❓JPMorgan CEO Calls Bitcoin "Pet Rock"

Bitcoin Hashrate Plunges, 12% of El Salvador has Used Bitcoin

Today we’re covering:

  • Trump says “I’ll never allow a Central Bank Digital Currency,”

  • Spot Bitcoin ETFs surpass $10B USD in trading volume,

  • Cold weather causes hashrate to drop,

  • 12% of El Salvador used Bitcoin in 2023,

  • And everything else you need to know.


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. Were you forwarded this email? Sign up here.


JPMorgan CEO Jamie Dimon's Candid Critique

Dimon's Dismissal: JPMorgan Chase CEO Jamie Dimon dismisses Bitcoin. Instead of looking at the future potential of Bitcoin, he’s focusing on blockchain's real-world applications. He labels Bitcoin as a 'pet rock' and criticizes its lack of functionality compared to other cryptocurrencies.

Blockchain vs. Bitcoin: While acknowledging blockchain's potential in data and money movement, Dimon differentiates it from Bitcoin. He claims that smart contracts and tokenization are more productive uses of blockchain technology.

Dimon's Take: Despite Bitcoin's growing market presence, including new ETFs from major asset managers, Dimon remains uninterested. His stance reflects a broader debate on the utility and value of different cryptocurrencies and blockchain applications.


🚀 Ego Death Capital targets $100M USD fund for Bitcoin. This new venture capital fund aims to accelerate Bitcoin's ecosystem by bridging Series A funding gaps, supporting innovative companies, and fostering transformative growth with a focus on decentralization and security.

💼 Treasury Department and IRS suspend digital asset reporting for businesses. Until new regulations are issued, businesses are exempt from reporting digital asset transactions as cash, awaiting further guidance under the Infrastructure Investment and Jobs Act. The IRS initially claimed any user receiving more than $10,000 USD in one transaction would be required to report it to the government.

📈 Spot Bitcoin ETFs surpass $10B in trading, overshadowing GBTC. Despite BTC’s price struggles, spot Bitcoin ETFs in the U.S. have witnessed remarkable trading volumes, signaling a shift in investor preference and market dynamics. Analysts remain cautious, anticipating a period of market re-calibration.

🇸🇻 Bitcoin usage in El Salvador reaches 12% in 2023. In El Salvador, 12% of the population used Bitcoin for transactions in 2023, a positive indication of growing Bitcoin adoption. Transactions were mainly made for essential purchases like groceries, showing a gradual yet promising integration into everyday life.


Texas Cold Snap Triggers Bitcoin Hashrate Drop

Texas Hashrate Hiccup: Bitcoin's hashrate plummets by 25% as Texas miners power down. Amid a cold snap, Texas-based Bitcoin miners are curtailing operations to bolster the local grid, leading to a significant drop in the Bitcoin network’s hashrate.

Grid Support Over Mining: The move by Texas miners, including major players like Foundry USA Pool, aligns with efforts to stabilize the state's power grid. This action follows an alert from ERCOT, Texas's grid operator, calling for energy conservation due to extreme cold weather.

Mining and Power Dynamics: This decrease in mining power across the Bitcoin network, primarily from Texas, reflects the growing influence of regional factors on global Bitcoin operations. Despite the hashrate drop, ERCOT reports that the Texas grid remains stable during this high-demand period.


Do you think the rise of Bitcoin ETFs will signal the end of traditional investments (gold, real estate, etc.) as "go to" safe havens?

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Do you think Bitcoin's market cap will exceed that of gold in the next 5 years?

👍 Yes - 87.80%

👎 No - 12.20%

Yes - ETFs As Catalyst: 40 billion USD inflows into BTC ETFs will be the first catalyst over the next couple of years, and then it will become a constant demand driving BTC market cap up past gold.” - Scott

No: “Will need more time to achieve that level.” - Sean


🌍 Gold mining, deemed a natural Bitcoin analog, is significantly more environmentally damaging. It leads to extensive land coverage, heavy use of toxic chemicals, and significant mercury emissions. In contrast, Bitcoin mining promotes renewable energy and has a lesser carbon footprint.

📅 On January 29th, Google will allow advertisements for spot Bitcoin ETFs. This follows their policy update in December, permitting ads for financial products related to digital currency trusts. The move opens doors for wider Bitcoin ETF promotion online.

🌊 Value Days Destroyed (VDD) has reached levels usually seen in early Bitcoin bull markets. VDD rises when long-term Bitcoin holders move their coins. This is usually an indication of holders taking profits.


Donald Trump, the current favorite to win the 2024 US presidential election, claims he’ll never allow a central bank digital currency in the USA.

[36 seconds]


90 - The number of days left until the next Bitcoin halving. Estimated date? April 18, 2024.

16% - One estimate of the amount the Bitcoin hashrate dropped due to the weather in Texas.

25,067 BTC - The amount of Bitcoin that Blackrock is now holding in its IBIT ETF.


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Today’s newsletter was written and edited by Jordan.