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🟠 BTC Reserves
MSTR may own 4% of BTC & nation state adoption projected
Jordan Tuwiner
November 28, 2024
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.
Not much news the last few days with the holidays coming up.
Happy Thanksgiving to the 17,813 Minimalist members reading today. 👋
Today we’re covering:
Trump admin wants to pivot Bitcoin regulation to CFTC
Pantera Capital predicts $740,000 BTC price by 2028.
Marathon claims the USA must prioritize Bitcoin mining
And everything else you need to know.
Estimated read time: 2 minutes and 51 seconds
30% off with code BTC30
WHAT WE’RE WATCHING
🇧🇷 Brazil proposes a Bitcoin reserve holding up to 5% of its international assets. Introduced by Federal Deputy Eros Biondini, the reserve would back Brazil’s CBDC.
📊 The Trump administration proposes granting the CFTC expanded oversight of digital assets like Bitcoin, reducing the SEC's role. The plan aims to streamline crypto regulation, encourage innovation, and address criticisms of the SEC’s enforcement-heavy approach. Critics highlight potential overreach and funding challenges for the CFTC.
🇺🇸 Marathon Digital claims the U.S. must prioritize Bitcoin as a strategic asset for economic and national security. Proposals include creating a 1M BTC reserve, boosting domestic Bitcoin mining to control global hashrate, and developing ASIC production.
📘 Avik Roy's "Then They Fight You" outlines U.S. responses to a fiscal crisis and Bitcoin's rise by 2044. A restrictive scenario involves suppressing Bitcoin through bans and taxes, risking instability. Alternatively, paralysis leaves adoption unchecked amid stagnation. Optimistically, the U.S. could embrace Bitcoin, reform finances, and restore economic stability.
🌍 21Shares/ARK forecasts growing nation-state adoption of Bitcoin in 2025. Highlights include Argentina considering Bitcoin as a reserve asset amid hyperinflation, Russia legalizing mining, and China softening its crypto stance. U.S. discussions on strategic Bitcoin reserves and El Salvador’s mining success further signal Bitcoin's shift to a cornerstone of national financial strategies.
📊 Bitbo launches live HODL Waves chart for on-chain analysis. This tool visualizes Bitcoin's age distribution since its genesis block. Warmer colors show recent activity, cooler tones represent long-held BTC.
IN THE LOOP
Vancouver Mayor Ken Sim proposes adopting Bitcoin as a city reserve asset.
Pantera Capital CEO predicts Bitcoin could hit $740,000 by 2028.
A U.S. appeals court overturned Treasury sanctions on Tornado Cash, ruling its crypto-mixing smart contracts are not "property" under federal law.
Paul Atkins, a pro-Bitcoin veteran regulator, is a leading contender for SEC Chair under Trump.
Bernstein claims that MicroStrategy aims to control 4% of Bitcoin supply by 2033.
Metaplanet plans to raise $62 million through stock acquisition rights to expand its Bitcoin holdings.
POLL
Do you think nation-states holding Bitcoin as a reserve asset will become the norm by 2030? |
TUESDAY’S POLL RESULTS
Do you or would you consider investing in MicroStrategy stock as an alternative way to gain Bitcoin exposure?
💰💰💰 Yes, it’s like buying Bitcoin with extra benefits - 54%
Maybe - 8%
🚫🚫 No, I’d rather buy bitcoin directly - 38%
💰 Yes, it’s like buying Bitcoin with extra benefits - “MSTR offers a leveraged bet and also enables me to have exposure in tax advantaged accounts.” - Arthur
💰 Yes, it’s like buying Bitcoin with extra benefits - “Tremendous way to increase BTC exposure...kudos to Saylor's financial creativity.” - Chad
🚫 No, I’d rather buy bitcoin directly - “If you can buy actual bitcoin, buy actual bitcoin. MSTR is useful for entities that want price exposure to BTCUSD but are restricted somehow. However, for hodlers, there's no substitute for the real thing.” - Justin
🚫 No, I’d rather buy bitcoin directly - “It's a ticking time bomb for when the convertible debt notes convert to equity and dilute the stock.” - Ernie
CHARTS & DATA
Red spikes have aligned near Bitcoin cycle peaks.
VDD Multiple - VDD Multiple is rising quickly, which has historically been one of the best indicators of a Bitcoin bull market. We have not yet hit above 2.9 (red on the chart).
Bitcoin is currently in Era 4.
Cycle Low Multiple - Bitcoin is still right in line with other post-halving periods according to the cycle low multiple.
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FROM THE ARCHIVE
Bitcoin’s halvings are marked with the red “halving” label.
⛏️ Today marks 12 years since Bitcoin’s first halving, back in 2012!
The 2012 Bitcoin halving, held on November 28, cut block rewards from 50 to 25 BTC.
Bitcoin's price rose from $12.25 pre-halving to $230 in April 2013, eventually peaking at $1,100 by year-end, marking its first significant post-halving surge.
MORE FROM BITBO
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Bitbo Dashboard: View live price action, monitor on-chain data, and track key economic indicators - all for free.