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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.
What a crazy week it’s been!
Should be an interesting month and year up ahead.
Happy Tuesday to the 17,003 Minimalist members reading today. 👋
Today we’re covering:
U.S. Bitcoin reserve talk,
Bitcoin hits new record high at $76,481
Bitcoin surpasses Meta in market cap
And everything else you need to know.
Estimated read time: 2 minutes and 57 seconds
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WHAT WE’RE WATCHING
U.S. Senator Cynthia Lummis.
🇺🇸 Following Trump’s presidential win, Senator Cynthia Lummis called for a U.S. Bitcoin reserve, aligning with his pro-Bitcoin stance. Trump initially proposed the idea in July to boost economic resilience and domestic Bitcoin mining.
🎉 Bitcoin advocates celebrate Donald Trump’s 2024 presidential victory, hailing his pro-Bitcoin stance. Trump pledged to make the U.S. a Bitcoin leader, create a national 200,000 BTC reserve, and support Bitcoin mining. Following his win, Bitcoin surged to a record high of over $76,500.
💡 Jason Lowery urges the U.S. to treat Bitcoin as a strategic asset beyond finance, emphasizing its potential for "cyber sovereignty." He recommends building a government-backed "US Hash Force" to secure Bitcoin's Proof-of-Work network, which he argues is crucial for national cybersecurity and defense.
📉 The Fed is expected to announce a quarter-point rate cut today. Chair Jerome Powell will address the decision at a 2:30PM EST press conference. Officials will assess future cuts based on inflation, labor market data, and economic growth trends through December.
📈 Bitcoin surged over 9% to a record $76,481 on Wednesday, marking its fourth-best day of 2024. BlackRock’s iShares Bitcoin Trust (IBIT) saw a record $4.1 billion in volume, while total bitcoin ETF inflows hit $621.9 million.
📊 Bitbo introduces a new "Bitcoin Total Circulating Supply" chart, displaying the current supply and mined percentage. Users can also view the percentage of remaining Bitcoin yet to be mined by toggling chart options.
🐋 Two Bitcoin whales bought $142M in BTC after Donald Trump’s re-election. Additionally, 11 new whale addresses purchased $132M in BTC from Binance, reflecting rising investor enthusiasm for Bitcoin amid expectations of coming pro-Bitcoin policies.
IN THE LOOP
Bitcoin overtook Meta in global market cap, reaching $1.46 trillion.
A Republican Senate majority aims to pass clearer, pro-Bitcoin regulations.
Trump’s election win boosts hopes for pro-Bitcoin policies, including SEC changes, a bitcoin reserve, and support for U.S. bitcoin mining.
Polymarket bettors predict Trump is more likely to pardon Jan. 6 protesters (86%) than to commute Silk Road founder Ross Ulbricht’s sentence (78%).
The Bank of England cut interest rates to 4.75% despite inflation risks from recent budget measures and global economic uncertainties.
POLL
How likely do you think Trump’s administration will create a national Bitcoin reserve? |
TUESDAY’S POLL RESULTS
Will Bitcoin see major volatility today due to the U.S. presidential election?
👍👍👍 Yes - 71%
👎 No - 29%
👍 Yes - “Buy the rumor, sell the news” - Chris
👎 No - “Bitcoin has a stable base of investors. The election will cause some volatility, but it will not be major.” - Dylan
👎 No - “Election results have to sink in.” - Jeremy
VIDEO
While there’s no sign yet that the U.S. will buy Bitcoin, leaders may hold seized BTC instead of selling it.
CHARTS & DATA
Cycle Low - Bitcoin is tracking the last two cycles almost perfectly, according to the cycle low multiple.
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FROM THE ARCHIVE
With talk about the U.S. building a Bitcoin reserve similar to its gold reserve, let’s take a look back:
“Gold Parity Day” in Bitcoin is a celebration of the day when the cost of a single bitcoin equaled the cost of an ounce of gold for the first time.
While Bitcoin reaching gold’s market cap would be more significant, many thought a digital asset, such as bitcoin, could never even compete with gold.
It was believed to be impossible to create a digital asset that was provably rare.
However, bitcoin not only proved it could be gold’s equal, but also that it could outperform it.
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