"Everything can be taken from a person but one thing: the last of the human freedoms—to choose one's attitude in any given set of circumstances, to choose one's own way."
–Viktor Frankl
Powered by Wubits - better than X because it's real people, real connections, and real conversations.
READ
Happy Saturday Folks! Last week Bitcoin was down nearly $2K and as I type Bitcoin is trading at $41,518.83 and for the week (M-F) Bitcoin was down $1,150.70; week over week it's down $1,242.59. The best performing asset in the past 7 days was $BNB - up 5.44% in position #4 on Coinmarketcap.com. Last weeks ago the Fear and Greed Index was at 64 and today it's 52.
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
Most covered news of the week was Trump saying he would not allow a CBDC which of course everyone wanted to report about. Here is the deal, regardless if Trump supported a CBDC or not there are enough members in Congress that have bills they would be pushing to not allow a US CBDC. Trump alone can't make that call. In addition, Jamie Dimon and Peter Schiff attract attention on anything they say about Bitcoin and Jamie at Davos made it clear he was going to not many anymore comments because he believes it to be a Pet Rock; shocker.
The ETFs continues to be covered all week and one thing was explained to me that I really already knew but just had a brain fart. Grayscale investors can now sell their GBTC exposure and move it to other ETF providers with lower fees but when they do they MUST sell $BTC since it is cash settled and rebuy $BTC on the other platforms so while there is some selling pressure - net/net if folks are rebuying $BTC number still should go up :)
While there are many who believe in the Tech of Bitcoin (ie Blockchain) most are focused on Price. 90% of the news that I curate on a daily basis is focused around NgU and X is overwhelmed by every other Tweet about price so it shouldn't shock anyone that most are concerned with making money with Bitcoin. Yes there are some who believe in the FREEDOM aspects of this technology but if Number didn't go up, a lot of folks would fade away.
Ensure you are checking out the Podcast and Videos each week, many of the guest are working to explain what is going on in the industry daily. No one person can clearly explain all of this to you and it does require time and effort to truly understand what is going on.
Well that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
THE WEEDS
Monday the price of Bitcoin closed at $42,766.00 and the most covered news of the day was about a $15B XRP hacking that was attempted but failed miserably.(3)
Podcast of the Day: The New Normalcy of Trying A Little Bitcoin | The Breakdown
Tuesday the price of Bitcoin closed at $42,875.00 and the most covered news of the day was Tether appeared to have billions in reserve according to Cantor Fitzgerald(3) and the IRS is not going to enforce the $10K rule for now in Crypto.(4)
Podcast of the Day: The Economics of Bitcoin Scaling with Lyn Alden | WBD
By Wednesday (Humpday) the price of Bitcoin closed at $42,641.90 and the most covered news of the day wasJamie Dimon and Peter Schiff continues to be the "OLD MEN yelling at Bitcoin," calling it a pet rock.(6)
Podcast of the Day: BTC165: Bitcoin's 2024 Technical Overview w/ NVK | Bitcoin Fundamentals
Right over the hump on Thursday the price of Bitcoin closed at $41,123.80 and the most covered news of the day was Trump said if elected, he would not support a Digital dollar (CBDC.)(6)
Podcast of the Day: Bitcoin's Role In The Debt End Game | Jonah Van Bourg | OTM
As the week came to a close on Friday the price of Bitcoin closed at $41,615.30 and the most covered news of the day was Bitcoin instantly topped Silver in the ETF market and trials only gold among commodities.(2)
Podcast of the Day: Why the SEC’s Case Against Coinbase Is So Significant for Crypto | Unchained
WEEKEND NEWS
Bitcoin is moving from weak hands to diamond hands says Gabor Gurbacks. Meanwhile, many have been opposed to a CBDC far before Trump.
H.R. 804 Chinese CBDC Prohibition Act of 2023 sponsored by Rep. Blaine Luetkemeyer (R-MO) would Prohibits money services businesses from engaging in any transactions involving a Chinese CBDC.
H.R. 1122 CBDC Anti-Surveillance State Act sponsored by Rep. Tom Emmer (R-MN) would Prohibits any federal reserve bank from issuing a CBDC, or any product or service, directly to an individual. Prohibits the Fed from using any CBDC to implement monetary policy and requires the Fed to issue quarterly reports to Congress on the findings of any CBDC study or pilot program.
H.R. 5403 CBDC Anti-Surveillance State Act sponsored by Rep. Tom Emmer (R-MN) would prohibits the Fed from issuing a CBDC, offering products or services directly to an individual, or maintaining an account on behalf of an individual. Includes clarifying language prohibiting the Fed from prohibiting any dollar-denominated currency that is open, permission-less,
and private, and fully preserves the privacy protections of U.S. currency. Prohibits the Fed from using a CBDC or any similar digital asset to implement monetary policy.
H.R. 3402 Power of the Mint Act sponsored by Rep. Jake Auchincloss (D-MA) would prohibits the Federal reserve and Secretary of the Treasury from issuing a CBDC without Congressional approval.
H.R. 3712 Digital Dollar Pilot Prevention Act sponsored by Rep. Alexander Mooney (R-WV) would prohibits the Fed from running a CBDC pilot program without express authorization from Congress.
H.R. 4664 Making Appropriations for Financial Services and General Government sponsored by Rep. Steve Womack (R-AR) says in different sections and amendments:
*Section 131 prohibits funding for Treasury to establish a CBDC or discontinue cash as legal tender.
* Amdt. 3 - Provides $3 million for Treasury to improve efforts to counter criminal and terrorist financing involving cryptocurrency (e.g., buy improved blockchain analysis tools).
* Amdt. 16 - Prohibits funding for Treasury to design or develop a CBDC or impose it as legal tender.
* Amdt. 46 - Prohibits funding for SEC to carry out enforcement actions related to crypto asset transactions.
* Amdt. 72 - Prohibits funding for the Treasury led CBDC working group.
