The Breakdown First Five - Wednesday, June 12, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Bitcoin: Made In The USA

Presidential candidate Donald Trump met with Bitcoin mining executives on Wednesday and came away with a thesis, of sorts. Trump thinks that Bitcoin mining could be the “last line of defense against a CBDC”. He wants “all the remaining Bitcoin to be made in the USA”, thinking that it will help the nation be energy dominant. It’s unclear if American miners can produce all the remaining Bitcoin, but at least Trump took the meeting and seems to be listening. 

4. Tether Accelerates VC Spend

Tether’s VC arm has pledged a further $1B in investment over the next year after already deploying $2B. According to CEO Paolo Ardoino, the company has a 15 member team who evaluating hundreds of deals monthly. So far the investments range from AI compute to biotech. Paolo mentioned that Tether doesn’t push their portcos to show a short term profit, adding “We are not a classic VC. We invest in things that we care about, and we have our own strategy.”

3. ETH ETF Approvals Linger

It’s now been three weeks since 19b-4 filings were approved for the ETH ETFs and issuers are wondering what the holdup is. Asset managers expected comments from the SEC on their S-1 updates last week but reports suggest there’s been no communication. Chair Gary Gensler was on CNBC last week, stating that the S-1 approvals would “take some time.” Sources suggest the process could take two more rounds of updates before the ETFs are approved for launch. 

2. Powell On Deck

It’s that time again, when we gather around to listen to an old man tell us how much money costs. It’s Fed day and Powell is expected to hold rates steady. Forward guidance will be the question, with a hot jobs report last week and no expectation that inflation has meaningfully slowed. Will that be enough for hawkish jawboning, or will Powell continue on his dovish path. 

1. PleasrDAO Ain’t Nothin to F*** Wit

PleasrDAO finally unveiled the secret Wu Tang Clan album, holding listening parties in New York over the weekend. However internet villain Martin Shkreli couldn’t help but ruin the vibes, broadcasting the record in an X spaces on Sunday. PleasrDAO have now filed a lawsuit against him through their Grand Cayman incorporated entity, triggering a CT bunfight. I guess this is Web 3?