🟠 BTC Reserves

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.

Happy Thursday to the 20,201 Minimalist members reading today. 👋 

Today we’re covering:

• Utah, Indiana, Texas & Illinois advance bills to invest in BTC

• Norway’s BTC exposure up 153%

• Tesla’s Bitcoin profits jump to $600M

• And everything else you need to know.

Estimated read time: 3 minutes and 4 seconds

WHAT WE’RE WATCHING

🇳🇴 Norway’s sovereign wealth fund’s indirect Bitcoin exposure surged 153% to 3,821 BTC ($400M) by the end of 2024. Norges Bank Investment Management’s MicroStrategy holdings alone are worth $514M, alongside investments in Riot, MARA, Coinbase, and others.

📉 Bitwise CIO Matt Hougan says Bitcoin’s traditional four-year cycle is weakening. He blames this on institutional adoption. He also claims that Trump’s executive order establishing a national digital asset stockpile fueled $1.9B in inflows. Hougan expects Bitcoin to surpass $200K in 2025.

🚗 Tesla reported a $600M boost in Bitcoin-related profits after a new accounting rule allowed marking Bitcoin to market value. This raised Tesla’s reported Bitcoin holdings to $1.08B from $184M. Despite an 8% drop in auto revenue, Tesla stock climbed after the earnings report.

💰 Illinois and Indiana introduced bills to establish Strategic Bitcoin Reserves. Illinois’ HB1844 seeks a state Bitcoin fund as a hedge against inflation, while Indiana’s HB1322 focuses on Bitcoin ETF investments for state retirement funds.

🏛️ Utah's House committee approved HB 230, allowing up to 5% of public funds to be invested in Bitcoin. The bill, which includes mining zoning restrictions and custody rules, now moves to the full House. If passed, it could take effect on May 7.

🏛️ Texas Lt. Governor Dan Patrick announced a 2025 priority bill to establish a Bitcoin reserve. Texas joins other states like Arizona and Utah exploring Bitcoin reserves. Lawmakers propose allowing fees and taxes to be paid in BTC, reinforcing Texas’ role as a major Bitcoin mining hub.

🏦 Czech National Bank may invest $7.3B in Bitcoin. Governor Aleš Michl will propose allocating 5% of reserves to BTC at a Jan. 30 board meeting. If approved, this would equal 5.3 months of newly mined Bitcoin. The bank remains cautious, also focusing on gold reserves.

📉 The ECB cut interest rates to 2.75% from 3.0%, its fifth cut since June. The move signals confidence that inflation is under control, despite concerns over wages and global trade. Policymakers remain cautious as potential U.S. trade tariffs could impact economic growth and future rate decisions.

IN THE LOOP

• Norway’s sovereign wealth fund increased its indirect Bitcoin exposure by 153% in 2024, reaching 3,821 BTC.

• El Salvador passed a bill to make bitcoin acceptance voluntary to comply with an IMF loan deal.

• Grayscale launched the Grayscale® Bitcoin Miners ETF (MNRS) to offer investors exposure to Bitcoin mining companies.

• Ripple co-founder Chris Larsen moved over $100 million in XRP to exchanges as its price hit a seven-year high.

• Fairshake raised $116 million to support pro-crypto candidates in the 2026 midterms.

• Litecoin's price surged as Polymarket bettors placed an 87% chance on SEC approving a Litecoin ETF in 2025.

The most clicked link in our last newsletter was about the Arizona Bitcoin bill passing.

POLL

TUESDAY’S POLL RESULTS

Will the proposed US Bitcoin reserve end up including coins other than Bitcoin?

🟩🟩🟩⬜️⬜️ 🟠 It will be Bitcoin-only (57%)

🟨🟨⬜️⬜️⬜️ 🔵 Garbage like XRP will get in (41%)

🟥⬜️⬜️⬜️⬜️ 🤔 Other (2%)

🟠 It will be Bitcoin-only: “The stakes are too high to screw this up. And Lummis is in charge now.” — Max

🟠 It will be Bitcoin-only: “It will be BTC only for some time.” — Reid

🟠 It will be Bitcoin-only: “Bitcoin lobby will not allow altcoins and meme coins to enter the reserve.” — Chris

🟠 It will be Bitcoin-only: “No altcoins needed!” — Justin

🔵 Garbage like XRP will get in: “It's a mistake, but I don't think Trump understands Bitcoin, he just likes money.” — Will

VIDEO

During yesterday’s FOMC press conference, Fed Chair Jerome Powell said banks can serve Bitcoin companies if they manage risks properly. 

He claims the Fed isn’t against innovation but expects safety in Bitcoin-related banking.

CHARTS & DATA

Cup & Handle - Bitcoin is in the middle of a breakout from a large cup and handle pattern with a target of around $135,000. Upgrade to Bitbo Pro to read our full report coming out later today.

Mayer Multiple Bars - This week, we launched the Mayer Multiple bar chart to make it easy to visualize the Mayer Multiple.

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