Institutional and Nation-State Adoption: Shift in the Overton Window
Calm Before the Storm
Dear Bitcoiners,
We are witnessing some extraordinary events regarding institutional and nation-state adoption. Larry Fink, Blackrock CEO, recently stated he is a “major believer there is a role for Bitcoin in portfolios.” Donald Trump and Robert F. Kennedy Jr. will both be speaking at the Bitcoin conference in Nashville. Several mainstream media outlets are covering the possibility of a strategic Bitcoin reserve. Would you have believed this during the 2022 bear market?
Whether you're a Trump supporter or not, or whether you dislike ETFs because they are an IOU instead of real Bitcoin, these details don't change the bigger picture. We don’t get to choose how the Bitcoin game theory plays out. This is what institutional and nation-state adoption looks like, and it’s happening!
Shift in the Overton Window
Senator Cynthia Lummis plans to announce legislation around a Strategic Bitcoin Reserve. However, whether Trump will adopt this legislation remains to be seen. The US government holds over 200k of seized Bitcoin from the 2012 Silk Road and 2016 Bitfinex Hack. A good start would be a promise not to sell these coins, unlike the recent move by the German government. The fact that a Strategic Bitcoin Reserve is a talking point in Trump's inner circles and mainstream media truly is a shift in the Overton window. Unlike the past years, it is highly likely we’ll get much more favorable legislation for Bitcoin in the years ahead.
With much anticipation, I’ll be watching the live streams of Nashville. Shoutout to my sponsor David Bailey of Bitcoin Magazine. He’s the mastermind behind these presidential candidates speaking at the conference. With some regret, I am not attending Nashville, but I did confirm for Bitcoin Amsterdam.
Mt. Gox
As predicted in a previous newsletter, the Bitcoin price was little affected by the Mt. Gox distribution. So far, over 50% of the Mt. Gox Trustee holdings, around 80,000 Bitcoin, was sent to exchanges, but the price remained relatively flat! A long-standing market fear has finally been alleviated.
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Calm Before the Storm
Let’s discuss the cycle and current price dynamics in further detail. 👇