Month: November 2024

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After these classy gold sneakers and his God Bless the USA Bible, Donald Trump’s cryptocurrency World Liberty Financial (WLFI) immediately appeared to me like yet another way to squeeze some more money out of his fanbase. But when YouTuber Coffeezilla analyzed the project in more detail, what he found was even more ridiculous than what I was expecting.

For starters (though unsurprisingly), WLFI is completely pre-mined. 20 billion coins, which represent 35% of the total supply, are being sold for $0.015 each. The other 65% of coins is allocated to protocol development and insiders.

This means they value the WLFI project around $900 million, immediately bringing it into the same ballpark as something like Bitcoin SV (perhaps fittingly). In reality, however, less than 1 billion coins have been sold so far, making it closer to a $14 million market cap coin, more similar to projects like Pikaboss or Boba Oppa— I’d never heard of them either.

It’s equally unsurprising that WLFI doesn’t accomplish anything new or interesting (lending and borrowing on the existing Aave protocol), or that it’s not decentralized in any meaningful way, or that one of the project’s cofounders has a dodgy history in this space already.

But what even I didn’t expect, is that WLFI is indefinitely non-transferable. That’s right, for the time being, at least, you can’t send these coins to anyone. You can just buy them, and, I guess, sell them back later? Maybe? This sounds more like OneCoin — the notorious fraud that was a cryptocurrency in name only — than any serious altcoin I’ve ever heard of.

While Nikolaus and Calli believe the former president truly embraced Bitcoin, I don’t think he actually changed his mind on cryptocurrency much at all since three years ago… I think he just wants in on the scam.

Watch the full Coffeezilla episode here:

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

This morning, the Bitcoin Policy Institute (BPI) released a 53-page report on the pros of the United States establishing a strategic bitcoin reserve (SBR).

In July, @CynthiaMLummis announced the BITCOIN Act, the first bill in US Congress to propose a strategic #bitcoin reserve.

In our most comprehensive report to date, we endorse the United States adopting a strategic reserve. Read the report here: https://t.co/xQJG2Ebksi pic.twitter.com/gq3yI7oJUO

— Bitcoin Policy Institute (@btcpolicyorg) November 4, 2024

The authors of the report touched on four key benefits of holding bitcoin as a strategic reserve asset:

Economic and monetary stability — bitcoin is a hedge against currency debasement and debt instabilityGeopolitical competition — the US could gain a strategic advantage over other countries that are contemplating starting a bitcoin reserve and can reinforce the US’ influence over global financial standardsEnergy and climate — Bitcoin mining can be leveraged to accelerate the movement toward renewable energyFinancial inclusion and human rights — the US can promote both the concepts of individual freedom and financial inclusion for both US citizens and those abroad

While I agree that the US’ establishing an SBR would have these benefits, I also think it would send a certain message loud and clear: We embrace change in the United States.

We can tell the world that we’re aware of Bitcoin’s numerous positive attributes and that we want to use them to our advantage.

In doing so, we can shift the narrative around Bitcoin from something to be feared and controlled to something that should be embraced and utilized, and we can stand behind a tool that can be used to increase the financial buoyancy of both people and institutions around the globe instead of standing in its way.

BTCPay Server has just released a new documentary covering the use of bitcoin as a means of exchange this summer during the Bitcoin 2024 in Nashville. The documentary by Parker Worthington (@webworthy) takes a look at the behind the scenes set up of both BTCPay Server and Strike with merchants around the conference venue, documenting the use of bitcoin as a real payment tool during the course of the conference. 

Watch the documentary below.

Co-founder of BTC Media eleven years ago, I am passionate about the future of Bitcoin – and in the spirit of free speech and democracy on this election eve – I feel compelled to share my first Bitcoin Magazine opinion article. Weeks ago our editor-in-chief, Aaron Van Wirdum, published his Take, “Trump Does Not Give a Damn About Bitcoin,” and he invited submissions of a counter-take.

Our company was founded on the mission of hyperbitcoinization. Since the beginning, educating Main Street on Bitcoin has been core to our values. We’ve made great strides. I believe Trump – as standing president – with pro-Bitcoin advisors, could significantly fast-track Main Street’s embrace of Bitcoin, create the world’s most pro-Bitcoin economy, and commute Ross Ulbricht’s sentence… a powerful trifecta.

The resounding skepticism found in Aaron’s TAKE is not a sentiment that I share; rather, I trust in Trump’s declared support for Bitcoin. His inner circle is full of fervent Bitcoiners and those who have signaled support for Bitcoin: his children, JD Vance, Elon Musk, RFK Jr., Tulsi Gabbard, Vivek Ramaswamy, Senators Lummis, Blackburn, Hagerty and Scott plus many, many more.

As a newcomer to the Bitcoin space, Trump, like many, is still learning. I recognize and appreciate his ever-student curiosity and desire to fully grasp the future of money. A U.S. president with exposure to Bitcoin, who surrounds himself with pro-Bitcoin advisors and policies, is certainly a more favorable alternative than the openly-hostile administrations of the past and present.

In Aaron’s TAKE, Trump was chastised for failing to transact his own bitcoin purchase at a campaign stop at PubKey – a Bitcoin bar in Greenwich Village; again, there is no stone to throw here. I was elated that Trump accepted PubKey owner Thomas Pacchia’s invitation to make a campaign stop (and as I understand it, that was an invitation extended to both V.P. Harris and Trump, with only Trump accepting). The transaction was a gesture, facilitated by the community, and was a well-received and celebratory moment for that small business and for the global network of Bitcoin businesses that have struggled for this level of acceptance by politicians.

Like others, you might be questioning if donations and votes are the driving force of Trump’s interest in Bitcoin. Does it actually matter what drives any of us as we strive for a common good? We are a diverse community with diverse reasons for embracing Bitcoin — whether a desire for financial sovereignty, an investment opportunity, a sudden inability to purchase basic necessities during a protest, a distrust in the existing financial system and, yes, even politicians seeking the Bitcoin community’s support through donations and votes.

The Bitcoin Community knows Bitcoin will flourish and thrive in spite of politics; however, not all issues are apolitical. At Nashville’s Bitcoin 2024 conference (and the Libertarian National Convention), Trump stated, unequivocally, that he will free Ross Ulbricht if given the opportunity as President. The Ulbricht family needs a miracle, and it is Trump who pledges to deliver it.

I had the golden opportunity to meet Trump backstage at Bitcoin 2024 (alongside two strong, intelligent women – his granddaughter Kai and her mother Vanessa). I found Trump to be warm, humorous, and sincere. I wholeheartedly welcome Trump to Bitcoin and appreciate bipartisanship support in freeing Ross and our mission of hyperbitcoinization.

I encourage you all to vote this Tuesday, and to join Bitcoin Magazine and Stand With Crypto for The Road to Election Day, live from Las Vegas, this Tuesday, November 5, 2024, beginning at 3 p.m. PST.