Kudos @DavidSacks, you delivered.

Newcomers to Bitcoin may not understand why old timers care so much about Ross Ulbricht. Let me explain. He embodied the ethos of early Bitcoin more than anyone. He was an entrepreneur who created a thriving marketplace. He believed in radical freedom, including the freedom to trade anything with anyone else so long as it was peaceful and voluntary. He regularly wrote about his views on freedom and why he built the first truly successful Bitcoin business - the Silk Road. He wanted to created a better world and believed his principles deeply. Politicians like Schumer targeted both Silk Road AND Bitcoin as criminal enterprises that needed to be shut down. When he was convicted the judge and the establishment threw the book at him. He was a first time, non violent criminal and they locked him up and effectively threw away the key. In the early Bitcoin community we all felt how unjust this was. It was like they were locking up one of our own out of spite for what we all believed was a peaceful revolution. Now tens of millions of people own Bitcoin and many just because of Number Go Up. Never forget there was a deeper purpose here and that getting rich is a nice side effect of that greater purpose. Fix the money, fix the world.

Let's talk Bitcoin and taxes. While discussions about establishing a strategic Bitcoin reserve often generate excitement, the reality is that tax policy will have a far greater impact on Bitcoin's future adoption and integration into the global economy. To understand this, it's helpful to look at historical precedent. The early internet, a revolutionary technology much like Bitcoin, thrived in part due to favorable tax policies. By creating a relatively low-tax environment for internet-based businesses and online transactions, the US government fostered innovation and investment in this nascent technology. This allowed the internet to flourish and become the ubiquitous force it is today. A similar approach could be transformative for Bitcoin. A key factor to consider is the impact of the capital gains tax on capital formation. This tax, levied on the profit from the sale of an asset, can significantly discourage investment and economic activity. When individuals and businesses are faced with a substantial tax burden on their profits, they are less likely to take risks and invest in new ventures. This directly hinders capital formation, the process of accumulating capital for investment and growth. Consider the examples of Singapore and Dubai. Both have experienced astonishing economic growth in recent decades, and a significant contributing factor is their absence of a capital gains tax. This creates a powerful incentive for capital formation, as investors are able to retain a greater portion of their profits, encouraging them to reinvest and further stimulate economic activity. This same principle can be applied to Bitcoin. Currently, the capital gains tax creates a significant barrier to Bitcoin's widespread adoption in everyday commerce. Every time someone uses Bitcoin to buy a cup of coffee, a new taxable event is triggered. This necessitates meticulous record-keeping and creates a huge accounting hassle for Bitcoin users, making it impractical for frequent transactions. Imagine having to track and calculate the capital gains on every single purchase you make with your debit card! However, by dramatically reducing or even eliminating the capital gains tax on Bitcoin transactions, its adoption would greatly accelerate. People would be far more likely to use Bitcoin for everyday purchases if they didn't have to worry about the complex tax implications of each transaction. This would unlock Bitcoin’s potential as a truly peer-to-peer electronic cash system and drive its integration into mainstream commerce. In his first term, Trump promised he would consider capital gains tax reform, yet he left the marginal capital gains rate at 23.8%, almost 60% higher than it was under President G.W. Bush. This was not entirely Trump's fault, because he inherited this tax rate from Obama. Yet, he did nothing to remedy the damage done. In his second term, President Trump has the opportunity to provide significant relief on capital gains. There is no policy proposal that would turbocharge US growth, and accelerate Bitcoin's adoption more than an abolition of the capital gains tax. Even a significant cut in the capital gains tax would have an enormous impact. A strategic Bitcoin reserve, while potentially beneficial for the state through its tremendous growth in value, primarily serves the interests of the government itself. In contrast, a significant reduction in the capital gains tax on Bitcoin transactions would have a far broader and more profound impact. This policy change would directly benefit the entire nation by stimulating economic activity, encouraging innovation, and fostering wider adoption of Bitcoin. It would empower individuals and businesses to more freely engage with this technology, driving its integration into everyday commerce and unlocking its full potential as a tool for economic growth and financial freedom. @CynthiaMLummis @DonaldJTrumpJr @berniemoreno @EricTrump @RandPaul @DavidSacks @howardlutnick @DavidFBailey @PatrickMcHenry @tedcruz @elonmusk @VivekGRamaswamy

We did it. #Bitcoin 100k. Shout out to everyone who never stopped believing.