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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.
A lot of news with a lot of volatility. Interesting times!
Happy Tuesday to the 20,697 Minimalist members reading today. 👋
Today we’re covering:
Bitcoin Reserve act is back,
Trump creates U.S. Bitcoin Reserve,
Texas Senate votes for Bitcoin fund,
And everything else you need to know.
Estimated read time: 3 minutes and 5 seconds
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WHAT WE’RE WATCHING
Senator Cynthia Lummis.
🇺🇸 The BITCOIN Act is back. Senator Cynthia Lummis reintroduced legislation to codify Trump’s Strategic Bitcoin Reserve, calling it "a national imperative for America's financial leadership." Meanwhile, Rep. Nick Begich introduced a House bill to acquire 1M BTC, with six co-sponsors backing the initiative. "America must be bold again."
🇺🇸 Trump signed an executive order creating a U.S. Strategic Bitcoin Reserve, funded with seized BTC and held long-term. A separate “Digital Asset Stockpile” will include altcoins like ETH and XRP, which can be sold. The move sparked mixed reactions, with some praising it and others calling it symbolic.
🏛️ The Texas Senate passed SB-21, allowing the state to invest public funds in Bitcoin, with a 25-5 vote. The bill now moves to the House. If signed by Governor Abbott, Texas would become the first U.S. state with a Bitcoin reserve. Supporters see it as “digital gold,” while critics cite volatility risks.
📊 Bitwise launched the Bitcoin Standard ETF (OWNB), investing in companies holding over 1,000 BTC. The ETF offers exposure to firms using Bitcoin as a reserve asset. Strategy leads with a 20.87% share, followed by MARA (12.12%) and Riot Platforms (6.23%). "Companies are only getting started here," says Bitwise CIO.
⚖️ Puerto Rico resident Juan Carlos Reynoso defied a court order to surrender nearly 120 Bitcoin (worth $9.7 million). He moved the funds to five separate wallets. A judge found him in contempt and imposed a $10,000 daily fine until compliance.
📉 Bitcoin’s halving spiral is close to crossing for the first time ever. Bitcoin’s 4-year compound annual growth rate (CAGR) has dropped below 10% for the first time, bringing the "Halving Spiral" closer to a critical point.
IN THE LOOP
Strategy is raising up to $21 billion via STRK preferred stock to buy more Bitcoin.
El Salvador continues buying Bitcoin, now holding 6,111 BTC despite IMF pressure to scale back.
Canada’s new Prime Minister Mark Carney, a Bitcoin critic, may push for stricter regulations and a digital Canadian dollar.
Florida governorship candidate Byron Donalds proposes a state Bitcoin reserve to hedge against inflation.
Cantor Fitzgerald selects Anchorage Digital and Copper as Bitcoin custodians for its $2 billion crypto financing business.
Michael Saylor teased upcoming developments, saying, “₿ig things are coming.”
The most clicked link in our last newsletter was Michael Saylor predicting Bitcoin will reach $10 million.
MACRO & INDUSTRY
Anthony Pompliano speculates that Trump is crashing markets to pressure the Federal Reserve into lowering interest rates.
Craig Wright was fined £225,000 for using AI-generated documents in a failed UK court appeal.
POLL
Will the U.S. government at some point own more than 1 million BTC? |
THURSDAY’S POLL RESULTS
Will Trump announce a U.S. Bitcoin reserve at tomorrow's White House summit?
🟩🟩🟩🟩🟩 👍 Yes (88%)
🟨⬜️⬜️⬜️⬜️ 👎 No (12%)
👍 Yes: “He will but the problem is that he will also include some altcoins as well.” — Chris
👍 Yes: “Politics rule the day. Good news/hopeful news are needed. ” — Nate
👎 No: “50-50 chance” — Tim
VIDEO
Factors include "buy the rumor, sell the news" dynamics, skepticism over U.S. Bitcoin purchases, and macro uncertainty.
Bitcoin often leads market downturns, and risk assets are falling.
Watch the full video here:
CHARTS & DATA
Fear & Greed Index - The Bitcoin Fear & Greed Index is still low at just 24.
Green = Mayer Multiple under 1.0.
Mayer Multiple - The Mayer Multiple indicator has flashed green, meaning it’s back under 1.0.
MVRV-Z Score - MVRV-Z score took a major hit as of late, and is now at just 1.720.
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