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:

• Biden's veto threat looms over H.J. Res. 109,

• Scammers manipulate Bitcoin holders for account access,

• To curb scams Vermont caps Bitcoin ATM fees at 3%,

• And everything else you need to know.

—Jordan

CUSTODY CLASH

Biden to Veto Bill Allowing Financial Firms to Custody Bitcoin

Biden's Veto Threat: President Joe Biden plans to veto H.J. Res. 109, a bill that would give financial institutions the ability to hold Bitcoin and digital assets.

White House Claims: The White House asserts the legislation would undermine SEC efforts to protect investors and the financial system.

Legislative Opposition: Despite bipartisan support for this bill, which would allow financial institutions to hold Bitcoin, Biden's administration remains firm against it, arguing that the bulletin safeguards consumers.

Next Steps: The bill has passed the House in a vote of 228 to 182 but must clear the Senate, leaving the potential veto from Biden as a looming challenge.

WHAT WE’RE WATCHING

💼 House Democrats are pushing for stricter regulation on Bitcoin mixers to combat money laundering concerns. The bill, led by Rep. Sean Casten, seeks audits for legitimacy. Despite Republican resistance, recent crypto enforcement actions and suspicions surrounding Tether highlight ongoing bipartisan scrutiny of Bitcoin and crypto.

📈 Susquehanna International Group disclosed a $1.8 billion investment in Bitcoin ETFs in a recent SEC filing. Their portfolio includes Grayscale's spot Bitcoin ETF, Fidelity’s FBTC and Ark Invest’s ARKB fund.

🌍 Europe's securities regulator, ESMA, is exploring including Bitcoin in the €12 trillion UCITS mutual fund market. If approved, this would grant fund managers the ability to allocate a portion of their portfolios to Bitcoin, potentially boosting liquidity and accelerating EU Bitcoin purchases.

⚡ Argentinean energy company, YPF Luz, and Genesis Digital Assets (GDA) plan to use surplus gas for Bitcoin mining. Using flared gas that would otherwise go to waste, they plan to power 1,200 mining machines, potentially cutting emissions by up to 63% and illustrating Bitcoin mining's positive impact on sustainability and energy use.

⛏️ Hut 8, a North American Bitcoin mining company, reported a 36% drop in Bitcoin production in April. This massive drop was due to the Bitcoin halving and relocating mining operations to a more efficient Texas site. The move caused a steep decline to just 148 BTC mined, leading to a 7.46% fall in Hut 8's stock share price.

🚀 Core Scientific, a Bitcoin mining company, reported $179.3 million in revenue in Q1 2024 after emerging from bankruptcy. Their digital asset mining contributed $150 million, boosting gross margins to 46%. Higher Bitcoin prices and improved mining capacity led to a net income of $210.7 million, marking a strong post-bankruptcy recovery.

BITCOIN SCAM ALERT

Scammers Exploit Bitcoin Users via Phone Tactics

Phone Scam Operation: Bitcoin podcaster Junseth recorded a conversation with a hacker. The conversation revealed a phone scam where the hacker targets Bitcoin users.

How the Scam Works: Posing as customer support from companies like Google and Bitcoin exchanges, the scammers manipulate victims into disclosing sensitive information to access their accounts and steal funds.

Scam Techniques: Scammers, like "Daniel," use psychological tactics to exploit emotions such as greed and fear, convincing people their assets are at risk or promising windfalls. They buy high-quality leads and use automated systems to identify susceptible targets.

Scammer Insights: One of the scammers admitted to living a lavish lifestyle funded by these crimes, boasting about significant daily earnings despite acknowledging potential legal consequences.

Protective Measures: Cybersecurity experts advise caution when receiving unsolicited calls, never sharing personal information over the phone, and using strong passwords, two-factor authentication, and hardware wallets to secure Bitcoin assets.

Editors Note: As the price of Bitcoin goes up, there will be more scams. We felt this was an important story to include in order to help our readers protect themselves from fraud and scammers.

POLL

TUESDAY’S POLL RESULTS

Is on-chain addresses monitoring a useful way to gain insight into Bitcoin?

👍 Yes - 89.5%

👎 No - 10.5%

IN THE LOOP

🌍 Bitcoin Beach has launched a grant campaign to foster Bitcoin circular economies globally. In partnership with Geyser and the Federation of Bitcoin Circular Economies, they offer funding, education, and mentorship to 22 selected projects, aiming to replicate their success in other communities and promote Bitcoin adoption worldwide.

📈 Exodus Movement, creator of the Exodus wallet, is now listed on the NYSE under the ticker “EXOD,” signifying a major milestone in non-custodial finance. 

🛡️ Vermont lawmakers have passed a bill to regulate Bitcoin ATMs to curb scams and protect consumers. The legislation imposes a one-year moratorium on new ATMs, limits transactions to $1,000 per day, and caps fees at 3%, aiming to reduce exploitation and provide transparency.

📝 Japanese crypto exchange Coincheck aims to finalize its NASDAQ listing via a merger with Thunder Bridge Capital Partners IV by the third quarter of 2024. Delayed since March 2022, this listing will make Coincheck only the second crypto exchange to go public in the U.S., following Coinbase.

VIDEO

In a new clip, Donald Trump takes a jab at Joe Biden for not understanding Bitcoin while voicing his own acceptance.

Trump assures voters that if they're "in favor of crypto," their best bet is to vote for him.

CHARTS & DATA

Pi Cycle Top - The chart above shows the pi cycle top, which has successfully shown the last two Bitcoin highs. The bands are nearing, but have yet to cross.

$450,000 - If Bitcoin repeats the price moves of the last 4-year cycle in terms of %, the price would peak around $450,000 USD.

MORE FROM OUR COMPANY

The Bitcoin Minimalist is run by Bitbo. Browse our most popular pages across our sites:

Bitbo Dashboard: View live price action, monitor on-chain data, and track key economic indicators - all for free.

Bitbo Charts: Useful Bitcoin charts, featuring on-chain metrics and other Bitcoin analysis.

Bitbo News: Bitcoin-only news. No spam or fluff. Just need-to-know Bitcoin news.

Halving Clock: Track the countdown to the Bitcoin halving with our Bitcoin halving clock.

Bitcoin Treasuries: Track all companies/ETFs/countries holding Bitcoin on their balance sheets.