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  • 7/25/24: When Bitcoin Reserves 🏦⛏️🇷🇺

7/25/24: When Bitcoin Reserves 🏦⛏️🇷🇺

Author

Valko
July 25, 2024

Top News

  1. Sen. Lummis to announce legislation for BTC as strategic reserve

  2. Bitcoin miner Marathon buys $100M BTC and adopts HODL strategy

  3. Russia passes bill to legalize Bitcoin mining and crypto payments

Specs’ Breakdown

1. Sen. Lummis to announce legislation for BTC as strategic reserve

⌐◪-◪ → Pro-crypto Wyoming Senator Cynthia Lummis is set to propose legislation for the Federal Reserve to adopt Bitcoin as a strategic reserve asset, like gold and foreign currencies.

She plans to share her proposed legislation this weekend at the Bitcoin Conference in Nashville in front of 20,000+ Bitcoiners, with hopes that Donald Trump will endorse it.

This weekend is shaping up to be one of the most significant political weekends for crypto. If you are here in Nashville let me know!

Polymarket odds that Trump will announce Bitcoin as a strategic reserve asset are at 26% — that’s a 3.85x upside for those who bet “yes”.

Do you think Trump will endorse Bitcoin as a strategic reserve asset? Let me know in Specs.Chat!

2. Bitcoin miner Marathon buys $100M BTC and adopts HODL strategy

⌐◪-◪ → Bitcoin miner Marathon just bought $100M Bitcoin, taking its holdings to over 20,000 BTC ($1.3B).

For context: that’s nearly 0.1% of Bitcoin’s total 21M supply.

Effective immediately, Marathon is adopting a “full HODL” strategy, meaning they will retain all Bitcoin mined and periodically purchase more.

Just when you thought a mining company couldn’t get more bullish on Bitcoin, they announce they are literally never selling.

Michael Saylor couldn’t be more proud.

This underscores the shift in corporate America’s perspective on Bitcoin as a strategic reserve asset.

It’s only a matter of time before most public corporations hold Bitcoin on their balance sheet.

Gradually, then suddenly.

3. Russia passes bill to legalize Bitcoin mining and crypto payments

⌐◪-◪ → Russia’s parliament just passed a bill legalizing Bitcoin mining and usage for international trade.

This is a handy way for an entire nation to avoid sanctions since Bitcoin is permissionless and uncensorable vs. traditional methods like bank wires.

With announcements like this, leading presidential candidates like Trump focusing on crypto, and Sen. Lummis’ draft legislation for BTC as a strategic reserve asset — Bitcoin is on the cusp of nation-state adoption.

All it takes is one major nation to adopt Bitcoin as a strategic reserve asset, and the rest of the dominoes will fall.

It’s a matter of when, not if at this point, and I hope it's the U.S. that leads the way. Some believe Bitcoin could deter China and Russia from leveraging gold reserves to undermine dollar dominance.

The Great Bitcoin Race is upon us.

Everything Else

⛓️ Crypto & DeFi

  • Bitcoin whales bought $23B of Bitcoin in July

  • Polymarket crosses $1B in volume, partners with Moonpay

  • Solana weekly active addresses hit all-time high over 10M

  • Core Chain launches dual staking model to boost Bitcoin yields

  • BitcoinOS claims first ZKP verified on Bitcoin mainnet

  • SYS Labs CEO to resign amid mismanagement allegations

🏦 Wallstreet & VC

  • Ethereum ETFs see $133M outflows on second trading day

  • Ark Invest sells $7.8M of ARKB spot Bitcoin ETF shares

  • Bitfarms stopped in ‘poison pill’ strategy amid Riot takeover attempt

  • Hashdex files S-1 for mixed BTC & ETH ETF

  • CME Ethereum futures record ATH open interest

  • Coinbase asset management creates tokenized money-market fund

  • Caldera raises $15M to unify rollups across ETH L2s

  • Ego Death Capital raises $43M to fund Bitcoin companies

🏛️ Legal & Regulatory

🌎 Rest of the World

  • Sygnum plans EU expansion amid first-half profit

  • Deutsche Telekom joins XDC network as infrastructure provider

  • Revolut earns UK banking license

  • Coinbase UK fined $4.5m by FCA for onboarding control lapses

  • Indian city Raipur real estate records now on Blockchain via AirChains

🖼️ NFTs & Metaverse

  • Grant Yun announces Tokyo’s solo exhibition for ‘Life In Japan’ series

  • Dumpydotfun launches to allow shorting memecoins with leverage

  • Moonpay partners with Polymarket to enable credit card payments

  • Chimpers release plushie toys with YouTooz

  • Top Blur farmer leads exit from Blast

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