Trump just became the Bitcoin candidate, will Biden follow suit?
IMHO
Capping off one of the wildest political weeks for Bitcoin and crypto, Trump may have just snagged several million votes over a single issue.
BREAKING: 🇺🇸 Donald Trump says "I will ensure that the future of crypto and #Bitcoin will be made in the USA"
— Bitcoin Magazine (@BitcoinMagazine) May 26, 2024
"I will support the right to self custody to the nations 50 million crypto holders" pic.twitter.com/OSfUL91McJ
"I will keep Elizabeth Warren and her goons away from your Bitcoin and I will never allow the creation of a Central Bank Digital Currency" —Trump
It's worth remembering this is quite the about-face from his earlier position.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
— Donald J. Trump (@realDonaldTrump) July 12, 2019
So, how did we get here? A few months back Vivek convinced Trump to take an anti-CBDC stance:
Trump just gave full credit to Vivek for alerting him as to the dangers of a CBDC
— Clint Russell (@LibertyLockPod) January 23, 2024
He proceeds to promise that he will never allow for one to be created
This is really good news. A CBDC would lead to complete financial tyranny. pic.twitter.com/StMUixt9ct
My guess is Vivek helped soften Trump's stance on Bitcoin and crypto, leading to the CEO of Bitcoin Magazine now working with Trump.
Max the individual contribution to Trump, make sure to pay in bitcoin or crypto. We have his attention right now. Many decisions are being made. We want to validate this move with impressive numbers and keep him moving… everything is on the table right now.
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) May 21, 2024
Clearly their efforts have paid of. Trump still doesn't understand Bitcoin but he now realizes it's in his interest to pander to the Bitcoin crowd, like Vivek and Kennedy have.
With Trump as the "pro-Bitcoin"candidate, Biden's handlers will have to decide whether they should follow suit or double down as the anti-crypto candidate.
The latter seems increasingly unlikely.
JUST IN: Joe Biden’s team announces they will begin accepting donations in cryptocurrencies, moments after Donald Trump's campaign announced they will.
— Jacob Kinge (@JacobKinge) May 21, 2024
The odds of an Ethereum ETF suddenly flipped from "unlikely" to "highly likely" and the anti-crypto chair of the FDIC was "invited" to step down.
Def seems like a meaningful real-time shift in the Democratic party as it relates to financial regulations.@ewarren you good fam?
— Travis Kling (@Travis_Kling) May 20, 2024
*SEC ASKS EXCHANGES TO UPDATE 19B-4 FILINGS ON AN ACCELERATED BASIS FOR SPOT ETHER ETFS
*FDIC CHAIR GRUENBERG SAYS HE'S STEPPING DOWN FROM AGENCY
Nancy Pelosi was one of 71 Democrats who voted "against" Elizabeth Warren's anti-crypto army by casting their vote for FIT21 —an Act which would split the responsibilities of regulating digital assets between the SEC and the CFTC.
FIT21 passes the House 279 - 136 🎉
— Jake Chervinsky (@jchervinsky) May 22, 2024
House Democrats voting in favor of this bill: 71.
That is a *huge* number of elected Democrats voting "no confidence" in the current SEC, and sending a message to the Biden administration that "anti-crypto" is a losing platform this year. pic.twitter.com/zmlD1VRQfF
The fast-track approval of Ethereum ETFs later in the week suggests Democrats are getting pressure (possibly from banks / Wall St) for being "anti" the fastest growing asset class in history.
Why the SEC pivot?
— Jack Mallers (@jackmallers) May 23, 2024
Because banks get crushed being forced to buy negative real yielding bonds. Selling #Bitcoin and now “Crypto” ETFs help them to monetize insane debt levels and inflation.
Banks call the shots, not government.
In the end, there is #Bitcoin and everything else pic.twitter.com/lI3kWiOiDh
There was also some additional anti-CBDC action thanks to Congressman Tom Emmer.
America is back.
— Samson Mow (@Excellion) May 23, 2024
"If not open, permissionless, and private, a CBDC is no more than a CCP-style surveillance tool waiting to be weaponized."pic.twitter.com/4gQoNsyTXV
Trump also promised to commute Ross Ulbricht's sentence —a sensitive point for Bitcoiners. Ross received a grossly unfair sentence and is seen as a living martyr.
JUST IN: 🇺🇸 Donald Trump vows to commute the sentence of Ross Ulbricht to time served if elected President.
— Bitcoin Magazine (@BitcoinMagazine) May 26, 2024
"He's already served 11 years. We're going to get him home." pic.twitter.com/lRfK1JafZG
This is a good time to remember politician's promises should be taken with maximum skepticism and Trump already failed to deliver on similar earlier promises.
So, Trump promised to pardon Ross Ulbricht, huh?
— Jason Bassler (@JasonBassler1) May 26, 2024
He also promised to pardon Julian Assange, but instead, he pardoned Blackwater contractors and Lil Wayne.
I haven't forgotten. Neither should you.
Politicians are creatures of expedience and deception, but I believe Trump would be willing to expend the (minimal) political capital it would take to free Ross is he believes that will earn him the support of the crypto-crowd.
Biden could easily choose to front-run Trump on all of these issues if his handlers were smart. Alas…
Biden could easily mute any advantage Trump gained over the last 24 hours: free Ross Ulbricht now to steal the thunder, publicly support Bitcoin to deflect eye-lasers, and have Congress pass a CBDC ban. Biden is now hostage to these issues and will own the outcome if he refuses. pic.twitter.com/plBNTkhJyc
— Daniel Ƀrrr (@csuwildcat) May 26, 2024
All eyes on team Biden to see if they pivot to claw back Trump's new "crypto-edge".
David Bailey —who seems to be leading the charge on educating Trump on Bitcoin— makes the point that if Trump manages to really understand Bitcoin beyond the political talking-points, his innate, aggressive opportunism could push nation-state adoption into the fray faster than expected. Not holding my breath, but he's not wrong.
Regardless of the outcome it's looking like the "anti-crypto" movement has lost its momentum.
All the standard "don't trust politicians" admonitions are still very much in place —I haven't forgotten the lockdowns, the "Monetary bazooka" nor "Operation Warp Speed" under Trump and neither should you— but we should take our Wins where we can find them and last week was definitely an overall Win. Politicians are not to be trusted, perhaps they can be used.
Bitcoin News
Poster Child
It's amazing how this disgraceful clown bemoans the lack of trust in institutions.
When I say that Bitcoin is a currency of distrust, I'm just repeating what Bitcoin fans themselves say. There may be good reasons not to trust the banks and governments that create dollars, yens, and other currencies – but that doesn’t change the fact that the preference for… pic.twitter.com/dntBOWPQhz
— Yuval Noah Harari (@harari_yuval) May 21, 2024
He whines as he completely ignores the history —which he knows all too well— these "institutions of trust" have wrought
The original *philosophy* of #bitcoin as an idea is that civilization deserves the free choice of an alternative to the system of fiat money managed by the state: a system that has produced with predictable regularity bank runs, bailouts, bouts of manic instability.
— Teddy Fusaro (@teddyfuse) March 15, 2023
As a reminder, this is the same idiot who believes you are essentially inedible cattle which would be best managed through sedation with drugs and video games.
Yuval Noah Harari: What do we do with the useless eaters?
— Camus (@newstart_2024) May 14, 2024
Once we know how to PRODUCE bodies and minds, what do we do with all the useless people? pic.twitter.com/AEFEvORnk6
The Nakamoto
Ever the wordster, Saylor points out the combined ETFs now hold "1 Nakamoto" worth of BTC
32 #Bitcoin Spot ETFs now hold ~1 Nakamoto of $BTC pic.twitter.com/OpHridlymc
— Michael Saylor⚡️ (@saylor) May 27, 2024
Meanwhile
In Latin America…
🇦🇷🇸🇻 Argentina met with El Salvador officials to discuss the adoption of #Bitcoin and crypto. pic.twitter.com/FW9JASgv11
— Watcher.Guru (@WatcherGuru) May 27, 2024
Do Something
Hong Kong's Bitcoin ETFs are, basically not doing much.
NEW: 🇭🇰 Hong Kong spot #Bitcoin ETF flows remain flat since May 13th. pic.twitter.com/noywPkqYot
— Bitcoin News (@BitcoinNewsCom) May 27, 2024
Krypto News
"Crypto" can be lethal to your portfolio
Still True
I was wrong about the approval of the Ethereum ETF (it got approved last week), but the reasons many of us dislike ETH are as valid as ever. If you'd like a rundown this old video from Saylor has you covered:
Michael Saylor explains the many technical, economic, and ethical PROBLEMS with Ethereum.
— Neil Jacobs (@NeilJacobs) May 22, 2024
There is no second best.#bitcoin pic.twitter.com/jZB0P9dXVi
Fiat News
Steepest
Turns out the solution to too much debt is piling on new debt even faster, who knew?
Every time there is a recession the US debt starts growing faster.
— ecoinometrics (@ecoinometrics) May 23, 2024
And after the recession is over it never slows back down.
We went from steep to steeper to steepest… so far. pic.twitter.com/wr1Ik3wmPW
Ticking
They are doing their best to pretend the economy is doing fine, don't forget to peek behind the curtain and think about the things they hope you'll ignore.
Federal Reserve posted its biggest loss in history last year of $114 Billion pic.twitter.com/f2WETK1FJ8
— Barchart (@Barchart) May 21, 2024
Hold the Guac
Turns out fast food is no longer cheap food
Fast food meal price inflation has skyrocketed by 41% since 2017.
— The Kobeissi Letter (@KobeissiLetter) May 24, 2024
By comparison, average hourly earnings of non-manager jobs have increased by only 36% during the same time.
Over the last 4 years, fast food prices have increased by 31% versus the average hourly wage surge of… pic.twitter.com/mXwmsieEbU
Dystopian News
The WHO takes an L
The WHO has failed to put a "Pandemic Treaty" together, which is excellent news as the proposed plan would have given the WHO broad dictatorial powers in case of a pandemic.
While this is excellent news it'd be a mistake to assume they won't keep trying.
🚨While mainstream media is trying to convince “the pandemic treaty efforts failed”, we remember the IHR amendments can still pass at the upcoming WHO assembly in Geneva on May 27 - June 1st.
— Efrat Fenigson (@efenigson) May 25, 2024
Also, the treaty can be brought back later.
The tactic of pretending to minimize the… pic.twitter.com/deGkVu6w2S
Uncle Feisty
China is sending clear signals to the US about Taiwan
🇨🇳 🇺🇸 China warns United States to end all visits to Taiwan and adhere to the One-China policy, or be ready to face the consequences. pic.twitter.com/2To1sr3gpy
— BRICS News (@BRICSinfo) May 24, 2024
There are heavy "reunification" vibes at the moment and China would probably prefer to do it before the elections.
China's military has initiated a series of military drills, codenamed "Joint Sword-2024A" around Taiwan.
— Wall Street Silver (@WallStreetSilv) May 24, 2024
On a scale 1-10, what is the probability of China invading Taiwan?
🚨🚨🚨 pic.twitter.com/dwx772SzY0
Chose Poorly
The Libertarian Party has chosen its candidate for the US election. Maybe Trump is right and they don't like winning.
The Libertarian candidate for President. 😂
— Robby Starbuck (@robbystarbuck) May 27, 2024
Oh and he supports drag shows for kids.
Don’t see Ron Paul libertarians voting for him! pic.twitter.com/IWSpSwx5v5
Price News
Bitcoin Surfing
Bitcoin climbed on top of the Board last week ($65k) and just jumped up.
Dip Fishing
Bitcoin pushed past $70k last week before falling back and bouncing off the $66k level. It just pushed past $70k again today, are we ready for this to become a support level?
Calm Chart
May is green and it now seems fairly certain it'll stay that way considering the positive shift in legislative vibes.
