaswamy, announced that it will offer bitcoin as part of its new wealth management business. Managing $1.7 billion in assets, the firm aims to "integrate bitcoin into standard portfolios of everyday Americans" as it relocates its headquarters from Ohio to Texas.

Citing factors like "unsustainable global debt levels, rising fixed income yields, long-run inflationary pressures, persistent geopolitical pressures, and potential restrictive monetary controls," Strive positions bitcoin as a saving vehicle in today's economic climate.

Ramaswamy stated, "The moment is now ripe to launch a pro-capitalism wealth management business focused on true financial freedom, focusing on integrating bitcoin into standard portfolios." The firm also completed a $30 million Series B funding round led by Cantor Fitzgerald.

Deeper integration

Strive's integration of bitcoin into traditional investment portfolios highlights bitcoin's growing role as a mainstream asset. Traditional financial institutions offer bitcoin to stay competitive and relevant, driving adoption at the levels of both institutions and retail.

📈 U.K. Pension company invests in bitcoin

A U.K. pension fund has become the first in the country to add bitcoin to its portfolio. The pension advice firm Cartwright announced on Monday that it recommended a 3% allocation to bitcoin for an unidentified client, highlighting bitcoin's impressive long-term performance – nearly 100,000% returns since 2013.

Sam Roberts, Director of Investment Consulting at Cartwright, stated, "We are proud to have led this groundbreaking move." He anticipates that this decision will influence other institutional investors to follow suit, noting that many competitors are positioned to take similar moves. Cartwright drew parallels between bitcoin adoption trends and the gradual embrace of equities in the 1970s.

Skate where the puck is going

In the near future, failing to include bitcoin in a well rounded portfolio will be viewed as a blunder. Expect more announcements like the ones this week from both Cartwright and Strive.

📉 Fed cuts rates, boosting bitcoin outlook

The Federal Reserve lowered interest rates, creating a more favorable monetary environment for bitcoin. Following Donald Trump's re-election, markets reacted positively with a broad-based rally in assets, including bitcoin. Investors anticipate that the new administration will advocate for less government intervention and push for policies that weaken the U.S. dollar to stimulate the domestic economy.

Economic indicators such as stabilizing employment figures, a return to pre-pandemic inflation levels, and steady GDP growth suggest that the economy is normalizing. These conditions allow the Fed to reduce the federal funds rate. Lower rates typically lead to a dollar depreciation, which can increase demand for dollar-denominated hard assets like bitcoin.

Analysts predict that the rate cuts will boost economic growth and could underpin a steady bitcoin price rally. As borrowing costs decrease, investors may seek alternative stores of value with higher return potential, further boosting bitcoin's appeal.

Accelerate!

The Federal Reserve's rate cuts, alongside a weaker dollar, may accelerate bitcoin's integration into the mainstream.

BITCOIN ADOPTION CONTINUES

Two bitcoin whales purchased $142 million in BTC following Donald Trump’s election victory.

Deutsche Telekom is partnering with Metzler Bank to pilot bitcoin mining using excess renewable energy to stabilize Germany's power grid.

According to Rekt Capital analysts, bitcoin could enter a "parabolic" price phase if it achieves a weekly close above $71,500.

BTCPay Server released "Paid in Bitcoin," a documentary by Parker Worthington highlighting bitcoin's use as a payment method.

Metaplanet Inc. has joined CoinShares' BLOCK Index, highlighting its commitment to bitcoin as a treasury asset and strengthening its position in Asian markets.

HOW BITCOIN WORKS

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

Unpacking The Bitcoin Act

The Bitcoin Act of 2024 is a legislative proposal to integrate bitcoin into the United States' financial infrastructure by establishing a Strategic Bitcoin Reserve. This act recognizes bitcoin as a strategic asset, akin to gold, to enhance America's position and maintain the country's leadership in the global economy.

Key Provisions of the Act:

1. Establishment of a Strategic Bitcoin Reserve: The Act mandates the creation of a decentralized network of secure storage facilities across the United States for holding government-owned bitcoin in cold storage. This approach ensures security and minimizes the risk of unauthorized access or simultaneous compromise.

2. Bitcoin Purchase Program: The Secretary of the Treasury is authorized to purchase up to 200,000 bitcoins annually over five years, totaling 1 million bitcoins. The purchases are to be conducted transparently and strategically to minimize market disruption, with flexibility to adjust based on market conditions.

3. Consolidation of Government Bitcoin Holdings: All bitcoins controlled by federal agencies are to be transferred to the Strategic Bitcoin Reserve. This includes bitcoins obtained through forfeiture or other legal means, centralizing the government's bitcoin holdings.

4. Transparency and Accountability: The Act requires quarterly public reports and cryptographic attestations to demonstrate control over the bitcoin holdings. An independent third-party auditor will verify these reports, and the Comptroller General will oversee compliance to ensure transparency.

5. State Participation: States can voluntarily store their bitcoin holdings in segregated accounts within the Strategic Bitcoin Reserve, retaining full ownership and legal rights over their assets.

6. Protection of Private Property Rights: The Act explicitly affirms that it does not authorize the government to seize or interfere with privately owned bitcoin. Individuals and organizations retain the right to purchase, hold, and transact in bitcoin lawfully.

7. Funding the Reserve: The Act outlines methods to offset the costs of acquiring bitcoin, including adjustments to Federal Reserve funds and utilizing remittances to the Treasury. It also involves revaluing gold certificates held by the Federal Reserve Banks to reflect current market prices.

The Act could be enacted given it was introduced by Republican Senator Cynthia Lummis, and Republicans might soon control the House in addition to the Senate and the Presidency. By establishing bitcoin as a strategic reserve asset, the United States would lay out a roadmap that other institutions and governments could follow, with countless other nations likely following suit.

On 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

What is the minimum holding period during which the Strategic Bitcoin Reserve cannot sell or dispose of its bitcoin holdings, as specified in the Bitcoin Act of 2024?

1. 5 years

2. 10 years

3. 15 years

4. 20 years

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

4. 20 years. From the Act: To ensure the long-term stability and security of the Strategic Bitcoin Reserve, the Secretary shall hold all Bitcoin acquired through the Bitcoin Purchase Program for not less than 20 years.

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