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:

• Tether accused of corruption,

• Trump promotes American Bitcoin leadership

• MSTR buys $786M & whales sell over $1.2 Billion,

• And everything else you need to know.

—Jordan

MASSIVE BITCOIN BUY

MicroStrategy Expands Bitcoin Holdings with $786M Purchase

MicroStrategy's Bold Move: MicroStrategy, under the leadership of Executive Chairman Michael Saylor, has acquired an additional 11,931 bitcoins for $786 million. This brings the company's total bitcoin holdings to 226,331 BTC, valued at nearly $15 billion.

Capital Raise Success: The acquisition followed a successful $800 million convertible note offering, originally intended for $500 million but raised due to high demand. This is part of MicroStrategy's ongoing strategy of leveraging debt to increase its bitcoin reserves.

Corporate Adoption: Since 2020, MicroStrategy has been a pioneer in adopting bitcoin as a reserve asset. Their efforts have inspired other companies, such as U.S.-listed Semler Scientific, to add bitcoin to their balance sheets and tap capital markets for additional purchases.

Market Impact: MicroStrategy's aggressive bitcoin strategy has resulted in a ten-fold increase in its share price over the past four years. Semler Scientific has also seen a significant 60% rise in its shares since adopting bitcoin.

WHAT WE’RE WATCHING

🇩🇪 The German Federal Criminal Police Office (BKA) moved $425 million in Bitcoin. They sent $32 million to Kraken and Bitstamp, likely indicating an upcoming sale. The BKA had previously seized almost 50,000 BTC from the piracy site Movie2k.to.

💸 Bitcoin lobbyists are spending $150 million to influence the 2024 congressional races. These funds are going to support pro-Bitcoin candidates but are not directly engaging in the presidential election. Ripple, Coinbase, and Andreessen Horowitz have each contributed significant funds. Critics of the industry warn of Bitcoin's unprecedented political spending and potential impact.

🔒 Trezor launched the Safe 5 hardware wallet, including a bitcoin-only version, at BTC Prague 2024. The device features enhanced security, a larger touchscreen, and a 20-word backup process. Trezor also introduced the "Trezor Expert" service for personalized onboarding sessions to aid users in setting up their wallets.

🇺🇸 Donald Trump urges the USA to lead in Bitcoin, warning that failing to do so will let other countries surpass America. He promises to end regulatory pressure on Bitcoin if re-elected, emphasizing the need to keep the industry in the U.S. and countering Joe Biden’s current policies.

🇦🇷 Argentinian President Javier Milei supports currency competition, including Bitcoin. In an X post, he stated, "If you want to use Bitcoin, there will be no problems." Milei advocates for Bitcoin to address economic issues, aligning with his libertarian economic views.

🐋 Bitcoin whales sold over $1.2 billion in BTC in the past two weeks, with significant net outflows from US-listed bitcoin ETFs. Miners and long-term holders are selling due to diminishing mining rewards post-halving and a shift towards the AI sector.

🗳️ Jump Crypto donated $10 million to the Fairshake PAC, raising its total funds to $169 million. The PAC, focusing on pro-crypto congressional candidates, still has $109 million to spend.

📰 Mainstream media coverage of Trump's Bitcoin endorsement highlights existing biases. Forbes and Fox view it positively, citing benefits for U.S. energy security. Conversely, The Independent and Washington Post criticize it as a political maneuver.

📉 Lyn Alden discusses the evolving role of central banks and Bitcoin's challenge to their relevance. She highlights the instability and centralization in fractional reserve banking, the distortions caused by central bank policies, and the potential of Bitcoin to transform the financial system by promoting decentralized protocols and economic stability.

TETHER TROUBLES

Times Square Billboard Accuses Tether of Corruption

Times Square Billboard Accuses Tether of Corruption: Consumers' Research has launched a high-profile campaign against Tether. They accuse the stablecoin issuer of corruption and criminal associations. The initiative includes a digital billboard in Times Square, mobile billboards in key cities, and a national TV ad, aiming to raise awareness about Tether's alleged misconduct.

Campaign Details:

- Accusations: The campaign highlights Tether's refusal to undergo independent audits and its alleged use in criminal activities like drug trafficking, human trafficking, and terrorism financing.

- Outreach Efforts: The multi-million-dollar campaign features a digital billboard in Times Square, mobile billboards in Washington, D.C., and New York City, and a national TV ad supported by a seven-figure budget.

- Consumers' Research Stance: Executive Director Will Hild emphasized the organization's role as a market watchdog, raising alarms about Tether's business practices and potential parallels to the FTX collapse.

POLL

TUESDAY’S POLL RESULTS

Will a new country buy Bitcoin in 2024?

👍 Yes - 90.6%

👎 No - 9.4%

👍 Yes - “It is global, non-political, controlled by no one and levels the playing field for everyone! What's not to like, a neutral monetary system world wide. It should become the worlds reserve currency!!!” - Steve

👍 Yes - “Argentina” - Jeff

IN THE LOOP

💰 CleanSpark acquired five Bitcoin mining facilities in Georgia for $25.8 million, increasing its operating hashrate to over 3.7 EH/s. This acquisition follows recent expansions in Wyoming, Mississippi, and New York, boosting its infrastructure to 300 MW. Cleanspark mined 417 BTC in May and holds 6,154 BTC.

🕵️‍♂️ The EU Council is set to vote on "Moderated" Chat Control on June 20, potentially greenlighting bulk searches of private communications. Critics warn this undermines encryption and creates global vulnerabilities. Some EU governments remain undecided, while others oppose the proposal, but not enough for a blocking minority.

🔥 Alex Busarov's Heatbit Trio combines Bitcoin mining and home heating, converting mining energy into heat. The device's low noise level and smart design allow homeowners to cover electricity bills while heating their homes. 

💥 Kraken suffered a $3M security breach and extortion attempt. Individuals exploited a vulnerability and demanded a bounty from Kraken before returning the stolen funds. Kraken resolved the issue quickly, ensuring no user funds were affected.

VIDEO

Jack Mallers — There Is No Second Best

CHARTS & DATA

Cycle Low Multiple - Bitcoin, compared to its previous 4-year cycles, is right on time—at least compared to the growth rate of previous cycles.

Cup & Handle - Bitcoin appears to be forming a cup & handle pattern on the daily time-frame. Some also claim this is an inverse head and shoulders pattern.

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