United States Poised To Lead On Bitcoin
Prominent Voices In The Bitcoin Space Offer Their Vision For U.S. Bitcoin Adoption
On Tuesday, prominent voices in the Bitcoin space — from Michael Saylor to Senator Cynthia Lummis (R-WY) to Jack Mallers to Congressman Ro Khanna (D-CA) — gathered in Washington, D.C. at the Bitcoin Policy Institute’s ‘Bitcoin For America’ summit.
I attended the event and reported on it for Bitcoin Magazine:
Here’s an excerpt from the piece:
In his talk, entitled “Strategic Bitcoin Reserve: The American Monetary Revolution”, Mallers made the case that the establishment of the SBR was “a return to American values — including life, liberty and property.”
“The Strategic Bitcoin Reserve executive order and the Bitcoin Act proposed by Senator Lummis is the most significant economic shift and announcement and the only positive economic announcement that’s come out of this nation’s capitol in the last 100 years,” said Mallers.
He went on to say that American economic policy has been working against the principles the country was founded on and cited Executive Order 6102 (gold confiscation under President Franklin D. Roosevelt in 1933), the Nixon Shock (President Nixon’s depegging the U.S. dollar from gold in 1971) and the 2008 bank bailouts as evidence.
However, he ended on a high note.
“[This is a] pivotal moment in American history and a turning point in economic policy for this country,” said Mallers. “The story of humanity is [people] engineering a better world — that’s America, that’s Bitcoin.”
I also live-tweeted the event, highlighting key quotes from the speakers:
Protecting America’s Strategic Bitcoin Reserve
One of the topics touched on repeatedly at the summit was the U.S.’s establishing a Strategic Bitcoin Reserve.
However, what wasn’t discussed in detail was how the keys to this reserve would be protected.
I saw down with Casa CEO Nick Neuman, a specialist in helping people and institutions secure their bitcoin private keys, to discuss this on Thursday night at PubKey:
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XRP Is Not A Strategic Asset — Only Bitcoin Is
Speaking of strategic assets, an XRP proponent tried to make the case to the U.S. Securities and Exchange Commission that XRP is a ‘strategic financial asset’ for the United States.
The logic in the proposal was laughable, to put it kindly (the author proposed that bank’s adopting XRP could help the U.S. buy 25 million bitcoin LOL).
I wrote about this for Bitcoin Magazine on Friday:
Debifi: Revolutionizing Bitcoin-Backed Borrowing
Max Kei, early contributor to Hodl Hodl, has built a premier noncustodial P2P bitcoin-backed lending platform.
I published my piece on the founder and CEO this week as well as hosted a space with him and the company’s strategic advisor, Preston Pysh.
Debifi Article
Space with Debifi CEO Max Kei and Preston Pysh
Markets
Bitcoin is still trading in a weird grey area.
It dropped as low as about $76,500 on Monday, but quickly rebounded. Last week, I wrote about how it would likely quickly bounce back if it dropped into the low-$70k range. It didn’t quite get there, but did bounce back quickly from the mid-$70k range.
It wouldn’t surprise me to see it drop as low as $71k again. However, if I were a betting man, I’d say we go up from here.
That said, I’m not a betting man, and, for the time being, I’m just using my Fold and Gemini cards to accumulate bitcoin. (Fold referral link: https://use.foldapp.com/sign-up?referral=3PEVHXNX)
DCAing into bitcoin as these levels is the safest play IMO, especially if you’re new to buying bitcoin.
As always, thank you to everyone for reading, and here’s to an awesome week ahead!
Best,
Frank
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