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:

• Gold prices hit record high of $2264/oz,

• Bitkub IPO plans in Tawian for 2025,

• Schiff cautions on Bitcoin vs. gold,

• And everything else you need to know.

—Jordan

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GOLDEN SURGE

Gold Soars to Record High Amid Mild Inflation Data

Gold's New High: Gold prices soared to a record high of $2,264.20 per ounce. This new high was likely propelled by mild U.S. inflation data released last Friday.

Inflation Data: The U.S. PCE price index for February rose by 0.3%, slightly below expectations and the previous month's 0.4% increase. The annual PCE inflation rate edged up to 2.5%. Core PCE inflation, which excludes food and energy, decelerated to a 0.3% rise.

Technical Outlook: Gold bulls maintain a strong technical advantage, with a six-week uptrend in place. The next target for gold bulls is a close above $2,300.00, while silver bulls aim to surpass the March high of $25.975.

Implications for Bitcoin: Gold as often preceded Bitcoin moves, and many believe that gold hitting new signs is a sign of what’s to come for Bitcoin.

WHAT WE’RE WATCHING

🔒 A dormant Bitcoin wallet, inactive for nearly 12 years, transferred its 500 BTC to multiple new addresses. At the time of this writing, the wallet was valued at nearly $35 million. The wallet received these coins on July 14, 2012, when Bitcoin's price was less than $8. The identity and motive behind the transfer remain unknown.

💼 Tether acquired 8,889 BTC, increasing its reserves to over 75,000 BTC, valued at over $5.3 billion. This move aligns with the stablecoin issuer’s broader strategy of venturing into Bitcoin mining, AI technology, and other sectors.

⛏️ Bitmain announced the launch of the Antminer S21 Pro at the WDMS 2024. The new mining rig offers improved efficiency and power, with a hash rate of 234 TH/s and an energy efficiency ratio of 15.0 J/TH. The device is durable, able to withstand temperatures up to 45°C, and will begin shipping in Q3 2024.

🚀 Thailand's largest crypto exchange, Bitkub, is preparing for a 2025 IPO on the Stock Exchange of Thailand. With the IPO on the horizon, the company plans to hire 1,000 employees. The exchange, which holds a 77% market share, is expanding despite previous staff cuts. Bitkub's growth comes as the country sees increased Bitcoin adoption, with major competitors like Binance entering the market.

📉 Bitcoin exchange balances have decreased by nearly $10 billion in 2024. Over 136,000 BTC have been withdrawn since the launch of U.S. spot ETFs. This trend, combined with the upcoming halving event, is expected to further squeeze the available BTC supply, potentially leading to a significant impact on Bitcoin's price dynamics.

🔍 Google's new feature displaying Bitcoin wallet balances in search results has sparked a privacy debate. Some view it as a step towards mainstream adoption, while others are concerned about centralized data aggregation and privacy.

📊 On Polymarket, Senator Tim Scott leads as Trump’s potential Republican VP candidate with 23% odds. Strangely enough, "other man" and "other woman" collectively have 25%.

ECONOMIC WARNING

Schiff Sounds Alarm: Economic Crisis Looms

Schiff's Economic Warnings: Renowned economist Peter Schiff cautions against current economic optimism. He bases this warning on parallels to the pre-2008 crisis. He criticizes Federal Reserve Chair Jerome Powell's outlook and warns of a more severe financial crisis.

Inflation Concerns: Schiff challenges the Fed's inflation forecasts, emphasizing the impact of inflation on consumers and the significance of money supply in understanding economic direction. He questions the Fed's priorities and its inflation projections based on gold prices.

Bitcoin vs. Gold: Schiff expresses concern over young people's preference for Bitcoin over gold, attributing it to ignorance and lack of experience. He predicts a shift towards gold as investors mature, emphasizing its enduring value compared to the volatility of Bitcoin. He claims that Bitcoin will eventually collapse.

Persistent Bitcoin Skepticism: Despite Bitcoin's recent bullish run, Schiff remains skeptical of its long-term sustainability and intrinsic value, highlighting the need for continuous buying pressure for its success. He advocates for tangible assets like real estate, stocks, and bonds over Bitcoin.

POLL

THURSDAY’S POLL RESULTS

Will Bitcoin hit $100,000 USD in 2024?

⬅️ Before - 62.9%

➡️ After - 37.1%

⬅️ Before - “Bitcoin did not follow as closely the Stock to Flow like it has all the other cycles and has been very undervalued.” - Jay

⬅️ Before - “Of course, nobody knows, but as of right now we're only $3k USD away from the recent ATH. A $3k pump can be easily done in half a day. Plus, who doesn't like being optimistic. ;)” - Guy

➡️ After - “As there will be less available, and more demand than supply ” - Tyler

⬅️ Before -“I'd bet on a short squeeze or two between now and then” - Chris

IN THE LOOP

🔒 Sam Bankman-Fried has been sentenced to 25 years in prison for fraud charges related to the collapse of FTX and Alameda Research. The sentence is less than the 105 years recommended but more than the 5-6.5 years his lawyers hoped for. Bankman-Fried's appeal is planned, and he will serve time in a medium or low-security prison near San Francisco.

🎙️ In a podcast episode, Ian Major discusses the inflation issue in traditional loyalty programs and proposes Bitcoin as a solution. He highlights that fiat-based rewards depreciate over time, while Bitcoin can potentially appreciate, creating a win-win for businesses and consumers. Joltz, his company, rewards customers with satoshis, offering a more stable and valuable alternative.

🇨🇦 Protests erupted across Canada against the federal carbon tax hike, with citizens decrying the added financial strain. The tax, set to reach $170 per tonne by 2030, coincides with a 4.4% salary increase for Members of Parliament. Critics argue the tax worsens the cost-of-living crisis, while the government defends it as beneficial for most Canadians.

🇧🇷 Rolante, Brazil, a small town, has become a global leader in Bitcoin adoption, with a reported one point of sale for every 105 residents. The town's merchant association, led by Ricardo Stim, has embraced BTC for payments, with 40% of merchants now accepting BTC. A recent Bitcoin festival in Rolante saw $60,000 in transactions, highlighting the growing interest and engagement in Bitcoin among the local population.

CHARTS & DATA

17 - 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.

854,379 - The number of bitcoins now held by the US Bitcoin ETFs. Overall, 4.07% of all bitcoins are owned by the US Bitcoin ETFs.

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