MAJR Newsletter 083
Bitcoin is American. The Future Political Party is Just Getting Started.
@starfury
MAJR NEWS BRIEF
The Bitcoin Party will rival the existing two party system of the Democrats and the Republicans.
Obviously, this hasn’t happened yet, but the writing is on the wall. Bitcoin is inherently political as it’s primary goal is the separation of state and money. Like most political parties, they’re founded by a shared belief system for the way things ought to be and Bitcoin’s belief system has the strongest constituents and believers today. They literally have laser eyes and diamond hands.
US Senator, Cynthia Lummis, Wyoming
As I’m reading the news, one story stuck out - another state official is embracing crypto and hoping to be the first state to allow residents to pay taxes in crypto. Gov. Jared Polis understands that this technology is meaningful, growing and has real world implications like bringing efficiencies to tax collection, capital investment and jobs into his state. He joins other states like Wyoming that’s leading the charge for Bitcoin banking and regulation and Florida where the Mayor of Miami wants to put bitcoin on the city’s balance sheet.
Adoption is coming and it’s coming fast. Nobody is immune to Bitcoin’s network effects and the positive feedback loop as a savings technology, not even politicians. We already have pro-bitcoin congressmen such as Rep. Warren Davidson, Sen. Cynthia Lummis, and Rep. Tom Emmer. Plus, we’ve already seen a Bitcoin billionaire, Brock Pierce run for president in the 2020 Presidential Election.
This idea of a Bitcoin Party is extremely exciting because it’s real and the potential party is well funded. As bitcoin adoption continues and price accelerates, the network mints new millionaires and billionaires everyday with a shared and hardened vision for the future. Free and open markets. Transparent governance. Sound money principals and the end of inflation.
The Bitcoin narrative has shifted away from tulip bubbles into digital gold and a hedge against government’s devaluation of the national currency. As threatened political incumbents, mainstream media and business elites continue to push previously debunked FUD about Bitcoin’s “flaws” - its too volatile, its useless, its only used by criminals, its mining is overheating the world, etc - they’re only going to strengthen Bitcoin’s rallying cry and bring new believers into the cause because who wouldn’t want fresh ideas with transparency and technology at the forefront. Literally the opposite of what we have today from both sides of the isle.
Trust is the growth market. Bitcoin is freedom. Bitcoin is American.
Fix the money. Fix the world.
In other news:
Former SEC Chairman Jay Clayton is now advising a Bitcoin ETF application. Clayton rejected numerous applications during his tenure and is now helping One River Asset Management’s carbon-neutral Bitcoin ETF (carbon neutral BTC ETF seems to be a trend). This is another example of former US government agency leadership leaving roles to help crypto companies with regulatory hurdles. Former Head of the OCC, Brian Brooks left his post at the end of 2020 to become the CEO of Binance US.
Governor of Colorado wants to be the first state to accept tax payments in crypto. Colorado is another state publicly embracing crypto and creating incentivizes for state citizens and inviting fresh capital from the budding industry into their state. Other states on the forefront of bitcoin and crypto adoption are Wyoming, Texas (Austin), Ohio, California and Florida (Miami).
Chainlink Founder and CEO, Sergey Nazarov believes decentralized finance and blockchains can make a profound impact on climate change by verifying global weather partners and creating incentives for a smaller carbon footprint.
Institutions and the $280 trillion debt markets are raising capital and issuing debt on blockchains like Ethereum. The European Investment Bank’s issuance of $100 million two-year bond on Ethereum is just beginning, but institutions demand a “multi-chain future’ and want interoperability across protocols like Polkadot, Tezos or Stellar.
Uniswap’s V3, the largest decentralized exchange (DEX) by volume just surpassed it’s own V2 application and Bitcoin in daily fees, $4.5 million compared to Bitcoin’s $3.7 million.
Vice Chairman of Federal Reserve, Richard Clarida discusses tapering $120 billion monthly asset purchases. The Fed seems to switch their opinion on monetary policy daily, which proves to be poor forward guidance for markets and highlights the fact that they don’t have a clear handle of the current situation. One may wonder if they’re actually using any economic models at all.
STATS
The median household income in the US is $63,179
The average American consumers spends an average of $63,036 per year
Only 40% spend less they earn, while 38% live paycheck to paycheck
Total consumer debt is $4.163 trillion
Total household debt is $14.35 trillion
1 in 4 American admit they don’t pay their bills on time
American’s ranked 14th in financial literacy
TOP STORIES
BITCOINMichael Saylor: Mining Council Will ‘Defend’ Bitcoin Against ‘Uninformed’ and ‘Hostile’ Energy Critics, Coindesk
Iran Bans Bitcoin Mining to Avoid Summer Power Blackouts, Decrypt
Former SEC Chairman Is Advising the Latest Bitcoin ETF Contender, Decrypt
Yes, Bitcoin Is Useless. Many Will Say: So What?, WSJ
CRYPTO Mark Cuban Invests in Ethereum Layer 2 Polygon, Coindesk
Gov. Jared Polis Wants Colorado to Accept Crypto for State Taxes, Coindesk
Chainlink’s Founder Says DeFi and Oracles Can Help Fight Climate Change, Coindesk
Ethereum Steps Up as ‘Rails’ for New Capital Markets, Blockworks
Dfinity Is Giving Developers $200 Million to Build on 'The Internet Computer', Decrypt
Uniswap v3 flips v2 on volume — and both versions flip Bitcoin on fee revenue, Cointelegraph
MACROSouth Korea to Kick Off Digital Currency Experiment This Summer, Decrypt
Fed’s No. 2 Official Sees Time Approaching for Discussion on Cutting Asset Purchases, WSJ (Richard Clarida pictured above)
Fed’s Daly Is Ready to Start Debate Over Paring Central Bank Stimulus, WSJ
Fed Reverse Repos Hit $395 Billion Amid Continued Strong Demand, WSJ
Wall St set to rise as Fed calms inflation worries, Reuters
U.S. mortgage applications tick down as refinance activity declines, Reuters
MEDIAKevin O'Leary Buys Bitcoin And Starts Yield Farming | Pomp Podcast #563
Reminder:Content is moving behind the paywall this month. Subscribe to get the daily newsletter, digital asset research and analysis and exclusive articles and media.
THIS IS NOT FINANCIAL ADVICE. IT’S IMPORTANT TO DO YOUR OWN RESEARCH. INVESTING IN CRYPTOCURRENCY OR ANYTHING FOR THAT MATTER COMES WITH RISK. THE INFORMATION PRESENTED IN THIS NEWSLETTER IS FOR INFORMATION AND ENTERTAINMENT PURPOSES ONLY.