đ„Meet the new pro-Bitcoin president… đ
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GM. This is the Milk Road, weâre that friend in the group that tries the hot wings first, just to make sure you donât burn your taste buds off.
Hereâs what we got for you today:
Meet the new pro-Bitcoin President đ
Bitcoin hasnât done this in 3 years⊠đ§
Fidelity joins the ETH ETF race đȘ
MEET THE NEW PRO-BITCOIN PRESIDENT đ
Argentina has a new PresidentâŠ
His name: Javier Milei. And there are 3 things you should know:
1/ He loves Bitcoin. He says it ârepresents the return of moneyâ to the people and âprevents politicians from robbing you through inflationâ.
2/ He hates central banks. He calls them a scam and a âmechanism by which politicians cheat the good peopleâ.
(Fun fact: he even went on national TV on his birthday and had a piñata shaped like the central bank. He beat the sh*t out of it.)
3/ He has sideburns that could give Elvis a run for his money. And a hairstyle that screams, "I have a vinyl collection and I'm not afraid to use it".
Without further ado, say hello to⊠El Presidente.Â
Javier Milei received ~56% of the votes and will take office on December 10, 2023.Â
Why this matters: Javier Milei made some BIG promises if he was elected president. Stuff likeâŠÂ
Getting rid of the central bank.Â
Replacing the Argentine peso with the U.S. dollar.Â
Cutting the number of government ministries from 18 to 8. (Just check out this video where he shows who he plans to fire).
Now, I know what youâre thinking…. no central bank? A new national currency? WTF⊠that sounds crazy!
ButâŠ
a) sometimes crazy solutions are needed for crazy problems. And Argentina has been facing one hell of a problemâŠ
It has one of the highest inflation rates in the world (143%).
And the Argentine peso has been rapidly depreciating.Â
To put it into perspective, 1 U.S. dollar = 350 Argentine pesos. Oh, and just look at how much 1 Bitcoin costs in ArgentinaâŠ
b) Now we have to see if Javier can actually execute his plans.Â
Iâm no expert, so I have no idea how hard it is to just âget rid of the central bankâ… but I do know that politiciansâ promises are like ghosts – often talked about, rarely seen.Â
Javier has talked the talk. Now weâll see if he can walk the walk.Â
But we saw what happened after the first pro-Bitcoin President (Nayib Bukele) got elected in El Salvador. He..
Made Bitcoin a legal tender in the country.
Started buying BTC to add to the country's reserves.
Launched BTC-backed government bonds.Â
All eyes will be on Javier Milei to see if he does something similar.
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BITCOIN HASNâT DONE THIS IN 3 YEARS⊠đ§
Bitcoin fees are SKYROCKETING. And for the first time in 3 years, Bitcoinâs daily fees have flipped Ethereum's daily feesâŠ
In fact, Bitcoinâs had more daily fees than Ethereum for the last 5 days.Â
So, whatâs been the main catalyst? Two wordsâŠ. Bitcoin Ordinals.Â
These are (with as little technical mumbo jumbo as possible) images, videos, data files, etc that are âinscribedâ directly on the Bitcoin blockchain.Â
Think of them as NFTs but on Bitcoin instead of Ethereum.Â
According to CryptoSlam, Bitcoin Ordinals had 3x as much volume as Ethereum NFTs over the last 24 hours.
The good news? More Bitcoin Ordinals volume = higher fees = more revenue for Bitcoin miners.Â
The bad news? More Bitcoin Ordinals volume = higher fees = higher cost to use the Bitcoin blockchain.
Over the weekend, the average Bitcoin transaction fee was ~$18.Â
I repeat⊠$18. Just to use the blockchain. Crazy.
Bitcoinâs transaction fees are looking like my DoorDash fees. And the blockchain canât deliver me an Italian Sub from Jersey Mikeâs in 20 minutes.

BITE-SIZED COOKIES đȘ
PT Bidding is the next event lined up to prepare for Phemexâs token launch on November 28th. Dive into the anticipation by learning more about the upcoming event, and help celebrate Phemexâs 4th anniversary.*
Fidelity filed paperwork to launch an ETH ETF. The $4.5T asset manager is the latest firm to join the ETH ETF race. — DL News
The U.S. Securities and Exchange Commission (SEC) delayed approvals for both Franklin Templetonâs and Global Xâs spot Bitcoin ETF applications. Canât say weâre surprised.Â
Republic selected Avalanche blockchain for its investment security token. The security token aims to generate profits from a portfolio invested in more than 750 private assets.
Bitcoin options open interest reached an all-time high of $15 billion on Deribit. An increase in open interest = higher liquidity and more market participants.
dYdXâs insurance fund lost $9 million as a result of a 'targeted attack'. dYdX said in a statement that no user funds were affected and that its team is working to investigate the event.
*This is sponsored content

MILKY MEMES đ€Ł

ROADER REVIEW OF THE DAY

VITALIK PIC OF THE DAY
Me during Thanksgiving: “Yeah, I own 1 whole Bitcoin now…”
My aunt:
— Milk Road Images (@MilkRoadImages)
Nov 20, 2023
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