Introduction

Bitcoin will revolutionize politics, not replace it.

Even if hyperbitcoinization were to become a reality with Bitcoin at the center of the monetary system that emerges from the ruins of the current fiat system, the state would remain the dominus of international relations. It would rise from the ruins of its predecessors, like a phoenix from its ashes.

As Max Weber wrote over a hundred years ago in his famous essay “Economy and Society,” the state will continue to utilize legal coercion and violence as its specific and distinctive means of action. This is due to its essence of being an aspiring monopolist of force internally and rex superiorem non recognoscentes…

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Bitcoin remains poised for a significant rebound, with predictions suggesting it could surge past $100,000 by year’s end. Anthony Scaramucci of Skyridge Capital highlights the enduring potential of Bitcoin, underpinned by a slew of positive developments. Notably, the repayment efforts by defunct exchanges like Mount Gox and FTX are set to inject billions back into the market, potentially boosting Bitcoin’s value as a substantial portion is expected to be reinvested.

The cryptocurrency is gaining traction as a mainstream asset, bolstered by legislative efforts to establish a regulatory framework. This movement suggests a growing recognition of Bitcoin as a legitimate store of value, which Scaramucci believes firmly supports its long-term ascent. The protective measures outlined in recent GOP platforms further underscore this sentiment.

Despite temporary selling pressures from various quarters, including government sell-offs and mining adjustments, the market sentiment remains optimistic. As these pressures wane, industry experts, including Scaramucci, forecast a robust recovery for Bitcoin, which has already seen a 29% increase since the beginning of the year.

CNBC

U.S. Senator Marsha Blackburn (R-TN) has made a significant move by announcing her re-election campaign will now accept cryptocurrency donations. This declaration was made via a press release to Bitcoin Magazine as Blackburn’s campaign introduced a new page exclusively for Bitcoin contributions. Highlighting the growing embrace of digital currencies in the U.S., Blackburn remarked, “Our campaign is committed to meeting supporters where they are. As more Americans use digital currencies for daily transactions, we are thrilled to embrace this innovative frontier.”

The move aligns with a broader trend of Bitcoin adoption among U.S. politicians. Recently, Blackburn chaired the RNC Platform Committee, which endorsed a 2024 platform draft that supports the rights to mine and self-custody Bitcoin. This follows Congressman Matt Gaetz’s bill proposing Bitcoin for federal tax payments and former President Donald Trump’s acceptance of Bitcoin Lightning for campaign funds.

In discussions with Bitcoin Magazine, Blackburn has praised Bitcoin for its privacy and freedom benefits, criticizing central bank digital currencies as governmental surveillance tools. With plans to address the Bitcoin 2024 Conference in Nashville, Blackburn continues to position herself at the forefront of digital currency advocacy.

The latest figures from July 9, 2024, indicate a dynamic shift in the U.S. Bitcoin ETF market, showcasing substantial investor activity across various funds. Fidelity’s FBTC ETF leads with an outstanding net inflow of 2,077 BTC, raising its total to 170,764 BTC. This significant increase signals a surge in investor confidence and a robust demand for Bitcoin exposure through this fund.

Meanwhile, ARK Invest’s ARKB also experienced growth with a net inflow of 199 BTC. This positive change reflects ongoing investor trust and an optimistic outlook towards the fund’s management and Bitcoin’s potential future value. In contrast, major funds like BlackRock’s IBIT and Grayscale’s GBTC maintained their positions with no net inflows or outflows, indicating a period of stability amidst market fluctuations.

Collectively, these ETFs now hold 868,864 BTC, valued at approximately $49.7 billion. With a total net inflow of 2,276 BTC valued at around $13.0 million, the market trends exhibit a mix of investor caution and enthusiasm. This scenario highlights the diverse strategies and investor sentiments that characterize the evolving cryptocurrency investment landscape.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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