Morning Minute | Senator Lummis Plans BTC Strategic Reserve Policy

TylerD's Market Summary

💰 A BTC Strategic Reserve Is Coming

We thought Trump was going to break the news this week at BTC Nashville.

But it seems another politician may be stealing his thunder.

For this announcement though, I'm not sure we care who breaks the news.

What Happened?

Yesterday Fox News broke the scoop that Senator Cynthia Lummis has ben crafting a policy to make Bitcoin a U.S. strategic reserve asset.

They went on to say that it's possible she breaks the news at BTC Nashville this week, but her plans to go public are "in flux" and "could be delayed."

Apparently she hopes to share the news Saturday at the conference and then have Trump endorse it in his closing speech.

This comes after she teased "Big things are in store this week" on her X page, notably using the Bitcoin "B" in the text.

So it's not hard to speculate that something indeed is coming, and very likely at BTC Nashville.

Why It Matters

I've written about this a bit before, but to emphasize the importance:

The U.S. holds $579B worth of Gold.

They currently hold ~$13B of Bitcoin.

Using some basic back of the napkin math looking at market caps, Gold has a $16.2T mc and BTC has a $1.3T mc (8%).

If the U.S. worked up to 8% of its Gold holdings using this logic, they'd ramp up to $46B in BTC - a 250% increase.

And that's likely conservative.

It would also signal to other nation states the importance of BTC, and there's a scenario where countries would "race" to acquire BTC.

It's a bit of a hopium case, but feels very nonzero.

Regardless of future projections, if Lummis announces the policy this weekend then this BTC Nashville conference will go down as one of the most important in history.

Here's hoping it happens.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $4.2M (-35%) on the day; Solana was next with $3.7M, and then BTC with $2.1M
• ETH NFT leaders were slightly red on the day; Pudgy even at 10.65 ETH, Milady -2% to 5.5, Azuki -2% to 3.86 and BAYC +1% at 9.35
• PX Quest and Midnight Breeze were notable top movers on the day, up 30-40%
• BTC NFT leaders were very red again; NodeMonkes -6% at 0.137 BTC, Puppets -9% at 0.103 BTC, Quantum Cats -1% at 0.285, OMB -2% at 0.204
• The Runes leaders were also red; DOG -2% at $385M mc, RSIC -5% at $69M mc, PUPS -1% at $49M
• Solana NFTs were red; Mad Lads -2% at 65 SOL, SMB Gen 2 -2% at 28, DeGods -4% at 14.5
• The Otherside Hub went live, allowing Project Dragon players to register their Yuga IDs
• Grant Yun announced a solo exhibition coming in Tokyo for his "Life In Japan" series
• Azuki created a "fully autonomous" AI Bobue to interact with community and audience members, in partnership with Join Hallway

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are very red this morning; BTC -3% at $64,200; ETH -9% at $3,173, SOL -5% at $168; over $250M in liquidations took place during the dip
• Memecoin majors are also red with DOGE -7%, PEPE -6%, WIF -4%, BONK -6%, MOG -18%
• Kamala Harris will not speak at this week's Bitcoin Nashville conference after rumors she was considering it
• Coinbase Asset Management is creating a tokenized money market fund, following BlackRock's US Treasuries fund which has already accumulated $500M in assets
• Caldera raised $15M to unify ETH rollups, led by Founders Fund

🚀 Memecoin Movers 

• $SCF (+370%, $20M market cap, SOL)
• $SELFIE (+150%, $30M market cap, SOL)
• $SNIBBU (+82%, $14M market cap, SOL) 
• $MUMU (+68%, $172M market cap, SOL)
• $BILL (+44%, $40M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• The Undead (300%, 3.6 ETH Floor)
• PX Quest (39%, 0.48 ETH)
• Midnight Breeze (28%, 0.09 ETH)
• Co-Museum (27%, 0.07 ETH)
• Pixl Pets (21%, 0.07 ETH)

🗓 Upcoming Mints and Events

Today is a busy day of mints, mostly focused in art.

Verse has 2 different drops, Emily Edelman has a drop and even Harto is back with a new group but dropping on ETH this time.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• RGBs (8:00 a.m. ET)
• kcdilla - breather (11:00 a.m. ET)
• artie galerie x Verse - Exhibition (12:00 p.m. ET)
• emily edelman - Covenant (12:00 p.m. ET)
• Harto x Expanded Art - Immutable Memories (12:00 p.m. ET)
• Bright Moments - True Colors (12:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.