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:

• DNC omits Bitcoin from platform,

• VanEck says selling is over,

• No strong Trump-Bitcoin price link,

• And everything else you need to know.

—Jordan

WHAT WE’RE WATCHING

📊 Bitcoin rose 2.5%, passing $61,000, amid stronger macro risk-on sentiment. Analysts link this surge to stock market dynamics, including corporate buybacks and rising demand. However, Bitcoin remains stuck in a downward range, with resistance near $70,000 still unbroken.

💼 The U.S. Treasury and Federal Reserve plan to redefine “money” under the Bank Secrecy Act to include Bitcoin. This change would extend reporting requirements to Bitcoin and cryptocurrency in domestic and cross-border transactions, aligning them with fiat currency regulations.

📉 The NYSE has withdrawn its proposal to list Bitcoin ETF options after repeated SEC delays. Similarly, the CBOE withdrew but refiled a more detailed application. This affects plans to list options for funds like Bitwise and Grayscale Bitcoin Trust.

🗳️ Kamala Harris may nominate SEC Chair Gary Gensler as Treasury Secretary if elected. Gensler, known for his aggressive stance against Bitcoin, has faced criticism from Republicans and could shape future Bitcoin regulation, echoing his previous SEC moves which impacted the Bitcoin market.

💡 Bitcoin has a fixed supply of 21 million, making its total supply inelastic. However, its available supply is perfectly elastic, adjusting to market demand. The author argues that this trait will drive Bitcoin's adoption as a global medium of exchange and unit of account, ensuring both value storage and supply flexibility despite perceived volatility.

⛏️ The Hash Ribbons indicator suggests the end of Bitcoin miner capitulation as miners adopt more efficient equipment. Despite this, miners face challenges as mining difficulty hit a record high of 90.66 trillion in August, squeezing profit margins. Some miners, like TeraWulf, are diversifying into AI services.

📊 Data shows no strong link between Trump’s election odds and Bitcoin’s price from June 1 to Aug. 15, 2024. Factors like U.S. monetary policy and concerns over Bitcoin supply have had a bigger impact, according to FalconX’s analysis, despite speculation about Trump’s influence on BTC.

IN THE LOOP

Bitwise expands into Europe by acquiring ETC Group.

The Conference Board's leading indicators show a continued slowdown but no longer signal a U.S. recession.

Harris leads Trump on prediction markets, while bettors expect RFK Jr. to drop out.

Bitcoin miners could earn $13.9B yearly by shifting 20% of energy to AI and HPC by 2027.

Binance leads among Chinese Bitcoin users, with X as their primary info source.

BITCOIN SILENCE

Democratic Platform Skips Bitcoin as Election Nears

DNC Ignores Crypto in Platform: The Democratic National Committee’s (DNC) newly released platform makes no mention of Bitcoin. This omission comes just ahead of the party's national convention and stands in sharp contrast to the Republican Party’s pro-Bitcoin stance.

Missed Opportunity for Engagement: While some Democrats, including Rep. Wiley Nickel, have advocated for a balanced approach to Bitcoin under a potential Kamala Harris administration, the party's official silence raises concerns, especially given recent outreach from Bitcoin industry leaders.

Republican Contrast: Republicans have taken a pro-Bitcoin position, emphasizing opposition to regulation and support for innovation, potentially attracting Bitcoin-friendly voters.

POLL

THURSDAY’S POLL RESULTS

Is the US government intentionally moving Bitcoin for politically motivated reasons?

👍 Yes - 78.0%

👎 No - 16.0%

Other - 6.0%

👍 Yes - “Do the exact opposite of what Trump advocates...wash, rinse, repeat.” - Chris

👎 No - “Coinbase is just being paid a fee to securely hold them.” - Ari

VIDEO

VanEck’s Matthew Sigel told CNBC that the major Bitcoin selling is over, signaling a bullish outlook.

"We’re buyers here," he stated, believing Bitcoin is set for a recovery.

CHARTS & DATA

Bitbo launched a new short-term holder realized price chart. This chart shows the average price at which Bitcoin has moved over the last 155 days, giving insights into short-term market trends.

0.95 - Bitcoin’s Mayer Multiple is still sitting below 1.0, at just 0.95.

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