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⌐◪-◪ → Bitcoin is about to set a new all-time high.

Bitcoin’s price broke $71k last night and is now closing in on its all-time high of $73,770, set on March 14th, 2024.

To put this in context, Bitcoin is just 3.7% away from its previous all-time high, while Ethereum is a massive 44% away. Yikes.

Naturally, Bitcoin ETFs are ripping, with $4.3B in net inflows over the last 12 days and $479M yesterday alone.

Now is a good day to remind you of the Veblen good effect, which is when the demand for an asset increases as the price increases—contrary to typical economic principles of supply and demand.

This is most easily observed in your family and friends who, despite you telling them to buy years ago, are buying Bitcoin for the first time now.

We could see a new all-time high this week. Wild.

⌐◪-◪ → Baldy wants an apology!

Coinbase CEO Brian Armstrong (aka Baldy) says the next SEC chair should withdraw all frivolous cases and issue an apology to the American people.

In his post, he highlights the many conflicting statements from the SEC on crypto, such as:

• Is Bitcoin a security?

• Can the SEC regulate crypto exchanges?

• Is existing law clear?

Just look at the graphic in Brian’s tweet to see how confusing the SEC’s stance is. You know things are a mess when the Securities and Exchange Commission itself (keyword: Securities) can’t tell you what IS and IS NOT a security. It’s ridiculous.

Looking forward, we know Trump plans on firing Gary Gensler if he wins the election, and it seems like Kamala would do the same. So the real question is, who will the next SEC Chair be?

⌐◪-◪ → Trump stablecoin incoming.

Donald Trump’s DeFi project, World Liberty Financial, is allegedly planning to launch a stablecoin, according to a Decrypt exclusive.

For context, the project recently raised $14.35M via a token sale — 95% less than their initial $300M target.

While there hasn’t been an official announcement from World Liberty’s Twitter or Telegram since their token sale in mid-October, it looks like they’ll be working with stablecoin issuer Paxos, as Rich Teo (Paxos co-founder) joins World Liberty as their Stablecoin and Payment lead.

It’s interesting that they chose Paxos over Circle, given USDC’s position as the second-largest stablecoin and its strong ties (minority ownership) with Coinbase. I’d love to know the reasoning behind that choice.

Politics aside, this move could be a good thing for stablecoins, which currently live in a bit of a legal gray area (e.g., SEC sues Binance).

While stablecoin bills are already in progress with strong bipartisan support, a Trump-endorsed stablecoin could help those bills gain a lot more momentum.

On the flip side, some might perceive a World Liberty stablecoin as similar to a CBDC, given its direct endorsement from the man who, if prediction markets are right, could be our next President.

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