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:

• Sony launches Bitcoin exchange,

• German government transfers $95M in seized BTC,

• Supreme Court limits regulatory power,

• And everything else you need to know.

—Jordan

BITCOIN EXPANSION

Sony Enters Bitcoin Market with S.BLOX Exchange

Sony Launches S.BLOX Exchange: Sony Group has acquired Amber Japan and is relaunching it as the S.BLOX Bitcoin and crypto exchange. This marks a massive shift as Sony, a massive and well-known tech brand, is expanding into the Bitcoin space.

Strategic Acquisition: Sony purchased Amber Japan in 2023 through its subsidiary Quetta Web. Amber Japan was originally known as DeCurret before Singapore-based Amber Group took over in 2022.

Rebranding and Upgrades: Sony has rebranded the exchange as S.BLOX and plans to significantly upgrade its user interface and mobile app. The exact launch date remains unannounced.

Market Opportunity: Japan, with its proactive regulation and high consumer awareness, is a leading Bitcoin market, making it an ideal place for Sony to debut and expand its crypto services.

WHAT WE’RE WATCHING

⚖️ The Supreme Court's 6-3 ruling on June 28, 2024, overturns the Chevron doctrine. This new decision will limit administrative agencies' regulatory power. This landmark decision, particularly affecting Bitcoin miners, mandates courts to use independent judgment in statutory interpretation, reducing regulatory uncertainties and favoring clearer legislative directives for miners.

📈 Bitcoin surged 1.1% during the Trump-Biden debate last Thursday, June 27. As Trump's betting odds improved from $0.53 to $0.63 and Biden's fell from $0.48 to $0.37, Bitcoin's price rose from $61,439 to a peak of $62,152, then settled at $61,362.

🇩🇪 The German government transferred $95M in seized Bitcoin to exchanges. This move raises concerns of potential sales. Since June 19, they've moved $220M in Bitcoin. Initially seized in 2013, Germany still holds around 44,692 BTC, valued at $2.82B.

📉 Bitcoin's hashrate drawdown has dropped to -7.6%, a drop size not seen since December 2022. CT claims this could be signaling a potential market bottom. This decrease indicates miner capitulation. Metrics like Bitcoin Exchange Reserve and Miners Position Index support low selling pressure, suggesting coming stability in Bitcoin's price.

💼 Metaplanet bought another $1.2 million worth of Bitcoin, acquiring over 20.2 BTC. This purchase is part of their $6 million strategy to increase BTC holdings. The Japanese investment adviser's total Bitcoin holdings now amount to 161.3 BTC.

📉 Runes transactions on Bitcoin dropped over 88% in June. From June 22-28, daily transactions fell to 37,820, down from 331,040 between June 9-15. Miners earned less than 2 BTC from Runes transactions over six days, with miner reserves hitting a 14-year low.

🎙️ Congressman Thomas Massie discusses national debt, Federal Reserve control, and Bitcoin's potential. He critiques U.S. monetary policies, Paul Krugman's teachings, and the influence of lobbyists. Massie sees Bitcoin as a transformative, and the potential future reserve currency.

SECURE SAFEGUARDING

U.S. Marshals Service Partners with Coinbase for Digital Asset Management

Coinbase Chosen by USMS: The U.S. Marshals Service (USMS), has selected Coinbase Prime to manage its “Class 1” (large cap) digital assets. The USMA is a division of the U.S. Department of Justice responsible for asset forfeiture.

Track Record and Security: Coinbase was chosen due to its strong track record and ability to securely provide institutional-grade crypto services at scale. The company has been supporting law enforcement agencies since 2014 and collaborates with every major U.S. federal, state, and local law enforcement agency, as well as international agencies.

Institutional Trust: Coinbase Prime, launched nearly three years ago, has become the preferred platform for institutions and large digital asset holders, including the primary partner for most spot crypto ETFs. As of March 31, 2024, Coinbase safeguarded $330 billion in assets. Remember though: not your keys, not your coins.

POLL

TUESDAY’S POLL RESULTS

Will Trump speak at the 2024 Bitcoin conference?

👍 Yes - 90.9%

👎 No - 9.1%

👍 Yes - “He won't be able to resist.” - Chris

IN THE LOOP

🇧🇴 Bolivia has lifted its ban on Bitcoin transactions as of June 26. The Central Bank of Bolivia now allows financial entities to use authorized digital assets, aligning with GAFILAT guidelines. However, Bitcoin is not recognized as legal tender, and the BCB will educate the public on cryptocurrency risks.

⚖️ Coinbase sued the SEC and FDIC on June 27 for regulatory overreach. Coinbase is of the opinion that the SEC and FDIC have been hindering Bitcoin industry's banking access through coordinated efforts and non-compliance with FOIA requests. Coinbase claims regulators pressure banks to deny services to Bitcoin firms, posing an existential threat to the industry.

📉 Javier Milei reduced Argentina's annualized inflation by 95% in seven months, from 1355% to 4.2%. He reversed the budget deficit into a surplus and gained extensive temporary control over energy, economic, and financial sectors. Despite opposition unrest, Milei's reforms focus on empowering small businesses and potential currency usage with the peso, Bitcoin and dollar.

🌐 Hawaii crypto firms no longer need a Money Transmitter License (MTL) to operate. This was released as a part of an announcement by the Hawaii Department of Commerce and Consumer Affairs. However, they must comply with federal regulations, including those from the SEC and FinCEN. The state aims to increase awareness of Bitcoin and crypto-related risks while easing local regulatory burdens.

VIDEO

PlanB shares his July 2024 Bitcoin outlook.

He looks at 7 charts: stock to flow, Bitcoin market cycle, RSI, 200-week moving average, realized price, and realized return.

Watch the video here.

CHARTS & DATA

3 years and 269 days - The number of estimated days left until the 2028 Bitcoin halving. The Bitcoin block reward will drop from 3.125 to 1.5625 BTC per block.

44,692 BTC - The number of bitcoins the German government still holds after recently selling off coins.

Bitcoin ROI - This new table and website by Bitbo shows Bitcoin’s ROI if you would have purchased on the same day in any previous year.

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