Bitcoin monthly digest: July 2024

August is underway, and we're excited to be back with the newest instalment of our monthly Bitcoin digest. This newsletter is your go-to resource for keeping up with everything Bitcoin in 5 minutes or less. Let's jump right into it: what happened last month in the Bitcoin-verse?

• Will Suriname follow in El Salvador's footsteps?

Maya Parbhoe, running for President of Suriname, proposes moving the country to a Bitcoin standard, arguing that it could alleviate the economic struggles caused by the current fiat system. She believes moving the country to a Bitcoin standard could reduce the cost of imports and increase salaries, improving the lives of Surinamese citizens.

Maya Parbhoe, running for office in Suriname in 2025

Suriname's banking system is nearly blacklisted, and Parbhoe sees Bitcoin as a way to connect the country to the global financial system, much like El Salvador has done under President Nayib Bukele. Inspired by Bukele, Parbhoe also plans to privatize industries in Suriname to reduce government corruption, which she believes is at the root of many of the country's problems.

Despite the risks, including threats to her safety, Parbhoe is optimistic about her chances in the 2025 election. She’s garnered significant support within Suriname and plans to fundraise internationally, particularly within the Bitcoin community. Her vision includes replacing the inflationary Surinamese dollar with Bitcoin, rooting out government corruption, and privatizing industries, which she believes could set an example for other countries. Though the task is daunting, Parbhoe’s personal resilience and optimism suggest she may be up to the challenge, and she hopes to inspire global change starting with Suriname.

• The politicization stage of Bitcoin

Former U.S. President and 2024 Republican presidential candidate Donald Trump has recently shifted his stance on Bitcoin, evolving from a skeptic to a vocal advocate. In a recent Bloomberg Businessweek interview, Trump emphasized that Bitcoin is "[...] not going away" and stressed the importance of the US leading in Bitcoin and crypto innovation to stay ahead of countries like China.

Trump's newfound support for Bitcoin emerged after he engaged with the digital assets sphere, including accepting Bitcoin lightning donations during his 2024 campaign. He described his experience with Bitcoin as "eye-opening" and highlighted China's advancements in the sector as a reason for the US to take the lead. He expressed a desire to see Bitcoin mining thrive in America and opposed the idea of a digital dollar, believing it would diminish the importance of the US dollar.

With Bitcoin supporter Vance as his running mate, Trump appears poised to make Bitcoin (and crypto more broadly) a central issue in his campaign. On a related note, during the 2024 Bitcoin Conference that took place in Nashville, Tennessee, Senator Cynthia Lummis (R-WY) announced the introduction of a bill proposing that the US government accumulate 1 million Bitcoin, worth over $68 billion at current prices, as a strategic reserve. Lummis compared the move to the government's strategic petroleum reserve, suggesting it could help address the country's impending public debt crisis.

The proposed legislation would direct the US Treasury to purchase Bitcoin over five years, with the assets held for at least 20 years and used only to pay down national debt. Lummis believes this approach could stabilize the dollar and counter inflation, as the national debt has surpassed $35 trillion. Although the bill is unlikely to pass before the 2024 elections, it reflects growing political interest in Bitcoin. Lummis is optimistic that other Bitcoin-related legislation could pass this year, signaling Bitcoin's increasing relevance in mainstream politics.

That's a wrap for now, folks! Don't be shy: get in touch with us by using the "Contact us!" button at the top of this page, or leave a comment down below with any questions or comments. We look forward to keeping you posted on the latest developments in Bitcoin-land. See you in a few weeks with our June updates!