🟠 BTC Hits $92K

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.

Good morning — Jordan here.

Happy Tuesday to the 20,756 Minimalist members reading today. 👋 

Today we’re covering:

• Belarus explores Bitcoin mining strategy,

• Bitcoin reserve odds rise to 69%,

• New Hampshire advances Bitcoin investment bill,

• And everything else you need to know.

Estimated read time: 2 minutes and 54 seconds

WHAT WE’RE WATCHING

🇺🇸 The U.S. plans to treat Bitcoin separately from altcoins in a proposed crypto reserve. Commerce Secretary Howard Lutnick confirmed that Bitcoin would get a "unique status" under Trump’s strategy, while other tokens will be handled differently. More details are expected at the White House Crypto Summit tomorrow.

🇸🇻 El Salvador will keep buying Bitcoin daily despite IMF pressure. President Nayib Bukele rejected the IMF's request to halt BTC purchases under a $1.4B deal. The country holds 6,101 BTC worth $534.5M. Bitcoin remains legal tender, though its acceptance by businesses is now voluntary.

⚡ Belarus' President Lukashenko wants to mine Bitcoin using surplus electricity. He cited U.S. moves under Trump to accumulate Bitcoin reserves. Lukashenko suggested Belarus should mine crypto itself rather than just selling electricity to investors, signaling growing global interest in state-backed Bitcoin adoption.

🇺🇸 Trump's crypto reserve will be mostly Bitcoin and larger than expected, says Bitwise CIO Matt Hougan. While initial plans included altcoins like Solana and XRP, Hougan believes Bitcoin will dominate. He sees the move as bullish, despite market skepticism over the inclusion of smaller assets.

🏛️ New Hampshire’s Bitcoin bill passed a House committee in a 16-1 vote. If approved, it allows the state treasurer to invest up to 5% of certain funds in Bitcoin and precious metals. The bill now moves to a full House vote, joining similar efforts in North Carolina, Oklahoma, and Texas.

📉 The US Dollar Index (DXY) fell below its 200-day moving average, signaling potential weakness. Analysts see this as a bullish sign for Bitcoin, which remains above $90,000. Historical patterns suggest similar DXY declines have preceded crypto bull runs, though short-term volatility remains a risk.

📊 Odds of a U.S. National Bitcoin Reserve rise to 69%. Traders on Kalshi price "Yes" shares at 69¢, betting Trump will establish a National Bitcoin Reserve by 2026. The market resolves "Yes" if the White House creates a reserve via executive action or law, verified by The New York Times and the White House.

🇧🇹 [VIDEO] Bhutan mines Bitcoin using hydropower to fund public services and offset declining tourism revenue. The government views Bitcoin as a strategic reserve, generating millions of dollars weekly while maintaining a carbon-neutral operation.

💰 Spending Bitcoin is rational, not wasteful. Marty Bent argues that Bitcoin’s superior savings power makes it logical to hold and spend, even with capital gains taxes. Parker Lewis emphasizes that Bitcoin is both money and currency, urging policies that reflect its economic reality.

IN THE LOOP

• Metaplanet’s stock jumped 19% after purchasing 497 more Bitcoin, bringing its total holdings to 2,888 BTC.

• Michael Saylor predicts Bitcoin will reach $10 million.

• Bankrupt crypto exchange Mt. Gox moved over $1 billion in bitcoin to an unmarked address, its first large transaction since January.

• US Customs has started releasing thousands of seized Chinese-made miners after months of delays.

• Bitcoin Takeover will run alongside SXSW in Austin.

• [VIDEO] Dubai police carried out the world's largest scam bust, arresting over 2,000 people involved in a massive crypto fraud operation.

The most-clicked link in our last newsletter was about the IMF's $1.4B deal with El Salvador, which bans public sector Bitcoin accumulation—yet President Bukele still increased the country’s holdings to 6,100 BTC.

MACRO & INDUSTRY

• Rep. Mike Collins is now accepting cryptocurrency donations for his congressional campaign.

• The IRS is planning to cut its 90,000-person workforce in half through layoffs, attrition, and buyouts.

• Raoul Pal says the weakening US dollar could boost crypto in Q2 2025 and possibly the second half of the year.

• Kraken will begin the second phase of FTX creditor repayments on May 30, covering larger claims while some users remain excluded.

POLL

TUESDAY’S POLL RESULTS

Will the US Bitcoin reserve be Bitcoin-only, or contain altcoins?

🟩🟩🟩🟩⬜️ 🟠 Bitcoin Only (59%)

🟨🟨🟨⬜️⬜️ 💩 Altcoins will be included (41%)

🟠 Bitcoin Only: “Bitcoin is the only real deal” — Elijah

🟠 Bitcoin Only: “Whatever establishment order comes to pass will likely stipulate requirements for all digital commodities to be included that only BTC will meet.” — Bill

 💩 Altcoins will be included: “Politics Trumps logic.” — Tristan

VIDEO

🧠 Dr. Jack Kruse warns that DARPA has developed electromagnetic technologies capable of extracting Bitcoin seed phrases from people's minds. 

He claims a recent case involved an Ethereum holder losing $1.4M under external influence.

His message:

Never memorize your seed phrase—self-custody remains the safest option.

Watch the full explanation here:

CHARTS & DATA

All-time High - Bitcoin is still down over 20% from the previous all-time high of $109,358.01.

Stock to Income - Bitcoin is still outside of the stock to income projection bands.

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