Never Sell?

Trump and RFK want to HODL over 200,000 BTC, but the current administration is trying to dump it all. 

Beaver Bulletin · July 31, 2024 · By Andrew Throuvalas

1. Donald Trump has promised to establish a “strategic Bitcoin stockpile” for the U.S. government, confirming widespread rumours.

As advertised, the Republican presidential nominee stopped at the Bitcoin 2024 conference in Nashville to bid for Bitcoiners’ votes with a slew of promises to the industry, while criticising the actions of his anti-Bitcoin incumbents. 

“For too long, the federal government has violated the cardinal rule that every Bitcoiner knows by heart: never sell your Bitcoin,” Trump said before a roaring crowd on Saturday.

“It will be the policy of my administration to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future,” he continued. “This will serve in effect as the core of the strategic Bitcoin stockpile.”

Trump also reiterated his promises to commute the life sentence of Bitcoin darknet marketplace founder Ross Ulbricht, and to turn the United States into a Bitcoin mining powerhouse.

To aid him, Trump said he’d establish a Bitcoin and Crypto Presidential Advisory Council to create clear regulations for the entire industry. When he said he’d fire SEC Chair Gary Gensler, the strength of the applause shocked even the President.

However, while 45’s historic promises and vocal support for Bitcoin were a pleasant surprise, many found his speech extremely underwhelming compared to what came before it. 

2. On Friday evening, rival Presidential candidate Robert F. Kennedy Jr. (RFK) said he’d establish a strategic Bitcoin reserve, and that his administration would oversee the purchase of 550 BTC per day until the U.S. Treasury had accumulated 4 million BTC. 

That’s USD $266 billion at today’s prices.

Such a seismic move would undoubtedly turn Bitcoin into a multi-trillion dollar asset, creating an unprecedented windfall for Bitcoin HODLers. As a bonus RFK even promised to make all conversions between Bitcoin and fiat currency tax-free.

“I think of myself as orange,” Kennedy said when referring to his political affiliation. “That is the colour of freedom.”

The day prior, RFK revealed that he had most of his net worth in BTC. As his Friday speech continued, it became clear that the popular independent had a clear love and understanding of BTC that went well beyond the usual political candidate’s – including Trump’s. 

His words were so effective that they’ve put several U.S. Bitcoiners in a confusing spot, come November.

Do they vote for Trump – a former Bitcoin sceptic who only appears to have started learning about it recently? Or do they choose RFK – the “true Bitcoiner” who, statistically, has no shot at winning the election?

“RFK’s speech is a masterclass in how the fiat economy really works,” said Matthew Kratter, host of the Bitcoin University YouTube channel, on Monday. “By contrast, Trump’s speech sounded like just another campaign stump speech.”

Regardless of their choice, one thing is certain: the current administration has no interest in Bitcoin, and they weren’t shy to demonstrate it again this week.

3. The Department Of Justice moved $2 billion worth of Bitcoin on Monday in what looked like a planned attempt to sell 10,000 BTC.

These coins came from the same stash both Trump and RFK said they’d use for their strategic Bitcoin reserve just days earlier.

Naturally, the Bitcoin community assumed the sale’s timing was a deliberate, spiteful gesture from the Biden administration. 

According to Arkham Intelligence, the U.S. government still holds 203,239 BTC in its wallet, worth USD $13.45 billion.

Several Democrat politicians sent a letter to the Democratic National Committee on Friday, urging the party to take on a pro-crypto stance for fear of losing voters.

Now, for some non-political news…

4. Marathon Digital has purchased another $100 million in Bitcoin bringing its total holdings up to 20.000 BTC worth $1.32 billion.

The company has also returned to a “full HODL strategy” – never selling any coins, and periodically buying more.

As the world’s largest Bitcoin miner, Marathon normally deploys its capital towards mining machines that can efficiently mine more BTC in the future, or to pay its electricity costs.

If Marathon is buying BTC outright, that means 1 of 2 things. Either mining is becoming unprofitable, or they expect Bitcoin’s price to rise very fast in the near term – making immediate acquisition the best course of action.

Stay humble,

Andrew