DJT All In On BTC

A rundown of days 2 and 3 of Bitcoin 2024, Trumps BTC and crypto promises and the world's worst female rapper

OVERVIEW

DJT All In On BTC 

Bitcoin returned to $70k today - but it didn’t last. Two days after Trump said he would never sell the BTC held by the U.S., the Biden administration moved $2 billion of the seized Silk Road BTC to a new address this morning. 😡

But the altcoin market doesn’t seem to care. It’s still in the green and holding on to its gains.

In today’s Litepaper, we'll discuss Bitcoin 2024, which ended on Saturday. We’ve included some of the highlights from that conference.

Also on deck: a look at Trump’s promises and comments to the crypto industry and why the hell one of the 2016 Bitfinex hackers was in Nashville, too. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

BITCOIN
Bitcoin 2024 Conference Over 🪙 

The same guy who once said Bitcoin was a scam now wants a national crypto stockpile and promises the federal government will never sell off its Bitcoin holdings. 🚫 

Speaking at Bitcoin 2024 in Nashville, Trump made quite the spectacle, declaring he’d make the U.S. the “crypto capital of the planet.”

Trump said he’d fire Gary Gensler on day one - to which the crowd went friggin nutz and the former President had to wait for the crowd to die down.

In fact, the cheers were so heavy that it appeared Trump was surprised and addressed the crowd, saying, “I didn’t know he was that unpopular! Wow. Let me say it again: On day one, I will fire Gary Gensler.” 👍️ 

Bitcoin Magazine has the full Trump speech here on YouTube, but if you want to see the ‘fire Gary Gensler moment’, skip to 26:02. I’ve also included a summary of his main points and comments near the end of the Litepaper

Trump also promised a “Bitcoin and crypto presidential advisory council” staffed by people who, unlike the current regulators, actually understand and support the industry. 🫡 

RFK Jr. Source: Cointelegraph

Trump wasn’t alone in his crypto crusade. Third-party candidate Robert F. Kennedy Jr. took the stage, promising a U.S. Bitcoin reserve by purchasing 550 Bitcoin daily until it hits 4 million.

Why not? Senator Cynthia Lummis upped the ante with her proposal for a federal reserve of 1 million Bitcoin over five years, all to cut national debt by 2045. 🤯 

Crypto Promises Galore

Michael Saylor Source: BTC 2024 YouTube

Michael Saylor, never one to shy away from hyperbole, updated his Bitcoin forecast to a mind-boggling $13 million per coin by 2045. Meanwhile, VanEck’s CEO casually mentioned he’s holding more than 30% of his net worth in Bitcoin.

Senate candidate John Deaton also jumped into the mix, revealing a whopping 82% of his wealth is in Bitcoin, while slamming Elizabeth Warren’s anti-crypto stance. If there were a Bitcoin loyalty program, these guys would be platinum members. 💳️ 

Senators Lumis and Scott Source: BTC 2024

The conference was a smorgasbord of crypto love. Sen. Tim Scott, making his crypto debut, proclaimed that the U.S. government should “make it easy” for the crypto industry to innovate.

As if the promises and proposals weren’t enough, Michael Saylor urged everyone to go “triple maxi” on Bitcoin, predicting it would solve “half our problems.”

Meanwhile, Edward Snowden, brought some reality to the FOMO, warning Bitcoin enthusiasts to be wary of politicians who might just be courting their favor for votes. ⚠️ 

BITCOIN
Trump: The Crypto Convert ⛪️ 

The former President said a lot during his 50-minute long speech. Here are some of the key points and comments he made:

1. Bitcoin Stockpile Policy

“If I am elected, it will be the policy of my Administration to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future.”

2. Crypto Capital Ambition

“My vision is for an America that dominates the future. This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world.”

3. Dismantling Anti-Crypto Policies

“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over. It will end. It’ll be done.”

4. Firing Gary Gensler

“On day one, I will fire Gary Gensler and appoint a new SEC chairman who believes America should build the future, not block the future.”

5. No CBDCs

“There will never be a Central Bank Digital Currency (CBDC) while I’m president of the United States.”

6. Creating a Crypto Advisory Council

“I will immediately appoint a Bitcoin and crypto presidential advisory council. Their task will be to design transparent regulatory guidance for the benefit of the entire industry, done in 100 days.”

7. Encouraging U.S. Bitcoin Mining

“With low energy costs, America will become the world’s undisputed Bitcoin mining powerhouse.”

“We will harness American energy in all forms, and I have set the ambitious goal that by the end of my term, the United States will have the lowest cost of energy and electricity of any nation on Earth. This will make us a Bitcoin mining powerhouse.”

8. Ending Operation Choke Point 2.0

“I will immediately shut down Operation Choke Point 2.0. They want to choke you out of business. We’re not going to let that happen.”

9. Regulatory Clarity

“We will create a framework to enable the safe, responsible expansion of stablecoins, allowing us to extend the dominance of the U.S. dollar to new frontiers all around the world.”

10. Ending Financial Blockades

“No longer will your government sit by and watch as Bitcoin jobs and businesses flee to other countries because America’s laws are too unclear and too tough. We will keep each and every Bitcoin job in the United States of America.”

11. Supporting Property Rights and Privacy

“America will once again be a nation that protects property rights, privacy, freedom of transaction, freedom of association, and freedom of speech.”

“I support the right to self-custody.”

12. Ross Ulbricht

“As part of my plan, I repeat my pledge to commute the sentence of Ross Ulbricht to a sentence of time served.”

NEWS
OMG, Why Was She There? 🤦 

Remember Heather Morgan, aka Razzlekhan? The self-styled rapper and social engineer who pleaded guilty to the infamous 2016 Bitfinex hack (120,000 Bitcoin stolen)? 🕵️‍♀️ 

Maybe you remember her from this insanely cringe rap video she did. It was horrible when I first saw it six years ago or so. And, like a bottle of orange juice sitting in the back seat of your car slowly roasted by the summer sun, it didn’t age well.

Cointelegraph found her, though, at Bitcoin 2024. 👀 

Contrary to popular belief that she was behind bars, Morgan is out on bail, while her husband, Ilya Lichtenstein, is under house arrest. Lichtenstein, deemed the mastermind, faces stricter conditions due to his significant role and ties to Russia, raising concerns about flight risk.

“She should be excluded because she is a KNOWN THREAT,” he stated. Lopp speculated two possible reasons for her attendance: she’s either seeking consulting gigs to pay off her $250,000 fine or collecting intel for the government to reduce her sentence.

Her sentencing is scheduled for November 8. She faces a $250k fine and/or up to 5 years in prison. 👮 

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NEWS
Crypto News In Three Sentences 📰

💰 BlackRock BUIDL Fund Bags $11M in USDC 

BlackRock’s ($BLK) BUIDL Fund received $11 million in $USDC from Circle, pushing its total holdings to $88 million. This transaction has sparked market chatter about BlackRock's stablecoin strategy. The BUIDL Fund has seen a spike in holders. BitcoinWorld has more.

🆙 Injective Proposes Altaris Mainnet Upgrade 

Injective ($INJ) announced the Altaris Mainnet proposal, promising major infrastructure upgrades. Highlights include the fastest Layer 1 blockchain, the first RWA oracle, and WASM Smart Contracts 2.0. These improvements will enhance both developer and user experiences. From BlockchainReporter.

🔄 Ethereum Foundation Moves $9.16M in TKO Tokens 

The $ETH Foundation transferred 3.484 million $TKO tokens ($9.16 million) to Bitcoin Suisse. This move comes amid increased interest in Taiko, a promising Ethereum Layer 2 solution. Taiko’s market cap now stands at $162.3 million, with support from Vitalik Buterin. Full story at Coinpaedia.

🍰 PancakeSwap Airdrops 2.4M ZK Tokens 

PancakeSwap ($CAKE) is airdropping 2.4 million ZK tokens to veCAKE holders, traders, and ZKsync participants. This rewards active community members and boosts platform engagement. Eligible users can claim their tokens now, promoting continued loyalty and participation. More from Coincu.

💸 WazirX to Socialize $230M Breach Loss 

WazirX ($WRX) announced a controversial plan to "socialize" a $230 million security breach loss among all customers. The plan includes rebalancing customer portfolios, returning 55% of their holdings, and locking 45% in USDT-equivalent tokens. This move has shocked the local crypto community. From TechCrunch.

⚖️ Compound Faces Governance Attack Allegations 

Compound Finance ($COMP) is embroiled in a governance dispute over recent proposals. Proposal 289, passed by the "Golden Boys," requests 499,000 COMP to fund the goldCOMP treasury. Critics allege this is a governance attack, with proposal 290 aiming to transfer the Timelock Admin to CommunityMultiSig. Full story at Cointelegraph.

📈 Polymarket Hits Record Highs Amid U.S. Election 

Polymarket, a crypto betting site, saw record highs in active traders and volume amid the U.S. election season. With over $324 million wagered and 38,000 traders, the platform has drawn mainstream media attention. However, its predictions contrast with traditional polls, highlighting potential biases. More from Decrypt.

🔍 21Shares Integrates Chainlink Proof of Reserve 

21Shares has integrated Chainlink's ($LINK) Proof of Reserve to enhance transparency for its Core Ethereum ETF. This integration provides real-time visibility into ETH reserves, ensuring investor confidence. This follows Chainlink's successful integration with 21Shares' Bitcoin ETF. From The Block.

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