Author: Dan Morehead, founder of Panteral Capital; Translated by: 0xjs@黄金财经
"Sometimes decades pass without anything happening, and sometimes decades pass without anything happening in weeks." - Vladimir Ilyich Lenin
I have been investing in Bitcoin/blockchain for more than a decade. Nothing has happened to the US SEC and major administrative agencies. Ten years of rational thinking has happened in just a few weeks.
It's like the shockwave of a sonic boom. Ten years of correct thinking is now hitting politics.
In May, a presidential candidate expressed support for blockchain. A few weeks later, two of the three presidential candidates, ten US senators, and members of the US House of Representatives attended the Bitcoin Conference! ? ! The changes are absolutely huge.
So much has happened that it’s actually hard to summarize it all, but here’s a quick distillation of the main policy initiatives:
1. Bitcoin is a “Technological Miracle”
“Bitcoin is not just a miracle of technology, as you know, it’s also a miracle of human cooperation and achievement.”
2. Bitcoin Could Surpass Gold
“But I would say this is the steel industry 100 years ago. I think you’re still in the early stages…
“It’s already bigger than ExxonMobil.” Soon it will surpass the entire market value of silver…
“One day it may surpass gold.”
3. Trump’s “America First” policy
“The reason I came to address the Bitcoin community today can be summed up in two very simple words: America First. Because if we don’t, China will, and others will. Let’s do it, and do it right. My vision is for America to dominate the future…
“I want America to be number one in technology, science, manufacturing, artificial intelligence, and space.”
4. Make America a global leader in cryptocurrency
“This afternoon, I laid out my plan to ensure that the United States becomes the global cryptocurrency capital and the world’s Bitcoin superpower, and we will get it done.”
5. The meaning of Bitcoin
“Bitcoin represents freedom, sovereignty, and independence, free from government coercion and control. The Biden-Harris administration’s suppression of cryptocurrency and Bitcoin is wrong, and it’s very bad for our country. It’s really un-American. ”
6. Crypto-friendly policies and ending "Stranglehold 2.0"
"As president, I will immediately end "Stranglehold 2.0"...
"I will cut unnecessary regulatory burdens. Work every day to make the United States the best place on earth to do business, including cryptocurrency business."
["Stranglehold 2.0" is a term used by some in the blockchain industry to describe regulators' attempts to cut off the connection between blockchain companies and banking services, a move that forces many projects to accept regulation. ]
7. New Presidential Advisory Committee on Cryptocurrency
"Upon taking office, I will immediately appoint a Presidential Advisory Committee on Bitcoin and Cryptocurrency. Their mission will be to design transparent regulatory guidelines to benefit the entire industry."
8. Regulatory clarity for stablecoins
"As part of our efforts to provide regulatory clarity, we will create a framework to enable the safe and responsible expansion of stablecoins, allowing us to extend the dominance of the dollar to new areas around the world."
9. Bitcoin does not pose a threat to the dollar
"Those who say Bitcoin poses a threat to the dollar are completely putting the cart before the horse. I think this is putting the cart before the horse. Bitcoin does not threaten the dollar. The actions of the current US government are the real threat to the dollar."
10. Embrace new ideas
"Our country has never prospered by trying to censor new ideas and stifle the dreams of its people. The United States always plants our flag on the next frontier and bravely moves forward."
—Donald Trump, Bitcoin 2024, Nashville, July 27, 2024
Ten things in a row that Donald Trump said that I totally agreed with? Wow.
This is why I am so bullish on the future of blockchain. All of these policies make perfect sense.
There is a good chance that the United States will have sensible cryptocurrency policies in place no matter who is the next president of the United States.
Everyone’s favorite, the one I strongly support, and the one that will be the subject of our long-prepared letter on monetary reserves (which we will send out as the September Blockchain Letter), is:
“Many Americans don’t realize that the U.S. government is one of the largest holders of Bitcoin…
“The federal government owns almost 210,000 Bitcoins, or 1% of the total supply. But for a long time, our government has violated the cardinal rule that every Bitcoin user knows by heart: ‘Never sell your Bitcoin.’”
“So as a final part of my program today, I am announcing that, if I am elected, my administration, the policy of the United States, will be to reserve 100% of all Bitcoin currently held or acquired by the United States government, we will reserve 100%...
“That will actually become the core of the National Strategic Reserve of Bitcoin.
“So I will be taking steps to transform this vast treasure into a permanent national asset for the benefit of all Americans.”
—Former President Trump, Bitcoin 2024 Conference in Nashville, July 27, 2024
Prior to President Trump’s speech, third-party candidate Robert F. Kennedy Jr. gave a speech at the Bitcoin 2024 Summit, promising a significant increase in Bitcoin reserves.
“As President of the United States, I intend to sign an Executive Order on my first day directing the U.S. Department of Justice and the U.S. Marshals to transfer the approximately 200,000 Bitcoins held by the U.S. Government to the U.S. Treasury and hold them as a strategic asset.
“I will sign an Executive Order directing the United States Treasury to purchase 550 Bitcoins per day until the United States builds a reserve of at least 4 million Bitcoins and attains a dominant position that no other nation can usurp. Our nation holds approximately 19% of the world’s gold reserves. This policy would give us approximately the same percentage of our total reserves in Bitcoin. The cascading effects of these actions will ultimately drive Bitcoin’s valuation into the hundreds of trillions of dollars.” ”
—Robert F. Kennedy Jr., Bitcoin 2024 Conference, Nashville, July 27, 2024
Shortly after Trump spoke, Sen. Cynthia Lummis (R-Wyo.) read her own legislative proposal, proposing an official U.S. Federal Reserve of 1 million bitcoins over five years.
“It’s the Bitcoin Reserve Act. I read from the text that the United States Senate would establish a strategic reserve of bitcoin, a network of secure repositories, a purchasing program, and other programs to ensure transparent management of the federal government’s bitcoin holdings…
“When Satoshi Nakamoto mined the first bitcoin in January 2009, he brought with him an asset that would change the world. It was our Louisiana Purchase moment.
“The Bitcoin reserve that we’re going to create will start with the 210,000 bitcoins that President Trump just mentioned and hold in vaults stored in different geographical locations, and that’s just the beginning. In five years, the U.S. will have collected 1 million bitcoins — 5% of the world’s supply.
“It will be held for at least 20 years and used for one purpose: to reduce our debt.”
“Bitcoin will change this country. As President Trump just said: ‘We print too much money, we spend too much money.’ During the pandemic, we printed in 22 months as much money as has ever been printed in the history of the United States. Well, no more.”
“With a strategic Bitcoin reserve, we will have an asset that will cut our debt in half over the period leading up to 2045.”
—Senator Cynthia Lummis, Bitcoin 2024 Conference in Nashville, July 27, 2024
Reps. Khanna (D-CA 17th District) and Nickel (D-NC 13th District) also attended, stressing the obvious:
“I really don’t understand how this is partisan. Being against Bitcoin is like being against cell phones.”
—Congressman Ro Khanna, CNBC interview, July 26, 2024
Amen. Satoshi gifted this technology to the world.
“Keeping this issue within the bounds of bipartisan consensus has really been my main focus in Nashville, and it’s something I’ve been working on in Congress.”
—Congressman Wiley Nickel, Bitcoin Magazine interview, August 2, 2024
“Kamala Harris’s advisers have approached top cryptocurrency companies in an effort to ‘reset’ the relationship between her Democratic Party and the cryptocurrency industry, which has become a key backer of her rival for the U.S. presidency.
“Members of the vice president’s team have reached out to people familiar with the matter at cryptocurrency companies about meeting in the near future,” four people familiar with the matter said. The companies include leading exchange Coinbase, stablecoin company Circle and blockchain payments group Ripple Labs, two of the people said. ”
—Financial Times, “Kamala Harris campaign seeks ‘reboot’ with crypto firms,” July 27, 2024
“Being able to bring resources and opportunities to those who need them most, to give them access to the market, that’s what Bitcoin is about. That’s what Bitcoin is about. Giving ordinary Americans the opportunity to make their own decisions at home. No matter where you live, whether you’re at the top of a mountain or in the valley, having the opportunity to democratize our financial footwork is an absolutely necessary component to achieving the American dream. Whatever we can do, wherever we can do it, let’s do it well…
“One thing I will absolutely guarantee to do as Chairman of the Senate Banking Committee is to see your bill through the Banking Committee, and we will work to make it the law of the United States, so that Bitcoin is free in the United States, in the United States, free at last! Free at last! Thank God Almighty, it is free at last…”
—Senator Tim Scott & ... (Gradually, then suddenly)”
—Hemingway, The Sun Also Rises, 1926
It doesn’t take a political science major to understand why both political parties are suddenly turning to blockchain.
Most Americans are under 40.
The consequences of the Fed’s policy mistakes and Congress’ money printing have fallen almost entirely on the shoulders of a minority of older Americans.
Most Americans are paying for these mistakes through housing costs.
Median-priced homes are more unaffordable than at any time since 1987.
They voted.
#BuyBitcoin.
Panelists: Dan Morehead, Founder and Managing Partner of Pantera; Anthony Scaramucci, Founder and Managing Partner of SkyBridge Capital; Cardone Digital Ventures Gary Cardone, Managing Partner
Dan: “Anthony, we were at Goldman Sachs when they were doing GSCI, and now everybody thinks commodities are an asset class. I was doing emerging markets research in the 90s, and now everybody thinks emerging markets are an asset class. In about five years, every institutional investor on the planet is going to have a blockchain team. They’re going to have an allocation. It’s going to be like 800 basis points. The reason I’m still so bullish on it, and the reason I think it’s still so asymmetric, is that nobody has an allocation like that right now.
“This is the first trade that the ‘smart money’ missed, right? There are all these individuals like you in this room who did this, and almost all the institutions have zero or less than 1% of their assets on blockchain.
“Not only is this the most asymmetric trade I’ve ever seen, but I think it’s also the most unmissable trade I’ve ever seen. This may take longer than we think. It may have some ups and downs, but basically everyone with a smartphone will be using blockchain in ten years. It’s a no-brainer. So, that’s why I still think it’s still very asymmetric because institutions haven’t really figured it out yet.”
Did he still complain?!?
Aaron: “You said it could take a decade to get to the market cap of gold. We don’t know. It’s hard to predict, but why is it taking so long? Why is it taking so long to get there?”
Dan: “Aaron’s question is why I like this trade. We've been doing this deal for eleven years, and for those eleven years, Bitcoin has doubled on average every year... and he was complaining that it was taking too long. Now, **THIS** IS A GREAT DEAL!"
Aaron: "Regardless of your personal views, if Trump wins, would it be orders of magnitude better for Bitcoin? Or as a Bitcoin holder, how do you feel about that? ”
Dan： “I really think this is the biggest news in crypto…
“I think the former president’s change of heart in May was the biggest thing in crypto because everyone changed whether he was elected or the other candidate was elected. The SEC launched an ETH ETF in a week. Everything changed. I really think this is a huge change because now politicians see that crypto is popular. Think about it. Most Americans are under 40. They like crypto and they vote. So politicians can combine the two.”
Aaron： “Bitcoin’s token economy is developing. Does Bitcoin need to develop? That’s the question. Does Bitcoin need to develop a strong token economy to be that asymmetric bet? Like if the token economy doesn’t develop, will Bitcoin’s growth be limited, or how do you think about it?”
Dan： “I think it’s great to build some cool projects on Bitcoin. Like Stacks Projects like this are great, but people sometimes say, ‘What’s the killer app for Bitcoin?’ Bitcoin is the killer app for Bitcoin. There’s so much wealth being stored, so much savings, so much money moving across borders. So even if nothing else was built on top of Bitcoin, this would be an amazing development for the world.”
The Bitcoin Asia conference will be held at Kai Tak Cruise Terminal in Hong Kong from May 9 to May 10, 2024. This conference will bring together many industry leaders. Golden Finance has compiled a conference guide to help you attend the conference with peace of mind.
JinseFinanceWhile ViGPT marks Vietnam's stride towards AI independence, it remains to be seen how these localized models will influence the global AI landscape. The collaborative efforts between private entities and the government signal a promising future for Vietnam's tech industry. However, challenges may arise in achieving widespread adoption and overcoming linguistic barriers on the international stage.
Cheng YuanJinseFinanceMetaMask, the Ethereum self-custody wallet, has mysteriously vanished from the app store, as per reports from watcher.guru.
DavinIn a series of tweets, the billionaire says Apple also has mostly stopped advertising on Twitter
OthersTraditional industries are currently facing an ultimatum—either embrace new technology or succumb to old methods. Since 2008, blockchain technology has ...
BitcoinistWallet.app is launching the next stage in its EU-based, fully compliant crypto custody wallet, exchange and payment platform that will ...
BitcoinistThe Bitcoin 2022 conference in Miami set the stage for the announcement followed by a panel with athletes Serena Williams, Odell Beckham Jr. and Aaron Rodgers.
CointelegraphWood believes that Venmo is merely a follower of Cash App, which has generated more than double Venmo’s revenue from almost half the number of users.
CointelegraphBitcoin’s layer-2 scaling solution, the Lightning Network, has seen payment volume increase by over 400% as real adoption grows.
Cointelegraph