#Pennsylvania Senator David McCormick, who sits on the Senate Subcommittee on Digital Assets, has apparently purchased $600,000 worth of bitcoin, no doubt in anticipation of the US government's massive transfer of taxpayer money to bitcoin owners (the #StrategicBitcoinReserve).

FT Alphaville weighs in on #MicroStrategy's bizarre new "strife" (#STRF) bitcoin accumulation strategy.

> "#MichaelSaylor has pitched it as a way to tap into the vast pool of fixed-income investors who generally prefer stability and predictable returns. Yet Strife offers neither. It exposes investors to bitcoin’s downside (since Strategy’s creditworthiness hinges on its crypto holdings) without giving them any upside if the cryptocurrency soars. The dividend is fixed, so if bitcoin 'moons', Strife holders are left watching from the sidelines. It’s like being invited to an all-you-can-eat buffet but only allowed to smell the food."

> "Buried in the fine print of the prospectus is a crucial detail: the board can suspend dividends altogether. It’s essentially a 'trust me' deal."

https://www.ft.com/content/20984de7-4a63-4919-979f-04245de33592

Legislation to allocate ~$100 billion of taxpayer money (roughly 8 aircraft carriers or 12% of the entire US defense budget) to buying #bitcoin has been reintroduced by Senator #CynthiaLummis.

(Unstated: Lummis is trying to pump the bitcoin market which has been crashing in the aftermath of Trump only committing to not selling $20bn worth of bitcoins seized from criminals when the market was pricing in a massive government purchase)

(Also unstated: Lummis owns a lot of bitcoin, so she’s nakedly attempting to use taxpayer money to enrich herself)

how it started / how it's going, white house endorses bitcoin edition

bitcoin daily candle chart going for maximum lols in the wake of Trump's #StrategicCryptoReserve announcement

good summary of the #StrategicBitcoinReserve / #DigitalAssetsStockpile, though i would add that the #broligarchs are doing this to loot america's wealth so they build the #NetworkState.
https://x.com/buccocapital/status/1896269388430606495

kind of ominous that #ElonMusk just started following the Senate's crypto grifter in chief #CynthiaLummis (R-Wyoming), the author of the #StrategicBitcoinReserve legislation which proposes handing 10% of america's discretionary federal budget directly to crypto bros.
https://x.com/BigCryptoAlert/status/1895980891572187260

@GhostOnTheHalfShell @shafik via the #StrategicBitcoinReserve (now "#DigitalAssetsStockpile")

the bad version is they hand 10% of the discretionary budget to bros. the less bad version is they refrain from selling bitcoins seized from drug traffickers worth ~1% of the discretionary budget specifically so as to avoid crashing the market (the US and Chinese govts are two of the largest holders of bitcoins, all of it seized from criminals)

Chinese crypto scammer #JustinSun weighing in on a US Senator using her position to pump her own bags (#CynthiaLummis owns a lot of bitcoin) with a picture of a dog in a #MAGA hat posted from his #SUNDOG memecoin account, a token that they used Trump's #WorldLibertyFinancial crypto scam to pump a few weeks ago, is just *chef's kiss*.

* video of Lummis pumping her own bags on #CNBC: https://x.com/WatcherGuru/status/1890821513864986744
* SUNDOG reply: https://x.com/SUNDOG_TRX/status/1890825237207420996

tfw u ask a billionaire #broligarch w/a long history of pump and dumps to "advise" about whether the government should transfer billions of dollars directly into his pocket

Marc Andreessen's #a16z has released a wish list for american financial regulations. my comments in parentheses:

1. no more surveillance and #debanking (of fraudsters and terrorists)

2. tokenize stocks (to make the #SEC and all financial regulations obsolete, as well as legalizing #memecoins like #TrumpCoin)

3. create decentralized #stablecoin dollar equivalents (to strip the US govt of its hegemonic currency power)

4. #StrategicBitcoinReserve (to transfer hundreds of billions of taxpayer dollars into the hands of a16z)

5. no taxes on crypto bros

I suspect all of these will be made official policy.

https://a16zcrypto.com/posts/article/us-crypto-capital-policy/

apparently #Ripple is running ads for its new #stablecoin #RLUSD on popular left wing podcasts now?

and it's a really weird ad.

Ripple is a company convicted of massive securities fraud run by one of Trump's biggest donors (#BradGarlinghouse) whose main cryptocurrency #XRP is being considered for a taxpayer bailout via the #DigitalAssetsStockpile (making Ripple the nemesis of bitcoin bros the world over - bitcoin maxis hate Ripple).

The lieutenant governor of Texas just announced his top 25 priorities for 2025 and they include:

* placing the 10 commandments in schools
* allowing (christian) prayer in schools
* educating students on the horrors of communism
* stopping drag queen story hour
* handing billions of dollars of Texas taxpayers' money to crypto bros

https://www.ltgov.texas.gov/2025/01/29/lt-gov-dan-patrick-announces-first-round-of-top-40-priority-bills-for-the-2025-legislative-session/

bitcoin maxis finding out what it's like to have leopards eat your face as it becomes increasingly clear Trump is considering including shitcoins like #Ripple's XRP (created by one of the Trump's largest donors, #BradGarlinghouse) in America's "Strategic Crypto Stockpile" which they thought was going to be a #StrategicBitcoinReserve.

(Alexander Leishman runs a bitcoin custody company called River).

welcome to the terrordome

(p.s. bitcoiners are big mad that the executive order is about using taxpayer money to buy "crypto" not just "bitcoin")

https://www.coindesk.com/policy/2025/01/23/trump-issues-crypto-executive-order-to-pave-u-s-digital-assets-path-reports

[edit] here's the actual EO: https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/
[edit] my summary of what's in the EO: https://substack.com/@cryptadamus/note/c-88170317

now it's not even just the federal government that's going to put huge amounts of taxpayer cash into the hands of crypto bros - state governments are also getting in on the action.

All these states have proposed a direct transfer of taxpayer money into the hands of crypto bros:

- #Massachusetts
- #NewHampshire
- #NorthDakota
- #Ohio
- #Oklahoma
- #Pennsylvania
- #Texas
- #Wyoming

I uploaded all the draft legislation to #DocumentCloud here: https://legacy.www.documentcloud.org/app?q=%2Btag%3A%22strategic%20bitcoin%20reserve%22

#KleptocracyIsComing

Trump has been given his orders: bail out the crypto industry with hundreds of billions of dollars of taxpayer money on day 1.

NYT: https://www.nytimes.com/2025/01/16/technology/trump-bitcoin-stockpile.html
no paywall: https://archive.ph/FGcLJ

Full "policy proposal" doc from the Bitcoin Policy Institute prepared for #ScottBessent: https://cdn.prod.website-files.com/627aa615676bdd1d47ec97d4/67696fb312a05875203ea400_BessentMemo_BitcoinStatecraft%20v.6.pdf