Today’s edition is brought to you by Bitcoin Depot - the largest Bitcoin ATM network in North America, operating ~6,500 kiosks.
GM. This is Milk Road, the crypto newsletter that's as satisfying as hitting a hole-in-one on the mini-golf course.
Here’s what we’re serving up today:
- RFK’s new Bitcoin promises 🪙
- Nasdaq halts crypto custody service plans 🛑
- Use case of the week: decentralized green energy ♻️
- This wallet went from $20M → $116M 🍪
Prices as of 8:15 AM ET
ROBERT F. KENNEDY: LET’S BACK THE U.S. DOLLAR WITH BITCOIN 🪙
Presidential elections remind me a lot of middle school ones. The candidates all bring out the smooth talk and wild promises.
Back in 6th grade, this kid Larry promised us no homework, extended lunch, and Capri-Suns in every classroom if we voted for him. (Dude won by a landslide.)
Well, this year's U.S. presidential race just saw its own set of crazy promises.
Who made them? Robert F. Kennedy.
He’s the nephew of JFK, a Bitcoin maxi, and the most ripped 70-year-old I’ve ever seen.
And here’s what Kennedy promised at an event earlier this week:
1/ Bitcoin profits will be exempt from taxes
Kennedy said that his administration would “exempt the conversion of Bitcoin to the U.S. dollar from capital gains taxes.”
He said that would do a few things:
- Protect people’s privacy because you don’t have to report non-taxable activity
- Help crypto innovation
- Get more investment into the space
- Keep companies in the U.S. instead of growing their business elsewhere
2/ He wants to back the U.S. dollar with Bitcoin
Kennedy said his plan would be to start out small by backing 1% of issued Treasury bills with a hard currency like “gold, silver, platinum, or Bitcoin.”
He says this would:
- Save and grow the strength of the U.S. dollar
- Get inflation under control
The Milk Road Take: A candidate’s promises are just promises until they win. And even entering office doesn't guarantee they’ll see all their goals through.
Remember how I told you Larry won the middle school election with his crazy promises? None of them happened.
The Principal said no to his changes, and now we call him Lyin’ Larry.
We’ll have to wait and see if RFK ends up as “Reliable Rob” or “King-of-Broken-Promises Kennedy”.
LOCATE YOUR NEAREST BITCOIN ATM
When the Milk Man thinks of mass adoption, here’s what comes to mind:
- Seamless use of dApps📱
- Institutions diving in 🏦
- Bitcoin at your local grocery and convenience store 🏪
While dApps and institutions will take time, the Milk Man was able to stack some satoshis during his last trip to the local shop. And it’s all thanks to Bitcoin Depot.
They provide you with access to digital currency wherever you are. It’s as easy as depositing cash into the machine and having Bitcoin transferred to your wallet in no time.
And Bitcoin Depot has been making moves:
- They have over 6,500 kiosks throughout the U.S. and Canada, more than any other provider
- Fast transactions, live customer support, and an emphasis on helping customers avoid scams and fraud
- They went public earlier this month on the NASDAQ as the first Bitcoin ATM operator on a U.S. market under ticker BTM
Find your nearest Bitcoin Depot ATM and see what all the hype is about!
NASDAQ CANS ITS CRYPTO CUSTODY SERVICE 🛑
Last fall, Nasdaq (major stock exchange operator) said it was launching a crypto custody service for institutional investors.
Fireworks went off, the bubbly started pouring, & everyone cheered that a TradFi giant was getting in on crypto.
But then yesterday happened…
Its CEO said it’s stopping plans to launch the service.
Why? Because the U.S. regulatory environment is so unfriendly.
So what? This is a big L for mass adoption. It could have brought lots of folks on board.
But alas…
Pour one out for another fallen soldier.
USE CASE OF THE WEEK: SHARING ENERGY ON THE BLOCKCHAIN ♻️
We’re back with another Use Case of the Week - where we give you a real-world example of how blockchains and crypto are being used today.
We’ve covered stuff like:
- On-chain loyalty programs and rewards
- Mining Bitcoin as a source of heat
- How Ethereum is helping cancer research
- Luxury watches, NFTs, and collateralized loans
P.S. - we’re trying to give you as many use cases as possible so you don’t end up sweating, freezing, and crumbling when you get asked the million-dollar question…
Today, we’re gonna talk about… drumroll… decentralized green energy.
And to show you how it’s being done, we’re taking you to the Sicilian islands of Lampedusa and Favignana.
A handful of energy companies on the islands are testing out “microgrids” that use a combination of solar panels and blockchain technology.
The goal: produce, share, and sell solar energy.
Here’s how it works:
- Solar panels get installed on homes in order to produce energy
- A blockchain-based energy management system (EMS) also gets installed in order to measure the energy that flows into/out of the home
- The energy that doesn’t get consumed by homeowners can be sold on the blockchain. Or it can also be gifted to a neighbor #LikeAGoodNeighbor
- Users can get instant transparency in the process of consumption, management, and coordination with energy distributors
As of now, the project is being trialed in a handful of communities on the two islands, as well as the University of Palermo.
It’s a pretty cool use case and could be useful in regions of the world that struggle to produce electricity. It gives them an opportunity to not only produce energy via solar panels but also the ability to share & sell it via the blockchain.
Nothing like a good ole win-win.
MILK & COOKIES 🍪
A dormant whale transferred $116M worth of ETH to Kraken. It’s unclear whether it will be sold off, but that’s a big a$$ payday.. From $20M in 2014 → $116M in 2023.
Société Générale secured the first crypto license in France. France’s third largest bank is now licensed to provide custody, exchange, and trading services. #LicensedToTrade
Doodles is launching a “shop-and-play” camp in Chicago. It’s described as “part toy store, part party venue, part immersive theater space”.
Polychain Capital announced it has raised $200M in funding. It’s the VC's fourth fund and says it plans to raise another $200M.
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
"Wake up babe, Vitalik dropped a new presentation at EthCC"
— Milk Road Images (@MilkRoadImages)12:21 PM • Jul 20, 2023
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
