Bitcoin Friday — Aug. 23, 2024

Here are my quick, candid thoughts on bitcoin heading into the weekend.

Happy Bitcoin Friday!

Big Crypto

Cryptocurrency companies have accounted for nearly half of all donations made by corporations this US election cycle.

The two biggest contributors—Coinbase and Ripple. Coinbase is one of the largest and most influential cryptocurrency exchanges and Ripple is an altcoin and technology company.

I have lots of problems with Ripple and their altcoin token. I also don’t like the direction Coinbase has moved in recent years, promoting dozens of highly speculative altcoins and tokens to retail investors.

Another significant contributor—Andreessen Horowitz. The venture capital firm has exposure to various companies across the crypto industry.

All that aside… the news that the crypto industry has donated around $119 million to super PACs working to elect pro-crypto candidates is big.

Neither presidential candidate has historically been pro-crypto. The Republican nominee, former President Trump, did speak at this year’s bitcoin conference in Nashville though. Vice President Harris is yet to truly appeal to the crypto industry but we have seen Senate Majority Leader Chuck Schumer speak out in favor of passing crypto legislation as early as this year.

US politicians can’t ignore crypto.

While I make a point to emphasize that bitcoin is inherently different than all other cryptocurrencies and the broader crypto industry, the idea that politicians are having to cater to the “crypto vote” shows have far we’ve come.

U.S. Senator Cynthia Lummis, who has been one of bitcoin’s biggest supporters on Capitol Hill, has proposed “the bitcoin bill” which would establish a strategic bitcoin reserve to help combat inflation and better secure the US dollar.