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🚀 $2.45B Surge in Bitcoin Funds 💰

🚀 $2.45B Surge in Bitcoin Funds 💰

South Korea proposes 'Digital Asset Committee' & Salinas endorses BTC

Jordan Tuwiner
February 20, 2024

First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.

Today we’re covering

“Rich Dad, Poor Dad” predicts $100K BTC by June,
German MP pushes BTC as legal tender,
Mining difficulty hits new record,
And everything else you need to know.

—Jordan

FLOWS SURGE

Bitcoin Fund Inflows Hit Record High Amid ETF Boom

Crypto Funds Surge: Last week, Bitcoin funds at firms like BlackRock, Bitwise, and Fidelity saw record inflows of $2.45 billion globally. Year-to-date inflows now stand at $5.2 billion, with assets under management reaching $67 billion, the highest since December 2021.

US Dominance: The United States accounted for 99% of the weekly inflows, totaling $2.4 billion. This indicates a growing interest in US spot Bitcoin ETFs. Switzerland and Germany saw modest inflows, while Sweden experienced outflows.

Bitcoin and Altcoins: Bitcoin investment products dominated with 99% of the inflows. Ether led altcoin-based funds with $21.1 million in inflows, while Solana funds faced $1.6 million in outflows due to network downtime.

WHAT WE’RE WATCHING

🐋 In 2024, Bitcoin whales have accumulated 248,900 BTC. This estimated is based on the current Bitcoin. Meanwhile, Bitcoin sharks—holders with 100 to 1,000 BTC—sold 151,200 BTC, valued at $8 billion. Despite sharks selling, whales' buying led to a net market accumulation of $5 billion, suggesting strong support for Bitcoin's bullish momentum.

📈 "Rich Dad, Poor Dad," author predicts BTC will reach $100K by June. Robert Kiyosaki’s forecast aligns with bullish on-chain metrics, including the Market Cap to Thermocap ratio and the MVRV ratio, suggesting potential for significant price growth. However, the exact timing of his prediction remains uncertain.

🚀 Bitcoin futures open interest on centralized exchanges has reached a new yearly high. Open interest has hit $22.9 billion, the highest since November 2021. This surge follows Bitcoin’s recent price rally and aligns with Bitcoin's 23% price increase to ~$52,000.

🔐 Mining difficulty has reached a new all-time high of 81.73 trillion. Difficulty is at all-time highs, while Bitcoin hash rate has risen to 562.81 EH/s. This surge in difficulty is expected to continue, potentially reaching 100 trillion before the next Bitcoin halving in late April.

BITCOIN OPTIMISM

Mexican Billionaire Ricardo Salinas: Why Bitcoin

Salinas on Bitcoin: Mexican billionaire Ricardo Salinas praises Bitcoin for its growth potential. He goes on to highlight its revolutionary impact on monetary and financial systems. Salinas emphasizes Bitcoin's accessibility, liquidity, and diversification benefits, considering its scarcity as a hedge against traditional finance.

Bitcoin's Appeal: Despite challenges like volatility and regulatory uncertainties, Salinas remains optimistic about Bitcoin's future. He compares investing in Bitcoin to backing an early-stage, promising company, noting its potential for substantial growth.

POLL

Do you think Bitcoin will hit an all-time high before the April halving?

Previous high was around $69,000 USD.

THURSDAY’S POLL RESULTS

Do you believe Bitcoin will hit Tuur Demeester's 600k price prediction?

👍 Yes - 67.1%

👎 No - 32.9%

👍 Yes - “Eventually governments will have to purchase Bitcoin in order to participate.” - Paul

👎 No - “Somewhere between 100-200k” - Jon

👎 No - “Maybe in 20 years but now it is too early. With 19 million coins and 600k USD per Bitcoin, that would be a 11.4 trillion dollar marketcap ....too early for that” - Michael

👎 No - “Will be more than 600k!” - Chad

👍 Yes - “I believe that BTC will hit 600m but probably not by 2026” - Chris

IN THE LOOP

🇰🇷 The South Korean ruling party is considering Bitcoin-friendly policies, including spot Bitcoin ETFs and corporate virtual asset investment, to attract Bitcoin voters for the upcoming April elections. They aim to create a 'Digital Asset Committee' with authority to propose laws and resolve policy discrepancies in the Bitcoin sector.

💰 Brink, a non-profit supporting Bitcoin developers, received a $3.6 million donation from Coinbase's GiveCrypto initiative. This substantial contribution will fund fellowships and grants for developers, accelerating innovation within the Bitcoin ecosystem.

🇩🇪 German MP Joana Cotar aims to make Bitcoin legal tender in Germany, starting with cities like Berlin or Munich. She introduced a draft bill for tax payments in BTC and Bitcoin mining integration into the energy grid. Cotar believes Bitcoin can change society for good and provide economic freedom.

CHARTS & DATA

56 - The number of estimated days left until the 2024 Bitcoin halving. The Bitcoin block reward will drop from 6.25 to 3.125 BTC per block.

725,426 - The number of bitcoins now held by the US Bitcoin ETFs. Overall, 10.29% of all bitcoins are owned by companies, countries and ETFs.

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