🟠 BTC Pulls Back

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.

A lot happened this morning! $101k to nearly $107k within a few hours, and

Happy Thursday to the 20,058 Minimalist members reading today. 👋 

Today we’re covering:

• Trump to speak with Bukele

• BlackRock CEO predicts $500K–$700K BTC

• Utah & Kansas push for Bitcoin

• And everything else you need to know.

Estimated read time: 3 minutes and 12 seconds

WHAT WE’RE WATCHING

💻 Cynthia Lummis becomes chair of the Senate's first-ever Digital Assets Subcommittee. The panel will focus on bipartisan legislation for digital assets, stablecoins, and likely a Bitcoin reserve.

📞 Trump and Nayib Bukele are scheduled to hold a call Thursday at 3 p.m. EST. The White House has not disclosed the agenda. Sources say Trump will sign an executive order before the call with Bukele, but it’s unclear if it will be Bitcoin related.

💬 Goldman Sachs CEO David Solomon stated Bitcoin is not a threat to the US dollar but called it an "interesting speculative asset." He emphasized the importance of Bitcoin’s technology in reducing financial friction, though regulatory limits prevent banks from direct involvement with Bitcoin.

📊 Coinbase CEO Brian Armstrong predicts Bitcoin will reach multi-million-dollar valuations. He cites factors like institutional adoption, national initiatives, and ETF inflows. MicroStrategy bolstered its holdings with 11,000 BTC for $1.1 billion, while Trump’s presidency has fueled optimism with talks of a US Bitcoin reserve and record ETF inflows.

🗽 President Trump pardoned Ross Ulbricht, founder of Silk Road, fulfilling a campaign promise to the Bitcoin community. Ulbricht, serving a life sentence since 2015 for narcotics distribution and hacking conspiracies, was praised by supporters as a Bitcoin pioneer.

💰 Kansas proposes allocating 10% of retirement funds to Bitcoin ETFs. Senate Bill 34, introduced by Senator Craig Bowser, aims to authorize the Kansas Public Employees Retirement System to invest in Bitcoin-backed ETFs, with oversight by a board of trustees and annual performance reviews.

🏛️ Utah introduces H.B. 230, proposing up to 10% of public funds be invested in Bitcoin and select digital assets. Sponsored by Rep. Jordan Teuscher, the bill ensures strict security measures, supports self-custody rights, and positions Bitcoin as a hedge against inflation and economic downturns.

IN THE LOOP

• BlackRock CEO Larry Fink endorsed Bitcoin and suggested its price could reach $500K–$700K.

• PlanB says Bitcoin is entering a new bull market phase.

• A U.S. court overturned Treasury sanctions on Tornado Cash.

• Kansas Senator Bowser introduced Senate Bill 34 to allow the state’s public employees retirement system to invest up to 10% of its funds in Bitcoin.

• Ledger co-founder David Balland was safely released after being kidnapped in France and held for a cryptocurrency ransom.

• A $47M Bitcoin wallet linked to Silk Road founder Ross Ulbricht resurfaced after a decade. 

• President Trump told the World Economic Forum that America is "the world capital of AI and crypto."

The most clicked link in our last newsletter was Michael Saylor and Marathon Digital’s meeting with Trump’s team to discuss potential Bitcoin policy shifts.

POLL

TUESDAY’S POLL RESULTS

What is your current view on Trump?

🟨🟨🟨⬜️⬜️ 🟢 I still support him, despite $TRUMP (30%)

🟨🟨🟨⬜️⬜️ 🔴 He’s a scammer (30%)

🟩🟩🟩🟩⬜️ 👍 Everything is good for Bitcoin, even $TRUMP (37%)

🟥⬜️⬜️⬜️⬜️⬜️ 🤔 Other (3%)

🟢 I still support him, despite $TRUMP: “Whoever runs his crypto projects is a degen going on SOL, but I doubt Trump had anything to actually do with it. ” — Trent

🟢 I still support him, despite $TRUMP: “Not great IMO but still positive outlook for BTC” — Chris

🔴 He’s a scammer: “The rug pull is inevitable.” — Max

🔴 He’s a scammer: “51% of the vote is not a landslide—don't let anyone fool you that it is. Given what he says about Canada & Greenland how can we be sure he won't come after MSTR's BTC using the same “we need it so we are taking it” approach?” — Noah

🤔 Other: “Coming out with the $TRUMP just before the Inauguration left a bad taste in my mouth.” — Andrew

🤔 Other: “Very disappointed, I feel like if he had no plans of talking about crypto he especially shouldn’t have launched the meme coins. It felt like he was making fun of it, while making a ton of money for him and his inner circle.” — Joe

VIDEO

Coinbase CEO Brian Armstrong predicts Bitcoin could reach multiple millions, driven by institutional adoption and ETF inflows.

He highlighted growing global interest in strategic Bitcoin reserves and the potential of U.S. legislation to make Bitcoin the "new gold standard."

CHARTS & DATA

Price Projections - Stock to income and stock to flow put Bitcoin over $300,000 by September, while the Rainbow and Power Law projections are more conservative. Which way will we go?

Bitcoin Market Cycles - Bitcoin appears to back in a strong bull market.

FROM THE ARCHIVE

✨ Proud uncle giving his nephew a #Bitcoin node when the price was $400, exactly 9 years ago

At $100,000, they're still HODLing 🚀

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