🟠 BTC Dips

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.

Good morning — Jordan here.

We’re dipping under $100,000 as I’m about send this out.

Time for the hype to fade, for now.

Happy Thursday to the 18,731 Minimalist members reading today. 👋 

Today we’re covering:

• Ohio proposes state-backed Bitcoin reserve fund

• BlackRock questions Bitcoin’s 21M supply cap

• El Salvador reduces Bitcoin push

• And everything else you need to know.

Estimated read time: 2 minutes and 59 seconds

WHAT WE’RE WATCHING

🏦 Federal Reserve Chair Jerome Powell stated the Fed cannot legally hold Bitcoin. He claimed that the Fed has no plans to seek a law change. While President-elect Trump has proposed a U.S. Bitcoin Strategic Reserve, Powell and Fed officials remain skeptical.

🏛️ Ohio proposes a state-backed Bitcoin reserve to hedge against dollar devaluation. The Ohio Bitcoin Reserve Act, introduced by Rep. Derek Merrin, would allow surplus funds to be invested in Bitcoin. This aligns with similar initiatives in Texas and Pennsylvania.

💡 BlackRock reignites debate on Bitcoin's 21M supply cap with a video disclaimer stating there’s “no guarantee” it won't change. Critics argue altering the cap would make it no longer “Bitcoin,” as its fixed supply defines its identity.
Our take: 21 million is here to stay. We’ll never support any change to Bitcoin’s 21 million limit.

🇸🇻 El Salvador reached a $1.4B IMF deal, which forced the country to make Bitcoin acceptance voluntary, not mandatory. The agreement includes fiscal reforms and $3.5B in additional financing while scaling back state-backed Bitcoin use, such as the Chivo wallet.

🥇 Arthur Hayes urges Trump to devalue gold and create a Bitcoin reserve to boost the U.S. economy. He suggests a gold revaluation to $10,000–$20,000/oz to fund BTC purchases, enhancing U.S. dominance. Hayes warns swift action is crucial.

📊 Bitbo is excited to announce our new Bitcoin CAGR chart. CAGR (Compound Annual Growth Rate) reveals Bitcoin's average yearly growth, smoothing volatility. The chart highlights 4, 5, and 10-year CAGR. Rising CAGRs signal accelerating returns and declines show slower growth.

IN THE LOOP

• Arthur Hayes predicts a sharp Bitcoin sell-off around Trump’s inauguration due to unrealistic market expectations.

• The Federal Reserve cut interest rates by 0.25% to 4.25%-4.5%, signaling limited additional cuts ahead.

• Michael Saylor expressed willingness to advise President-elect Donald Trump on Bitcoin.

• MicroStrategy may pause Bitcoin purchases in January due to a rumored blackout period tied to insider trading rules or NASDAQ 100 inclusion.

• Mt. Gox transferred $172.5M in Bitcoin to unknown wallets after Bitcoin hit $108,000, fueling speculation about creditor payouts.

• Hut 8's $100M Bitcoin purchase boosts its holdings to over $1 billion.

POLL

TUESDAY’S POLL RESULTS

When will Trump declare Bitcoin a reserve asset?

🟩🟩🟩🟩🟩🟩 📅 Day 1 (51%)

🟨🟨🟨⬜️⬜️⬜️ ⏳ Within 1 year (36%)

🟨⬜️⬜️⬜️⬜️⬜️ 🏗️ 2-4 years (11%)

🟨⬜️⬜️⬜️⬜️⬜️ 🚫 Won’t happen (2%)

📅  Day 1 : “The Trump factor.” — Jerry

📅  Day 1 : “I believe Trump is a man of his word on this” — Josh

VIDEO

Matthew Kratter of Bitcoin University breaks down River.com’s Bitcoin savings product.

River’s Bitcoin interest allows you to earn 3.8% interest on USD, paid in Bitcoin.

CHARTS & DATA

ROI - A quick look at Bitcoin’s ROI compared to the same date over the last 10 years.

Monthly RSI - Bitcoin’s monthly RSI briefly hit 80.0 but now stands at 78.36.

MORE FROM BITBO

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