🟠 BTC Passes $65,000

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.

Happy Thursday to the 16,488 Minimalist members reading today. 👋 

Sending this out as we’re passing $65,000!

Today we’re covering:

• PayPal expands Bitcoin services to businesses,

• Bitcoin framed as free speech,

• BNY Mellon to offer Bitcoin custody,

• And everything else you need to know.

Estimated read time: 3 minutes and 25 seconds

WHAT WE’RE WATCHING

💼 PayPal now lets U.S. business accounts buy, hold, and sell Bitcoin, expanding its crypto services beyond retail users. Initially, the feature won't be available for businesses in New York due to regulatory constraints. This follows PayPal’s launch of its PYUSD stablecoin last year.

📜 A recent paper argues Bitcoin is protected under the First Amendment as free speech and expressive conduct. It claims using and mining Bitcoin are forms of protest against government-controlled currencies. Some regulations, like New York’s mining moratorium, may infringe on these constitutional protections.

🌐 Kamala Harris emphasized the need for the U.S. to “remain dominant” in blockchain, AI, and other emerging technologies. In a September 25 speech, she highlighted investment in advanced industries, stressing that the U.S. must lead in innovation to stay ahead of global competitors like China.

🛡️ BlackRock’s Robbie Mitchnick calls Bitcoin a risk-off asset, despite occasional stock market correlations. Highlighting Bitcoin's decentralized, non-sovereign nature, he emphasizes its appeal in uncertain times. BlackRock’s iShares Bitcoin Trust holds $23 billion, showcasing strong institutional belief in Bitcoin’s stability.

🛡️ A Swiss nuclear bunker in the Alps secures over $100M in Bitcoin. Cointelegraph visited the vault, protected by military-grade security, including 6-ton blast doors and biometric systems.

💰 Arthur Hayes's family office, Maelstrom, awarded Bitcoin developer Jon Atack a one-year grant to work on Bitcoin Core and BIPs. This no-strings-attached funding allows Atack to focus on improving Bitcoin’s decentralization, privacy, and performance, strengthening the open-source ecosystem.

📊 BlackRock’s Bitcoin ETF posted a record $184.4 million inflow on September 25, the largest daily inflow of any fund this month. This marks a significant boost during a five-day streak of positive inflows across all U.S. spot Bitcoin ETFs, totaling $496.7 million.

📱 Alby has launched Alby Go. Alby Go is a mobile app designed for easy Bitcoin payments on the go. Available for iOS and Android, the app allows users to send and receive Bitcoin instantly via the Lightning Network.

IN THE LOOP

• BNY Mellon is close to offering crypto custody services for ETFs after the SEC relaxed its stance on controversial crypto accounting guidelines.

• Gary Gensler testifies before Congress amid criticism of the SEC's aggressive bitcoin enforcement and regulatory uncertainty.

• Brink donated over $1 million in the past year to support Bitcoin developers, focusing on protocol improvements and open-source development.

• BlackRock has tightened Bitcoin ETF withdrawal rules, requiring 12-hour withdrawals via Coinbase to address investor concerns about asset transparency and custodial practices.

• Bitcoin ETFs are less than 200,000 BTC away from surpassing Satoshi Nakamoto's estimated 1.1 million BTC, holding 916,047 BTC as of September 24.

POLL

TUESDAY’S POLL RESULTS

Which potential US President will be better for Bitcoin's future?

🟠🟠🟠⚪ - 🐘 Trump (75%)

🟠⚪⚪⚪ - 🫏 Kamala - (25%)

🫏 Kamala - “Stability is a requirement for a promising future.” - Tom

🐘 Trump - “Trump is more experienced in matters of a financial matter and in my opinion, he is much more intelligent than Harris.” - Peter

🐘 Trump - “Trump will be better for Bitcoin. Harris will destroy the dollar which would increase bitcoin value in USD. What is the point of bitcoin replacing the dollar if our economy, society, culture, and freedoms are ruined?” - Austin

🫏 Kamala - “Money printer go burrrrr........BTC go up!!” - Jimmy

🐘 Trump - “I believe the Dems will attempt to manipulate Bitcoin.” - Ben

🐘 Trump - “Hopefully less taxes on small transactions like coffee or lunch etc.” - Will

🐘 Trump - “Trump will mainstream Bitcoin.” - Chris

🐘 Trump - “Betting on Harris because she will weaken the us dollar is assinine. Would rather see dollar strong and Bitcoin strong!!” - Thomas

VIDEO

The Bitcoin Transitional Phase: Rekt Capital dissects the Re-Accumulation phase of the Bitcoin Halving Cycle to better understand the opportunities that lay ahead.

CHARTS & DATA

Supply in Profit - Bitcoin supply in profit is now at ~84%. This number is usually seen before bull runs, or after highs.

Mayer Multiple - The Mayer Multiple has finally moved up past 1.0.

All-Time High - It has been 196 days since Bitcoin’s latest all-time high on March 14, 2024. The price is only ~15% away from the $73,825 high.

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