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:

• Trump leads among U.S. crypto voters,

• Willy Woo predicts Bitcoin to hit $4.8 million USD,

• El Salvador continues daily Bitcoin purchases,

• And everything else you need to know.

—Jordan

BITCOIN BOOM

El Salvador's Bitcoin Strategy Pays Off Amid Global Accumulation

El Salvador's Commitment: President Nayib Bukele reaffirmed El Salvador's dedication to buying one Bitcoin daily. He says this consistency is a part of its dollar-cost averaging strategy. Despite initial criticism, the initiative has proven successful with the country's Bitcoin holdings now valued at $394 million.

Continued Accumulation: El Salvador will persist in its Bitcoin purchasing strategy until it becomes 'unaffordable with fiat currencies.' The country has spent over $15 million to acquire 485 BTC through this approach, now worth more than $33 million.

Whale Activity: Bitcoin whales have been accumulating BTC, with wallets holding 10 to 10,000 BTC amassing 154,160 BTC in the last five weeks. This accumulation has contributed to Bitcoin's recent price surge.

WHAT WE’RE WATCHING

💰 MicroStrategy has acquired an additional 9,245 bitcoins for $623 million, bringing its total holdings to over 214,246 bitcoins, or more than 1% of the total supply. The company has invested $7.53 billion in Bitcoin at an average price of $35,160 per bitcoin. CEO Michael Saylor remains bullish on Bitcoin, using debt and equity issuance to fund further purchases.

🇯🇵 The world's largest pension fund, Japan's Government Pension Investment Fund (GPIF), is considering Bitcoin as a potential diversification tool. As part of a five-year research plan, the GPIF is exploring various assets, including Bitcoin, to enhance sustainability and risk management. However, the announcement does not guarantee future investment in Bitcoin.

💵 Analyst Willy Woo predicts Bitcoin could reach $4.8 million, offering scenarios for its valuation relative to traditional assets like gold and the US dollar. As the Bitcoin halving approaches, the market enters a 'Danger Zone' with potential price retracements. Woo's analysis suggests potential returns ranging from 10x to 70x, with Bitcoin possibly reaching $1 million if it matches the US dollar's size or $690,000 if it displaces gold.

📊 A recent poll found Donald Trump as the top choice among U.S. crypto-owning voters. He has 48% support versus 39% for Joe Biden. The survey highlights that 7% of Americans own over $1,000 in crypto, and Bitcoin ETFs are gaining interest among voters.

🐳 A mysterious Bitcoin whale, known as "Mr. 100," has become the 14th-largest BTC holder. He has acquired over 52,996 Bitcoin, worth over $3.5 billion. This entity has been buying 100 BTC tranches regularly since November 2022, and speculation suggests it could be linked to the Upbit exchange or a financial institution.

📈 Data suggests the average trade size for BlackRock's iShares Bitcoin Fund (IBIT) is approx. $13,000. This indicates retail investors are driving demand for spot bitcoin ETFs. With IBIT attracting over $14 billion in assets in two months, experts believe the market is largely influenced by nonprofessional investors.

🚀 Standard Chartered has raised its year-end Bitcoin forecast to $150,000. They have gone so far as to predict the price will reach $250,000 in 2025. The bank also anticipates the approval of an Ether ETF on May 23, potentially leading to $45 billion in inflows and an Ether price of $8,000 by the end of 2024.

DIGITAL GOLD RUSH

Bitcoin Treasure Hunt: The Quest to Recover 8,000 BTC

Lost Bitcoin Fortune: James Howells is embroiled in a legal battle to recover a hard drive containing 8,000 bitcoins. He accidentally discarded the hard drive in a landfill a decade ago. At current prices the hard drive is now worth over $500 million.

Ecological and Legal Hurdles: Newport City Council has denied access to the landfill citing ecological risks, but Howells has raised $11 million for a recovery mission. He is now seeking permission from the High Court to search the landfill with a team of specialists.

Recovery Uncertainties: The search, which may employ AI technology and advanced robots, is expected to last up to a year. However, there is no guarantee that the bitcoins can be recovered even if the hard drive is found, due to potential damage to the disk platter.

POLL

THURSDAY’S POLL RESULTS

Do you think Michael Saylor's Bitcoin buying sustainable?

👍 Yes - 90.1%

👎 No - 9.9%

👍 Yes - “Mike is more intelligent than most...” - Ron

👍 Yes - “He has the financial resources and trading with a strong bull market to maintain BTC value growth as it consumes all fiat based assets including the petrodollar” - James

IN THE LOOP

📈 Bitcoin whales and sharks have added 328,000 BTC to their holdings in a month, indicating strong accumulation at current prices. In contrast, smaller investors, referred to as "fish," have been distributing their assets. The trend suggests that smart money is buying while less informed investors are selling, hinting at a bullish outlook for Bitcoin.

💼 Cetera has approved the use of four U.S. spot Bitcoin ETFs for its network of 9,000 affiliated financial professionals. Namely, BlackRock's $IBIT, Fidelity's $FBTC, Franklin Templeton's $EZBC, and Invesco's $BTCO. Cetera aims to differentiate itself by embracing Bitcoin ETFs, providing training and resources for professionals to advise clients on these investments starting March 25.

📊 Fidelity's Wise Origin Bitcoin Fund has become the fifth most popular ETF of 2024. Wise Origin has attracted $6.9 billion since its launch in January. It is the second spot bitcoin ETF to make it into the top five, following BlackRock's iShares Bitcoin Trust.

🚀 JMP Securities forecasts Bitcoin could reach $280,000. This prediction is driven by a $220 billion investment in Bitcoin ETFs over three years. This influx could lead to a sell-side liquidity crisis, significantly impacting Bitcoin's market cap and potentially causing exponential growth.

VIDEO

Michael Saylor recently spoke about the “Bitcoin Gold Rush” at Bitcoin Atlantis 2024. He highlighted that this historic event has only just begun. Spanning from January 2024 to November 2034, the next decade marks the era when 99% of all Bitcoin will be mined. Are you ready for the future of Bitcoin?

CHARTS & DATA

30 - 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. 1 month left!

$68,000 - The estimated Bitcoin price based on the original stock to flow model. With the Bitcoin price hovering around $63,000, stock to flow’s estimated price is not far off.

$74,000 - The approximate Bitcoin price based on the long term power law estimate. The price just touched the green band before falling back to $63,000.

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Bitcoin Treasuries: Track all companies/ETFs/countries holding Bitcoin on their balance sheets.

Bitcoin Calendar: A calendar for Bitcoin and other important economic dates.