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⌐◪-◪ → Donald Trump just delivered one of the most historic Bitcoin speeches this weekend in Nashville, TN.

Most of his speech covered the usual topics: protect self-custody, ban CBDCs, free Ross, and end the war on crypto. However, he made one new and significant promise — to make Bitcoin a strategic reserve asset for the U.S.

Some question whether he actually intends to follow through or is simply trying to win votes. Personally, I think he will, but there is of course only one way to find out.

Meanwhile, the Democratic party is re-evaluating their stance on Bitcoin, with 15 demanding they fire Gensler, secure a pro-crypto VP, add pro-crypto language to the party platform, and engage more with industry experts. Bitcoin will be a bi-partisan issue soon.

The world, regardless of political affiliation, is finally starting to realize that blockchain is the most freedom-enabling technology in the world.

Join the discussion on this in Specs.Chat!

⌐◪-◪ → Well that was quick. Hong Kong lawmakers just followed Trump and RFK Jr’s lead in suggesting Bitcoin as a strategic reserve asset. This is very bullish for Bitcoin as it could spark a global race between nation-states to accumulate Bitcoin, with two of the largest economies getting ready to add BTC to their reserves.

The real question is who do we think will do it first?

It seems unlikely to happen under Biden’s administration given their anti-crypto stance, which means the U.S. may have to wait until Trump (potentially) takes office in January 2025.

Hong Kong, on the other hand, may be able to move faster, as they did with their spot Bitcoin ETFs.

Zooming out, I think this competition between the U.S. and Hong Kong is good for Bitcoin, the crypto industry as a whole, and global freedom of commerce.

It feels like the starting gun has sounded and the Great Bitcoin race is now underway.

Who do you think will add Bitcoin ass a strategic reserve first, the U.S. or Hong Kong? Let me know in Specs.Chat!

⌐◪-◪ → Compound Finance was just hit with what some are calling a $24M “governance attack” via this proposal.

At its core, the proposal simply moved 5% ($24M) of the COMP treasury into a DeFi vault controlled by the “Golden Boys”.

It was led by “Humpy” who is known for targeting governance protocols for his own gain. His track record includes the 2021 Balancer wars, the 2024 Sushi wars, and now this Compound proposal.

Many are focused on the $24M bag the “Golden Boys” now control, but the real objective may be worse — the votes.

If they can direct the same 600k tokens that voted FOR this proposal + the additional 500k they secured FROM the proposal, then “Humpy” and the “Golden Boys” become the #1 Compound delegate — 4x larger than #2 which is none other than a16z.

Given this could lead to a full treasury drain, we may see Compound pursue some pretty drastic defensive measures. Definitely a DAO drama worth watching.