| | Good afternoon. Short and sweet newsletter incoming! Your CoinSnacks team is on the road this week, visiting some friends and family in the Big Apple. | We’ll be back to our normal schedule next week. 🙂 | Today’s Big Stories: 👎️ Crypto is Becoming Politicized 💸 GLXY Earnings | Today's newsletter is 1,113 words, a 7-minute good read. |
| |
| |
|
Trump vs Biden: Crypto Edition |
While crypto should be apolitical, it’s obvious for anyone paying attention that it is anything but. |
The fault – if we are being totally honest – lands squarely on the Democratic party. |
Between Elizabeth Warrens “anti-crypto army” and the SECs Gary Gensler’s regulation-by-enforcement, the crypto community is slowly being pushed farther and farther into the arms of Trump and the Republican party. |
For example, last week Republicans put forward a bill to overturn the SAB121 accounting rule – a rule that forces institutions that have cryptoassets in custody to report them on their balance sheet as either an asset or a liability. |
The rule has stopped all the big banks in the US from adding custodied crypto to their balance sheets. |
In response to the Republican’s bill, Biden vowed to veto it if it reaches his desk. Yes, that’s a President vowing to veto an accounting rule. |
While all of this was going down, what was Trump doing? Meeting with crypto leaders such as Messari’s Ryan Selkis. In response to a question regarding crypto Trump stated: |
"I want to make sure it’s good and solid, but I’m good with it. If you like crypto in any form—it comes in a lot of different forms—if you’re in favor of crypto you’d better vote for Trump." |
|
|
It’s for this reason that you have people like Mark Cuban – who’s name has for a while been thrown around as a future VP candidate – on X stating, “If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC.” |
What’s Next? Joint Resolution 109, which aims to invalidate the controversial SAB 121, will be voted on in the Senate tomorrow. So far, it looks like there is enough Democrats on board to get the legislation to Biden’s desk. |
Impact on Prices Going Forward? |
While it’s becoming increasingly evident that whichever party wins will heavily influence regulatory clarity and, therefore, prices going forward… we side with Galaxy Digital’s Mike Novogratz on where bitcoin will be trading in the meantime… |
During a recent earnings call (see story below), Novogratz predicted that bitcoin would stay in a “consolidation phase” until the US election, stating it could trade anywhere between $55,000-$75,000 in the near term. |
“I think that’s probably where we are — certainly for this quarter and maybe next quarter — until either the Fed starts cutting rates because the economy finally slows or we get through the election.” |
|
|
Later in the call, Novogratz went on to say one of the funniest lines to date, criticizing the Democrats' questionable stance on crypto… |
“This is the definition of stupidity if you're a Democrat. It is literally like saying, hey, we're the party against dogs, right. There are more crypto users in America than there are dog owners. Can you imagine a party coming out and saying, oh, we don't like dogs. Like, it's just terrible politics, but that's where we're at.” |
|
|
|
|
SPONSOR | Your 2024 Election Money Blueprint | Voters are angrier than ever, and it's likely to keep getting worse. The media and Wall Street keep declaring how great the economy supposedly is... but no one seems to feel that way. | Protect yourself with this one simple move today. Find out for free here » |
|
|
|
Galaxy Digital's Q1 2024 Earnings Bolstered By Mining Revenue |
Galaxy Digital Holdings (GLXY) revenue and profits jumped during the first quarter of 2024, beating analyst expectations by 60%. |
The diversified digital asset company reported Monday that revenue was $259.73 million for the first quarter, an increase of 77% YoY. |
Including increases in digital assets owned by the company, total net income came in at $422 million. |
Notably, much of the companies overall revenue growth can be attributed to its mining arm of the business which reached a milestone hashrate of 5.7 EH/s. | The company mined 373 bitcoins at an average cost of under $19.5k. | Mining revenue for the quarter was $31.5 million, an increase of 69% from the previous quarter. |
| |
|
As we reported last quarter, Galaxy is slowly becoming a major contender in the crypto mining space. |
While there wasn’t much more info than we already know about the company’s highly anticipated uplisting to the NASDAQ, on May 13, Galaxy did file an amendment responding to SEC comments, which is now under review. |
As we covered last quarter, CEO Mike Novogratz believes that the chances of an up-listing occurring before the presidential election are slim. |
While Galaxy Digital’s stock price has been hampered since the ~$125 Million bought deal public offering announcement in April, the company continues to preform as it begins offsetting its $1 billion loss from 2023. |
|
SPONSOR | America's "least woke" CEO has a different idea for your money | Porter Stansberry might be the "least woke" CEO in America. And today he says, “there's a new form of money in America, making some people (including Elon Musk, Jeff Bezos, and Tim Cook), substantially well-off." | It has nothing to do with gold or bitcoin, but it's 100% legal. The problem? Few Americans have a real understanding of how it works. | Stansberry explains more here » |
|
|
|
|
| Charlie Bilello @charliebilello | |
| Increases over last 4 years... CPI Medical Care: +9.1% CPI Apparel: +13.0% US Wages: +16.1% CPI New Cars: +21.3% CPI Food at home: +21.5% CPI Shelter: +22.4% CPI Food away from home: +25.9% CPI Used Cars: +30.9% CPI Electricity: +31.2% CPI Gas Utilities: +33.7% CPI… x.com/i/web/status/1… | | May 15, 2024 | | |
| 689 Likes 240 Retweets 78 Replies |
|
|
|
Other Content You Might Enjoy |
Biden blocks Chinese-backed crypto mining firm from land ownership near Wyoming missile base Wisconsin investment board becomes first state pension to buy spot BTC ETFs, holds over $162 million Tornado Cash Developer Alexey Pertsev Sentenced to 64 Months in Prison Peter Thiel's Founders Fund, Vitalik Buterin Back $45M Investment in Polymarket Bitcoin ETF Weekly Investments Grow For First Time In Over a Month 🛡️ Stand With Crypto PAC launches as industry interest in campaign funding ramps up Circle says it plans to ‘redomicile’ company in the US prior to IPO China busts $2 billion USDT money laundering operation Ether Capital (ETHC) Reports Q1 2024 Financial Results Brothers Accused of $25M Ethereum Exploit as U.S. Reveals Fraud Charges |
|
How did you like today's email? |
⚡⚡⚡⚡⚡ Love it⚡⚡⚡ Ehh, could be better⚡ Do better next time |
|
About CoinSnacks |
Launched in December 2017, CoinSnacks is home to the longest continuously running crypto newsletter. Each week, we publish our cryptoasset musings to an audience of 35k+ crypto enthusiasts and investors. |
In a space flooded with new projects, research, and narratives, you may feel overwhelmed or confused. CoinSnacks offers a solution by doing the digging for you, so you don't have to spend hundreds of hours sifting through the noise. Learn more here » |
|
Reach Our Audience |
If you’re a brand interested in partnering with CoinSnacks to find your next customers, partners, or allies, we’d love to hear from you. Learn more here. |