🟠 BTC vs AMZN

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.

Congrats to everyone on the ATH!

Seems early in the cycle still, as I still haven’t received texts from random people that I haven’t spoken to in years.

Happy Thursday to the 19,670 Minimalist members reading today. 👋 

Today we’re covering:

• Bitcoin surpasses gold in U.S. ownership

• Texas to create a Bitcoin reserve

• 47.5% expect BTC ATH under $250K

• And everything else you need to know.

Estimated read time: 2 minutes and 56 seconds

WHAT WE’RE WATCHING

🍕 Exchanges are giving away over $10M to mark Bitcoin Pizza Day’s 15th anniversary. Binance led with a $5M referral pool, while BTSE, HTX, and MEXC launched themed contests and giveaways. Events worldwide honor Laszlo Hanyecz’s legendary 10,000 BTC pizza purchase, now worth $1.11B.

📊 PlanB's poll shows 47.5% of 30,655 voters expect Bitcoin's 2025/2026 ATH to be $150K–$250K. Meanwhile, 26.3% see it below $150K, 17.8% between $250K–$500K, and only 8.4% predict it will exceed $500K.

🏛️ Texas lawmakers passed a bill to create a state Bitcoin reserve. The bill, expected to be signed by Gov. Abbott, would make Texas the third U.S. state to hold Bitcoin. Initial investments are projected in the tens of millions, according to Texas Blockchain Council president Lee Bratcher.

🕵️‍♂️ Analysts warn Trump’s missed Bitcoin order deadlines could spark market shifts. K33 flags upcoming events—Trump’s May 22 memecoin gala and Vance’s May 28 keynote—as likely venues for reserve policy updates.

🇺🇸 [REPORT] Bitcoin now surpasses gold as the most widely held alternative asset in the U.S., per River’s 2025 report. The U.S. dominates global Bitcoin activity, hosting 40% of BTC companies and 82% of developers, with institutions and policy frameworks increasingly integrating Bitcoin as a strategic asset.

🚀 Bitcoin has surpassed Amazon in market cap. Bitcoin reached $2.19 trillion compared to Amazon’s $2.13 trillion. This milestone places Bitcoin as the fifth-largest asset globally, trailing only behind gold, Microsoft, NVIDIA, and Apple.

📘 BPI released a 21-page policy manifesto urging the U.S. to lead in Bitcoin infrastructure. It calls for a Strategic Bitcoin Reserve, regulatory clarity for developers, Bitcoin-backed treasury bonds, and mining incentives tied to energy grid stability and innovation.

IN THE LOOP

• Attendees at New York City’s first crypto summit urged Mayor Adams to abolish the BitLicense to make the city a true Bitcoin hub.

• Michael Saylor said, “If you’re not buying bitcoin at the all-time high, you’re leaving money on the table.”

• Fred Krueger predicts Bitcoin could reach $600,000 by October 2025 if global crises trigger mass adoption.

• Fold launched a Bitcoin Gift Card to make buying and gifting bitcoin as easy as purchasing traditional gift cards.

• Nearly half of all Bitcoin UTXOs contain under 1,000 sats.

The most clicked link in our last newsletter was PlanB’s new chart showing a strong correlation between the S&P 500 and Bitcoin, projecting BTC near $300,000 if SPX hits $7,000.

MACRO & INDUSTRY

• Unchained launched Gannett Trust, the first regulated bitcoin-native trust company in the U.S., to help families and businesses manage long-term bitcoin wealth.

• President Trump’s crypto czar David Sacks said the stablecoin bill will “create trillions of dollars of demand for our treasuries practically overnight.”

• Russia drafted a bill to classify Bitcoin and digital currencies as property for seizure in criminal cases.

POLL

TUESDAY’S POLL RESULTS

What should the smallest unit of Bitcoin be called?

🟩🟩⬜️⬜️⬜️ 👩‍🚀 Satoshis (37%)

🟩🟩🟩⬜️⬜️ ⚡️ Sats (47%)

🟨⬜️⬜️⬜️⬜️ 🧠 Bits (14%)

🟥⬜️⬜️⬜️⬜️ ❓ Other (2%)

👩‍🚀 Satoshis: “You might as well ask what new name should we give our grandmothers.” — Michael

⚡️ Sats: “Satoshis is too much of a mouthful for widespread adoption, but Sats will always be "short for Satoshis" - just like cents is short for centenarians (jk).” — Stephen

⚡️ Sats: “Why change something that works?” — Joe

⚡️ Sats: “Sats is what most people now call it, so why change it up?” — Ethan

⚡️ Sats: “There's a learning curve with everything. As others have said, cents and dollars is no different. At some point people may have to take 5 minutes and learn something. This isn't kindergarten, but it's easy enough for a 5 year old to understand.” — Aaron

🧠 Bits: “My first choice was sats but bits is easier for newbies. I get it that it honors Satoshi and that's good but in the end, that doesn't matter. Make it easier as bitcoin is already hard enough to understand.” — Timothy

CHARTS & DATA

Pi Cycle Top - Despite the all-time high, there is still no projected date for a Pi Cycle Top cross as the 111-day moving average has not turned up yet.

Power Law - Bitcoin is around $4,000 away from crossing above the projected power law price.

FROM THE ARCHIVE

MORE FROM BITBO

The Bitcoin Minimalist is run by Bitbo. Browse our most popular pages across our sites:

📊 Bitbo Pro: Analytics & intelligence to supercharge your Bitcoin investing & trading. 30% off thru May 29th with code ATH25.

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

👕 Bitbo Store: Shirts, hats, hoodies, mugs, and other merch for Bitcoiners. 30% off thru May 29th with code ATH25.

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