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Election Day Arrives With Bitcoin’s Future Looking Bright Either Way
Plus Mt Gox Transfers $2.2B in Bitcoin Prompting Market Jitters
The Breakdown First Five - Tuesday, November 5, 2024
Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.
5. Michigan Pension Diversifies
The Michigan Pension fund has added to their crypto holdings, buying $10M worth of Ethereum ETFs to go with their existing $7M worth of Bitcoin products. This is a tiny sliver of total assets, but suggests the fund is building out a broader crypto exposure over the long term. In related news, an unnamed UK pension fund has added a 3% allocation to Bitcoin according to industry specialist Cartwright.
Not only did Michigan's pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m, this despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one.
— Eric Balchunas (@EricBalchunas)
4:19 PM • Nov 4, 2024
4. Paxos’ New Stablecoin
Paxos have launched a new stablecoin they’re calling the Global Dollar Network. Alongside the USDG token, the firm announced a deep list of industry partners including Anchorage, Kraken and Robinhood. 97% of yield on reserves will be shared with partners. The stablecoin is being issued out of Singapore and designed to comply with local regulations as well as the current state of play in the US.
Huge announcement by the Paxos team!
There are many stablecoins that are popping up everyday but the winners will have built in network effects!
USDG is on its way to becoming one of the largest networks
— Raj Parekh (@rajparekh_)
10:15 PM • Nov 4, 2024
3. A16Z Recommits to Fairshake
A16Z has joined Coinbase in committing funds for the 2026 mid-terms. With an additional $23M pledged, Fairshake looks set to have almost $80M in the warchest two years out. Unnamed Washington operatives told Decrypt that having funds ready to go is a big part of the influence game, comparing the new funding to “a reload of the gun.” They said it sends the message that “no matter what happens tomorrow, we're not going away.”
Today we’re contributing over $23m in additional funds to Fairshake and its affiliated PACs for the 2026 midterm election cycle.
No matter what happens on Election Day we are taking a long-term approach to our policy efforts.
Contributing to Fairshake is just one important… x.com/i/web/status/1…
— cdixon.eth (@cdixon)
2:07 PM • Nov 4, 2024
2. Mt Gox Moving Coins
Mt Gox has moved $2.2B worth of Bitcoin to a pair of new wallets. This is the first movement of funds since September and follows the same pattern as prior distributions. The bankrupt estate only has $3B worth of Bitcoin in total to finalize distributions and late creditors are generally larger entities with stronger hands. We shouldn’t see a large market disruption, but Mt Gox continues to have impeccable timing to trigger panic.
🚨 NEW: @MtGox transfers $2.19 BILLION in $BTC to an unlabelled wallet!
What’s happening behind the scenes? #Bitcoin#Crypto
— Conor Kenny (@conorfkenny)
5:30 AM • Nov 5, 2024
1. Election Day
Today is the day, the most important election in the history of Bitcoin. The general consensus is that regardless of who ends up in the Whitehouse, Bitcoin adoption and price appreciation will continue. In their research note calling for $200,000 by the end of next year with either result, Bernstein said, “The bitcoin genie is out of the bottle, and it is hard to reverse this course.”
Each U.S. election week has set a #Bitcoin price floor that’s never been revisited
Let that sink in
— Quinten | 048.eth (@QuintenFrancois)
7:20 AM • Nov 4, 2024