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 accepts Bitcoin lightning,

• Biden vetoes SEC bill,

• Thailand and Australia launch Bitcoin ETFs,

• And everything else you need to know.

—Jordan

PRICE

TFTC: Bitcoin's Bullish Set Up

Price Stability: Bitcoin's price has hovered between $60,000 and $70,000 since mid-March, but several recent announcements signal a bullish outlook for those paying attention.

Corporate Treasury Moves: Over the past 70 days, several publicly traded companies worldwide have adopted Bitcoin as a corporate treasury asset. Notable examples include:

• Alliance Resources ($2.8B coal mining company): Mining Bitcoin since 2020 with 425 BTC on their balance sheet.

• Block (formerly Square): Transitioned to a dollar-cost averaging strategy, allocating 10% of Bitcoin product profits to Bitcoin.

• Metaplanet (Japan): Following Microstrategy's lead, aiming to maximize Bitcoin holdings.

• Semler Scientific: Purchased $40M in Bitcoin as a primary treasury reserve asset.

Global Reserve Trends: Countries are shifting from US Treasuries to hard assets like gold, driven by geopolitical and financial instability. While China is focusing on gold, this trend is seen as a positive signal for Bitcoin's future as a secure, apolitical asset.

Bitcoin ETF Success: Bitcoin ETFs, despite not offering direct ownership, have seen significant inflows. BlackRock's $IBIT and Fidelity's $FBTC have accounted for substantial portions of their total ETF flows this year, indicating strong demand.

Institutional Adoption: The Wisconsin Pension System's $162M allocation to Bitcoin ETFs marks a significant step, showing institutional confidence in Bitcoin. Additionally, Kenya's partnership with Marathon Digital to leverage stranded energy for Bitcoin mining exemplifies growing governmental interest.

The Halving: Bitcoin's recent block subsidy halving has reduced new supply, creating a supply shock that, combined with increasing demand, suggests potential price increases, according to Marty Bent of TFTC.

WHAT WE’RE WATCHING

🗣️ Elon Musk and Donald Trump reportedly discuss Bitcoin policy to appeal to new voters. This follows Trump’s emphasis on Bitcoin innovation for America's leadership. Trump promises support for self-custody rights and considers commuting Ross Ulbricht's sentence. However, Musk denies the report, stating no discussions on Bitcoin with Trump occurred.

📈 Peter Brandt predicts Bitcoin could rise 230% within 12-18 months, reaching over $234,000. This comes as the BTC-to-gold ratio triples to 100 ounces. Currently, 29 ounces of gold are needed to buy one Bitcoin. Brandt's forecast follows Bitcoin's historical outperformance against gold.

📊 Bitcoin whale accumulation in 2024 mirrors mid-2020, per CryptoQuant CEO Ki Young Ju. High on-chain activity with low price volatility suggests a potential bullish trend, reminiscent of BTC's 2020 accumulation phase which led to a surge to $64,000 in 2021. Daily additions of $1 billion to new whale wallets indicate growing market interest.

🗳️ President Biden vetoed a House Joint Resolution aimed at overturning SEC Staff Accounting Bulletin 121. The guidance requires financial institutions holding Bitcoin for customers to keep assets on their balance sheets. Biden cited consumer and investor protection as reasons for his veto, despite bipartisan support for the resolution in Congress.

📲 Donald Trump becomes the first U.S. President to accept Bitcoin Lightning Network payments for campaign donations. Partnering with OpenNode, Trump's campaign now allows supporters to donate via Bitcoin's fast, low-cost transaction network. This move highlights Trump's commitment to advancing Bitcoin in the U.S. and his attempt to appeal to the nation's 50 million crypto and Bitcoin enthusiasts.

⚖️ The Supreme Court rulings in NRA v. Vullo and Cantero v. Bank of America impact Bitcoin regulation. The NRA decision underscores unconstitutional coercion against disfavored industries, paralleling Operation Choke Point 2.0 targeting Bitcoin businesses. The Cantero ruling affects Custodia Bank's fight for a Federal Reserve master account.

💼 Wisconsin Pension Plan's $164 million investment in spot Bitcoin ETFs is an initial test. Marquette University's David Krause expects future increases. This represents just 0.1% of the $156 billion portfolio. Krause highlights Wisconsin's innovative investment approach and predicts more institutional investments in Bitcoin ETFs.

🇦🇺 Australia's first spot Bitcoin ETF, Monochrome Bitcoin ETF (IBTC), will start trading tomorrow on CBOE. This marks a major milestone in Bitcoin adoption. With a 0.98% management fee, the ETF provides regulated exposure to Bitcoin, tracking the CME CF Bitcoin Reference Rate. CBOE is the first Australian exchange to list a Bitcoin ETF, ahead of ASX.

ETFS

Thailand Approves Its First Spot Bitcoin ETF

ONEAM's Milestone: Thailand's Securities and Exchange Commission (SEC) has approved the country's first spot Bitcoin ETF, allowing One Asset Management (ONEAM) to launch the ONE Bitcoin ETF Fund.

Launch Timeline and Investor Access: Scheduled for distribution between May 31 and June 6, the ETF will be accessible exclusively to wealthy and institutional investors under new SEC guidelines, which were amended in April to accommodate such funds.

Investment Strategy: ONEAM plans to invest in 11 major global Bitcoin funds, ensuring liquidity and security. This structured approach aims to mitigate risks such as theft, which are inherent in direct Bitcoin ownership.

Market Impact: Thailand's regulatory nod follows similar approvals by the US SEC and other global jurisdictions, including Hong Kong, Australia, and the UK. These ETFs offer a regulated means for investors to gain Bitcoin exposure without handling the cryptocurrency directly, catering primarily to professional investors and institutions.

POLL

THURSDAY’S POLL RESULTS

Will Bitcoin be mentioned in a 2024 US presidential debate?

👍 Yes - 92.5%

👎 No - 7.5%

👍 Yes - “Trump will lead on this issue” - Chris

👍 Yes - “Trump has always pandered to his base and poll results” - Drake

👎 No - “I don't think they will discuss it in an open debate, as most of American voters know nothing of Bitcoin and still some who have heard of it still think it's a scam or used only for illegal activity. The education on Bitcoin in America is very low.” - Tim

IN THE LOOP

💰 Tether invests $150M in Jihan Wu’s crypto mining firm Bitdeer. The investment includes 18.6M shares and a warrant for 5M more at $10 each. This will help Bitdeer expand its data centers and develop ASIC-based mining rigs. Tether anticipates close collaboration in key infrastructure areas.

🎓 Unchained and the University of Austin (UATX) are partnering to launch a $5 million endowment fund held in Bitcoin for at least five years. This initiative, kicked off with a 2 BTC donation by Unchained's CEO, aims to integrate Bitcoin into higher education and explore innovative financial models.

🚨 Paraguay seized 2,738 ASIC crypto mining units in Salto del Guairá due to power theft worth $146,000 monthly. This crackdown follows Paraguay's history as a crypto mining hub, thanks to abundant hydropower. However, controversy and legislative setbacks, including a vetoed crypto regulation bill, threaten the industry.

🇸🇻 El Salvador's pro-Bitcoin President Nayib Bukele began his second term after a landslide victory. Bukele, who made Bitcoin legal tender in 2021, has been praised for his leadership and efforts to combat crime. His new term is celebrated by the crypto industry, positioning El Salvador as a global leader in innovation and freedom.

VIDEO

PlanB's latest Bitcoin Outlook for June 2024 dives deep into seven crucial charts, analyzing Bitcoin's stock-to-flow model and market trends post-halving.

PlanB refits the stock-to-flow model with five years of new data, predicting Bitcoin could hit $500k next cycle and $4 million in the following one. Watch the full breakdown here…

CHARTS & DATA

$778,120 - The price that Bitcoin would have to hit to have the same market cap as gold.

Pi Cycle Top - The pi cycle top bands are getting close, but still have not crossed. The bands crossing have caught the last 3 major tops in Bitcoin.

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