In This Issue
- David & Sam share their thoughts on Bitcoin and 2024, Tether mining bitcoin in Uruguay, the bitcoin miner tax hike likely dying, the Chinese metaverse, macro is a hot mess, Avalanche snowballing, crypto’s kickoff in Hong Kong, centralized exchanges & Celsius has been snapped up.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on Ethereum’s MEV-Burn Proposal.
- Defi Dad has a tutorial for you on how to earn 59% APR with eUSD borrowed against stETH on Lybra Finance.
- Jesse has a ton of hot new airdrops for you.
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The News Now
Bitcoin and 2024
We’ve come a long way, folks.
The US 2024 presidential campaign season is in full swing, and most of the contenders have expressed an opinion about bitcoin. Let’s review each candidate’s position and discuss some broader implications.
Democrats
Joe Biden: The first two years of Biden’s presidency were uneventful. But by mid-2022, Biden’s SEC seemingly embarked on an anti-crypto warpath, with enforcement actions initiated against Coinbase, Gemini, and dozens of other companies. Then in March, Biden proposed a 30% tax hike on US-based crypto miners.
RFK at Bitcoin 2023. Getty Images.
Robert F. Kennedy: RFK just gave a keynote address at Bitcoin 2023. TLDR, he’s pro-bitcoin. RFK said bitcoin is an important preservation tool for civil liberties, and if elected, he’d ensure:
- An individual’s right to self-custody,
- Industry-neutral energy regulations, and
- That the US remains the global hub for crypto innovation.
Republicans
Donald Trump: From his tweets, Trump seemingly believes bitcoin is a scam and a threat to the US dollar. In 2018, Trump apparently told US treasury secretary Steven Mnuchin to “go after bitcoin.” By 2020, Mnuchin was working with FinCEN on crypto rules to tamp down on illicit activity. Despite all this, several of Trump’s other aides and appointees appeared to be pro-crypto, including Anthony Scaramucci, Mick Mulvaney, and Hester Peirce.
Ron DeSantis: Desantis recently declared on Twitter Spaces with Elon Musk that using bitcoin is an individual’s right, and that CBDCs would never happen under his watch. As Florida’s governor, DeSantis did sign legislation that defined virtual currencies and codified the right to trade crypto without a license. In March, his office introduced legislation that would effectively ban the use of CBDCs in Florida.
Vivek Ramaswamy: Vivek also gave a keynote address at Bitcoin 2023. He described bitcoin as an important “decentralized alternative” to the US dollar. Vivek claims the deepest understanding of bitcoin and blockchain technology out of any other presidential candidate. If elected, he says he’ll cut the Federal Reserve’s headcount by 90% and overhaul the SEC.
OK, here’s my take.
First, I don’t see a bitcoin political divide as much as I see a generational one. The candidates most antagonistic (Biden and Trump) are the oldest, while those indicating support are all younger. This age differential is…
