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- 🟠 BTC Nears $100K
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.
Looks like $100,000 is happening soon.
Happy Thursday to the 17,586 Minimalist members reading today. 👋
Today we’re covering:
Trump may create new crypto role in government
VanEck backs a Bitcoin strategic reserve
Bitcoin is now above the power law price projection
And everything else you need to know.
Estimated read time: 2 minutes and 58 seconds
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WHAT WE’RE WATCHING
Trump has appointed a number of pro-Bitcoin members to his cabinet.
🏛️ Trump's team considers creating a White House crypto policy role, Bloomberg reports. The President-elect, who supports Bitcoin, is vetting candidates for the post. He pledged to fire SEC chair Gary Gensler and has actively promoted crypto, including buying burgers with Bitcoin during his campaign.
💼 Michael Saylor will pitch Bitcoin investments to Microsoft's board in December. Backed by the NCPPR, he highlights MicroStrategy's Bitcoin-driven 300% stock outperformance over Microsoft. The proposal argues Bitcoin as a stable alternative for cash reserves, though Microsoft's board previously advised against it.
📉 The ETH-to-BTC price ratio fell to 0.032, the lowest since March 2021, as Bitcoin hit $97,770. Ethereum has underperformed during Bitcoin's record-breaking rally, losing 3.2% this week compared to Bitcoin's 7% gain.
📊 MicroStrategy raises $2.6B via convertible senior notes to buy more Bitcoin. The firm now holds 331,200 BTC, worth $29.7B, purchased at an average price of $49,874. This marks its largest Bitcoin acquisition, funded by equity sales, as its stock rises 521% YTD.
📈 U.S. spot Bitcoin ETFs surpass $100B in assets amid Bitcoin's record rally to $97,094. BlackRock’s IBIT leads with $45.4B, followed by Grayscale’s GBTC at $20.6B. The 12 ETFs saw $733.5M in inflows Wednesday, while Ethereum ETFs faced $30.3M in outflows.
🏦 Hoth Therapeutics and Acurx Pharmaceuticals each allocate $1M to Bitcoin as a treasury asset. Hoth sees Bitcoin as an inflation hedge, while Acurx views it as a strategic reserve asset, inspired by corporate adoption trends led by firms like MicroStrategy and Tesla.
🏫 Genius Group expands its Bitcoin holdings with a $4M purchase, totaling $14M for 153 BTC at an average price of $91,372. The company aims to allocate 90% of its reserves to Bitcoin, aligning with its Bitcoin-first strategy, while integrating blockchain and Bitcoin into its education platform.
📈 Bitcoin surged past $98,000, making Satoshi Nakamoto the 18th richest individual in the world. Satoshi has an estimated fortune of over $107 billion from 1.1 million BTC holdings. This marks a climb from 19th place, even as Nakamoto’s true identity remains unknown.
IN THE LOOP
Russia plans to restrict crypto mining in 13 regions until 2031 to address electricity shortages during peak seasons.
VanEck backs a strategic Bitcoin reserve amid growing state and national support, while BlackRock remains cautious.
MicroStrategy joins the top 100 U.S. public companies by market cap.
Think tank president Avik Roy warns a Bitcoin reserve won’t solve the $35 trillion U.S. debt crisis despite Senator Lummis’ claims.
Bitbo launched a new chart tracking Bitcoin fees per day.
POLL
Will you continue buying Bitcoin, even at these prices? |
TUESDAY’S POLL RESULTS
Will Bitcoin hit $100,000 USD in 2024?
💪💪💪💪💪 Bold and visionary - 86%
🤔 Risky but intriguing - 14%
💪 Bold and visionary - “Should have done at the lows like me, a true visionary.” - Bill
💪 Bold and visionary - “Saylor’s invented ‘accretive dilution’…brilliant” - Chris
VIDEO
On Matthew Kratter's Bitcoin University channel, he discusses common regrets among Bitcoiners for not stacking enough sats and shares key indicators that we are still early in the Bitcoin journey.
Points include the lack of Bitcoin ownership among neighbors, coworkers, and financial advisors, tech giants staying out, and Bitcoin’s small role in the macro economy.
He also emphasizes that the nation-state adoption is just beginning and argues that Bitcoin has no top, as fiat currency has no bottom.
CHARTS & DATA
Hash rate - Bitcoin’s hash rate is still moving up, with latest estimates suggesting 788 EH/s. This marks an all-time high.
Power Law - Bitcoin’s price is now above the projected power law price.
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FROM THE ARCHIVE
⚡ The first Lightning Network transaction occurred on May 10, 2017, initiated by Blockstream's Christian Decker.
Tested on Litecoin, it demonstrated Lightning's potential as a Bitcoin layer-2 solution.
The transaction, worth just 1.3 cents, showcased how low-cost, scalable payments could transform Bitcoin’s usability.
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