Trump Picks JD Vance as Pro-Bitcoin VP

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.

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.

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. 

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. 

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. 

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.