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:

• Mt Gox moves large amount of bitcoin,

• US voters say Bitcoin policy is important,

• Dirty Coin documentary challenges mining claims,

• And everything else you need to know.

—Jordan

ADOPTION

52% of Top US Hedge Funds Own Bitcoin ETFs

Institutional Adoption: Recent research by River.com shows that 52% of the largest US hedge funds now hold Bitcoin ETFs, with significant holdings among other major institutions. Specifically, 534 institutions with over $1 billion in assets have entered the Bitcoin ETF market.

Hedge Fund Involvement: Among the top 25 hedge funds, over half have exposure to Bitcoin, with Millennium Management leading the pack, holding $2 billion in Bitcoin ETFs. This trend extends to 11 of the largest 25 Registered Investment Advisors (RIAs) and numerous smaller firms.

Business Adoption: River, the company who conducted the research, has observed significant growth in Bitcoin holdings among businesses on their platform. The average business now holds over 4 BTC, valued at $280,000, up from 2.5 BTC the previous year. This shift indicates a broadening acceptance of Bitcoin beyond major corporations like MicroStrategy.

WHAT WE’RE WATCHING

💰 Mt. Gox transferred 140,000 BTC (~$9B) to a single address, likely for creditor repayments by October 31, 2024. The movement caused Bitcoin to drop 1.4% to $67,680. Rehabilitation trustee Nobuaki Kobayashi assured no sales occurred, and the assets were securely managed.

🗽 Donald Trump pledges to release Silk Road founder Ross Ulbricht if re-elected. Speaking at the Libertarian Party’s National Convention, Trump promised to commute Ulbricht's sentence and emphasized his pro-crypto stance, vowing to protect the right to self-custody for Bitcoin holders and keep digital assets companies within the U.S.

🗳️ A Harris Poll found that one-third of U.S. voters will consider candidates' Bitcoin and crypto views when voting. Funded by Grayscale, the survey also revealed that 77% believe presidential candidates should be informed about Bitcoin and crypto. Interest in crypto investments is rising, with 47% expecting it in their portfolios and 52% seeking more regulation.

💼 Semler Scientific (Nasdaq: SMLR) adopts Bitcoin as its primary treasury reserve, purchasing 581 bitcoins for $40 million. Chairman Eric Semler highlights Bitcoin's value as a scarce asset and inflation hedge. The company will continue to focus on its core medical products while evaluating the use of excess cash.

📊 David Puell from ARK Investment Management lectured students in El Salvador on Bitcoin's role in investment portfolios. He emphasized its potential to become a multi-trillion-dollar market and its low correlation with traditional assets.

🎥 "Dirty Coin", a new Bitcoin documentary, challenges negative views on Bitcoin mining. The documentary showcases how mining promotes renewable energy and community empowerment. Examples include leveraging hydroelectric power in Africa and repurposing heat in Finland.

🌍 Kenya partners with Marathon Digital Holdings to utilize surplus energy for Bitcoin mining. Announced by Marathon CEO Fred Thiel, this collaboration aims to harness Kenya's abundant geothermal energy, generating additional revenue and promoting energy efficiency.

GOVERNMENT ADOPTION

Argentina Explores Bitcoin Collaboration with El Salvador

Regulatory Cooperation: Argentina’s National Securities Commission (CNV) met with El Salvador’s National Digital Assets Commission (CNAD) to discuss Bitcoin regulation strategies. This collaboration aims to enhance Bitcoin adoption in Argentina amidst its economic challenges.

Learning from El Salvador: High-ranking CNV officials, including President Roberto Silva and Vice President Patricia Boedo, praised El Salvador’s progress in Bitcoin adoption and explored potential cooperation agreements. Silva emphasized Argentina's intent to strengthen ties and learn from El Salvador's experience with Bitcoin.

Economic Context: Argentina faces severe economic issues, such as high inflation and currency depreciation, prompting a rise in Bitcoin trading since 2017. Strict currency controls have increased stablecoin usage, with 60% of crypto trading volume coming from stablecoins like USDT and USDC.

El Salvador’s Model: Under President Nayib Bukele, El Salvador adopted Bitcoin as legal tender, boosting its economy and attracting tourists. The country continues to buy and mine Bitcoin, using volcanic energy for mining operations.

POLL

THURSDAY’S POLL RESULTS

Is Trump accepting Bitcoin donations part of a larger pro-Bitcoin policy coming?

Editors Note: It appears our visitors were right. Shortly after Trump announced he was accepting Bitcoin donations, he express a larger positive stance towards Bitcoin and self-custody.

👍 Yes - 76.9%

👎 No - 23.1%

👍 Yes - “It's another club to beat Biden with.” - Neil

👍 Yes - “The federal government has failed in preserving the US dollar. Thank goodness, it looks as if it is giving Americans the option to preserve their financial worth, by transferring their savings into Bitcoin.” - Jim

👍 Yes - “He will do anything to further his own wealth and his own ability to be a dictator. He will use anyone or anything and anyone that votes for him is anti-American.” - Mark

👍 Yes - “It was only a matter of time before Trump saw the light…he’s too smart.” - Chris

👎 No - “No. Trump will say whatever he thinks will get him a vote. What he says has no relation to what his actual policy might be.” - Don

👎 No - “He’s just looking for any money from anywhere.” - George

IN THE LOOP

📊 Donald Trump has widened his lead over Joe Biden on prediction markets Polymarket and PredictIt after courting crypto voters. Trump's pro-Bitcoin stance, including promises to commute Ross Ulbricht's sentence and bolster the U.S. crypto industry, has increased his odds to 56% on Polymarket, while Biden's odds have dropped to 37%.

🪙 The U.S. SEC approved applications from Nasdaq, CBOE, and NYSE to list spot ether ETFs. This unexpected decision allows nine issuers, including VanEck and BlackRock, to proceed with further steps before trading begins, marking a significant win for the cryptocurrency industry.

⚖️ Jian Wen, a 42-year-old British-Chinese woman, was sentenced to six years and eight months in prison for laundering bitcoin tied to a $6 billion fraud case in China. Wen's conviction involved converting illicit funds for her former employer, Yadi Zhang, in a large-scale investment scam defrauding 130,000 investors.

VIDEO

In this video, Matthew Krater explains Trump's pivot to being pro-Bitcoin and its implications for the 2024 election. He suggests Biden could adopt similar views to gain voter support and distance from anti-Bitcoin stances. Krater concludes that a Bitcoin ban is unlikely, but vigilance on self-custody and privacy remains essential.

CHARTS & DATA

4% - US Bitcoin ETFs now own over 4% of all bitcoins. Bitcoin ETFs globally now own nearly 5% of all BTC.

IBIT vs GBTC - GBTC’s bleeding is still going, and now IBIT is very close to passing GBTC as the Bitcoin ETF with the most amount of BTC. GBTC has 289,040.5 BTC while IBIT has 287,167.7.

Realized Price - Bitcoin’s realized price is creeping up, and is now above $31,000. This has historically acted as a strong base for Bitcoin.

MORE FROM OUR COMPANY

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

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

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

Bitcoin Tools: An exclusive list of the best Bitcoin tools.
Carefully vetted and maintained by Bitbo.

Bitbo Store: Shirts, hats, hoodies, mugs, and other merch for Bitcoiners.

Bitbo News: Bitcoin-only news. No spam or fluff. Just need-to-know Bitcoin news.

Halving Clock: Track the countdown to the Bitcoin halving with our Bitcoin halving clock.

Bitcoin Treasuries: Track all companies/ETFs/countries holding Bitcoin on their balance sheets.