The Biden Administration Supported The Debanking Of Bitcoin and Crypto Companies
It Was Bad
This week, Marc Andreessen, co-founder and general partner at VC firm Andreessen Horowitz went on Joe Rogan and explained how politically disfavored companies — many of which were crypto companies — were debanked under the Biden administration.
If you’d like to learn more you can read the following piece:
Axios Explains: Debanking and Tech Founders (Axios)
Highlights from the piece include:
Approximately 30 founders of crypto companies were debanked.
The debanking was a part of Operation Chokepoint 2.0 (and the first round of Operation Chokepoint started under the Obama administration)
Coinbase CEO Brian Armstrong has confirmed that the allegations that the Biden administration worked to debank crypto companies are true
Heads of other Bitcoin/crypto companies also shared their experiences of being debanked or denied banking services on X:
So, if you’re still confused about why Trump won, know that that the crypto industry threw a ton of money into the Fairshake PAC to make sure that as many anti-Bitcoin/anti-crypto politicians were defeated as possible, including Harris.
Hopefully, now we move into a future where Bitcoin proliferates companies don’t need banks.
Andiamo…
Massive Investment In Notable African VC Firm
On Friday, an extremely gifted colleague of mine, Abubakar Nur Khalil, announced that he closed a raise for his Africa-based Bitcoin VC firm Recursive Capital.
I covered the news for Forbes Digital Assets:
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Newmarket Capital Launches Bitcoin-Collateralized Financing Strategy
Newmarket Capital recently made public it Battery Finance loan strategy.
Borrowers can get financing for projects using their bitcoin as collateral (instead of selling it, taking the capital gains hit and then using US dollars as collateral).
What’s super cool about Newmarket Capital’s product is that it doesn’t mark the bitcoin used as collateral to market, meaning there’s no risk of liquidation.
More on this very awesome new product in the following piece I wrote this week for Bitcoin Magazine:
Cake Wallet Helps Preserve Privacy In Crypto Transactions
On Tuesday, I published my profile on the founder of Cake Wallet for Bitcoin Magazine.
Cake Wallet is great for making semi-private private transactions with bitcoin and super private transactions with Monero (XMR).
More in the following article:
Markets
Bitcoin is still trying to break $100k.
It’s not a great time to be making big bitcoin purchases IMO.
Dollar-cost averaging (buying some bitcoin every week or month) is always a good way to invest in bitcoin.
Should you sell bitcoin? If you need USD or fiat for something, sure.
Personally, I don’t often sell bitcoin, unless I’m looking to pay down some debt or do something in particular with the cash.
That’s all for this week. Just got back from a pilates class and my glutes hurt.
Time to rest.
Take it ease.
Best,
Frank
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