- The Breakdown
- Posts
- Trump Picks JD Vance as Pro-Bitcoin VP
Trump Picks JD Vance as Pro-Bitcoin VP
Plus Blackrock’s Fink Calls Bitcoin a ‘Legitimate Asset’
The Breakdown First Five - Tuesday, July 16, 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.
![Trump Picks JD Vance as Pro-Bitcoin VP](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/488b3a69-3936-4eb2-b7ce-2465645c7e5e/image.png?t=1721132531)
5. Mt Gox Shuffling Coins
The next round of Mt Gox FUD is here. The bankruptcy estate moved their entire 140,000 BTC between internal wallets early this morning, worth around $8.7B at current prices. According to Arkham intelligence, no Bitcoin has been distributed this week, but this appears to be preparation. Distribution agents have said it will take over a month for individual accounts to be credited, but the market is still spooked, plunging by 3% on the news.
#MtGox woke up and chose violence
— Feine (@FeineCapital)
7:33 AM • Jul 16, 2024
4. Another Massive ETF day
Bitcoin ETFs recorded a second day with more than $300M in net inflows. Blackrock and Ark led the day with $117M each. This extended the positive streak to seven days in a row. Last week had global crypto funds showing their best flow data over the past month and the sixth largest week on record. Separately, the Ethereum ETFs have reportedly been given the green light to begin trading next Tuesday.
BTC ETF daily net flows trending up over the last two weeks
New all-time high amount of AUM in coin terms collectively of 887,000 BTC
— Will (@WClementeIII)
11:42 PM • Jul 15, 2024
3. China To Unban Bitcoin?
Rumors have been swirling that the CCP could unban Bitcoin in Q4. Most are dismissing this as an absurd notion, but David Bailey thinks there’s some ground truth. The best indication we have is the new regulatory framework in Hong Kong established earlier this year. Earlier this month a Hong Kong University professor said it was “very unwise” to drive Bitcoin mining to the US at a public event. Still just rumors, but interesting nonetheless.
Colleague in China who is very plugged in saw my tweet and shared some insights. Said Beijing recently established a new research initiative to study Bitcoin’s geopolitical and national security implications. 👀
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey)
12:35 PM • Jul 15, 2024
2. Fink: Bitcoin is Legit
Blackrock CEO Larry Fink says that Bitcoin is a “legitimate financial asset.” Fink was on CNBC to talk about quarterly earnings results, but Bitcoin was the major topic. He framed Bitcoin as digital gold that belongs in every portfolio as a “hedge against hope.” Fink hopes that monetary debasement won’t get too bad, but he understands the urge to move some assets outside of government reach.
Hard to overstate how big a deal it is for Larry Fink, who runs $10.6T, to keep giving these full throated endorsements of bitcoin as legit asset class for everyday portfolios. Buy in from BlackRock - as well as other legacy firms like Fidelity - gives boomer advisors comfort and… x.com/i/web/status/1…
— Eric Balchunas (@EricBalchunas)
2:58 PM • Jul 15, 2024
1. Hillbilly Bitcoiner VP
Donald Trump has selected JD Vance as his pro-Bitcoin running mate. The Ohio Senator has become increasingly pro-crypto over recent years, calling out Gensler’s disastrous SEC agenda and proposing a simpler and more industry friendly revision to SAB 121. More broadly, the former Venture Capitalist has been critical of monopoly power in finance and seeks to promote disruptive startups. He is also a Bitcoiner, disclosing holdings above $100,000 in 2022.
JD Vance is Trump's VP pick and the likely next Vice President.
He strongly supports crypto.
He voted for SAB121 repeal.
He's a holder - owned $250k bitcoin 2022 - likely more now.
He's slammed gensler in open letters.
Further evidence that Trump white house is pro-crypto. x.com/i/web/status/1…
— RYAN SΞAN ADAMS - rsa.eth 🦄 (@RyanSAdams)
7:34 PM • Jul 15, 2024