‘Twas The Week Before Christmas

A trio of super PACs, backed by the heavyweights of the cryptocurrency world, has amassed a staggering $78 million war chest. Leading this financial charge are none other than venture capital giant Andreessen Horowitz, U.S. crypto exchange Coinbase, and the infamous Winklevoss twins. 💰

The strategy? To back candidates who are friendly to crypto policies, as the industry faces intense scrutiny from federal regulators. Fairshake, one of the super PACs, is already funneling over $1.2 million into TV ads for House candidates, signaling a serious commitment to influencing the political landscape.

Kara Calvert, the head of U.S. policy at Coinbase, didn’t mince words about the industry’s intentions. They’re dead set on making a substantial impact in the 2024 elections. The timing is crucial, with the crypto industry lobbying for House GOP bills that aim to legitimize digital assets and establish a new regulatory framework. However, these bills are encountering resistance in the Senate and from the Biden administration, primarily due to consumer protection and financial crime concerns. 😖

Chris Dixon of Andreessen Horowitz emphasized the need for the crypto industry to show its strength against the traditional powerhouses of big banks and big tech. Andreessen Horowitz is putting its money where its mouth is, recently announcing plans to support political candidates financially.

The donor list for these super PACs reads like a who’s who of the crypto world, including major players like Circle, Kraken, Paradigm, Ripple, Coinbase CEO Brian Armstrong, and venture capitalists Ron Conway and Fred Wilson. 😲

Bankruptcy attorneys are making it rain while milking FTXs creditors. They’re shelling out a jaw-dropping $53,000 in legal and advisory fees every hour. That’s right, while the crypto exchange is belly-up, bankruptcy pros are making it rain to the tune of $1.3 million per day. 🤯

From August to October, the tab for these bankruptcy maestros hit a staggering $118.1 million. Do the math, and that’s about $53,300 every hour for 92 days straight.

• Alvarez and Marshall, a management consulting firm that bagged a cool $35.8 million for three months of work, leads the charge in this financial feeding frenzy.
• Sullivan & Cromwell is not far behind, raking in $31.8 million, with an hourly rate that could make your eyes water – $1,230 per hour.
• AlixPartners, a global consulting firm, pocketed $13.3 million for their forensic investigation services.
• Quinn Emanuel Urquhart & Sullivan didn’t miss out on the action either, billing $10.4 million.
• A bunch of smaller advisory firms collectively added over $26.8 million to the tab.

The numbers are so big that the court-appointed fee examiner pointed out “significant areas of concern” with the billings from the big guns like Sullivan & Cromwell and Alvarez & Marshall. The report called out top-heavy staffing, excessive meeting attendance, fees for non-working travel time, and some time entries that were as clear as mud.

As FTX’s bankruptcy drama unfolds, it’s becoming a gold mine for the legal and advisory world. 🌏

Jan van Eck, the big boss at VanEck with a hefty $76.4 billion under its belt, is all in on Bitcoin. 🪙

In a recent sitdown with CNBC, he made a bullish case for BTC that’s hard to ignore. His take? Bitcoin is the internet’s numero uno store of value.

VanEck CEO @JanvanEck3 expects Bitcoin all-time-high in the next 12 months. “It’s an asset that’s growing up in front of our eyes.” Also some good notes on the spot Bitcoin ETF effort and macro cycle. pic.twitter.com/02qZOVBPyx

— Gabor Gurbacs (@gaborgurbacs) December 16, 2023

“Imagine another internet store of value leapfrogging Bitcoin? Impossible,” says van Eck. With a user base of 50 million and counting, Bitcoin isn’t just playing the game; it’s setting the rules, thanks to its massive network effects.

And Van Eck wasn’t having any talk about Bitcoin as a bubble. He quickly points out that no asset in a so-called bubble keeps outdoing itself every market cycle. In his words, Bitcoin is the “obvious asset growing up in front of our eyes.”

Van Eck’s crystal ball? He sees all spot Bitcoin ETF applications getting the green light simultaneously.

ETF analysts are circling dates between Jan. 5 and 10 for the SEC’s decision on several pending spot Bitcoin ETFs. The lineup includes heavy hitters like BlackRock, Grayscale, Bitwise, WisdomTree, Invesco, Galaxy, Fidelity, and Hashdex. 💵