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:

• Dell shows interest in Bitcoin,

• Bitcoin correction below $60,000,

• Mt. Gox to repay creditors in July 2024,

• And everything else you need to know.

—Jordan

BITCOIN ENTHUSIASM

Michael Dell Shows Interest in Bitcoin via Michael Saylor Retweet

Dell's Bitcoin Engagement: Michael Dell, CEO of Dell Technologies (DELL), recently indicated an interest in Bitcoin. This came about during a social media exchange on X/Twitter with Michael Saylor, executive chairman of MicroStrategy (MSTR).

Social Media Exchange: The interaction took place on X, where Dell reposted Saylor’s comment linking Bitcoin to digital scarcity. The exchange began on Thursday when Dell tweeted: "Scarcity creates value." Saylor replied: "Bitcoin is Digital Scarcity." This prompted Dell to retweet the statement.

Converstion Continues: Dell continued the conversation by posting an image of Sesame Street’s Cookie Monster altered to depict the character consuming Bitcoin instead of cookies, apparently created by Saylor.

Saylor’s Bitcoin Push: Saylor has been a prominent advocate for Bitcoin, leading MicroStrategy to acquire 226,331 Bitcoin over the past four years, including a recent purchase of 11,900 BTC. He has also encouraged other companies to adopt Bitcoin as part of their treasury strategies, although few have followed MicroStrategy’s lead.

Dell Financials: Dell, with a market capitalization exceeding $100 billion, reported $34.6 billion in current assets as of May 3, including $5.8 billion in cash and cash equivalents. Bitcoin was not mentioned in their latest financial filings. Michael Dell’s recent engagement could suggest a growing curiosity or potential future involvement with Bitcoin.

WHAT WE’RE WATCHING

💰 Tyler and Cameron Winklevoss donated $2 million in Bitcoin to Donald Trump's campaign. The Winklevoss Twins openly criticized the Biden Administration's anti-Bitcoin stance. They believe Trump's pro-Bitcoin and pro-business policies are crucial for the industry's future.

💼 The German government moved another 900 BTC to exchanges Kraken and Coinbase, possibly indicating plans to sell. This follows $195 million transferred earlier, with over $425 million moved in the past week. The Germany government still holds another 46,359 BTC.

💹 Japanese firm Metaplanet raised $6.2 million via bond issuance to buy 100 more BTC. The bond offers a 0.5% annual interest rate and matures in June 2025. This strategy aims to reduce yen exposure amid Japan’s economic challenges, aligning with similar approaches by companies like MicroStrategy.

📉 Bitcoin faces a potential 4-week correction below $60,000, according to Coin Telegraph. This correction was prompted by selling pressures from Mt. Gox repayments and the German government liquidating 50,000 BTC. Analyst Willy Woo predicts a cooling period before the next price rally, while others expect only a temporary shakeout based on current market indicators.

🔹 Julian Assange has reached a plea deal with the U.S., allowing him to return to Australia after five years in a British prison. He will plead guilty to conspiracy charges related to the publication of classified information. Assange will be sentenced to 62 months, with credit for time served. Assange used Bitcoin to bypass sanctions in 2011.

💰 Coatue Management invested $150M in Bitcoin miner Hut 8 Corp to leverage its high-performance computing for AI applications. The investment, through a convertible note, highlights the intersection of AI and Bitcoin mining.

🚨 TFTC belives Bitcoin dropped 8% amid fears of a liquidity crisis. Speculations about Mt. Gox Bitcoin distribution causing the sell-off are likely off-mark, according to Marty Bent. Key indicators include Japan's struggling yen, US consumer debt, and rising US government interest expenses, hinting at possible financial instability. Bitcoin's liquidity makes it a prime asset for quick cash conversion.

PAYBACK TIME

Mt. Gox Repayments: Bitcoin and Bitcoin Cash to Begin in July

Long-Awaited Restitution: Mt. Gox, the infamous Bitcoin exchange that collapsed in 2014, will begin repaying its creditors in Bitcoin and Bitcoin Cash starting July 2024. The exchange's trustee, Nobuaki Kobayashi, announced this significant development on June 24, urging users for patience as the repayment process commences.

$9.4 Billion to 127,000 Creditors: After a decade of waiting, approximately 127,000 creditors stand to receive over $9.4 billion worth of Bitcoin. The repayment process will be executed in collaboration with various cryptocurrency exchanges, based on the completion and confirmation of required information.

Recent Movements and Plans: In May, Mt. Gox transferred 141,686 BTC worth $9.62 billion to a new wallet, marking the first onchain movement of funds in over five years. This was a preparatory step towards the long-promised repayments. Kobayashi emphasized that while preparations are ongoing, the exact timeline for repayments remains flexible.

Historical Impact: Mt. Gox's collapse in 2014, due to repeated hacks resulting in the loss of 850,000 BTC, was a pivotal moment in Bitcoin’s history. The exchange's downfall saw Bitcoin prices plummet below $500 at the time.

POLL

THURSDAY’S POLL RESULTS

Do you trust Tether (USDT)?

👍 Yes - 50%

👎 No - 50%

IN THE LOOP

🌐 Simon Pang, a major donor to anti-Bitcoin Rep. Brad Sherman's campaign, has allegedly collaborated with China's United Front Work Department to influence U.S. elections. Pang has fostered relationships with key American politicians, raising concerns over foreign interference. This department aims to extend Chinese state influence abroad.

📜 Louisiana enacted House Bill 488, defending Bitcoin rights and restricting CBDCs. This bipartisan bill ensures self-custody, transactional freedom, and mining support. Governor Jeff Landry's signing positions Louisiana as a Bitcoin advocate, promoting economic growth and regulatory clarity, potentially influencing other states to adopt similar measures.

📊 A Nomura survey found 54% of Japanese institutional investors plan to invest in Bitcoin within three years. Additionally, 25% have a positive view of digital assets, and 62% see crypto as a diversification opportunity. Preferred crypto allocation is 2%-5% of assets under management.

🔮 Prediction markets signal Joe Biden likely to win the popular vote with 56% odds but lose the presidency, with Trump having a 57% chance in the electoral college. Polymarket and PredictIt highlight differing probabilities.

VIDEO

Michael Saylor's BTC Prague 2024 keynote on "21 Rules of Bitcoin" explains the evidence for Bitcoin's revolutionary impact on society.

“Bitcoin is the only game in the casino that we can all win.”

CHARTS & DATA

Fear & Greed - The Bitcoin fear and greed index has shifted towards yellow. This means hype is fading, and the market is cooling off.

1.05 - The Mayer Multiple is dropping fast, and close to dropping below 1.0. Many wait for this as a key indicator.

Rainbow Chart - Bitcoin dropped into the “Buy!” zone of the original Bitcoin rainbow chart.

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