The Bitcoin Briefing, 25 July 2024
Today marks the start of Bitcoin Nashville, oft’ touted as the most significant Bitcoin event there is. We’ll be there to network, learn and hear Donald Trump’s plans for Bitcoin! Will Kamala make an appearance too? Please get in touch to connect in Nashville.
Bitcoin Market News
Mark Cuban says Kamala Harris will be ‘more open’ to AI and Bitcoin
Billionaire investor, Mark Cuban, believes Kamala Harris will be “far more open” to artificial intelligence and cryptocurrency than the current U.S. president Joe Biden. Cuban thinks Harris will bring a favourable environment for Bitcoin if she becomes president (Cryptopolitan).
Blackrock's Spot Bitcoin ETF Records $526 Million In Inflows
BlackRock's spot Bitcoin ETF saw a massive inflow of $526 million on Monday. This marked the largest single day of inflows for the ETF since March, bringing BlackRock's Bitcoin fund's total assets under management to over $22 billion. Across all spot Bitcoin ETFs in the US, net inflows reached $530 million on Monday - the highest weekly total in over seven weeks. The surge signals renewed institutional appetite for Bitcoin investment products (Bitcoin Magazine).
Alden: Trump Win and Global Liquidity Could Boost Bitcoin
If former US President Donald Trump wins the 2024 presidential election, the extension of corporate tax cuts could positively impact Bitcoin, according to macroeconomist Lyn Alden. These tax cuts, initially approved during Trump’s first term, are set to expire soon. However, Alden believes a Trump victory would likely lead to their extension, benefiting the Bitcoin market. Alden also emphasised the role of global liquidity in influencing Bitcoin markets (Bitbo).
US Government Moves Millions in Seized Bitcoin
Just days after Germany announced that it made nearly $2.9 billion in an “unprecedented” sale of seized Bitcoin, the United States has started moving some of its own seized coins—though it’s unclear whether the government is actively working to sell them. On-chain data from Arkham Intelligence shows that the U.S. government transferred nearly $4 million worth of Bitcoin to an unlabeled wallet (Decrypt).
Bitcoin Trends
Elon Musk Goes Laser Eyes After Biden Exits 2024 Race
Elon Musk, CEO of Tesla, has updated his profile picture on X (formerly Twitter) to feature laser eyes, a meme symbolising bullish sentiment in the Bitcoin community. This change followed President Joe Biden’s announcement of his withdrawal from the 2024 US election campaign (Bitbo).
New All-Time Highs Expected in Q4, reports H.C. Wainwright
Since hitting an all-time high of $73,777 in mid-March, Bitcoin has been in a consolidation phase. This period of rangebound trading has dampened market enthusiasm, but historical trends and current indicators suggest a breakout is imminent, H.C. Wainwright noted in a recent research report (Investing.com).
2025 EU Crypto Landscape: MiCAR, TRF, and DORA Explained
As the European Union strides towards comprehensive crypto regulation, MiCAR stands out as a cornerstone of this new landscape. However, the true impact of MiCAR, alongside other critical regulations like the Transfer of Funds Regulation (TRF) and the Digital Operational Resilience Act (DORA), will only begin to unfold in 2025 (Bitcoin).
Rachel Reeves has £3bn of Bitcoin – and could make the same mistake Gordon Brown did
Most people may not realise it, but the UK owns more than £3 billion of Bitcoin. Due to criminal seizures, the Government now faces the dilemma of what to do with this digital asset. Twenty-five years after then-Chancellor Gordon Brown’s infamous sale of the nation’s gold reserves, can Rachel Reeves avoid repeating the mistake of underselling public assets (Share Talk)?
Is Trump right to worry that China could ‘take over’ crypto?
Donald Trump wants to be the “crypto president,” and he’s raising digital assets as a geopolitical issue, especially with China. Since China banned Bitcoin mining in 2021, it has made low-level overtures that it regrets the decision (Coin Telegraph).
Bit of Bitcoin fun
[FILM] God Bless Bitcoin
A new film from Swan, God Bless Bitcoin, asks the timely question: How do we fix our broken money? The film exposes “the broken, unjust, and immoral nature of our current fiat-based monetary system, one that is intimately connected to the military-industrial complex and the propagation of war”. The film premieres on 25 July 2024 (YouTube).
