The Wolf Den #1016 - Trump's Speech

My Longest Newsletter Ever...

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In This Issue:

1. Trump’s Speech

2. Bitcoin Thoughts And Analysis

3. Altcoin Charts

4. Legacy Markets

5. $2B Worth Of Bitcoin Are On the Move

6. Bitcoin's Huge Tipping Point | Macro Monday

Trump’s Speech

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This is going to be the longest newsletter ever.

The contents will cover my reflections on the conference, Trump's speech, the more important Cynthia Lummis announcement, and my thoughts on it all.

For those who missed the conference, my goal is to offer a vivid depiction, an impossible task because so much happened in 3 days. For those who attended, I aim to elaborate on our experience and provide a fresh perspective.

To be honest, I could write 3x this much on the details of the speech, but will attempt to only hit the most important points.

The Conference - Part 1.

To reach the grand entrance of the Music City Center, you had to ascend a massive staircase, like Stallone in Rocky, while bobbing and weaving through a sea of shameless and shirtless crypto shills, RFK advertisements, and religious zealots condemning us all to hell, before finally arriving at the Bitcoin/Trump-themed ‘promised land.’

I indulged in some of the shenanigans - YOLO.

Billboards and signage were plastered across town, making the Trump theme inescapable, which became even more pronounced the further you ventured into the Music City Center. Even the official Bitcoin merchandise booth was leaning into Trump, offering red hats emblazoned with “Make Bitcoin Great Again.”

Before diving into more serious topics, I want to acknowledge everyone who took the time to say hi, share something personal or passionate, introduce me to their kids, take a picture, shake my hand, or mention that they read this newsletter, listen to the podcast, or join us on Macro Monday. Nothing at the conference surpassed these moments. I owe all of you my deepest thanks.

I’ve never seen so many adults bring their kids to a Bitcoin conference with such genuine enthusiasm. These children and young adults are the ones who will keep the torch burning and eventually carry it into the next decade. Keep bringing your kids—this is the way forward.

Let’s now discuss the atmosphere of the conference.

The Secret Service was everywhere—at the entrance, offsite locations like fundraiser events and Karate Combat, and even shielding us from some of the talks we were most excited about. We were loud enough for Bitcoin to find a seat in the political arena at the expense of us not being able to find a seat at our conference—something we took for granted until now.

Heavy security may be antithetical to libertarian values, but Bitcoiners made it work. We have accepted that the stakes are much higher now and rose to the occasion.

Trumps Speech—Part 2.

The Secret Service quashed the hopes of anyone wanting to listen without camping out at the conference early or purchasing an expensive whale pass. Expectations were high for Trump's speech, particularly regarding a potential comment on the Strategic Reserve asset.

Trump arrived fashionably late, but the crowd didn't seem to mind. The spectacle of various media groups being escorted to the front, clashing with the commotion of Metro City police, conference volunteers, conference security, private security, and the Secret Service made for quite a show.

The front row was lined with million-dollar donors, members of Congress, various media groups, and sectioned-off sponsor companies that resembled sporting event VIP suites. Entire sections of the crowd stood up and cheered when Trump touched on their cause.

Trump walked out to the song “God Bless The USA,” patiently waiting for the entire song to finish before beginning his 50-minute speech.

The crowd speculated that Elon Musk might arrive late, but spoiler alert: that never happened. There were constant mentions of an unannounced high-profile guest from the organizers—supposedly ‘as big as the headliner.’ I have been privy to quite a bit of information about what happened there, but that shall remain private for now.

“God Bless The USA” finished, and the speech began. I have included the entire transcript below. For those who didn’t listen, I suggest you read it. If you prefer to skip it, you can scroll quickly to the line break and continue. I have purposely bolded parts of the speech that I found impactful. Form your own opinion before I share mine, but the bolding will help speed readers and skimmers.

The Speech:

“Oh, hello Bitcoiners.

Thank you very much. Hello. It's good to be with you. It's good to be with you. So, Secret Service just told me, "Sir, we'd like a little more time." I said, "You take all the time you want. You can take two hours, three hours. The hell with the people that have been waiting out here, but I'm sure they don't mind either."

About that, it is a great honor and a lot of things happening in the world. We just heard—you probably heard—that Israel was just attacked, very severely attacked. And Hezbollah looks like...and these are things that won't happen. I mean, they just can't. They have to respect us. They have to respect...they cannot do this. They cannot do this. What they did just now with that attack is terrible. It just happened. And so, to all, God bless everybody. This is so serious. They have to respect our country. This would never have happened with us. And we just cannot let it continue. So we just wish them all a lot of luck. This happened as I'm walking on the stage. You probably, most of you have heard about it, but it just...it's a terrible thing.

But I'm thrilled to be here in Nashville to become the first American President ever to address a Bitcoin event. Anywhere.

I want to thank David Bailey for inviting me. Special guy. This whole love affair sort of started, David, about four months ago. I was at Mar-a-Lago, I took a picture with a nice-looking guy who's okay. Saw you someplace, but I took a picture, got published. Trump and David Bailey, all of a sudden, your industry went through the roof. So, David, congratulations. Whatever the hell you do, you did a hell of a job. But as well as all of the Bitcoin luminaires and legends here—you have legends in this room, they really are. Congratulations.

Would the legends please stand up? Oh, everyone is standing anyway. That's nice. I used to say sit down, everybody sit down. But it's nice when they stand, including Tyler and Cameron. You know who that is? Winklevoss. These are great guys. They look like male models with a brain. You know, they're male models with a big, beautiful brain. Michael Saylor is here. Wood. Cathy Wood. Ron Paul and Rand Paul are here. Vivek is here. Vivek Ramaswamy. Where are you, Vivek? There he is. He's great. A man that I call Bob, but you probably know as Kid Rock. Where's Kid Rock?

Where is he? He's great. He's a good guy and a talented guy. And another talented guy. He was so incredible, this one. He went and he played at the funeral of a great fireman who was killed, fire chief, killed a week and a half ago at the rally. And Billy Ray Cyrus went and played music for the family. And it was supposed to be so incredible. I've heard so many things about it. And Billy Ray Cyrus is here. Where's Billy Ray? He's around here someplace. And he's a conservative guy. I said, "How did you get such a liberal daughter? How did that happen?"

And by the way, Kid Rock was incredible at the convention. You probably saw him. He was great. He was great. Another one, Jake Paul. You don't want to fight this guy. Yeah, no, I know. You don't want to fight. He's got a big fight coming with Mike Tyson. But he's glad he didn't fight Mike when Mike was 19. And he told me that today. But he's a fantastic guy, very talented guy in a lot of ways. Governor Joe Lombardo, who's fantastic. And we're doing well in his state. And he's going to make sure that there's no hanky-panky going on. And if that happens, we're gonna win his great state. But you know who he is, and he's a fantastic governor.

Senators Bill Hagerty, Marsha Blackburn, Cynthia Lummis, Tim Scott. And Tim was great. Boy, out there, he was such a strong voice for me. He was on so many shows and did such a great job during the primaries. He was incredible. I want to thank him. Special guy. They're all special people. They're warriors. Tommy Tuberville, you know, Tommy Tuberville, a senator from Alabama. And you have many members of Congress: Andy Ogles, Thomas Massie, John Rose, Mark Green, and French Hill.

And the next U.S. senator from Ohio, I hear he's doing very well, Bernie Moreno. Where is Bernie? I hear Bernie's doing well. The great Laura Loomer. Some of you know Laura. She's a fantastic person, great woman. And a tremendous developer from New York and Florida, one of the best, Steve Witkoff. And he's got his son, Alex, with him today. It's an incredible family, development family. They've been supporters from the beginning. Howard Lutnick, Cantor Fitzgerald, incredible. One of the truly brilliant men of Wall Street. And a whole group of distinguished guests. And a lot of our distinguished guests.

We have a lot of other people here, and I won't bother you anymore. That's enough. Because we have to talk about crypto, we have to talk about Bitcoin, we have to talk about all these great companies. But our country is blessed to have the extraordinary talent, energy, and genius represented in this room. It really is great genius. Not all of you, but most of you, many of you.

But this is the kind of spirit that built America. And this is the spirit that's going to help us make America great again. So would I stand before you today filled with respect and admiration for what the Bitcoin community has achieved? It's incredible, actually. I sort of say to my sons, it's like, incredible, because they know so much about it. They're so aware of it, much more so than people that are a little bit older. But I say this is the steel industry of 100 years ago. Really is. I think you're just in your infancy. I can see it happen.

In just 15 years, Bitcoin has gone from merely an idea posted anonymously on an internet message board to being the ninth most valuable asset anywhere in the world. Can you believe that? Is that right? That's a big deal. Think of that, it's already bigger than Exxon Mobile. And soon it will be surpassing the entire market cap of silver.

It's not bad. How about gold? How about gold? Let's go, gold. And one day, it probably will overtake gold. But based on the way it's going now, it could very well be a possibility. There's never been anything like it. And I don't think you've ever seen anything like it. And most people have no idea what the hell it is. You know that, right? So what happens when they figure it out? That's gonna really be something.

Bitcoin is not just a marvel of technology. As you know, it's a miracle of cooperation and human achievement and a lot of relationships that are formed. I just did a meeting, a roundtable, with a lot of the leaders, and it's amazing. There's a great camaraderie. It's really interesting. Obviously, there's competition, but there's a relationship. There's a friendship that's developed with a lot of these people. I noticed that. I don't usually see that too often. I see the opposite, actually. They want to...they want to get each other, they want to kill each other. These guys have a great feeling. Very smart people too.

Congratulations on all that you've accomplished. This room is amazing. The people in this room. High IQ individuals. I'm running against a low IQ individual. I'm not even talking about him or her. I got a low IQ individual. The reason I've come to address the Bitcoin community today can be summed up in two very simple words: America First.

Because if we don't do it, China's going to be doing it. Others are going to be doing it. Let's do it and do it right. My vision is for an America that dominates the future. We have the best economy, the highest standard of living, the safest and most beautiful cities. And by the way, when I say safest, our cities are going to hell right now. Our cities are going to hell. We're going to fix our cities. We're going to work with Democrats that have destroyed our cities, but we'll work with them, and we're going to get our cities back. We're going to bring our country back.

And we really were the freest and the most ambitious, most dynamic nation ever to exist on Earth. And we're gonna get that back again because we're not there now.

We're a nation in decline. You know, we know it doesn't sound nice, but it's okay. Because we're going to bring it back. We're going to bring it back fast. Right now, it's embarrassing. It's embarrassing what's happening. And even today, when you look at what we just said, that would never have happened if they respected our country.

If we don't embrace crypto and Bitcoin technology, China will. Other countries will. They'll dominate. And we cannot let China dominate. They are making too much progress, as it is, and we want them to be successful. I don't want China to be successful, but we have to be the most successful. What's gonna happen? I want the United States to be first in technology, first in science, first in manufacturing, first in artificial intelligence, and first in space.

You know, at MIT, my uncle was a professor there, Dr. John Trump. He would have fit in with this room very nicely, actually. That's why I mentioned it. And I believe he was the longest-serving professor in the history of MIT. He graduated...we have a very intelligent family, actually. He graduated tremendously. I think he has three different degrees. But they said, "Would you like to stay on, John, and, Professor?" Well, I've gotten a lot of offers, I assume he said. "But I've got a lot of offers." Well, we'd like...he was there for, I believe, 41 years.

When I was in the White House, the head of MIT came to see me, and they presented me with a book on my uncle. He was a legendary guy in the academic world and in the world of MIT. So I understand a lot about what you're doing, and I have great respect for highly intelligent people. And you are highly intelligent. America's destiny is to lead our rivals in everything and to surrender our industries to no one. No one. You know, some of you are involved with AI. But you also have the same thing.

You need a thing called electricity. You need a lot of electricity. You know, AI needs...for it to be really dominant. And China can do it much easier. We have environmental impact statements to do, but we're going to do things that nobody thought were possible. You need tremendous amounts of electricity.

You need double the electricity of the entire electricity that we have right now in the United States to dominate. And we'll get that done. Who would think we can get that done? But we're gonna get it. We'll be having power plants built at the sites.

We'll be releasing people from certain ridiculous requirements. And we'll be using fossil fuel to make electricity because we're going to have to. We'll be using nuclear. We'll be doing it in an environmentally friendly way. But we will be creating so much electricity, that you'll be saying, "Please, please, President, we don't want any more electricity. We can't stand it." You'll be begging me. "No more electricity, sir. We have enough, we have enough."

You know, in the Midwest, they just opened...it was very interesting. They just opened up two chargers, you know, a charger for the electric cars. And you know, I love Elon, he's great. He endorsed me and...great endorsement, everything else. But not everybody has to have an electric car. I told them that.

So we're gonna get rid of that mandate, if you don't mind. Some people want a gasoline-propelled car, some people want a hybrid. And some people like electric cars, they're great. I think they're great. I think what he's done is great. And I think he understands that. I guess he probably wouldn't have endorsed me on this, but he did. And it's just like...they did these chargers in the Midwest. There are eight of them, they spent $9 billion to build eight chargers to charge up a car. And at that rate, it would cost approximately $12 trillion to put the chargers around. Somehow that's not working. The country would have to file for Chapter 11. We'll do a chapter...you know, it's called chapter seven instead of a chapter 11. But it's the equivalent.

Now, we have to use our brain. We have to be...we are the party of common sense, okay? We have to have common sense. But what we do have to do is we have to produce tremendous electric for AI, and for all of the other things, including the things that you're doing, and we'll get it produced and we're gonna get it produced fast.

Or we're not going to be able to compete with China and other countries, so we're gonna get it produced. This afternoon, I'm laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world and we'll get it done.

If crypto is going to define the future, I want it to be mined, minted, and made in the USA. It's going to be...it's not going to be made anywhere else. And if Bitcoin is going to the moon, as we say...it's gone to the moon. I want America to be the nation that leads the way. And that's what's going to happen. You're going to be very happy with me. We're going to be so happy. He does. He's the greatest guy.

That's why I'm proud to be the first major party nominee in American history to accept donations in Bitcoin and crypto. And they made a lot of them, I might tell you, and I appreciate it. Since we made that announcement on May 21, we have already raised $25 million, much of it in Bitcoin, crypto, and others, others that are very, very good also.

But as you know, our excitement about the future of Bitcoin and crypto could not be more different from the approach of our opponents. Can't be. Look, our opponents have gone a difficult route. He goes on old-fashioned stuff. We're going to take it right down the middle. We're going to...we're so different from anybody else. In terms of a campaign. First of all, we understand that. They don't understand it. They are blocking your path, they're blocking your way. But I've made it a lot easier for you because the SEC has been very, very tough on you. And now they see that you've embraced me. All of a sudden, people that were under investigation will be let go. They say, "Oh, no, we don't want to do that. We love crypto." Let me tell you, if they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn't believe. But right now, because of me, they're leaving you alone. So please say, "Thank you, President Trump." Thank you very much.

And the reason they're doing that is, I've heard from some of your great geniuses that talk to me about this subject. I've heard from Vivek, 175 million people, in some form, are involved with this world of crypto and Bitcoin and all of the others. 175 million. So when they heard that, they said, "Let's be nice to them, at least until after the election."

So I've taken a lot of pressure off a lot of people. A lot of people are very happy today that about three months ago weren't so thrilled. For three and a half years, is that right? And you know it's right. For three and a half years, the current administration has waged a war on crypto and Bitcoin like nobody's ever seen before.

For those who work in this industry. They target your banks, they choke off your financial services. Have people seen that? Yes. Yeah. They have plenty of hands up. They block ordinary Americans from transferring money to your exchanges. They slander your...they slander you as criminals. But that happened to me too, because I said the election was rigged. He said the election was rigged. He should spend the rest of his life in jail for making that statement. But of course, they say it about us. And it's okay, right?

Now, and by the way, we're doing very well on the election. You know, we lost a candidate recently, Rookie Joe Biden. And I thought, we lost this wonderful person, and he's actually a terrible human being if you want to know the truth. Don't feel sad. And we have another...the worst. He's the worst human being. But, and I sort of made an analogy last night. Last night, think of this. I was speaking in front of a very powerful and very strong, very religious group, a group of Christians, evangelicals. And then today, I come in front of Bitcoin. And now I'm going to Minnesota to do a rally. You think my life is so great, don't you? But I cover a lot of territory. I go from religion to Bitcoin to a rally. And I don't get it mixed up like other people do.

Where they come out, and they say, "May God bless everybody involved in the Bitcoin world." But actually, we mean that because you need blessing because you've got to do something very spectacular. But we had an incredible, incredible time last night, talking to Christians, largely Christians, a Christian group. And this is so great. And then we have a very big rally in Minnesota. Hasn't been won since 1972. Richard Nixon, can you believe it? And I think, you know, I think we're leading Minnesota. But there's some hanky-panky that goes on in Minnesota, but I think we're doing good. So we're gonna leave here. We're gonna go there for a big rally. But this is such an honor to be with you.

Sadly, when we see the attacks on crypto, it's a part of a much larger pattern that's being carried out by the same left-wing fascists who weaponize government against any threat to their power. They've done it to me. Did you see I just won the big case in Florida? Thank you very much. A big, thank you very much. That was a big case. That was the document case. I have Presidential Records Act on my side. Biden did...by the way, Biden...they said he's guilty as hell. But we're not going to charge him because he's incompetent. I won the case the old-fashioned way. It's called you win.

I wouldn't have wanted to win the way he won. Trump won the case. Because they called him incompetent. Think of this. So they called him incompetent. So he's incompetent to run for trial, to stand trial. But he's not incompetent to run the country. How does that work? But he's not doing it anymore. Because he didn't do particularly well in the debate. Did anybody watch the debate? Not too many people. Somebody said to me, "You did horribly in the debate." I said, "Why?" He said, "Because there's no way he can continue forward. That's how bad it was." I said, "I understand that." And that's exactly what happened, actually. We had a great debate. It was a tremendous debate, actually.

And since then...look, you have to open the eyes. You have to see what's going on. We have a country to run. The problem is that Kamala is worse than Joe. She's worse. She's a radical left lunatic, defund the police, all of the different things. And so far we're doing...she's got a little honeymoon going on right now. But when people hear about her, and she's against crypto, by the way, she's against it very big.

So I just want to let you know, you got to get out. You got to get out and vote. It should be no surprise that these same totalitarians are hell-bent on crushing crypto and obliterating...and that's what they want to do. And that's what they're stated. Well, I mean, they're...right now, you have the SEC, you know, what they're doing. Obliterating Bitcoin.

The reason could not be more clear because Bitcoin stands for freedom, sovereignty, and independence from government coercion and control. The Biden-Harris administration's repression of crypto and Bitcoin is wrong, and it's very bad for our country. It's really quite un-American.

As you know, six days ago, we officially defeated the worst president in the history of the United States. I believe he was the worst president in the history of the United States. Think of it. Millions and millions of people have come into our country. They've come in from jails, they've come in from...think of it...insane asylums, mental institutions. They've come in as terrorists. We have the largest number of terrorists coming into our country right now.

The same people that you just heard about from Israel, that did that in Israel, they're coming in and nobody checks them. Nobody knows what's going on. We have no idea what's going on. They've lost control of our country, and only bad things can happen.

So it's not going to be that way. We're not going to let that happen. We're beating them, and we're beating them badly. And we have to make sure that we do. We need to do it for our country. And you can't just be a fighter and have your man lose the fight or woman. But in this case, a man, he's losing the fight. He's down by 15, 16, 17 points. They say that. You're not gonna win, Joe. You got to get out. He didn't want to get out. He said, "I'm not getting out." He said, "You're getting out." He said, "I'm not getting out. I got 14 million votes. I'm not getting out." They said, "If you're not getting out, we're going to institute the 25th Amendment on your mental competence." He said, like I said before, "I think I'm gonna get out." Okay. And they got him out.

But it's like, think of this. You fight. You're in a campaign. You spend a lot of money, a lot of time, a lot of effort. And he's losing. And then they say, "Let's take him out of the fight. We'll put a new fighter in there." The new fighter is her. Probably my second choice. He will always be my first choice. But she'd be my second choice.

And again, if we don't win this race, and I know you're not that political, but you have to be political, because your whole thing...I mean, you have a lot of politics involved in what you do. If we don't win this race, this country could be finished as we know it. This country is going to be in bad shape. But we have to be in there. We have to fight and we have to win. And I pledge to the Bitcoin community, that the day I take the oath of office, Joe Biden and Kamala Harris's anti-crypto crusade will be over. It will end. It'll be done. It'll be done.

The moment I'm sworn in, the persecution stops and the weaponization ends against your industry. And as long as I'm in the Oval Office, Elizabeth Warren—Pocahontas, remember? Yes, I'm an Indian. She says...she said, "I'm an Indian." "Why are you an Indian? You don't look like an Indian." "No, no, my mother told me I have high cheekbones." So that's why she wasn't Indian. So I named her Pocahontas. Elizabeth Warren and her goons...and she's very nasty to you. She hates your people. She hates everything about you. We'll keep their hands off Bitcoin. They're gonna keep their hands off crypto. They're gonna let it grow. We're gonna let it grow.

On day one, I will fire Gary Gensler and appoint a new SEC chair. I didn't know he was that unpopular. Wow. I didn't know he was that unpopular. Let me say it again. On day one, I will fire Gary Gensler.

I will appoint a new SEC chairman who believes America should build the future, not block the future, which is what they and Kamala Harris want. To make him Treasury Secretary, that's not good. That's not good. He was Hillary Clinton's finance person. Did you know that? Crooked Hillary. Remember Crooked Hillary? Do you remember? Anybody remember? He was the finance chairman of Hillary Clinton's campaign against a gentleman known as Donald Trump. Not a popular person within the industry, actually. She came to my wedding. Do you know that? You are great. First Lady Melania. She came to our wedding. And Bill came to our wedding.But it's amazing things when you run for office. A lot of things change in your life. A lot of things change.

As President, I will immediately shut down Operation Choke Point 2.0. They want to choke you. They want to choke you out of business. We're not going to let that happen. And no longer will your government sit by and watch as Bitcoin jobs and businesses lead to other countries because America's laws are too unclear and too tough and too angry and too stiff. We will keep each and every Bitcoin job in the United States of America. That's what we're going to be doing.

Upon taking office, I will immediately appoint a Bitcoin and crypto Presidential Advisory Council. Would anybody like to be on that particular council, please? Their task will be to design transparent regulatory guidance for the benefit of the entire industry. And they will get it done in 100 days. We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry. People that want to make it clear and simple, straightforward and fair. People that want to see your industry thrive, not dive.

Next, I will immediately audit the Treasury Department and other federal agencies to cease and desist all steps necessary because, you know, there's a thing going on in your industry. They want to move the creation of a central bank, digital currency. It's over. Forget it. See, CBDC. There will never be a CBDC while I'm President of the United States. And I will always defend the right to self-custody.

So you're gonna have a great industry. You're gonna have a great industry and we're going to be fuel for your industry, not demolish your industry. America will once again be a nation that protects property rights, privacy, freedom of transaction, freedom of association, and freedom of speech.

We're going to change our...we're going to go back to the old days when we were a nation that was building, not a nation that was eating itself alive from within. As part of our effort to provide regulatory clarity, we will create a framework to enable the safe and responsible expansion of stable coins. Do you know what a stable coin is? Does anybody know? Please raise your hand.

Allowing us to extend the dominance of the U.S. dollar to new frontiers all around the world. America will be richer, the world will be better, and there will be billions and billions of people brought into the crypto economy and storing their savings in Bitcoin. So that's the way it is. That's pretty much the way it is. Those who say that Bitcoin is a threat to the dollar have the story exactly backwards. I believe it is exactly backwards.

Bitcoin is not threatening the dollar. The behavior of the current U.S. government is really threatening the dollar. The danger to our financial future does not come from crypto. It comes from Washington, D.C. It comes from trillions of dollars in waste, rampant inflation, and open borders while giving welfare and free health care to all of the illegal aliens that are pouring into our country by the millions and millions and millions.

It comes from printing hundreds of billions of dollars to fund endless wars overseas while our cities are like combat zones here at home. Two weeks ago in Chicago, 117 people were shot and 17 died. Afghanistan doesn't have anything like that. You know, you think about death places. Look at what's happening with U.S. cities. What's happening in the last three years, last three and a half years. Nobody's ever seen anything like...think of it. 117 over Fourth of July weekend, 117 people were shot and 17 died. This is the United States of America. I don't think so.

By the way, when I was president, we had no wars. We had no new wars. We didn't start any. Remember when Hillary said he'll start wars, look at his personality? No, I said my personality will keep us out of wars. But we finished off some of the old ones, like ISIS, which they said would take five years to do, maybe more. We did it in four weeks. We beat ISIS in four because we have a great military. And it's not a woke military, by the way.

Maybe some of the people on top are woke, but this is not a woke...I got to see that firsthand. When I looked at what they did or what they did for me, they were unbelievable. They did things that nobody thought were possible. Our real generals and our soldiers, there's no woke. They're trying to get them to be woke, but these people are not going to go woke. I can guarantee you that. With your support this November, we will restore competence, and we will restore common sense to our nation's capital.

Because ultimately it is about...it's not are you conservative? Are you liberal? Are you progressive? They like progressive. It sounds so nice, right? It'll destroy our country. It's actually become a terrible word. It'll destroy our country. But it's not about that. It's about common sense. We want to bring common sense back in. This is all common sense that we're talking about today.

And Bitcoin and crypto will skyrocket like never before, even beyond your expectations. And you are the people that are doing it. As we stop the war on crypto, we will immediately, and we'll do this very quickly, begin to build our economy because when America is prospering, Bitcoin is soaring and it will go up with it. We had the greatest economy ever, and we will soon have it again. Under the Trump administration, the typical middle-class family income rose by $6,000 a year. People don't like mentioning that.

America had more money to save than at any time in many decades. As a result, during my four years in office. Now you have to listen to these numbers. These numbers are like beautiful, and I don't want to repeat myself. Listen to these numbers. As a result, during my four years in office, Bitcoin surged by 3,900% from $898 the day I took office to $35,900 the day I left. That was the biggest jump, I guess, in just about any industry. Think of that. Now compare that to just after three and a half years of Biden and Harris. Adjusted for inflation, Bitcoin is up 50%. Now 50% sounds good, but not when you're comparing it to almost 4,000%, right? 50%. You know, normally you'd say, oh, that sounds pretty good. Let's not put that into the speech. Nah, 50% is not good.

When people can afford groceries or rent, they have no savings to store in Bitcoin. This administration caused the biggest inflation in the history of our country. And that's what's happened. People have been wiped out. From the very first day we take back the White House, we will replace the Biden-Harris economic stagnation with a brand new Trump economic boom. You're gonna have a tremendous boom.

You know, you have a lot of great analysts out there. Scott, I'm talking about you, Scott, one of the greatest of all, and others that say the stock market's going up because they think Trump is going to be elected. And if Trump isn't elected, this country is going to go into a depression, the likes of what you had in 1929. And I hope that's not true, but I can understand it. And I can understand what they're saying. The stock market game, they think, is because it looks like we're going to win the election. And I don't know what's going to happen with the election. You know, they cheat like hell, and I don't know what's going to happen.

But if we win, this country is going to be Boomtown. It's going to be booming like it never boomed before. The current administration's economic plan includes trillions in new spending and $5 trillion tax hikes. And they want to increase taxes by $5 trillion. They want the expiration of the Trump tax cuts to take place. They want a wealth confiscation tax so that when you make all of your money that you're going to make and all of the people you're going to employ, they want to take away your money in the form of the first-time-ever tax. And the gigantic capital gains tax that will exceed substantially in many states over 50%. My plan is the opposite. We will lift the workers and we will create savers and have so many people and we will reward success, we will not punish success. They want to punish success. They want to punish genius. Not gonna let that happen.

I will make the Trump tax cuts permanent and deliver massive tax cuts for families and individuals and businesses that produce jobs. That includes no tax on tips. Now that we'll be getting rid of the tax on tips. I will cut unnecessary and burdensome regulations, fight every day to make America the best place on earth to build a business, including a crypto business. It's got to be the best place. You're not going to have to go to China. You're not going to have to learn to...how do I learn Chinese or want to learn it very quickly?

I have a little granddaughter that speaks fluent Chinese, can you believe it? And it's a wonderful thing. But it's not easy, but you're not going to have to do it. Most importantly, for our citizens, we will end the inflation nightmare that this administration has created, and we will end it quickly. It's got to end. It's destroying our country. You know, inflation is a country buster. You can go back many, many years to Germany, and you're looking at what happened to Germany during their huge period of inflation. Destroyed the country. It's a country buster.

The Bitcoiners...and I say to you that you recognize the dangers of inflation long before most others did. You understood inflation, frankly, better than anybody else. You know that, don't you? If only they had listened, they didn't listen to you. They didn't listen to you. The trillions of dollars in ridiculous waste approved by our opponents resulted in the very inflation disaster that Bitcoiners had always predicted. 20, 30, and even 40% of the value of every dollar was wiped out and wiped out quickly. You understood that, but a lot of other people did.

The life savings of millions of Americans was rapidly destroyed. And very simply, uncontrolled inflation is a stealth taxation of the middle class. It really is a stealth taxation. I call it the Biden tax now. Call it the Harris tax or the Harris-Biden tax or whatever the hell we're gonna call them. But it's a...it's a disaster. It's a tax of 50%. It's a 50% tax, inflation. Think of it. It's a 50% tax on people. This is a human tragedy and it's destroyed people. It's a national disgrace. It's destroyed everything in its way. It must never be allowed to happen again. And it won't. When I'm President, I guarantee you, it won't happen because we're going to do things that make sure it doesn't happen.

They've allowed pricing to get totally out of control. We're going to do energy, bring it down to levels that people have not seen in many, many years. We had it at levels...we were at $1.87 for a gallon of gasoline. You don't see that right now. For four straight years, under my leadership, we had effectively no inflation known. When I left the

office, it was 1.4%. And then it stayed there for almost two years. Remember when Biden said it was nine? "I inherited 9%." That was just another lie. Misinformation, disinformation. We gave them a hot country. We went through the COVID. We did an incredible job. Never got credit for that. Always got credit for the economy, for the military, we rebuilt the military, we created Space Force, we did so many different things. Never got credit for that.

You know what, we gave them a great country with essentially no inflation. And after two years, they drove this country and they drove inflation through the roof. Two years, cost of living went up. In some cases by over 50%. They say 22%, they'd like to say 22. But it could be much higher, and it is much higher, depending on what they include. They don't include things like interest rates that went from 2.5% to 10%. But you can't get the money. When I return to the White House, I will stop the wild and wasteful spending of this administration. I will end the endless wars, they never stopped. Again, we had no wars. We had no new wars under your favorite President Trump, we had no new wars. They thought I was going to start a war. Let me tell you something, I'm going to stop World War III. Because we're closer to World War III than we've ever been since the end of World War II.

I will seal the border and stop the invasion of millions of people pouring into our country illegally. We will totally defeat and we will do this quickly. We will defeat inflation and together we will bring back the American Dream for citizens of every race, religion, color, and creed. We will bring it back. The American Dream. You don't even hear the...you don't even hear the statement "American Dream" anymore. You don't hear those words anymore. We used to talk about the American Dream. A lot of you people are in the American Dream, but you're gonna be crushed. If you don't elect me, I hate to tell you, if you don't elect me, you're gonna be crushed. You're gonna say, "Alice, what a mistake it was. We went for a person who has no talent. She's been a failure at almost everything she's done instead of Trump. And look at us now. We're gonna move into an extremely small house from our beautiful house."

But we will end the war on American energy. And we will very simply drill, baby, drill. We're gonna drill, baby, drill. We have to. It's what we have. We have more liquid gold under our feet than any nation in the world. More than Saudi Arabia, more than Russia. We don't use it. We don't use it. They use it. We don't use it. We go out and buy oil from Venezuela. It's amazing. But we won't stop there. We will harness American energy in all forms. I have set the ambitious goal that by the end of my term, the United States will be the number one lowest cost of energy and electricity of any nation on Earth. We can make it so inexpensively. Because of what we have under our feet, we can make it so inexpensively. And with low energy costs, America will become the world's undisputed Bitcoin mining powerhouse. You'll be a Bitcoin mining powerhouse. You will not have to move your family to China. You will not be moving to China.

As we implement these reforms, Bitcoin and crypto will grow our economy, cement American financial dominance, and strengthen our entire country long into the future. Many Americans do not realize that the United States government is among the largest holders of Bitcoin. Does anyone know that? How about that? The federal government has almost 210,000 Bitcoin or 1% of the total supply that will ever exist. But for too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: never sell your Bitcoin.

That's right, isn't it? That's right. How do they figure that one? Never sell your Bitcoin. And so, as the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the U.S. Government currently holds or acquires into the future. We'll keep 100%. I hope you do well, please. This will serve, in effect, as the core of the strategic national Bitcoin stockpile.

As you know, as you know, most of the Bitcoin currently held by the United States government was obtained through law enforcement action. You know that. They took it from you. "Let's take that guy's life. Let's take his family, his house, his Bitcoin. We'll turn it into Bitcoin." It's been taken away from you because that's where we're going now. That's where this country is going, to a fascist regime. So as I take steps to transform that vast wealth into a permanent national asset to benefit all Americans, today, I repeat my pledge to commute the sentence of Ross Ulbricht to a set time. Sir, it's enough. It's enough.

That's where we are as a country. Ultimately, my promise to each and every one of you is this: I will be the pro-innovation and pro-Bitcoin president that America needs and our citizens deserve. This will be one industry, but this will be a thriving industry, a great industry, and I'm going to be doing the same thing for every other industry also.

Our nation has never thrived by trying to censor new ideas and shut down the dreams of our people. America always plants our flag on the next frontier and pushes boldly ahead. We have to do that. We haven't been doing that for a long time, especially the last three and a half years. It's gotten the exact opposite. Those of you in this room inherit the legacy of generations of American pioneers and patriots, risk-takers and renegades who settled this continent, built the modern world, and lived on the bleeding edge.

You live on the bleeding edge, you do know that, Bitcoiners, don't you? You are the modern-day Edisons and Wright Brothers and Carnegies and Henry Fords. And what you do in your lifetime stands a chance to outlive us all and inspire humanity for generations to come. This will go down as a very important day in the history of your industry.

You gather, you are building America's future with your own smarts, your own grit, and your own skin in the game. You have a lot of skin in the game and that's what you're doing. It takes courage to do it. Most people don't have that courage. My job will be to set you free and to let you do what Americans do best and what you're going to do better than anybody: win, win, win. You're gonna win, win, win. With energy, passion, and brilliance like we have rarely seen before. Our country cannot fail. We're in a failing nation right now. But we're not going to be for long. Our country cannot fail.

With your help, we will save our nation, we will restore our Republic, and we will make America and Bitcoin bigger, better, stronger, richer, freer, and greater than ever before. Thank you all. Have a good time with your Bitcoin and your crypto and everything else that you're playing with. And we're gonna make that one of the greatest industries on Earth. Good luck and God bless you all. Thank you. God bless you. Thank you.”

END OF SPEECH

---

Cynthia Lummis Speech - Part 3.

Long, right? Just scrolling through it, you can tell this was a LONG speech.

Before I share my opinions, I need to briefly cover the announcement made by U.S. Senator Cynthia Lummis (R-WY) after Trump left the stage. By that time, half the audience had already left, and the remaining attendees didn’t seem to be paying close attention. I'll say this much for now: her announcement was as important as Trump’s speech, if not more.

The Speech

“You know, before you all leave, have we got a present for President Donald Trump. Here it is, this is the Bitcoin Reserve bill.

I'm reading from the text: "In the Senate of the United States, to establish a Bitcoin strategic reserve, a network of secure storage vaults, a purchase program, and other programs to ensure the transparent management of Bitcoin holdings of the federal government."

My name is Cynthia Lummis, and I'm the Bitcoin Senator. When Satoshi Nakamoto, in January of 2009, mined the first Bitcoin, he brought about an asset that will change the world, and this is our Louisiana Purchase moment.

This Bitcoin Reserve that we're going to create will start with the 200,000 Bitcoin that President Trump just mentioned and pool it into a reserve stored in geographically diverse vaults, and that's only the beginning. Over five years, the United States will assemble 1 million Bitcoin, 5% of the world's supply.

And it will be held for a minimum of 20 years and can be used for one purpose: to reduce our debt.

This Bitcoin is going to be transformative for this country. As President Trump just said, we are printing too much money. We are spending too much money. We printed in 22 months during COVID the same amount of money that had ever been printed in the history of the United States. Well, no more. With a strategic Bitcoin Reserve, we will have an asset that, in that period of time before 2045, can cut our debt in half. And as Michael Saylor said yesterday, if we put 3.3 million dollars in a Bitcoin Reserve, we will eliminate the United States debt. We will be debt-free because of Bitcoin.

This asset is transforming not only our country but our world, and the United States needs to be the global leader, as President Trump just said. And you know what? We don't have to raise taxes to do it. We have the funds now. This bill provides that not only will the asset forfeiture money be transferred into this Reserve, fulfilling President Trump's promise that he won't sell any Bitcoin, but we will convert excess reserves at our 12 Federal Reserve Banks into Bitcoin over five years. We have the money now, but we'll no longer be holding it in U.S. dollars, an asset that is designed to debase at least 2% per year. We'll be holding it in an asset that will grow in value, that throughout its history has grown 55% per year. This is the solution. This is the answer. This is our Louisiana Purchase moment. Thank you, Bitcoin.

It's your love of freedom, your innovation, your thoughtful design, your keeping this asset alive, well, free, and in support of individual sovereignty that is going to save America. Let's make America free again, Bitcoin. This is our present to the United States of America. Thank you.”

---

So, there you have it—the announcement Trump was supposed to make, which he kind of did to some extent, was fully delivered by Cynthia Lummis. However, the crowd wasn’t very receptive due to their disappointment that Trump didn’t make the announcement himself. If you Google the speech, you can see the crowd exiting as she briskly walks to the stage, waiving the bill in the air.

As a side point, you'll notice in the transcript that Senator Lummis made a mistake with the numbers at one point in the speech, but the rest of the numbers check out.

My Takeaways - Part 4.

Let’s preface this section with a few guard rails.

This is my best attempt to remain as close to neutral as possible - that’s the only promise I can make. I will begin with Trump’s speech, then wrap back to Lummis and give my final thoughts.

For starters, Donald Trump is 78 years old. How many 78-year-olds understand emerging tech, let alone Bitcoin or blockchain, in a meaningful way? This isn’t a bulletproof argument, as we’re discussing a likely future president who should have a baseline level of knowledge about many subjects. However, we also can’t expect Trump to ever become an expert on Bitcoin when he has a country to run. Trump may never delve deeper than the surface level he reached at the conference and, after careful consideration. This isn’t ideal, but it can certainly be sufficient.

Trump literally said, “I want it to be mined, minted, and made in the USA.” It’s a catchy slogan, but not how Bitcoin works. Bitcoin’s strength is that it is truly decentralized. No Bitcoiner wants all of it mined, minted, and made anywhere specific.

Next, Trump treated his speech like a campaign rally, with Bitcoin sound bites and promises randomly sprinkled in. This was not a Bitcoin speech by any means. It sounded unlike any other talk given at the conference, which were all entirely focused on something Bitcoin-related. This was a classic Trump stump speech, with random moments when he returned to the teleprompter to deliver the poignant talking points on Bitcoin and crypto.

Trump received his most enthusiastic and unanimous applause unexpectedly in the middle of his speech. Trump was clearly not aware of how big of an issue Gary Gensler was for this industry; firing him was either barely on his radar or a suggestion from a speechwriter. Upon witnessing the crowd's reaction, he made a point to emphasize it further. This micro moment clearly illustrates how impactful our voices can be—pretty incredible when you think about it.

Side note - I was the first person to get #FireGaryGensler trending on X, so this was a nice moment for me.

One thing Trump genuinely acknowledged and seemed to grasp was our understanding of inflation and its dangers. “You understood inflation, frankly, better than anybody else.” I have to give Trump credit here - he was clearly well-versed and on top of this issue, scoring significant points. “The trillions of dollars in ridiculous waste approved by our opponents resulted in the very inflation disaster.”

That said, Trump added $7T to the national debt during his presidency—roughly as much as Joe Biden. Neither party can claim fiscal responsibility. To that end, it is important to remember that, even when a President is offering Bitcoin solutions, they are highly unlikely to ever address the actual underlying problem that makes Bitcoin so important.

Where Trump lost points in my mind was this claim: “during my four years in office, Bitcoin surged by 3,900% from $898 the day I took office to $35,900.” Trump never did anything for Bitcoin and only ever spoke negatively about it until a few months ago. While his actions may have impacted markets and the economy, indirectly benefiting crypto, he wasn’t directly responsible for those gains. Claiming so is a joke.

This quote also left a bad taste in the collective mouths of the audience - “Have a good time with your Bitcoin and your crypto and everything else that you're playing with.”

This is how he finished the speech. He’s obviously not serious about Bitcoin, which is fine.

I don’t hold grudges. I’m willing to forgive, forget, and welcome anyone who previously spoke negatively about Bitcoin. If Trump becomes a pro-Bitcoin president, all is well. Furthermore, if half of the promises he makes are kept, that is a HUGE win.

As for his big announcement, the “strategic stockpile,” you may have noticed he didn’t say “reserve.” In contrast, the Lummis speech used the word “reserve” ten times. Perhaps that's just Trump semantics; I’m not sure. The Bitcoin being converted into the “stockpile” consists of Bitcoin seized by the government. We were cheering for the government’s promise not to sell Bitcoin that was taken from us, much of which came from Bitfinex and another large chunk from Silk Road. Kind of ironic, right? I suppose it’s better held than sold, but I imagine someone who lost their Bitcoin to the U.S. government would rather have their Bitcoin back.

Before I transition into my thoughts on the Lummis speech, I want to point out the two most underrated parts of Trump’s speech that news outlets glossed over. PAY ATTENTION TO THIS.

“Upon taking office, I will immediately appoint a Bitcoin and crypto Presidential Advisory Council… We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry.” For the life of me, I don’t know how this statement didn’t garner more press. To me, it excuses most, if not all, of Trump’s Bitcoin shortcomings and is more than we could ask for. Trump may not have hit all the points we wanted or done his homework like RFK Jr. or Vivek Ramaswamy, but if he’s capable and willing to delegate decision-making in this industry to the right individuals, we are going to the absolute F**KING MOON. Assuming he stays true to his word, this is a truly important point. Appointing smart, young people from the industry is essential and the antithesis of outsourcing crypto policy to Elizabeth Warren.

Using this set of statements, we can conclude that Trump will support the Bitcoin Reserve Bill, again assuming he stays true to his word.

Let's now address the Bitcoin Reserve Bill. If Trump is elected and remains true to his word, and if the legislation Cynthia Lummis discussed is passed in its current form, it would be monumental. Those are big ifs. The U.S. buying Bitcoin would likely prompt other major countries to follow suit, creating an unprecedented purchasing race and a much higher Bitcoin price. The passage and implementation of this bill would mark the very beginning of the Bitcoin endgame in terms of global adoption.

I truly believe that if Trump had presented the bill instead of Cynthia Lummis, the price of Bitcoin would have jumped by thousands of dollars within minutes. But he didn’t, and as a result, the news was overshadowed, leaving us to read between the lines and speculate about what will and will not come true. If trusting Trump was already a leap, we have to make an even bigger leap because Trump never touched on the legislation.

I love the analogy of “this is our Louisiana Purchase moment” because it captures the magnitude of what’s at stake. In 1803, the United States acquired 828,000 square miles (2.14 million square kilometers) of territory from France, nearly doubling the size of the country and encompassing parts of what are now 15 states. I plan to do a deeper dive into this announcement at some point, examining the numbers more closely. For now, use your imagination. During her talk, the justification for this decision was to reduce our debt, specifically “in half.” Cynthia Lummis also mentioned that we would be entirely debt-free if we bought $3.3 million worth of Bitcoin—this was clearly botched—she meant 3.3 million Bitcoin. You can faintly see in the image below, because she was referring to Saylor’s talk.

Politicians are basing their strategy on Michael Saylor’s analysis. That’s the level we’ve reached.

I think now is the perfect time to mention David Bailey, the mastermind behind the conference and the CEO of BTC Inc. This past weekend cemented David Bailey’s place in the Bitcoin Hall of Fame, among the most impactful figures in the industry.

We owe him our deepest respects. Congrats David Bailey.

Also, shoutout to Trump for the compliments, “You know, you have a lot of great analysts out there. Scott, I'm talking about you, Scott, one of the greatest of all, and others that say the stock market's going up because they think Trump is going to be elected.” Your recognition and praise are much appreciated.

LOL.

In the end, Trump supporters largely left the conference satisfied, understanding that Trump would likely deliver his usual stump speech with strong talking points about Bitcoin sprinkled in. Those who had never watched an entire Trump speech seemed a bit baffled and bored, wondering why he did not simply stick to the teleprompter for maximum impact. Reactions were mixed, and I think he lost more people than he gained in the room… but they will still vote for him.

My final thoughts are this: I never imagined that Bitcoin would be a main topic in the 2024 Presidential election. Regardless of the nuances of the speech or Trump’s true feelings or intentions, his pivot has advanced the ball dramatically. Foreign nations are now forced to consider Bitcoin a potential reserve asset - it was proposed this week in China already! Bitcoin is on the world’s biggest stage in a positive light.

Did I love the speech? No. Did I expect more? Also no. What matters is that the speech happened, that there are smart people who understand the issue in positions of power and that we are moving forward at the speed of light.

For my full coverage of the day at the conference, watch here:

There are many ways I could end this introduction, but from the bottom of my heart, I want to thank and acknowledge all of you one last time. The true heartbeat of this industry isn’t Trump, Saylor, me, or any single individual. It’s the collective passion you all bring—your interest in reading these letters, attending conferences, and spreading your love for Bitcoin and the countless other gifts this industry has to offer.

Bitcoin 2024 was historic, chaotic, and unforgettable, beautifully reflecting our progress and the hard work still ahead. I truly believe the best is yet to come. If a 'future president' is the best we can currently do, our next goal is to have the sitting president more informed, more orange-pilled, and fully committed to embracing the potential of Bitcoin.

I always feel an immense rush of pride walking out of conferences, and this one delivered. I can’t wait to see you all again and celebrate when we hit $100,000.

It only gets better from here.

Bitcoin Thoughts And Analysis

DAILY CHART

Bullish yesterday, bearish today. The trademark of Bitcoin’s summer doldrums in the halving cycle - every time things look good, a negative signal appears. Every time things look bad, we bounce.

After a nice push to $70,000, price dropped… giving us bearish divergence with RSI on most time frames from the daily down.

RSI never made it to overbought and hidden bullish divergence could print in the coming days. Price could push through regardless. But you know this is my favorite signal, so odds are that we don’t immediately bounce back up here.

Still expecting chop through the end of the summer. It is what it is. I have been saying this since March, no reason to change bias yet.

Legacy Markets

• European Stocks Advance After GDP Growth Surprise: Markets Wrap

European stocks gained after the euro-area economy grew more than expected in the second quarter, easing fears about the pace of economic recovery. The Stoxx 600 index rose 0.3%, supported by better-than-expected GDP growth in France and Spain, offsetting a decline in Germany. US S&P 500 and Nasdaq 100 futures also rose ahead of the release of US consumer confidence data and job market reports. This week, investors are keenly watching earnings reports from major tech companies, with Microsoft reporting Tuesday and Apple and Amazon following later. The focus is on the returns from AI investments after a slow start to the reporting season.

Central bank decisions from the Fed, BOJ, and BOE are due this week, with US policymakers expected to signal a potential rate move in September. BP Plc’s shares strengthened after maintaining the pace of share buybacks and increasing dividends, while Standard Chartered Plc rose following the expansion of its buyback program. In Asia, the MSCI Asia Pacific index is set for its first monthly drop since April, with Hong Kong shares leading the losses. The yen weakened against its peers amid speculation that BOJ policy tightening will be slow. Commodities have erased their gains this year due to a challenging outlook in China and a selloff in US natural gas.

Key events this week:

• Eurozone economic confidence, GDP, consumer confidence, Tuesday

• US JOLTS job openings, consumer confidence, Tuesday

• Microsoft earnings, Tuesday

• Eurozone CPI, Wednesday

• Bank of Japan policy decision, Wednesday

• US ADP employment change, Wednesday

• Fed rate decision, Wednesday

• Meta Platforms earnings, Wednesday

• Eurozone S&P Global Eurozone Manufacturing PMI, unemployment, Thursday

• US initial jobless claims, ISM Manufacturing, Thursday

• Amazon, Apple earnings, Thursday

• Bank of England rate decision, Thursday

• US employment, factory orders, Friday

Some of the main moves in markets:

Stocks

• The Stoxx Europe 600 rose 0.3% as of 10:14 a.m. London time

• S&P 500 futures rose 0.2%

• Nasdaq 100 futures rose 0.3%

• Futures on the Dow Jones Industrial Average were little changed

• The MSCI Asia Pacific Index fell 0.4%

• The MSCI Emerging Markets Index fell 0.3%

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro rose 0.1% to $1.0832

• The Japanese yen fell 0.5% to 154.73 per dollar

• The offshore yuan rose 0.1% to 7.2620 per dollar

• The British pound was little changed at $1.2858

Cryptocurrencies

• Bitcoin fell 0.7% to $66,884.26

• Ether rose 0.6% to $3,341.7

Bonds

• The yield on 10-year Treasuries was little changed at 4.18%

• Germany’s 10-year yield was little changed at 2.37%

• Britain’s 10-year yield advanced one basis point to 4.06%

Commodities

• Brent crude fell 0.3% to $79.58 a barrel

• Spot gold rose 0.2% to $2,389.54 an ounce

$2B Worth Of Bitcoin Are On the Move

• US Government Moves $2 Billion in Silk Road Bitcoin

Immediately following Trump’s speech and the announcement of the Bitcoin Reserve Bill, the U.S. government either coincidentally or intentionally - we don’t know - decided it was a good time to scare everyone by moving a large chunk of Bitcoin seized from Silk Road. If it turns out that the Biden-Harris Administration is selling Bitcoin because of Trump’s announcement, it’s going to stir up a lot of drama. What we do know is that Coinbase was recently awarded a contract to custody seized Bitcoin by the U.S. Marshals Service, which may mean the Bitcoin is simply being moved into safer storage. If this was the root cause of the sell-off, I would expect prices to recover rather quickly if nothing is sold.

Bitcoin's Huge Tipping Point | Macro Monday

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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.