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:

• Fear & greed index drops,

• 54% bullish 80 days post-halving,

• Speculative attack strategy effective,

• And everything else you need to know.

—Jordan

TRUMP TALKS BITCOIN

Trump Joins Bitcoin 2024 Lineup

Major Announcement: Donald Trump has been confirmed as a speaker at Bitcoin 2024, set to take place in Nashville from July 25-27, 2024. This marks a significant moment for the Bitcoin community and the event.

Trump's Bitcoin Support: Recently, Trump pledged support for Bitcoin miners and promised to protect the rights of Bitcoin holders in the U.S., enhancing his credibility within the industry.

Conference Significance: Bitcoin 2024 continues the legacy of impactful conferences, with previous events featuring landmark announcements such as El Salvador’s Bitcoin legal tender declaration and speeches from U.S. presidential candidates.

High-Profile Speakers: With both Donald Trump and Robert F. Kennedy Jr. slated to speak, Bitcoin 2024 is expected to influence future Bitcoin policies in the U.S.

Want tickets to Bitcoin 2024? Get 10% off your ticket with code BITBO at checkout.

WHAT WE’RE WATCHING

🏢 Santa Monica opens a Bitcoin office to educate the public and explore economic opportunities. This move was inspired by El Salvador's Bitcoin success. Partnering with Proof of Workforce, this initiative, approved by the city council at no cost, aims to attract investment, boost tourism, and utilize renewable energy for sustainable Bitcoin mining.

😨 The Crypto Fear & Greed Index dropped to 27 on July 9, its lowest since January 2023. The market panic stems from the German government selling tens of thousands of BTC and Mt. Gox repaying creditors. Despite these pressures, Bitcoin Exchange Reserves are at a multi-year low, suggesting a potential counterbalance, according to Coin Telegraph.

🔍 Bitcoin faces a potential correction similar to summer 2021 despite whale accumulation. BTC has seen lower highs and lows, hitting $53,500 on July 5. Selling by the German government and Mt. Gox repayments add pressure. Key metrics indicate potential further declines unless $59,000 resistance is flipped, according to CT.

🗂️ The EIA hosted a webinar to discuss future data collection on U.S. Bitcoin mining operations. Key challenges include identifying mining activities and tracking relocations for cheaper electricity. Industry participants emphasized mining’s positive impact on energy infrastructure and proposed expanding surveys to include all data centers. Collaborative feedback and partnerships are encouraged for effective, non-invasive data collection.

📉 80 days post-halving, 54% of crypto investors remain bullish despite Bitcoin dropping to $59,000. A CoinGecko survey shows 49.3% bullish and 25% neutral. The crypto fear index is at 28, signaling significant market apprehension according to CoinGecko, yet some see this as a buying opportunity.

⚖️ Samourai Wallet developer William Lonergan Hill appeared in court following his extradition from Portugal. The DoJ seized 27 electronic devices from Hill and plans to review the data. Hill will live in Lisbon with an ankle monitor while on bail. The next hearing is scheduled for September 10, 2024.

GREATEST PAIR TRADE

Speculative Attack: The Bitcoin Surge Continues

10 Years of Speculative Attack: A decade ago, Pierre Rochard outlined the compelling rationale for borrowing fiat to buy Bitcoin. This strategy has yielded extraordinary returns, with Bitcoin surging from $630 to over 100 times its initial value. This leveraged approach has proven particularly effective in weaker fiat currencies like the Turkish Lira and Argentinian Peso.

Wider Avenues for Speculative Attack: The opportunities for leveraging fiat to buy Bitcoin have expanded. Countries like El Salvador and corporations like MicroStrategy have adopted this strategy, achieving impressive financial results. Hedge funds and public Bitcoin mining companies are also increasingly engaging in similar trades, amplifying the speculative attack.

Central Banks and Asset Allocation: Central banks' direct intervention in capital markets has led to increased leverage in equity, credit, and real estate markets. As fiat currencies weaken, more investors are expected to shift towards Bitcoin, the only truly scarce asset, according to Rochard.

Conclusion: As Bitcoin's mainstream adoption progresses, the speculative attack strategy becomes even more compelling. The collapse of fiat currencies continues, and the avenues for leveraging fiat to buy Bitcoin widen. The speculative attack, far from over, is entering a new and more intense phase.

POLL

TUESDAY’S POLL RESULTS

Should the US government adopt a more Bitcoin-friendly approach like the RNC's platform suggests?

Yes, it will boost the economy - 100%

No, current regulations are sufficient - 0%

Yes, it will boost the economy - “It is a lot better than having the Freak Administration trying to shut it down and overtax it.” - Alex

Yes, it will boost the economy - “Of course” - Ben

Yes, it will boost the economy - “The US should adopt BTC as a treasury asset as we attempt to dig ourselves out of a potential debt crisis” - Chris

IN THE LOOP

🤝 Block and Core Scientific have partnered to decentralize Bitcoin mining using Block’s new 3nm ASIC chips. Core Scientific, the first to use these chips, will enhance their large-scale operations by adding 15 EH/s of hashrate. This collaboration aims to increase efficiency, reliability, and sustainability in Bitcoin mining.

📱 Foundation Devices aims to create Bitcoin hardware with the sleekness of Apple products. Foundation emphasizes open-source, privacy, and ease of use, balancing innovative design with Bitcoin self-custody principles. CEO Zach Herbert's mission includes the user-friendly Passport hardware wallet and the Envoy mobile app.

🚨 BitMEX pleads guilty to violating the Bank Secrecy Act for not establishing an adequate AML program, risking large-scale money laundering. This follows legal actions against its executives and hefty settlements. BitMEX claims improved compliance since, including a user verification program and independent audits.

💼 CFTC Chair Rostin Behnam reaffirms that Bitcoin and Ethereum are commodities, advocating for the CFTC to have regulatory oversight. Citing a recent court ruling and a 2022 FSOC report, Behnam emphasized the need for federal legislation to protect investors and the financial system. He outlined priorities for better regulating digital commodities, including tailored rules, a fee-for-service funding model, and comprehensive disclosure regimes.

VIDEO

Discover how Bitcoin challenges traditional finance, promotes freedom, and empowers individuals globally.

"God Bless Bitcoin" explores the ethical, spiritual, and economic dimensions of Bitcoin, showing its potential to create a fairer world.

Watch the Official Trailer Here

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