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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 20,471 Minimalist members reading today. 👋
Today we’re covering:
Fort Knox audit sparks Bitcoin debate
Texas proposes Bitcoin state reserve
U.S. miners control 29% of hash rate
And everything else you need to know.
Estimated read time: 3 minutes and 2 seconds
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WHAT WE’RE WATCHING
🔎 A Fort Knox audit likely wouldn’t boost Bitcoin, according to TFTC. Many Bitcoiners hope an audit will reveal missing gold, pushing Bitcoin up. However, if the gold is there, it could backfire. A smarter narrative is focusing on Bitcoin’s verifiability—unlike gold, Bitcoin’s supply is publicly auditable 24/7.
💰 Abu Dhabi’s Mubadala Sovereign Wealth Fund invested $436 million in BlackRock’s Bitcoin ETF. This makes Mubadala the seventh-largest known holder.
🏦 Standard Chartered expects more sovereign wealth funds to buy Bitcoin. Analyst Geoffrey Kendrick cites Abu Dhabi’s recent BTC ETF investment and Q4 13F filings as signs of growing institutional interest. He maintains his $500,000 BTC price forecast by 2028, anticipating state pension funds and central banks to follow.
⚡ Texas considers a state-backed Bitcoin reserve, according to Texas Policy Research. Senate Bill 21 proposes a Texas Strategic Bitcoin Reserve, managed outside the state treasury to invest in Bitcoin and other cryptocurrencies. Supporters see it as an inflation hedge and tech investment boost, while critics warn of volatility, regulatory risks, and security concerns.
⛏️ US-listed Bitcoin miners now control 29% of global hashrate. JPMorgan reports their hashrate nearly doubled in a year, outpacing the network’s 45% growth. However, mining profitability fell 13% in February as Bitcoin’s price declined.
🟠 Bitbo launches Bitbo Terminal, a free interactive charting tool. Users can access trading indicators, draw on charts, and analyze traditional trading indicators.
IN THE LOOP
Senator Rand Paul called for an audit of Fort Knox gold reserves.
Twelve U.S. states hold a combined $330 million in Strategy (formerly MicroStrategy) stock, with California leading at over $150 million.
Argentina’s stock market fell over 5% after President Javier Milei’s endorsement of the LIBRA memecoin.
Bitcoin's hashrate has skyrocketed 772% since China's Bitcoin ban in September 2021.
Elon Musk's Department of Government Efficiency (DOGE) is preparing to audit the U.S. gold reserves at Fort Knox after an invitation from Sen. Rand Paul.
FTX will repay $1.2 billion to creditors on Feb. 18, marking a key step in the exchange’s bankruptcy proceedings and the crypto industry’s recovery.
The most clicked link in our last newsletter was VanEck estimates that state Bitcoin reserve bills could drive $23 billion in buying.
POLL
THURSDAY’S POLL RESULTS
How many Fed rate cuts will happen in 2025?
🟥⬜️⬜️⬜️⬜️ 0️⃣ (7%)
🟩🟩⬜️⬜️⬜️ 1️⃣ (41%)
🟩🟩⬜️⬜️⬜️ 2️⃣ (46%)
🟥⬜️⬜️⬜️⬜️ 3️⃣ (4%)
🟥⬜️⬜️⬜️⬜️ 4️⃣ + (2%)
VIDEO
He argues inflation is inevitable due to mounting debt, making Bitcoin a necessary hedge.
He highlights Bitcoin’s superior auditability over gold, predicts a $1M+ price, and sees states like Texas leading U.S. Bitcoin adoption.
CHARTS & DATA
Consolidation - Bitcoin has been consolidating between 94,000 and $109,000 since November.
All-time high - Bitcoin is now down around 14% from its last all-time high, which happened 29 days ago.
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FROM THE ARCHIVE
Bitcoin first reached dollar parity on February 9, 2011, over 14 years ago!
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