Greetings Central PA Bitcoiners!
We've got two meetup events on the docket for August. The first is our monthly coffee meetup, which we have every month on the fourth Sunday. That's at Denim Coffee in Mechanicsburg at 1pm on Sunday, 8/24. The second is taking place Friendship Park in Mechanicsburg at 3pm on Saturday, 8/30. Hosted by Business Cat, the 8/30 event is entitled "Bitcoin Mining @ The Park" and features a live demo of solar powered bitcoin mining. And as a head-up, we've got an education meetup scheduled for Saturday, 9/13 at the Simpson Library in Mechanicsburg...stay tuned for the topic.
The hiking event went really well last month! We did the whole 4.2 mile loop as intended, and were gifted with great weather and a fantastic lookout spot. Thanks to those who came, and especially those who brought their families! We'll definitely get another hike on the books. Pine Grove Furnace was a great hike. Due it how remote it was though, grabbing lunch together afterwards wasn't doable. Next time we'll see if we can find a hiking location where we can finish off the event with a lunch.
Harvard's endowment investment disclosure made some news in the bitcoin space this week. Per their recently submitted SEC filing, they recently acquired $116 million of IBIT, BlackRock's bitcoin ETF. Like BlackRock themselves, Harvard has done quite the about face on their philosophy regarding bitcoin. In many ways, finally accepting that stacking bitcoin is in one's best interest is a humility test. All bitcoiners started as skeptics, and admitting to oneself that perhaps they may have been wrong is one of the first steps down the rabbit hole. Harvard's actions and recommendations carry a lot of weight in the old-school, slow moving world of money management. It stands to reason that there are many CFO's who will now feel much more at ease taking a bitcoin allocation now that Harvard has endorsed it.
Also recently in the news, the current executive administration has signed an executive order that directs the Department of Labor and SEC to permit bitcoin access in 401(k) plans. Historically, even though bitcoin ETF's have existed for almost two years, and other derivative products like GBTC have existed for over a decade, such products have not been allowed in 401(k) plans. This executive order represents one of the first steps for bitcoin derivative products such as spot ETFs being able to be held in 401(k)'s. Notably, this is also a step potentially for some other assets to be allowed in 401(k) plans, namely shitcoins. Scam promoters' mouths undoubtedly water at the thought of tapping just a tiny piece of the $9T currently held in 401(k) plans. Such charlatans are always in search of new exit liquidity, and this would certainly be a great source of it for them.
Although this step has been taken, I wouldn't expect to see a bitcoin ETF available in your 401(k) anytime soon. There are several different entities that would have to take action on this this option to be available. Consider that the ETF's have been available since January of last year, and Vanguard still blocks their customers from buying them, regardless of if their account is tax-advantaged or not. Although increasing people's access to ETF shares is good for NGU (number go up), it doesn't teach anyone anything about actually using bitcoin. Acquiring sats and receiving them to your own wallet is what generates that a-ha moment, enticing one to delve further down the rabbit hole. This allows you to realize another benefit of bitcoin: FGU (freedom go up).
Keep stacking sats, and keep stacking skills! Let your education drive your allocation.
Hope to see you at one of our upcoming meetups!
~Lonelypumpkins
Central PA Bitcoiners
