Bitcoin is an inflation hedge tool. Harris' husband is a cryptocurrency enthusiast

Headline

▌Mayor of Jersey City, USA: Bitcoin is an inflation hedge tool, and he also holds ETH

Golden Finance reported that Steven Fulop, mayor of Jersey City and candidate for governor of New Jersey, said that municipal pension funds are investing in Bitcoin ETFs as an "inflation hedge". Fulop pointed out that the investment is to hedge inflation, and he personally holds ETH in addition to BTC. Fulop said of the rising cost of living in the state and the United States: "The past few years have been very, very difficult, and it seems to be getting worse, not better." BTC is an "important and relevant asset class" that governments and companies will "generally" hold as a means of preserving value. Fulop is running to succeed current Governor Phil Murph, who is not eligible for re-election. Fulop said that if elected, he would consider running for New Jersey to hold Bitcoin and to base cryptocurrency companies in the state. It is reported that several large cryptocurrency companies are currently located in Jersey City, just a four-minute subway ride from Wall Street.

▌Harris may share her views on Bitcoin in the coming weeks, and her husband is a "cryptocurrency enthusiast"

Golden Finance reported that an unnamed crypto lobbyist said that it is estimated that Harris will clarify her views on cryptocurrency in the coming weeks. Harris' husband Douglas Emhoff is a "cryptocurrency enthusiast." Gary DeWaal, a former senior lawyer at the U.S. Commodity Futures Trading Commission (CFTC), said he does not expect Harris to comment on cryptocurrency before announcing the vice president candidate on August 7.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 67784.38 US dollars, with a daily increase or decrease of +2.0%;

ETH's latest transaction price is 3252.73 yuan, with a daily increase or decrease of -6.7%;

BNB's latest transaction price is 578.47 US dollars, with a daily increase or decrease of -1.8%；

SOL's latest transaction price is 181.85 US dollars, and its intraday increase or decrease is +7.4%；

DOGE's latest transaction price is 0.1333 US dollars, and its intraday increase or decrease is +6.6%；

XPR's latest transaction price is 0.5974 US dollars, and its intraday increase or decrease is +3.0%。

Policy

▌US Congressman Bill Hagerty: Working to Promote Bitcoin-Promoting Legislation

US Senator Bill Hagerty, a Republican from Tennessee, said at the Bitcoin Conference that he is working to promote Bitcoin-supporting legislation to promote freedom and opportunity.

▌US judge approves postponement of confiscation of FTX's PAC political donations

US prosecutor Damian Williams said in a document filed with the US District Court for the Southern District of New York on July 26 that he requested more time to evaluate the "fund confiscation" proposed by former FTX CEO Sam Bankman-Fried (SBF) to several political action committees (PACs). Judge Lewis Kaplan approved prosecutors' request to extend the deadline for PACs to submit third-party requests from July 26 to September 13. SBF reportedly donated about $40 million directly to political candidates and PACs in 2022 before FTX collapsed. Judge Williams said his office is continuing to discuss with SBF's lawyers about donations to five PACs in 2022, focusing mainly on Democratic committees including House Majority PAC, Senate Majority PAC, FF PAC, FF USA Action, EMILYs List, and GMI PAC.

▌U.S. Senator Cynthia Lummis Did Not Announce Bitcoin Strategic Reserve Legislation at Bitcoin 2024 Conference

U.S. Senator Cynthia Lummis delivered a highly anticipated speech at the 2024 Bitcoin Conference in Nashville, along with Senator Tim Scott. However, the speech did not mention the rumored legislation that would establish Bitcoin as a strategic reserve asset for the United States. Earlier, U.S. Senator Cynthia Lummis may announce BTC strategic reserve legislation at the Bitcoin Conference.

Blockchain Applications

▌Ethereum Team Leader: The Ethereum Research Team Seems to Accept the Idea of ​​Centralizing Everything

Ethereum Team Leader Péter Szilágyi expressed concerns about the direction of Ethereum development on social media. Szilágyi's views involve the Ethereum PeerDAS proposal, which, among other changes, would increase the size of Ethereum blobs to 32MB. Szilágyi believes that the PeerDAS upgrade will hinder home stake holders (typically those with simpler computing power settings) from participating in the Ethereum network, which goes against the spirit of decentralization. "Ethereum researchers are 'killing' home stake holders in front of everyone," Szilagyi wrote on X. "This is not what I expected when I joined Ethereum. Now I'd love to prove otherwise, but I feel like Ethereum is losing its thread. The research team seems to have fully bought into the idea of ​​centralizing everything as long as it can be verified. It's a joke: decentralized verification, but centralized control."

Crypto

▌Nomura's Crypto Unit to Launch Higher-Yield Ethereum ETF Alternative

After launching an ETF that holds the Ethereum cryptocurrency, Nomura Holdings' digital asset unit plans to offer a higher-yielding alternative that includes key components that U.S. issuers may have missed to help win regulatory approval. Nomura's Laser Digital plans to launch the fund in early September with support from Galaxy Digital and cryptocurrency startup Dinero. The fund will be open to so-called accredited investors, such as hedge funds and private investment offices, rather than retail buyers. Laser Digital sees the fund as an alternative to Ethereum ETFs, providing institutional investors with exposure to Ethereum's "arbitrage component."

▌US Presidential Candidate Kennedy: If elected, will require the United States to buy 550 BTC per day

Robert F. Kennedy Jr., an independent candidate for US President, said that if elected president, he would sign an executive order requiring the United States to buy 550 BTC per day to establish a reserve of 4 million BTC. In addition, he will sign an executive order instructing the IRS to issue public guidelines stipulating that all transactions between Bitcoin and the US dollar are non-reportable, tax-free transactions. He will also order the transfer of 200,000 Bitcoins to the US Treasury to hold them as strategic assets. Robert Kennedy Jr. said: "I don't represent the blue camp (Democratic Party), the red camp (Republican Party), or the purple camp (swing states), he is the orange camp (the representative color of Bitcoin)."

▌The U.S. SEC approved Grayscale Bitcoin Mini Trust's 19b-4 form

The U.S. Securities and Exchange Commission approved Grayscale Bitcoin Mini Trust's 19b-4 form on Friday. According to the S-1 filing released in March, the trust's ticker is "BTC" and is intended to be a "spin-off" of GBTC. The trust still needs its S-1 registration statement to take effect before trading. The spokesperson said: "Grayscale is waiting for BTC's S-1 registration statement to take effect. The approval and effectiveness of the registration statement will allow BTC to operate as a US spot Bitcoin ETP alongside GBTC and others. The Grayscale team will share more information about the listing date of Grayscale Bitcoin Mini Trust on the New York Stock Exchange Arca as soon as possible."

▌Bitcoin scaling network Mezo completes US$7.5 million in financing

Bitcoin scaling network Mezo announced the completion of US$7.5 million in financing, led by Ledger Cathay Fund, and participated by ArkStream Capital, Aquarius Fund, Flowdesk, GSR, Origin Protocol and Bybit's ecosystem project Mantle EcoFund. As of now, Mezo's total financing amount has reached US$30 million, but its founder Matt Luongo declined to comment on the structure and valuation of this round of financing.

Important Economic Dynamics

▌Traders expect the Fed to keep interest rates unchanged in July and start cutting interest rates in September

US short-term interest rate futures rose slightly after the release of inflation data; traders expect the Fed to keep interest rates unchanged in July and start cutting interest rates in September. Spot gold and the US dollar index DXY did not fluctuate much in the short term.

▌The market currently expects the Fed to cut interest rates three times before the end of the year due to the recent improvement in inflation data

The market currently expects the Fed to cut interest rates three times before the end of the year due to the recent improvement in inflation data.

Golden Encyclopedia

▌What areBitcoin whales?

Bitcoin whales are individuals or organizations that own large amounts of Bitcoin and are able to influence the market through trading strategies. The term "Bitcoin whale" is often used to refer to holders who own a large amount of Bitcoin compared to smaller participants, who are often referred to as "minnows" in the market. The owner of a wallet or a cluster of wallets controlled by one entity may be an individual or a group that is pooling funds for a large investment. Their large assets are accumulated through mining, early investments, and other methods. Whales can hold large amounts of Bitcoin, which gives them the ability to manipulate the market through large asset purchases or sales that cause price fluctuations. In the cryptocurrency space, large whales and extreme volatility are often associated.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.