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:

• Republicans back Bitcoin rights,

• Mining profitability has increased,

• Bitcoin may have finally reached a local bottom,

• And everything else you need to know.

—Jordan

PRO-BITCOIN PUSH

Republican Party Embraces Bitcoin in New Platform Draft

RNC Backs Bitcoin: The Republican National Committee has endorsed a pro-Bitcoin stance in its 2024 party platform draft. The draft promises to defend the right to mine Bitcoin, ensure self-custody of Bitcoin, and facilitate transactions free from government surveillance.

Opposition to CBDC: The platform explicitly opposes the creation of a Central Bank Digital Currency (CBDC) and criticizes the current administration's approach to cryptocurrency regulation, branding it as an "unlawful and unAmerican Crypto crackdown."

Final Vote Pending: The draft, which highlights the party's commitment to fostering Bitcoin adoption and protection, will face a final vote on Tuesday. This move aligns with statements from prominent Republicans, including Donald Trump, advocating for a strong domestic Bitcoin industry.

Overview: The draft reflects the Republican party's increasing alignment with Bitcoin, positioning itself against the Biden Administration's more restrictive stance on Bitcoin and crypto.

WHAT WE’RE WATCHING

⚖️ Former US Solicitor General Donald Verrilli claims federal regulators are trying to 'debank' the Bitcoin and crypto industries. In a brief to the U.S. Tenth Circuit Court, Verrilli supports Custodia Bank's appeal for a Federal Reserve master account, arguing the Fed's denial was part of a broader campaign against digital assets.

📉 Bitfinex analysts suggest Bitcoin may have reached a local bottom after June's sell-off. Despite issues like Mt. Gox repayments and German government BTC sales, factors such as low SOPR and negative funding rates indicate potential market stabilization. Government-seized BTC sales only represent 4% of total BTC transactions since 2023.

🇩🇪 Germany transferred $28 million in Bitcoin to Bitstamp and Coinbase. Since mid-June, the government has moved $390 million in BTC from its 2013 seizure of nearly 50,000 BTC, originally from the Movie2K piracy site. Despite these sales, Germany still holds around 40,000 BTC, valued at nearly $2.2 billion.

💰 Metaplanet, a Japanese firm, bought $2.5M more Bitcoin, increasing its holdings to 203.73 BTC. Despite Bitcoin's price drop, the purchase was at an average of $62,000 per coin. Metaplanet plans to issue bonds to fund further Bitcoin investments, mirroring MicroStrategy's strategy.

📈 Bitcoin mining was more profitable in June than May, according to Jefferies. The network hashrate dropped 5%, and the market adjusted to the halving. Jefferies cut Marathon Digital's price target to $22 and Argo Blockchain's ADRs to $1.20. US-listed miners produced 20.8% of new bitcoin, up from 19.1%.

TRUMP & BITCOIN

Bitcoin Magazine CEO Speaks with Trump

Bitcoin Goes Mainstream: BTC Inc. CEO David Bailey revealed in an interview with Yahoo that he met with Donald Trump to discuss positioning Bitcoin as a strategic asset for the United States.

Political Platform Inclusion: Bailey emphasized that Bitcoin has, for the first time, become a key component of a major political party's platform.

POLL

THURSDAY’S POLL RESULTS

Will this Bitcoin drop go below $50,000 USD

👍 Yes - 34.9%

👎 No - 65.1%

👍 Yes - “I have already experienced one dip last, year. Tho it recovered, the short-term looks grim. Dropped more in 2 weeks, than last year (same time period).” - Anna

👍 Yes - “Higher highs and higher lows but dip below 50k would not be unusual” - Chris

👎 No - "The support will be 56,000. The projection of the charts and the data reveal that there is a lot of anxiety to enter the bull market. The buying frenzy will be so great that it will reach a new record high above 100 in the next two months." - Martin

IN THE LOOP

⚖️ UK High Court freezes Craig Wright’s assets in a $1.9 million legal dispute. Wright must pay £1.548 million in legal fees to Peter McCormack for presenting false evidence in a defamation case. The Worldwide Freezing Order prevents Wright from moving his assets until payment is made.

🔗 Ten31 invested over $125 million in Bitcoin infrastructure, leveraging network effects to enhance the Bitcoin ecosystem. Unlike traditional VC models, Bitcoin's open protocol fosters industry-wide collaboration.

🔄 Bitfarms appointed Ben Gagnon as CEO amid its ongoing conflict with rival Riot. Gagnon, formerly chief mining officer, will lead global expansion efforts. The move follows Riot's campaign to take over Bitfarms, which has included a failed $950 million acquisition attempt and a push to reconstitute Bitfarms' board.

📊 President Biden insists he will stay in the 2024 race, sending a letter to congressional Democrats. However, Polymarket odds show a 51% chance he will drop out, down 6% from the previous night. Biden's PR efforts in swing states have slightly improved his standing among crypto oddsmakers.

VIDEO

Congressman Matt Gaetz announces the formation of the Congressional El Salvador Caucus to strengthen U.S.-El Salvador relations and support President Bukele's successful reforms.

👉 Watch the full speech here

CHARTS & DATA

Mayer Multiple - The Mayer Multiple has flashed a rare green signal, which happens when it goes below 1.0. This last happened in September and October 2023.

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