Bitcoin at the Forefront of American Politics [Swan Signal Monthly — Vol. 44]

Hi there,

Welcome back to the Swan Signal monthly newsletter.

Bitcoin’s price is currently up 10% on the month, sitting at around $67,000. Is this the beginning of the next run-up?

If Bitcoin’s momentum in US politics is any indicator, we are in for a wild ride.

In the essay below, Sam Callahan, Lead Analyst at Swan Bitcoin, walks us through the recent pro-Bitcoin rhetoric and action coming from Washington.

In this month’s letter, you’ll find:

• A short essay
• A curated list of recent Bitcoin content
• Behind-the-scenes updates from the Swan team

Bitcoin at the Forefront of American Politics

In a matter of weeks, the political landscape surrounding Bitcoin has undergone a dramatic transformation.

This seismic shift was marked by a pivotal Senate decision and significant moves by prominent political figures, bringing Bitcoin to the forefront of the upcoming presidential election.

On the same day the Senate overturned the SEC's controversial SAB-121 rule with overwhelming bipartisan support, despite President Biden vowing to veto it, former President Donald Trump declared shockingly: "If you support crypto, vote for Trump."

This stance starkly contrasts with the Biden administration and the Democratic party, which has been quite hostile to Bitcoin, led by Senator Elizabeth Warren and her ‘Anti-Crypto Army.’

The Trump Campaign went even further, announcing it would accept cryptocurrency donations and promising to build a ‘Crypto Army.’

The Trump Campaign didn’t mince its words in the announcement.

“Biden surrogate Elizabeth Warren said, in an attack on cryptocurrency, that she was building an ‘anti-crypto army’ to restrict Americans’ right to make their own financial choices… MAGA supporters, now with a new cryptocurrency option, will build a crypto army moving the campaign to victory on November 5th!”

This vocal support from the presidential election frontrunner seems to have made the Democratic party rethink its anti-crypto strategy.

In the wake of the Trump announcement, there have been several legislative victories, notably with bipartisan support.

The following list consists of recent wins in DC that highlight the growing political support for Bitcoin:

• SAB-121 Repeal: The Senate's repeal allows financial institutions to custody Bitcoin on behalf of their clients
• Still No Biden Veto: The Biden administration withdrew their threat to veto SAB-121 if it passes
• House Passes FIT21 Bill: FIT21 is a crypto regulatory framework bill that wasn’t expected to hit the floor until 2025, let alone pass with bipartisan support
• SEC's Approval of Ethereum ETFs: Fast-tracking Ethereum ETFs indicates a softening stance on the broader digital assets industry
• House Passes CBDC Bill: The bill bans the Federal Reserve from creating a Central Bank Digital Currency

Bitcoin’s Game Theory on Full Display

So this all leads to the question…”Why now?”

Well — it’s pretty simple — votes!

Specifically, about 50 million of them.

Morning Consult actively tracks crypto ownership data in the U.S. It estimates that 17% of the adult population today owns some form of crypto, with more than two-thirds of that number owning Bitcoin.

Furthermore, a recent Gallup poll found that half of voters will likely vote for candidates who are informed about the industry, and a third of voters consider a candidate’s views on digital assets before casting their votes.

Politicians are beginning to understand that the Bitcoin industry has grown to a size that cannot be ignored anymore and that being against Bitcoin has become a losing position.

Trump’s recent remarks at the Libertarian Party Conference were only more evidence that he is leaning toward his pro-Bitcoin stance on the campaign trail.

In the speech, he emphasized the right to Bitcoin self-custody, committed to making America a haven for Bitcoin, and advocated for the release of Silk Road Founder Ross Ulbricht.

His message was clear: If he wins, he will ensure that Bitcoin thrives in the United States.

It didn’t take long for the Biden Administration to try to counter Trump’s efforts.

The Block reports that the Biden campaign has begun reaching out to industry players who were previously ignored seeking guidance on policy moving forward.

This new engagement from Biden’s team apparently began over the last few weeks.

Biden also recently announced plans for his delegation to travel to Bitcoin country (El Salvador) to attend President Nayib Bukele’s inauguration.

It’s pretty clear Biden is trying to cozy up to this industry now that his main political rival has taken an interest in it.

This just goes to show how far Bitcoin has come. In 15 years, it has gone from relatively unknown internet money to a key campaign issue in the next Presidential election.

Another Piece of FUD is Dying

For Bitcoin, this political shift means a significant reduction in perceived threats.

One of the biggest concerns against owning Bitcoin over the years has been that the government would ban it.

But instead of banning it, the government is embracing it.

Presidential candidates appear to be competing to show who supports Bitcoin more.

Washington’s unexpected pivot suggests a more Bitcoin-friendly environment, inviting new capital and innovation.

While it’s too early to declare complete victory, the trend is undeniably positive.

Swan CEO Cory Klippsten remarked that these developments accelerate the timeline for broader Bitcoin acceptance.

The rapid shift from anti-Bitcoin rhetoric and crackdowns to a more supportive stance is a major win for Bitcoin.

The Future of Bitcoin in America Is Bright

The ideals of Bitcoin and the United States have always been aligned.

Individual freedom and property rights are pillars of this democracy.

After the last two weeks, Bitcoin and the right to self-custody appear more secure than ever.

Here at Swan Bitcoin, we encourage clients to take control of their financial futures by buying Bitcoin today and moving it into self-custody.

The political winds are now shifting, likely pushing Bitcoin to new heights in 2024 and beyond.

What Swan Customers Are Saying About Us

We pride ourselves on offering the best client services in the industry.

“I highly recommend Swan to anyone in need of creating a future for their family for generations to come. Their remarkable service, combined with their friendly and approachable demeanor, makes them a true asset."

“Thanks again for all the great online videos, the ease of buying through the swan app...and for being there.”

“Just wanted to let you know that I'm killing it in my Swan IRA and DCAing everyday. Love your platform.”

“I'm proud to say l've converted my CEO and CRO and they'll be setting up their accounts today. You guys have done a great job all around.”

“There should be an option for "excellent." I appreciate all the good advice, efficient follow-through, and prompt feedback l've received from Swan employees.”

“I also cannot say enough good things about representative Jason Bassett….He even responded to email questions that reached him on vacation, to ensure that I could follow through without a lag! I do plan to recommend Swan to those also interested in and new to Bitcoin investing.”

Bitcoin Content Showcase

MY TRUST IN YOU IS BROKEN by BTCPay Server
This documentary chronicles Bitcoin's beginnings as a payment system and emphasizes the pivotal role BTCPay Server has played in driving Bitcoin merchant adoption.

Can Bitcoin Be Copied? by Matthew Kratter
A video showcasing how Bitcoin is unique and why it is certainly not “the Myspace of cryptocurrencies.”

Are Recent Regulatory and Political Moves Good for Bitcoin? by Rapha Zagury
Swan’s CIO explains why Bitcoin savers should be excited about the recent regulatory developments.

Highlights From Swan’s Bitcoin Content

Privacy, Executive Order 6102, & Bitcoin by Steven Lubka 
Steven explores the recent regulatory actions in the crypto industry through a historical lens.

Cherry Pickers by Stephan Livera
Stephan explains why “zooming out” is important when properly analyzing Bitcoin.

Bitcoin & Financial Independence by Sam Callahan with Trey Sellers
Sam sat down with Trey to discuss Bitcoin and the FIRE (Financial Independence, Retire Early) movement. 

Behind the Scenes at Swan

• FREE Blockstream Jade with the purchase of a Pacific Bitcoin ticket! Jade is one of the industry's most powerful hardware wallets to safekeep your Bitcoin. Plus enjoy 21% OFF tickets with the code FREEJADE!
  
• Swan is hiring! 23 jobs are available! Featured roles include VP of Financial Planning & Analysis and Treasury, Director of Sales Strategy & Operations, News Writer, and more! All listings can be found at bitcoinerjobs.com.
  
• The Swan mobile app launches new account activity notifications. You will receive  timely notifications about your account activity, such as recurring buy executions. Download the app here.
  
• Reminder: No fees on your first $10K or no fees on your next $10K if you are already a client. As always, enjoy free withdrawals. Refer your family and friends here.
  
• Be aware of scams. Anytime someone calls you or contacts you requesting any personal information or any sort of code, just hang up or ignore it. If you are suspicious of a scam, please report it to Swan client services at [email protected]. 
  
• Swan Vault is soon available to all Swan clients! Peace of mind and self-custody of your Bitcoin is easy with Swan Vault’s 2-of-3 multisig security model with an intuitive interface. Sign up here to get priority access.
• Swan IRA is our fastest-growing product. Unlock the full potential of your retirement today. Learn more here or book a call with our team.

“Orange Wave Inbound”

Senator Cynthia Lummis of Wyoming posted on X, “Orange Wave Inbound” after massive pro-Bitcoin wins in Washington last week.

The state-level momentum that has been slowly building over the years has clearly caused rippling effects to the federal level, all seemingly coming to a head this momentous 2024 US election year.

Things are just starting to heat up! Do you own enough Bitcoin to catch the imminent orange wave to financial freedom?

Thank you,
Swan Team

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