Donald Trump Proposes a Strategic BTC Stockpile

Donald Trump Proposes a Strategic BTC Stockpile

At the Bitcoin 2024 conference in Nashville, former President Donald Trump announced his plan to create a "strategic Bitcoin stockpile" for the US if elected. He pledged that his administration would retain all Bitcoin currently held or acquired by the government. Trump outlined his vision to transform the US into a "Bitcoin superpower" by ending regulatory pressures on cryptocurrency companies.

He promised to fire SEC Chair Gary Gensler, a move that garnered enthusiastic applause from the audience. Trump criticized current and potential Democratic administrations, warning that their regulatory policies would stifle crypto innovation. He also emphasized the importance of personal freedom and privacy, core values of the Bitcoin community, and vowed to support self-custody practices.

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Senator Lummis Plans a US Strategic Reserve of 1M BTC

Senator Cynthia Lummis of Wyoming plans to introduce a bill next week directing the US Treasury to acquire 1 million Bitcoins, over five years, as a strategic reserve. Lummis, a long-time Bitcoin advocate, argues this move would counteract dollar debasement and inflation by adding a valuable, appreciating asset to back the US dollar.

The proposed legislation suggests that the Treasury self-custody the Bitcoins across various locations and hold them for at least 20 years unless sold to reduce the national debt. Lummis believes Bitcoin could improve the US financial situation, advocating for a strategic Bitcoin reserve similar to those for oil and gold. Although unlikely to pass before elections, the bill serves to initiate discussion.

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University of Wyoming Launches Bitcoin Research Institute

The University of Wyoming is set to launch the UW Bitcoin Research Institute in August, aiming to produce high-quality peer-reviewed studies on Bitcoin. Announced by Bitcoin activist and Associate Professor Bradley Rettler, who will serve as the institute’s director, the initiative seeks to address the poor state of current Bitcoin research.

The institute will feature contributions from professors like Andrew M. Bailey, co-author of "Resistance Money: A Philosophical Case for Bitcoin." It plans to offer annual summer workshops, academic prizes, and weekly seminars and is classified as a nonprofit accepting Bitcoin donations. This launch reflects Wyoming's growing status as a leading Bitcoin hub.

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SEC Greenlights Grayscale's Bitcoin Mini Trust

The US Securities and Exchange Commission has approved Grayscale's Bitcoin Mini Trust, an offshoot of its existing Grayscale Bitcoin Trust (GBTC). This new trust, identified by the ticker "BTC," will distribute new shares to GBTC shareholders as part of a contribution of Bitcoin to the mini trust, according to a March S-1 filing.

The SEC's approval ensures that the trust's design promotes fair disclosure, transparency, and orderly market conditions. Grayscale is awaiting the activation of BTC's registration statement, which will allow it to operate as a US spot Bitcoin ETP alongside GBTC. This development follows the SEC's approval of several spot Bitcoin and Ethereum ETFs over the past year.

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Data of the Day

Data from CryptoRank reveals the trends in total raise and number of public sales (IDO/ICO/IEOs) alongside overall fundraising activity from July 2022 to July 2024.

The first chart shows significant fluctuations in total funds raised, with notable peaks in January 2024 ($213.43M) and May 2024 ($166.95M). The second chart highlights a similar pattern, with prominent spikes in fundraising activity, peaking in September 2022 ($2.44B) and February 2023 ($2.02B).

Despite these high points, there are periods of lower activity, indicating variability in investor interest and market conditions over the two years. The data also reflects an overall trend towards fewer but larger funding rounds as noted in the number of sales lines in both charts, which demonstrates significant peaks corresponding with high fundraising months.

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More Breaking News

• The Arbitrum ecosystem's governance body, Arbitrum ARB DAO, is voting on whether to expand its Orbit chains beyond Ethereum.
• Layer 2 Starknet's core contributor and developer, StarkWare, will integrate Cosmos ecosystem component IBC protocol for blockchain interoperability.
• The Hong Kong police arrested four people, including a 14-year-old, for using counterfeit banknotes to defraud crypto owners in a financial fraud crackdown.
• Indian crypto exchange WazirX announced a user fund recovery strategy after a cyberattack that stole $230 million.
• Patrick O'Grady, VP of Engineering at Ava Labs and the Avalanche AVAX blockchain developer will soon leave the company to launch his own venture.

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