- Bitcoin Minimalist
- El Salvador's Bitcoin President
El Salvador's Bitcoin President
Mining with Cooking Oil & Shift from Gold to Bitcoin
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.
Bukele's Victory Paves Bitcoin's Path in El Salvador
Bukele's Re-Election: President Nayib Bukele of El Salvador wins re-election with over 85% of votes. He is best known for his efforts in making El Salvador the first country to adopt Bitcoin as legal tender. His leadership has significantly impacted Bitcoin adoption and investment within the country and blazed the trail for other countries to follow suit.
Bitcoin Adoption in El Salvador: Under Bukele's first term, El Salvador introduced the Chivo wallet and began investing in Bitcoin, drawing international attention. Despite IMF criticism, Bukele's initiatives continue to be celebrated by Bitcoin enthusiasts.
Volcano Bonds Launch: El Salvador plans to issue Bitcoin-backed "Volcano bonds" to fund a renewable energy-powered Bitcoin mining industry. This move follows Bukele's commitment to Bitcoin and renewable energy, aiming to further integrate Bitcoin into the nation's economy.
🔐 Valkyrie first to diversify coin custody for its spot Bitcoin ETF. Valkyrie will be partnering with both Coinbase crypto exchange and BitGo, a leading custodian provider. This move, aimed at enhancing security, sets a precedent for other ETFs to follow suit and diversify the storage of bitcoins.
💼 Genesis attempts to sell $1.4B in GBTC shares amid bankruptcy. Genesis is aiming to manage $1.6 billion in trust assets including Grayscale Ethereum and Grayscale Ethereum Classic shares. Genesis’s selling could add more GBTC sell pressure, which has also been putting downward pressure on the Bitcoin price itself. GBTC must sell real bitcoins when GBTC is sold.
🔄 Cathie Wood of ARK Invest reports a shift from gold to Bitcoin. This historic transformation is likely driven by the increased access to Bitcoin thanks to the popularity of spot Bitcoin ETFs. This trend is expected to continue, positioning Bitcoin as a stable asset amidst financial uncertainties.
⚡ Marty Bent attacks Biden's "emergency" US BTC mining survey. The initiative, seen as a threat to grid stability, has sparked widespread disapproval and satirical reactions within the Bitcoin community, highlighting tensions over government scrutiny and energy concerns.
🚨 Kenosha Police alert the public to a Bitcoin ATM scam. This warning comes after two incidents where victims were tricked into sending money via Bitcoin ATMs and buying prepaid credit cards, believing their identities were compromised. Police emphasize that government agencies never demand such transactions to prevent asset freezing.
🕵️♂️ Brian Sewell settled SEC fraud charges for $1.2M. His company, Rockwell Capital Management, falsely promoted an AI-powered crypto course. The scheme, which never launched the promised fund, ended with the investors' Bitcoin being stolen in a hack.
In 2024, will we see another "Bitcoin president" like Bukele but in a different country?
Do you believe US President Biden's push against miners is serious?
👍 Yes - 54.2%
👎 No - 45.8%
👎 No - “Blackrock just neutered the administration” - Chris
🇺🇸 Donald Trump stated he would not reappoint Fed Chair Jerome Powell if he wins the presidency. He criticized Powell for missing inflation indicators. Trump mentioned having other candidates in mind but did not name them.
🌱 A innovative Bitcoin mining farm in Guatemala has begun using vegetable oil to power its operations, preventing restaurants from disposing of oil in a local lake. This approach suggests a promising future for Bitcoin mining, emphasizing environmental protection and energy recycling.
🌐 Replit's first Bitcoin-native bounty was just posted, rewarding Bitcoin app creation with Bitcoin payment. This marks a shift towards integrating Bitcoin into the gig economy, potentially broadening global job access, simplifying cross-border payments, and introducing more decentralized and secure payment options into the freelance world.
🚫 OnlyFakes introduces a streamlined process to create fake IDs using "neural networks". This could potentially undermine cryptocurrency exchanges' current Know Your Customer (KYC) measures. This development highlights a growing challenge in ensuring the effectiveness of KYC protocols in the Bitcoin space.
Jerome Powell, Federal Reserve Chair, says the US's fiscal path is unsustainable, adding that debt outpacing economic growth. With the way things are going, within 30 years total national debt will reach $1,000,000 per household.
71 - The number of days left until the next Bitcoin halving. The block reward will drop from 6.25 to 3.125 BTC per block.
15% - The estimated increase in the next Bitcoin difficulty adjustment. Major mining hashrate has come onto the Bitcoin network over the past week.
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