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:

• 1,500 new Bitcoin "millionaire wallets" daily,

• Grayscale launches new low-fee Bitcoin Mini Trust,

• Bitcoin proposed as the solution to US debt crisis,

• And everything else you need to know.

—Jordan

MICROSTRATEGY BUYING SPREE

MicroStrategy Raises $500 Million to Buy Even More Bitcoin

Bitcoin Ambitions: Michael Saylor's MicroStrategy is on a Bitcoin buying spree. Yesterday, the company announced a $500 million convertible debt offering to purchase more BTC. This follows a recent $800 million raise and 12,000 BTC purchase.

Increasing Bitcoin Holdings: With the latest capital raise, MicroStrategy aims to expand its Bitcoin portfolio, while holding 205,000 BTC worth nearly $15 billion. The new $500 million in funds could potentially add around 6,000-7,000 more bitcoins to its stash.

Stock Performance and Market Impact: MicroStrategy's aggressive Bitcoin investment strategy has propelled its stock to an all-time high, with a year-to-date increase of 158%.

WHAT WE’RE WATCHING

📈 The Bitcoin rally is creating approximately 1,500 new "millionaire wallets" daily. This is only the beginning of a significant wealth shift in the Bitcoin ecosystem. Despite Bitcoin's 70% increase this year, the pace of millionaire wallet creation is slower compared to 2021's bull market, influenced by cautious large investors and increased use of custodial services.

🤏 Grayscale Investments filed to create the Grayscale Bitcoin Mini Trust. This spin-off of its Grayscale Bitcoin Trust offers lower-fee exposure to Bitcoin. This move follows GBTC's approval to convert to an ETF and aims to attract investors amid competition and capital outflows.

📈 Bitcoin's price rally has pushed market sentiment into the "euphoria" zone. This means massive wealth is beginning to switch hands from long-term holders to new investors. This shift in investor behavior is a classic characteristic of Bitcoin bull markets, indicating a dynamic balance between supply, demand, and price.

💰 Adam Back, a cypherpunk legend and Bitcoin pioneer, believes that a $100,000 Bitcoin price is "overdue" and predicts it will happen soon. Despite Bitcoin's current price of around $72,600, Back cites the asset's strong performance, new applications like Strike, and increasing institutional adoption as reasons for his bullish outlook. He also notes the divergence between Bitcoin's fundamentals and price, expecting the price to catch up.

₿ Over 25 leading Bitcoin companies have launched the 'Bitcoin Deserves an Emoji' movement to secure an official Bitcoin emoji for digital keyboards. This global initiative aims to recognize Bitcoin's role as a technology, currency, and cultural phenomenon. The campaign will include a 50-day petition and a submission to the Unicode Consortium.

🪪 Craig Wright, who claimed to be Satoshi Nakamoto, the creator of Bitcoin, has been ruled not to be Nakamoto by Judge James Mellor in the UK. The ruling came after a lawsuit by the Crypto Open Patent Alliance (COPA) against Wright, accusing him of massive document forgery to support his claim. The trial began on February 5, with COPA seeking to prevent Wright from further claiming to be Nakamoto.

🏛️ President Biden's 2025 budget proposal includes a 30% tax on electricity used by Bitcoin miners. The tax, phased in over three years, aims to address cryptocurrency assets in tax law. Critics, including Senator Cynthia Lummis, argue it could harm the industry's foothold in the U.S.

DEBT LIFELINE

Is Bitcoin America's Beacon in Debt Storm?

Bitcoin as America's Debt Lifeline: Brian Armstrong, CEO of Coinbase, suggests Bitcoin could stabilize the US amidst its rapidly growing national debt. Analyst Robert Sterling's analysis shows the alarming rate of the US government’s debt accumulation, which nowstands at $1 trillion every 3-4 months.

A Vote for Financial Stability: Armstrong advocates for Bitcoin as a way for Americans to express their concerns and potentially steer the country towards long-term financial salvation. With its deflationary nature and upcoming halving event, Bitcoin presents a stark contrast to the inflationary pressures of the US dollar.

POLL

TUESDAY’S POLL RESULTS

Do you think Biden's strict laws will actually pass?

👍 Yes - 10.9%

👎 No - 89.1%

👎 No - “House Republicans won't pass Anything President Biden proposes and half the time won't pass Anything at all no matter what Party came up with the Legislation.” - Phil

👎 No - “Same proposal was tried for 2024 budget and did not get through Congress. Congress will continue to filter out Biden's high taxation policies.” - Robin

IN THE LOOP

🚀 Spot bitcoin ETFs have exceeded expectations in just two months. Since their inception ETF inflows have surpassed $10 billion, capturing 4% of Bitcoin's circulating supply. 

🛡️ Tether collaborated with the U.S. DOJ and FBI to recover $1.4M in USDT from a scam targeting elderly victims. The operation highlights Tether's commitment to combating financial fraud and ensuring a secure cryptocurrency environment.

🚀 Bitcoin ETFs are set to experience two major catalysts: availability on large wirehouse platforms and the launch of options trading. These developments are expected to significantly expand investor access and further boost the ETF ecosystem.

CHARTS & DATA

34 - The number of estimated days left until the 2024 Bitcoin halving. The Bitcoin block reward will drop from 6.25 to 3.125 BTC per block.

2,545,551 - The number of bitcoins now held by known company, country and ETF treasuries. Overall, 12.12% of all bitcoins are owned by companies, countries and ETFs.

83.95 trillion - The current Bitcoin mining difficulty as of yesterday. With a recent difficulty adjustment of +5.79%, the mining difficulty has hit an all-time high. This also likely means Bitcoin hash rate has never been higher.

MORE FROM OUR COMPANY

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Bitbo Dashboard: View live price action, monitor on-chain data, and track key economic indicators - all for free.

Bitbo Charts: Useful Bitcoin charts, featuring on-chain metrics and other Bitcoin analysis.

Bitbo News: Bitcoin-only news. No spam or fluff. Just need-to-know Bitcoin news.

Halving Clock: Track the countdown to the Bitcoin halving with our Bitcoin halving clock.

Bitcoin Treasuries: Track all companies/ETFs/countries holding Bitcoin on their balance sheets.

Bitcoin Calendar: A calendar for Bitcoin and other important economic dates.