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:

• Government transfers bitcoin from Silk Road,

• Assange debt is cleared by Bitcoiner,

• Lobbyists push for Bitcoin mention during US presidential debate,

• And everything else you need to know.

—Jordan

MARKET JITTERS

Government's Silk Road BTC Transfer Sparks Market Concerns

Silk Road BTC Sale: The U.S. Government transferred $240 million worth of seized BTC to a Coinbase Prime address on Wednesday. 

Price Dip Downward: This caused Bitcoin to experience a dip towards $60,000. This movement, flagged by Arkham Intelligence, has raised concerns among traders about a potential sale of these assets.

Seized from Trafficker: The BTC in question, approximately 3,940 coins, was originally confiscated from Banmeet Singh, a narcotics trafficker, during his January 2024 trial. Past government actions, such as the sale of 9,861 coins for $216 million in March 2023, have historically pressured the Bitcoin market.

Market Impact: Following the news, Bitcoin dipped below $61,000, marking a 1% drop over 24 hour.

WHAT WE’RE WATCHING

🗣️ Former president Donald Trump is in talks to speak at the Bitcoin 2024 confernece in July. RFK Jr. is already confirmed as a speaker, and Vivek Ramaswamy spoke there last year. The annual conference will be held in Nashville this year.

📜 Congressman Matt Gaetz introduces a bill to allow federal income tax payments in Bitcoin. The bill directs the Treasury Secretary to develop regulations for US citizens to pay federal taxes with Bitcoin, promoting innovation and efficiency.

🇬🇧 Strike, a Bitcoin payments app, has launched in the UK. The app enables users to make fast, cost-effective transactions via Bitcoin's Lightning Network. UK users can now buy, sell, and withdraw funds with zero fees, schedule recurring purchases, and make global transfers. New users must pass an Appropriateness Assessment.

🎙️ Crypto insiders are lobbying for digital assets to be discussed in the upcoming Biden-Trump debate. Advocacy group Stand With Crypto has organized a letter-writing campaign, with nearly 2,300 participants urging CNN to raise the issue. The crypto industry sees this as a significant opportunity to highlight its importance in the national political debate.

🛒 Bitcoin is increasingly accepted by major companies. Notable examples include Microsoft, AT&T, Mullvad VPN, Zap.stream, select Burger King locations, Whole Foods, Expedia, Shopify, and Newegg.

🪙 A Satoshi-era Bitcoin wallet from 2010 sent 50 BTC to Binance after 14 years. The miner earned the 50 BTC as a block reward when Bitcoin was valued at around $0.05, now worth approximately $3 million.

📉 The Bitcoin Mayer Multiple hit an eight-month low, a signal often seen as a "buy the dip" opportunity. Currently at 1.05, this level was last seen in October 2023 when Bitcoin was priced around $30,000.

BITCOINER AS VP?

Pro-Bitcoin Vivek Ramaswamy's Vice President Odds Surge

VP Speculation: Rumors are circulating that Donald Trump might choose Vivek Ramaswamy as his vice-presidential running mate if he wins the 2024 election.

Pro-Bitcoin: Ramaswamy, known for his pro-Bitcoin stance, accepted BTC Lightning donations during his presidential campaign. This potential pairing could signal a strong future for Bitcoin advocacy within the highest levels of U.S. government, possibly impacting regulatory policies and mainstream adoption.

Prediction Market Surge: Following the speculation, Ramaswamy's chances have skyrocketed on prediction platforms like Polymarket. Over the past three days, his odds of becoming Trump's VP have surged by 1,100%, now standing at 12%. This significant jump places him just behind Ben Carson, J.D. Vance, and someone else.

Market Dynamics: The Polymarket wager on Ramaswamy is now valued at over $49 million. On another platform, predictit.org, his odds have also increased sharply, rising from 2% to 20% in recent days.

POLL

TUESDAY’S POLL RESULTS

Why did the Bitcoin price job below $60,000?

Mt. Gox Repayments - 45.5%

Liquidity Crunch Coming - 27.3%

German Gov Selling- 9.1%

Other - 18.2%

Other - “General short term trading activity; most of whom have the patience and attention span of a gnat.” - Bill

Other - “People are stupid and shouldn't pay attention to all this. A great sale though! People only need to pay attention to the term "21 Million". It is a battle for the rich to get it from the stupid right now is all that we are experiencing. Nothing to see here ... dollar cost average, buy more bitcoin, and move on!” - Daniel

Other - “All of the above factors and some minor profit taking” - Chris

IN THE LOOP

💰 Assange, freed from Belmarsh prison on June 24 after a plea deal, flew to Saipan, pleaded guilty to breaching the U.S. Espionage Act, and then traveled to Australia debt-free. An anonymous Bitcoiner donated over 8 Bitcoin (worth about $500,000) to help Julian Assange settle debts incurred during his extradition fight. 

⚡ Nubank partners with Lightspark to integrate the Bitcoin Lightning Network. This will benefit Nubank’s 100 million customers in Brazil, Mexico, and Colombia by enhancing transaction speed and reduce costs. Users will enjoy near real-time and low-cost transactions.

CHARTS & DATA

134 - Bitcoin is expected to have 144 blocks per day, but lately has had just 134. This is an indication of miners shutting down, and/or less new miners coming onto the network.

Bitcoin Priced in Gold - When priced in gold, Bitcoin has yet to hit a new all-time high compared to the 2021 bull-market run.

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