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:

• Halving now in 10 days,

• Bhutan plans 500% Bitcoin mining expansion,

• Louisiana passes bill supporting Bitcoin rights,

• And everything else you need to know.

—Jordan

MINING IN BHUTAN

Bhutan's Bitcoin Boom

Bhutan's Mining Expansion: The Himalayan nation of Bhutan plans to increase its Bitcoin mining capacity by 500%. When implemented, their operation will go from 100 to 600 megawatts. This expansion is in partnership with Bitdeer and aims to offset the impact of the upcoming Bitcoin halving event.

Sovereign Investment: Bhutan's sovereign wealth fund, Druk Holding & Investments, has been purchasing Bitcoin since prices were around $5,000. The country is raising $500 million to boost its mining operations.

Secret Mining Operations: Forbes has revealed Bhutan's undisclosed and hidden Bitcoin mining sites. These facilities are being funded by the government and are powered by renewable energy. The mines, concealed in rural areas and on defunct project sites, signify Bhutan's commitment to Bitcoin as an economic strategy, despite political and social implications.

Impact on Rural Economy: The increase in Bitcoin mining capacity is seen as a way to enhance rural economies and create job opportunities in Bhutan.

WHAT WE’RE WATCHING

📊 BlackRock's spot Bitcoin ETF, IBIT, has added major banks like Goldman Sachs and Citigroup as authorized participants. This indicates Wall Street’s interest in Bitcoin is growing. The ETF, launched in January, now holds over $16 billion in assets.

📈 DWS, a major asset manager with over $900B in assets, has launched the Xtrackers Galaxy Physical Bitcoin ETC in Germany. This was in conjunction with their partnership with Galaxy Digital Holdings. The ETC is physically backed by Bitcoin, offering secure and transparent exposure to Bitcoin's price movements, with an annual fee of 0.35%

💰 Anthony Scaramucci of Skybridge Capital predicts a $170,000 Bitcoin price. He bases his price on institutional adoption and supply constraints. He emphasizes Bitcoin's potential as a digital gold and its inflation-hedging abilities. Despite volatility and regulatory challenges, he remains bullish on Bitcoin's long-term growth.

🏦 JPMorgan CEO Jamie Dimon warns of possible higher interest rates than expected. This is likely due to ongoing global challenges like the war in Ukraine, inflation, and volatile markets. Despite a resilient U.S. economy, risks include quantitative tightening and geopolitical tensions.

🏛️ Louisiana's House of Representatives unanimously passed a bill supporting Bitcoin rights. Louisiana is now the 11th U.S. state to introduce such legislation. The bill ensures individuals' rights to trade, self-custody, and mine Bitcoin, aligning with a broader trend of states safeguarding Bitcoin rights, amidst its price surge in 2024.

🇨🇷 Costa Rica is considering a crypto law that may restrict Bitcoin use for daily transactions. This new legislation stems from concerns about KYC and AML practices. However, there's optimism for future robust regulations, with advocates highlighting Bitcoin's potential in everyday purchases and tourism, and opportunities for renewable energy-led Bitcoin mining in the region.

🔍 Major Chinese asset managers like Harvest Fund and Southern Fund are applying for Bitcoin ETFs in Hong Kong. This development signals a growing institutional interest despite China's past hostility towards Bitcoin. Approval could validate Bitcoin among Chinese regulators and investors.

🔒 Dhruv Bansal offers a revolutionary new perspective on Bitcoin's fixed supply. He suggests all 21 million bitcoins were created in 2009 and are being gradually unlocked. This view aligns with the increasing mining difficulty and redefines miners as purchasers rather than creators, potentially changing perceptions of Bitcoin's mining efficiency and environmental impact.

PLANB

Stock to Flow Creator: Bitcoin Will Not Fall Below $60,000

Bitcoin's New High: Bitcoin recently surged to a new all-time high of $73,760. PlanB, a prominent analyst and creator of stock to flow, predicts that Bitcoin could surpass $200,000, with potential valuations up to $500,000 according to the Stock-to-Flow (S2F) model.

Price Trajectory: Despite expected market volatility, PlanB suggests that Bitcoin's price will continue to rise, potentially reaching $100,000 this year and exceeding $500,000 in the next halving period in 2025. The S2F model indicates a sustained bullish trend, according to PlanB.

Strong Support: According to PlanB, On-chain indicators, such as the five-month realized price, establish $60,000 as an aggressive floor price, suggesting that Bitcoin is unlikely to fall below this level again. The relative strength indicator (RSI) also shows unprecedented strength before the halving, indicating potential for exponential growth.

POLL

THURSDAY’S POLL RESULTS

Should the US government sell or keep the 30,175 remaining BTC from Silk Road?

Keep - 72.5%

Sell - 27.5%

Keep - “They should keep it, but they are broke and need the money.” - Lucy

Keep - “The US should embrace the future not reject it.” - Chris

Sell - “It's the only hard money they have to pay down the national debts. Any ceased assets from "crime" should never be kept for a long period, as it belong to the US citizens, not the US government which is just a custodian.” - Ben

Sell - “Bitcoin is for people, not governments.” - Chuck

IN THE LOOP

🍁 Coinbase has obtained a "restricted dealer" registration in Canada. This marks a significant milestone in its expansion and makes Coinbase the largest registered crypto exchange in Canada. This approval from Canadian regulators allows Coinbase to operate under government-sanctioned conditions, contrasting with its ongoing regulatory challenges in the U.S.

📈 Burkett Financial Services, a South Carolina-based financial planner, has invested in two Bitcoin ETFs, becoming one of the first major financial planning firms to disclose Bitcoin investments. The firm holds shares in BlackRock's iShares Bitcoin Trust (IBIT) and ProShares' Bitcoin Strategy ETF (BITO), indicating growing interest in Bitcoin among traditional financial institutions.

🇵🇾 Paraguay's proposed Bitcoin mining ban could cost the country over $200 million annually. The ban is aimed at illegal miners disrupting electricity supply, but it could also impact legal operations, including major players like Marathon Digital Holdings. Bitcoin mining has been a positive contributor to Paraguay's trade balance.

🏦 EJ Antoni argues that the Federal Reserve's policies have created an entrenched underclass in America by devaluing savings and widening the gap between property owners and renters, undermining the American dream of class mobility and homeownership.

🚀 Gold prices have soared to record highs, with China driving the surge. Gold's rally is attributed to a shift away from Western market manipulation and increased global central bank purchases as a hedge against fiat currency debasement. The divergence in gold prices between Shanghai and Western markets has opened arbitrage opportunities, further fueling the demand.

⏱️ The SEC has delayed its decision on allowing options trading for Bitwise and Grayscale's spot Bitcoin ETFs on the NYSE, with a new deadline set for May 29. The approval of options trading would be a significant step in market development, following the SEC's previous approvals of Bitcoin futures ETFs and spot Bitcoin ETFs.

CHARTS & DATA

10 days and 10 hours - The number of estimated time left until the 2024 Bitcoin halving. The Bitcoin block reward will drop from 6.25 to 3.125 BTC per block.

Hashrate has been picking up, and some trackers still predict April 19th as the halving date.

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