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GM. This is Milk Road, the crypto newsletter that's as exciting as attending Bitcoin 2024โoverflowing with juicy insights and laughs.
Hereโs what we got for you today:
- โ๏ธ US strategic Bitcoin reserve plans
- โ๏ธ What to watch for this week
- ๐๏ธ The Milk Road Show: How Crypto is Being Adopted Around The World w/ Kyle Reidhead
- ๐ช Solana's TVL has soared to its highest in 931 days
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
US BUYING BITCOIN? TRUMP, RFK JR., AND LUMMIS' PLANS ๐บ๐ฒ
Today, weโre about to milk the frothiest buzz from this weekendโs Bitcoin 2024 conference: Bitcoin becoming a national strategic asset reserve for the US government . ๐ฅ
Yep, the U.S. politicians that made their way to Nashville talked about stocking up on $BTC like it's the hottest new dairy-free latte. โ
These plans could shake the crypto space like never before. ๐ Letโs break down what we got and from who:
1/ Donald Trump
Trump delivered what felt like a comedy special, he stuck to his own type of dairy, cheese ๐ง (He did commit to fire Gary Gensler on day 1 which sent the crowd BANANAS). ๐ There were not a whole lot of details but his words were for sure bullish Bitcoin (and crypto in general) throughout the speech.
He did state that if he gets elected, he wants to HODL the U.S. governmentโs current stash of 210,000 $BTC (which they snagged from seized assets).
Thatโs right, heโs played it cool and fun, remarking on maintaining what Uncle Sam already has but also left some wondering if he actually gets it.
2/ Robert F. Kennedy Jr. (RFK Jr.)
RFK Jr. went full throttle, proposing the U.S. should acquire a whopping 4 million BTCโฆ ๐คฏ
That's about 20% of the total Bitcoin supply. Imagine the FOMO! (Hong Kong lawmakers already proposed a strategic reserve after the event).
He plans to sign an executive order on day 1 directing the treasury to buy 550 $BTC every day until this massive reserve is built (as well as move the 210K $BTC seized to treasury).
Critics like Peter Schiff say it's just a tactic to buy votes, but hey, 4M $BTC? That's bold and you could feel RFKโs conviction (this was his second BTC conference btw).
3/ Senator Cynthia Lummis
Senator Lummis, kinda like Goldielocks, is aiming for a cool 1 million $BTC reserve (~5% of total supply).
She introduced a bill that would start with the 210,000 $BTC the government already has and add 790,000 $BTC over five years.
Her pitch? A Bitcoin reserve to slice the national debt in half by 2045. Talk about ambitious, hereโs what one person compared it to:
Thatโs all some serious crypto clout. But like any bill, it needs to work its way through the legislative maze.
โWAITING TO BECOME A LAWWWWWโ ๐ถ (sorry the Milk Man loved SchoolHouse Rock)
So, whatโs the big deal? ๐ค
Government Bitcoin buys = ๐. More demand, same supply. You do the math.
๐ฅMilk Road Take: This is all wildly bullish, but not so fast. There's a lot that needs to be done to actually get any of this to become a reality.
Trump or RFK Jr. need to win the election, navigate the legislative maze, and get on the same page with the U.S. Treasury.
It's gonna take some serious elbow grease.
That being said, it's still HUGE that this is being discussed in U.S. politics, let alone from leading presidential candidates. All under the Bitcoin 2024 conference roof, what an event!
PS: Just before publish we got news that $2B of the US $BTC is on the move. Where do you think itโs headed?! ๐
A/ To the treasury
B/ To Coinbase to sell
C/ Just a random wallet move for security
D/ The Dems heard Trump's speech and snatched this campaign tactic away. ๐คซ
Conspiracy theory?
Maybe. But stranger things have happened, right?
Hit 'Reply' and let us know what you think!
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WHAT TO WATCH FOR THIS WEEK ๐ง
Hereโs to another thrilling week in our lovely crypto universe! Letโs dive into the key events and trends that could shake up the market.
This week is going to be a fun one and the Milk Man's been itching to let the cat out of the bag.
1/ Key macro events ๐ข
The Federal Reserve and economic data releases are set to play a big role this week. ๐
Here's the lineup:
- Tuesday: Consumer Confidence data (How optimistic are consumers about the economy?)
- Tuesday: JOLTs data (How many job vacancies are there in the economy?)
- Wednesday: Fed Rate Decision and Statement (The big one: Will interest rates go up or stay the same?) The market's betting on no change with a 95% probability.
- Thursday: Manufacturing data (How's the manufacturing sector doing?)
- Friday: June Jobs Report (How many jobs were added or lost in June?)
2/ Earnings reports ๐ฒ
Earnings representing 40% of the S&P 500 market cap are dropping this week, including some heavy hitters like MSFT, META, AAPL, and AMZN. ๐ฅ
Earnings reports from the big players can really shake things up. A killer report? Investors go wild. A dud? Cue panic selling.
Last week, a disappointing report from Tesla rocked both stock and crypto markets. ๐ค
Stay alert, it's going to be a fun ride!
3/ Token unlocks ๐
This week, a whopping $368.19M worth of tokens are set to unlock, so brace yourselves for potential price turbulence!
Schedule:
- Wormhole: $176.46M worth of $W tokens unlock August 3rd (34% of circulating supply)
- Optimism: $63.9M worth of $OP tokens unlock July 31st (2.8% of circulating supply)
- Sui: $52.21M worth of $SUI tokens unlock August 1st (2.7% of circulating supply)
Big token unlocks are dropping, flooding the market with new ones and possibly tanking prices if/when investors cash out.
Stay sharpโthere could be some prime buying or selling moments! ๐
4/ This week on The Milk Road Show ๐๏ธ
Ready to dive into some killer crypto content? This weekโs lineup is absolutely lit with Kyle Reidhead, Tyler D, Zeneca, and Lark Davis dropping mind-blowing insights. ๐ฅ
In todayโs episode with Kyle Reidhead, you'll learn about:
- ๐ Global trends: From South Americaโs stablecoins to Asiaโs gaming scene.
- ๐ธ Investment impacts: How these trends shape your strategy.
- ๐ Real-world use cases: Crypto battling inflation in Latin America and opening financial doors in Africa.
Hit play and get the lowdown! ๐ง๐
YouTube | Spotify | Apple Podcasts
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Maker's founder targets a $100B stablecoin, pushing for mainstream adoption. The ambitious plan includes AI and subDAOs but faces delays. The community remains divided on the proposal, reflecting varied perspectives on its feasibility. - DL News
Solana's TVL has soared to $5.65B, the highest in 931 days. It now dominates DEX volume with a 42% share, surpassing Ethereum in 24-hour fees. This marks a significant milestone in Solana's rapid growth.
Compound passed a $24M COMP proposal amid accusations of a governance attack by whale Humpy. Critics claim this move is a malicious takeover attempt. The proposal's approval has sparked significant community backlash.
Mempool launched a service to expedite Bitcoin transactions with five mining pools. The Mempool Accelerator allows users to pay extra fees for faster confirmations. This service offers a new solution for urgent transaction needs.
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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.
