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GM. This is Milk Road, the crypto newsletter that's as exciting as attending Bitcoin 2024—overflowing with juicy insights and laughs. |
Here's what we got for you today: |
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US BUYING BITCOIN? TRUMP, RFK JR., AND LUMMIS' PLANS 🇺🇲 |
Today, we're about to milk the frothiest buzz from this weekend's Bitcoin 2024 conference: Bitcoin becoming a national strategic asset reserve for the US government . 🥛 |
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. ☕ |
These plans could shake the crypto space like never before. 🌌
Let's 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 🧀 (He did commit to fire Gary Gensler on day 1 which sent the crowd BANANAS). 🐒
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. government's current stash of 210,000 $BTC (which they snagged from seized assets). |
That's right, he's played it cool and fun, remarking on maintaining what Uncle Sam already has but also left some wondering if he actually gets it. |
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2/ Robert F. Kennedy Jr. (RFK Jr.) |
RFK Jr. went full throttle, proposing the U.S. should acquire a whopping 4 million BTC… 🤯 |
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 RFK's conviction (this was his second BTC conference btw). |
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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, here's what one person compared it to: |
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That's all some serious crypto clout. But like any bill, it needs to work its way through the legislative maze. |
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"WAITING TO BECOME A LAWWWWW" 🎶 (sorry the Milk Man loved SchoolHouse Rock) |
So, what's the big deal? 🤔 |
Government Bitcoin buys = 🚀. More demand, same supply. You do the math. |
🥛Milk 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 it's headed?! 👀 |
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. 🤫 |
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 🧐 |
Here's to another thrilling week in our lovely crypto universe! Let's 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 🔢 |
The Federal Reserve and economic data releases are set to play a big role this week. 📆 |
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?)
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2/ Earnings reports 💲 |
Earnings representing 40% of the S&P 500 market cap are dropping this week, including some heavy hitters like MSFT, META, AAPL, and AMZN. 🥊 |
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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. 🤕 |
Stay alert, it's going to be a fun ride! |
3/ Token unlocks 🔓 |
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)
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Big token unlocks are dropping, flooding the market with new ones and possibly tanking prices if/when investors cash out. |
Stay sharp—there could be some prime buying or selling moments! 👀 |
4/ This week on The Milk Road Show 🎙️ |
Ready to dive into some killer crypto content? This week's lineup is absolutely lit with Kyle Reidhead, Tyler D, Zeneca, and Lark Davis dropping mind-blowing insights. 🔥 |
In today's episode with Kyle Reidhead, you'll learn about: |
🌎 Global trends: From South America's stablecoins to Asia's gaming scene. 💸 Investment impacts: How these trends shape your strategy. 📈 Real-world use cases: Crypto battling inflation in Latin America and opening financial doors in Africa.
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Hit play and get the lowdown! 🎧👂 |
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YouTube | Spotify | Apple Podcasts |
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WANT TO WORK IN CRYPTO? |
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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. |
*this is sponsored content |
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MILKY MEMES 🤣 |
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ROADIE REVIEW OF THE DAY 🥛 |
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VITALIK PIC OF THE DAY |
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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. |
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