It’s hard to believe we aren’t even halfway through 2024. So much has happened already this year you’d be forgiven for wanting to take a slight breather just to process it all.
In January we saw the very first Bitcoin ETFs given the green light and despite a fumbled announcement by the incompetents at the SEC, these funds attracted over $20bn in trading volume within just one week!
Shortly after on March 14th, Bitcoin then set a new ‘All-Time-High’ of $73,224. A new ATH nominally at least, but perhaps not if we adjusted for inflation and the declining value of the dollar. Nevertheless, Bitcoin demonstrated once again that no, it isn’t a ‘bubble’ and no it hasn’t ‘popped’.
Then of course on April 20th at block 840,000 we saw Bitcoin undergo its 4th halving event, dropping the block reward to just 3.125 Bitcoin per new block. An entire new epoch of Bitcoin begins, but now Bitcoin’s stock to flow ratio is 112 instead of just 56. To put this in context, this new S2F ratio is almost double that of Gold’s, making Bitcoin undeniably the most scarce asset on earth. By the 2028 halving, this gap will widen even further.
And of course, amidst the never-ending chaos of the modern world, Bitcoin simply continued calmy doing what it does best. On May 5th, Bitcoin surpassed another major milestone by recording its 1 billionth on-chain transaction in block 842,241. Tick tock, next block!
That’s some start to the year! But, what’s next? Are things looking like they might slow down for a little while and let us collectively catch our breath? If you’re asking yourself this, you might be new here. If anything, things are set to accelerate.
Don’t look now, the politicians are coming!
It should come as no surprise that Wall Street recently showed up to get involved in Bitcoin. The world is rapidly adopting a superior monetary asset and as they do, Bitcoin’s gravity only grows stronger. Inevitably everyone becomes drawn into its orbit.
As it turns out, this irresistible force has now grown large enough that in 2024 Bitcoin has become a major political issue. And we’re not just talking about El Salvador anymore. As election year heats up, even presidential candidates in the US are realising it’s time to bend the knee to the world’s apex monetary asset.
The most notable shift in stance has come from one of the more entertaining characters in the clown show, Donald Trump. To say his initial stance on Bitcoin wasn’t positive would be an understatement. Here’s a quote from 2022 where he appeared on Fox Business:
It seems Trump’s initial perception of Bitcoin was similar to that of a person who haven’t yet got to grips with it. Sure, it could be interpreted as him wanting to protect the Federal Reserve’s money printing business, but the language probably suggests he simply hadn’t understood Bitcoin yet.
In just two short years however, Trump has performed a miraculous U-Turn. Here is a statement he made in a speech to the Libertarian convention just last week:
That’s quite an about face. From “scam” and “threat to the dollar” to the “future of Bitcoin will be made in the USA”. It would appear that Trump has done enough homework and is politically savvy enough to have realised what’s happening. In fact, going as far as to explicitly support self-custody AND promise to block a CBDC has probably come as quite a surprise to most Bitcoiners.
And that’s not all. In the same speech, Trump also promised to pardon Ross Ulbricht the developer of the infamous Silk Road website. Ross was given the incredibly punitive sentence of double life + 40 years in prison with no possibility of parole under the Obama administration for creating a website that simply allowed people to trade directly with each other using Bitcoin. If you wanted to appeal to the Bitcoin community then freeing Ross Ulbricht would definitely go a long way.
On the other side of American politics however, things are a little different. On March 9th, 2022, and without approval from Congress, The States, or the American people, Joe Biden signed into law Executive Order 14067. This new order, which went into effect in December 2022 sets the stage for the introduction of a Central Bank Digital Currency (CBDC) and significantly expands the power and influence of Government and the Federal Reserve. In short, it sets the legal precedence for total financial surveillance of all US citizens, control over their bank accounts and the ability to silence and censor any dissent. Apparently, the empire is striking back….
And that’s not all. The Democratic party’s Elizabeth Warren, fiat money’s ultimate fan girl, had this to say at a Senate hearing in November:
Here Warren is quite clearly introducing the brand-new terminology of ‘non-custodial wallets’ in an attempt to equate self-custody to illegal activity. This of course is nonsense, as in Bitcoin there is nothing remotely new about self-custody. It was designed to be non-custodial by default. To suggest that simply holding your own money is somehow suspicious or criminal is ludicrous.
By December not a lot had changed. She still persists with the thoroughly debunked nonsense that the majority of Bitcoin’s use is illicit. On a news interview on CNBC she had this to say:
“We have a serious problem in this country and that is a part of the financial system is being used by terrorists, by drug traffickers, by rogue nations in order to launder money, move money through the system and finance their illegal activities. There’s a new threat out there. It’s crypto. North Korea is using it to pay for about half of its nuclear weapons program”.
It probably won’t surprise you to learn that she provided no evidence to back these extraordinary claims.
So, the Biden administration appear to be openly hostile toward Bitcoin. Not only do they want to implement a CBDC to enhance their financial slavery machine, but they also want to outlaw private ownership of Bitcoin as quickly as possible and stifle any potential competition to their financial panopticon. It seems the battle lines have been drawn and the democrats want to fight Bitcoin. Eventually though they too will understand that this is political suicide.
In the end, everyone capitulates to Bitcoin.
So, let’s all rush out and buy MAGA hats, right? Trump the saviour is here to free innocent men and make sure we can all keep our Bitcoin. He says we can use it freely while the stinky democrats want to ban it. We love you Trumpy, thanks for giving us permission to use Bitcoin!
It's enough to make your skin crawl. Imagine we could be bought so easily and so cheaply. Sure, Trump is making all the right kind of noises and capitulated to Bitcoin first, but he won’t be the last. Politicians the world over, including the US Democratic Party will all soon know what it means to be brought to heel by Bitcoin. The key thing that they need to understand is that from here on out, we are no longer seeking their permission. You think we were waiting for a green light to self-custody our Bitcoin?
What Donald Trump and the rest of the parasitic political classes will come to realise is that we won’t be placated so easily. For more than 50 years both parties have colluded with the Federal Reserve in the most egregious acts of financial terrorism the world has ever seen. Their crimes have perpetuated forever wars, gutted the middle class, and robbed the general population of the ability to build a dignified life. First and foremost, we vote for Bitcoin
Now that the shoe is on the other foot, it’s time that we seize the opportunity and press home the advantage. You’re a politician that wants to win votes from Bitcoiners? OK, well freeing Ross and protecting self-custody is a start, but they are just the amuse bouche to a veritable banquet of demands we expect you to yield to:
And of course, the big one…..
The list could go on, but I’ll leave you to consider what other demands might make a nice addition. The point we want to make is that Bitcoin shifts the balance of power. It will remind politicians that they are here to serve the public, not rule over them. Bitcoin will relegate these parasites to their rightful position, dutiful servants who better make sure that the trash is collected on time and that public infrastructure is well maintained. We don’t need their permission, they need ours!
Let’s let them know just how far we are willing to go. The next time a politician wants the honour of receiving your vote? Make them beg for it!
That’s some bold talk. We are planning to shrink the influence of the state and completely dismantle the central banking cartel!
But to think that toppling this kleptocracy is going to be easy would be a mistake. Victory will only be ours if we run toward it and grab it with both hands. The ruling classes will not relinquish their power willingly. The reality is, that if we want to wield this newfound political power with any meaningful vigour, we need to first secure our sovereignty.
Taking self-custody is the only route to this goal. If everyone collectively holds Bitcoin in ETFs or custodied with exchanges, we will foolishly hand the advantage back to our politicians by once again playing by their rules. By leaving your Bitcoin with a third party you relinquish your sovereignty and by doing so, relinquish your political leverage as well.
If you’re ready to become truly ungovernable and want to learn the art of self-custody then we are always here ready to help with expert tuition. We want you to vote for yourself, for your community and for your fellow man. Learn self-custody with us and vote Bitcoin!
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