Bitcoin, Unburdened

SEC Chairman Gary Gensler and FDIC Chairman Martin Gruenberg Stepping Down

Nov 25, 2024

We’re seeing now what Bitcoin can be, unburdened by what has been.

Soon, two bureaucrats that have been making things most difficult for the Bitcoin (and crypto) industry in the US — SEC Chairman Gary Gensler and FDIC Chairman Martin Gruenberg — will be stepping down.

Gruenberg — the main figure behind Operation Chokepoint 2.0 — announced on Tuesday that he’ll be stepping down on January 19, 2025.

I wrote about this for Bitcoin Magazine:

And Gensler — well know for this “regulation by enforcement” approach — announced on Thursday that he’ll be stepping down on January 20, 2025.

With these two abusive bureaucrats out of the way, Bitcoin and the industry that surrounds it now have a better chance of thriving in the US.

We’ve seen the optimism reflected in bitcoin’s price, which has run from $67k to almost $100k in the last two weeks or so.

My Lord, does it feel good to know that these two players — who often acted in an unconstitutional manner — are now out of the game.

Now, the US Bitcoin industry can more easily engage with the government.

And on the topic of Bitcoin business owners engaging with government, I wrote a piece on why that’s important this week:

Earn Bitcoin When You Refill Your Prescriptions

I also wrote a piece on earning bitcoin rewards when you buy prescription drugs through NiHowdy.

Markets

Bitcoin almost hit US$100k this week. That was neat.

Just as it hit $99,800, the greatest counter indicator in the game — Jim Cramer — spoke up and told everyone to buy bitcoin, sending its price back down to $96k and change in the subsequent days.

Thanks, Jim, you Frankie Coffee Cake you.

Please keep your filthy mouth shut when it comes to bitcoin this week.

Buy Bitcoin Now?

Would I buy bitcoin now? No. (Not that that should matter to you because nothing in this newsletter is financial advice.)

(I mean, maybe if you’re dollar-cost averaging.)

You just had six months to buy while bitcoin ranged between $48k and $74k. That was the accumulation zone.

(As a rule of thumb, I don’t buy bitcoin when people are excited about it. I buy dread, despair and “Bitcoin Is Dead” headlines.)

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If you did buy bitcoin while it was in the accumulation zone and you still have that bitcoin on an exchange, it’s not to late to take it off and put it on a Trezor device — especially while Black Friday sales are happening:

Making Multisig Easier

If you already have a hardware wallet and want to improve your security, I recommend checking out Casa. They make multsignature bitcoin wallets — very secure multi-key vaults — easy to use for the non-technically-minded.

I published a piece on Casa’s CEO this week if you’d like to learn more about what the company does: