🏛️ Chinese Miner Banned in USA

Difficulty Drops & Wells Fargo and UBS Own Bitcoin ETFs

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:

  • Biden orders Wyoming based Chinese miner to leave,

  • Major Banks like Wells Fargo and UBS own Bitcoin ETFs,

  • Significant drop in Bitcoin mining difficulty,

  • And everything else you need to know.


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Biden Orders Removal of Chinese Bitcoin Miner Near U.S. Military Base

National Security Measures: President Biden has ordered the Chinese-backed MineOne Partners Ltd. to divest from property near Wyoming's Francis E. Warren Air Force Base. He cited national security risks as the reason. The company is also required to remove equipment potentially used for surveillance and espionage.

Tough Stance on China: This action aligns with Biden's broader policy of being tough on China, as the U.S. prepares to implement new tariffs on various Chinese imports. Both Biden and Trump have emphasized their rigorous approaches to counter China in their election campaigns.

Regulatory Oversight Increased: The divestment was coordinated by the Committee on Foreign Investment in the United States (CFIUS), which has been empowered to review real estate transactions near sensitive sites since 2018.


🚀 Jack Dorsey predicts Bitcoin will exceed $1 million by 2030. His company, Block, has adopted a dollar-cost averaging strategy to invest in Bitcoin. Dorsey claims his prediction is due to the Bitcoin community’s strength.

🏦 Wells Fargo, the third-largest bank in the U.S., disclosed its ownership of Grayscale's spot Bitcoin ETFs in an SEC filing. The total value of Wells Fargo’s Bitcoin ETF investment was just $143,111, a very small holding for the major bank.

📊 Shortly after Wells Fargo disclosed its Bitcoin ETF holdings, JPMorgan Chase did the same. America's largest bank revealed its spot Bitcoin ETF exposure, which it has done through GBTC, FBTC and BITB.

🌐 El Salvador launched a $360M Bitcoin treasury monitoring website. The purpose of the site is to provide real-time updates on El Salvador’s 5,748 BTC holdings. The site reflects the nation's proactive Bitcoin acquisition strategy and its broader goal of financial innovation and inclusion, despite past market volatility.

📈 Pantera Capital forecasts Bitcoin to reach $117,000 by August 2025. Their projection is based on past historical trends following Bitcoin halvings. The projection reflects a potential 4.2x increase from the post-2024 halving, despite challenges like overcoming the $63,000 resistance level.

🌐 Swiss bank UBS also disclosed holding 3,600 shares in BlackRock's iShares Bitcoin Trust (IBIT) in a recent SEC filing. Like Wells Fargo, it is not a signficant amount, with the shares being valued valued at $124,488, or around 2 BTC.

🗳️ The U.S. House of Representatives is set to vote on the FIT21 bill. This legislation aims to establish a regulatory framework for digital assets. This bill, supported by both parties, delineates the roles of the CFTC and SEC in overseeing Bitcoin markets, although its Senate fate remains uncertain.

💼 New Hampshire State Rep. Keith Ammon suggests allocating 5% of the state’s rainy day fund to a Bitcoin ETF. The main claim he cites is the potential to realize 6,200% ROI by 2030. Ammon highlights increasing interest in Bitcoin and its potential to address state financial liabilities, advocating for a strategic review of New Hampshire and its potential to invest in Bitcoin.


Bitcoin Mining Difficulty Takes a Dive

A river used to mine Bitcoin in Bhutan.

Biggest Decline Since 2022: This marks the most significant decline in difficulty since 2022. This adjustment is primarily due to a decrease in the network’s hash rate, reflecting changes in miner profitability and behavior since the halving on April 20, 2024.

Miner Reactions and Market Impact: Key industry figures like Nick Hansen and Scott Norris view the adjustment as a normal, healthy market response to the halving, and that the difficulty will pick up again once price increases.


Should Biden remove the Chinese miners, or should the government stay out of the mining industry?

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Have you ever been the target of a Bitcoin scammer or fraud attempt?

👍 Yes - 55.6%

👎 No - 44.4%

👍 Yes - “Fake Mcafee account back in 2017. RIP Mcafee” - Peter

👍 Yes - “I got a phone call two days ago from a "Coinbase" security expert saying someone is trying to change my password and my email. Said his supervisor was going to call me. The "supervisor" called and send me an SMS text with a link to click and change my password. I told him I was going to study the request and he said I had to click the link while he was on the phone. I asked him how did I know he was from Coinbase he said that the link was a good link. I hung up on him. I never clicked the link. Checked my account in Coinbase it was OK. I still changed my password to make it even more difficult and enabled a 2 step authentication.” - Morty


📉 Yuval Noah Harari, celebrated author and historian, expressed his disapproval of Bitcoin, advocating instead for monetary control by central banks and governments. His views sparked backlash from the Bitcoin community. Harari’s trust in traditional banking contrasts with the controversial history of institutions like the BIS.

✈️ Candy Jets, a luxury private jet service, now accepts Bitcoin as a payment option through a partnership with CoinCorner. This move caters to a tech-savvy clientele, aligning with trends in digital transactions and the growth of the private jet market.

🐳 Two Bitcoin whale wallets, inactive for over a decade, suddenly transferred 1,000 BTC valued at $61 million. These transfers both occurred on May 12, suggesting potential ownership by the same entity.

🌐 MoonPay donated $1 million to the Coinbase-initiated Stand With Crypto, supporting crypto-friendly bipartisan politicians for clearer U.S. crypto regulations.

🚨 Chinese police in Panshi City, Jilin, busted a $296 million illegal crypto-based currency operation, arresting six people. This "underground bank" exploited Bitcoin's privacy for unlawful currency conversions between yuan and South Korean won, mainly targeting various businesses.

🔍 U.S. Senators Cynthia Lummis and Ron Wyden challenge the Justice Department's use of money-transmitter laws against crypto mixers like Tornado Cash. Their claim is that these services are not money transmitters.


James Lavish gives his short to medium term Bitcoin price outlook for 2024 taking into account the global macro economic picture.


Bitcoin is hovering in the blue band of the Halving Rainbow, meaning it’s in-line with the expected price based on halvings.

Despite recent criticism, Bitcoin’s price is still sitting right around the stock to flow version 1 expected price.

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