Bitcoin’s New Role, Political Power Plays and 3000x Gains!

In a groundbreaking move, Senator Cynthia Lummis is preparing to introduce a bill that would require the Federal Reserve to include Bitcoin as a strategic reserve asset. The new bill aims to elevate Bitcoin to a mainstream financial asset status similar to gold and foreign currencies held by the Fed. The legislative move is designed to help stabilize the U.S. dollar by diversifying the types of assets the Fed holds. The official announcement is expected to be made at the Bitcoin Conference.

Independent presidential candidate Robert F. Kennedy Jr. has also voiced his support for Bitcoin and other cryptocurrencies. In an interview with Scott Melker and Caitlin Long, Kennedy emphasized Bitcoin’s potential as a hedge against inflation and a way to restore democracy and personal freedom. He has proposed issuing treasury bonds backed by hard assets like gold and platinum to combat inflation and has suggested that the government invest in Bitcoin to match its gold reserves. Kennedy is a strong opponent of CBDCs and has accused Congress of being influenced to suppress the growth of Bitcoin within the US.

Adding to the political significance of the Bitcoin Conference, Bitcoin Magazine and Bitcoin Conference CEO David Bailey announced that Democratic candidate Kamala Harris is scheduled to speak at the event, which will take place from July 25-27. Bailey noted that the appearance could be a strategic move for Harris to align with the rapidly growing voter base interested in crypto. “It would be very smart of her to reassert her position as a Democrat in the fastest growing voting bloc in the country,” he said. This suggests that the 2024 presidential election could be known as the “crypto election” as major candidates focus more on crypto policies. It has now been confirmed that she will not be attending.

The spot Ethereum ETF market has seen significant activity recently. The ETFs saw net outflows of $113.3 million on their second day of trading, driven mostly by large withdrawals from Grayscale’s Ethereum Trust. Despite this, seven of the eight new ETH ETFs reported net inflows. Leading the way was Fidelity Ethereum Fund with net inflows of $74.5 million, followed by Bitwise Ethereum ETF with $29.6 million and BlackRock’s iShares Ethereum Trust with $17.4 million. On its first day as a spot Ethereum ETF, Grayscale’s ETHE saw outflows of $484.4 million, while the other eight reported net inflows totaling around $106 million.

Now let’s get to some of the big Bitcoin gains. Users affected by the 2014 Mt. Gox hack are starting to receive refunds. At the time of the hack, Bitcoin was priced between $30 and $653. With current Bitcoin prices hovering around $66,000, customers will see returns ranging from 100x to 3000x.