🟠 Bitcoin Hits $66K

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.

We’ll be sending on Monday and Wednesday this week.

Writing this as Bitcoin is pushing past $66,000!

Happy Monday to the 16,647 Minimalist members reading today. 👋 

Today we’re covering:

• Trump’s new “crypto” token

• Bitcoin stuck in a UK landfill

• MicroStategy’s goal to become a Bitcoin bank

• And everything else you need to know

Estimated read time: 2 minutes and 57 seconds

WHAT WE’RE WATCHING

💹 Bitcoin is set for a "crazy decade" as global wealth managers dive into the asset. Riot Platforms' Pierre Rochard and Metaplanet's Dylan LeClaire highlighted this trend at Bitcoin Amsterdam 2024, emphasizing that Bitcoin adoption remains below 1% of global wealth, with potential for significant growth.

💰 World Liberty Financial, backed by Donald Trump, will start its public token sale on October 15. The WLFI tokens will be available to those who qualify via a whitelist. The project, supported by Trump's family, aims to raise $300 million at a $1.5 billion valuation.
Why it matters: Bitcoiners are wondering whether Trump truly supports Bitcoin. How will his new project conflict with his support for Bitcoin?

🏦 MicroStrategy aims to become a trillion-dollar Bitcoin bank by leveraging debt to maximize returns. Founder Michael Saylor revealed the company holds over 252,000 BTC, worth $15 billion, and expects Bitcoin to grow 29% annually. He envisions Bitcoin reaching millions per coin, solidifying MicroStrategy's dominance.

⚖️ James Howells is suing Newport City Council for $647 million in damages. The lawsuit stems from the council blocking his efforts to excavate a landfill to recover a hard drive containing 8,000 Bitcoin. Despite offering the council 10% of the Bitcoin's value, environmental concerns have halted his efforts.

💬 Economist Peter Schiff mocked Michael Saylor, urging him to borrow another $4.3 billion to buy Bitcoin. He suggested MicroStrategy acquire the 69,370 BTC that the U.S. government plans to sell after the Supreme Court cleared the liquidation of seized Silk Road funds. Schiff, a Bitcoin critic, took to X after the Supreme Court cleared the way for liquidation of seized Silk Road funds, teasing Saylor’s aggressive Bitcoin strategy.

📊 Kamala Harris announces support for crypto weeks before the election, unveiling a regulatory framework for crypto. Her plan focuses on supposed “economic inclusion”, despite focusing on specific groups of people over others.

IN THE LOOP

• Craig Wright has filed a £911 billion lawsuit against Bitcoin Core and Square.

• Coinbase now supports Bitcoin Taproot transactions.

• MicroStrategy has outperformed Nvidia and other top S&P 500 stocks, gaining 1,620% since adopting its Bitcoin strategy.

• Google search volume for "Bitcoin" hit a yearly low in mid-October 2024.

• Samara Asset Group plans to use a $33 million bond to increase its Bitcoin holdings, aiming to reach 1,000 BTC by year’s end.

POLL

THURSDAY’S POLL RESULTS

Do you think Peter Todd is actually Satoshi?

👍 Yes - 10%

👎👎👎👎 No - 79%

One of multiple people who went by Satoshi - 9%

Other - 2%

One of multiple people who went by Satoshi - “It was interesting to note that there were/are only a handful of people who could have conceivably had the ability to write the code. There is no room given for a completely anonymous person no one had ever heard of having been able to pull it off.” - James

Other - “Too young” - Jim

VIDEO

🎥 A new documentary, Stability and Freedom in Chaos, examines Tether's (USD₮) role in inflation-hit countries.

It focuses on how the stablecoin helps people in Argentina, Turkey, and Brazil preserve wealth and access financial services amid economic uncertainty.

My take: While some see Tether as a competitor to Bitcoin, others view it as a good way to teach people how to use cryptocurrency. Eventually they may decide to use Bitcoin instead.

CHARTS & DATA

Mayer Multiple - Mayer Multiple has now moved up above 1.0.

Realized Price - Bitcoin is now above both its realized price and short term holder realized price. Staying above both of these will be key to maintaining bullish momentum.

FROM THE ARCHIVE

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