Will America Hodl Bitcoin?

America may invest in bitcoin, Disney doubles down on cruises, and Squid Game kills in its season 2 premiere

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Is Bitcoin America’s Next Frontier?

Image courtesy of muhammad.abdullah on Freepik // Illustration by Kate Walker

As bitcoin continues to soar in value, many in government, including the president-elect Donald Trump, are angling to make the top crypto a part of the national reserves.

The Big Bet: The incoming Trump administration is far more accepting of the crypto industry than Biden’s, which could give the industry a more prominent seat at the policy table… and even put it on track for official acceptance as a currency all around the world.

Behind the Crypto: There are two prevailing plans to make bitcoin a bigger part of the US government, according to Axios.

  • The Trump Plan: President-elect Trump wants to keep the 198,000 bitcoins (value of about $19 billion) already held by the US Marshals Service. Instead of selling it to compensate victims of crime or pay for law enforcement, Trump just wants to keep it.

  • The thinking is that the growing bitcoin stash could be similar to our gold reserves, of which the US holds 8,134 tons (which holds little purpose). Where do you think we’ll establish the Fort Knox of bitcoin?

  • The Lummis Plan: Coined after Senator Cynthia Lummis (R.-Wyo), the plan calls for the US to buy one million bitcoins that the government can hold for 20 years unless used to pay down federal debt.

  • Gold also plays a part in this plan. Lummis says the government majorly undervalues its gold compared to the market price. So, if the Federal Reserve simply values it right, that would give the US enough of a windfall to cut a check for the outstanding bitcoin.

Final Ledger: Hypothetically, either plan is sound if the government is determined to get in on bitcoin, although Loomis’ plan hinges on the long-term viability of the crypto (specifically, whether the unmasking of founder Satoshi Nakamoto craters the whole project). Some people, like Cato Institute economist George Selgin, think the plans are a bust because he doubts the government will ever actually sell the bitcoin — we’ve never sold our gold because of how up in arms investors would get. The same thinking applies to crypto.

Still, El Salvador is already in on the bitcoin craze, states like Texas and Pennsylvania are considering it, and countries like Japan and Russia are thinking about doing the same… so maybe the adoption of one of these plans is inevitable.

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Disney Cruises Sail for Riches

Disney’s new state-of-the-art cruise ship, Disney Treasure, set sail on its maiden voyage a couple of weeks ago… setting off a new focus on the cruise business as one of the biggest growth sectors of its experiences division.

Why It Hits: Disney is pouring $60 billion into its experiences division over the next decade, demonstrating that the Mouse House is doubling down on the draw of IRL events. Cruises could essentially act as the traveling-circus version of its famous (but very grounded) theme parks.

Behind the Views: The Disney Treasure is emblematic of the magic that the entertainment giant is trying to bring to the high seas.

  • IP galore. The cruise features costumed characters, hidden Mickeys, horns blasting famous tunes from Disney movies… basically anything to immerse the travelers.

  • Interactive imagination. There’s a Coco-themed restaurant that is like a walkthrough of the movie’s locations and features a live musical show or a Haunted Mansion-themed bar where ghosts appear in mirrors and the pictures slowly change.

  • Exclusive entertainment. The Treasure features a new Moana Broadway-style show called The Tale of Moana — which could easily migrate from cruise to park to Broadway itself.

The Future: Although the Disney Cruise Line has been around since 1998, the company is ramping up production this decade, with plans to double its fleet by 2031 (two more are setting sail this year). Why the sudden push? Morgan Stanley analyst Ben Swinburne wrote in a recent note that the cruise division alone could mint $10 billion in revenue and $3 billion in EBITDA by 2031 — that’s more than the entire returns of ESPN right now.

Don’t be surprised if you find yourself booking a Disney cruise next year… whether you have kids or not.

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DEEP DIVES

Should the US government invest in bitcoin?

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69% of you voted NO in Monday’s poll: Did you livestream Netflix's halftime show of Beyoncé?

“No. I had no idea it was happening.”

“Only because it interrupted the football game.”

“I don't watch sports, but I will watch the Beyonce halftime show when Netflix releases it separately.”

“Technically I didn't stream it, my cousin did . . . and I watched along with the rest of the family after Christmas dinner.”

“Oh, hell yeah. Watching Beyoncé perform live is always going to be a must. And after her cheeky ‘buffering’ taunt at Netflix on IG, I was definitely tuning in to make sure they didn't screw it up. They kept it together and she tore up that field.”

Let’s keep the conversation going. Join our Poll Of The Day newsletter, so your opinions can shine. Discover how your views line up with your peers’, check out cool insights, and have some fun. It’s data with personality.

QUICK HITS

→ Entertainment / Media

🎥 The final tally of the 2024 US box office is $8.7 billion, led by Inside Out 2, Deadpool & Wolverine, and Wicked: Part One.

📺 Season 2 of Squid Game had the biggest premiere week in Netflix history, scoring 68 million views in the first three days.

🎤 Billie Eilish’s “BIRDS OF A FEATHER” was the most streamed song on Spotify in 2024, with 1.775 billion streams.

→ Technology

👨‍⚖️ The US Appeals Court shot down the Biden administration’s plan to revive net neutrality.

₿ Morgan Stanley’s E*Trade is on the verge of offering crypto for spot trading.

🖥️ The US Treasury Department announced that it was breached by Beijing-backed hackers.

→ Creator Economy

🤳 Creators don’t actually believe that TikTok will be banned — the vibe is “keep calm and carry on.”

💸 But TikTok is promising advertisers that they’ll be refunded if the app does get banned — the vibe is “hedge your bets.”

🎙️ Spotify rolled out its partner program for video podcasters.

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Today’s email was written by David Vendrell.
Edited by Nick Comney. Copy edited by Kait Cunniff.
Published by Darline Salazar.

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