🟠 US to Sell BTC

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 Tuesday to the 19,569 Minimalist members reading today. 👋 

Today we’re covering:

• U.S. to liquidate $6.5B Silk Road Bitcoin

• Bitcoin drops to $93K amid Fed concerns

• Oklahoma pushes Bitcoin Freedom Act

• And everything else you need to know.

Estimated read time: 3 minutes and 5 seconds

WHAT WE’RE WATCHING

📉 Bitcoin drops to $93,000 after Fed raises concerns over Trump’s trade policies. The Fed highlighted inflation risks (Core PCE at 2.8%) and a cautious rate-cut strategy. Market uncertainty surrounding Trump's pro-Bitcoin stance and economic impact contributed to the decline, according to analysts.

🌍 Fidelity predicts nation-states will adopt Bitcoin by 2025. “We expect 2025 to be the year this changes for both acceptance and adoption. This is to say, we anticipate more nation-states, central banks, sovereign wealth funds, and government treasuries will look to establish strategic positions in bitcoin.”

💡 Oklahoma Senator Dusty Deevers introduces SB325, the Bitcoin Freedom Act. The bill will allow employees to opt for Bitcoin wages and vendors to accept Bitcoin payments. Deevers cites Bitcoin as a hedge against inflation, aiming to position Oklahoma as a Bitcoin leader.

💰 The U.S. government will sell $6.5 billion worth of Silk Road Bitcoin after a court approved the liquidation of 69,370 BTC. This decision comes days before President-elect Trump, who pledged to retain seized Bitcoin as a strategic reserve, takes office.

⚖️ A Texas court ordered Frank Richard Ahlgren III, convicted of Bitcoin-related tax fraud, to reveal private keys for $124M worth of crypto, mostly Bitcoin. Ahlgren underr-eported gains and used obfuscation methods. The court's order restricts asset transfers, ensuring restitution of $1.1M in taxes owed.

🇨🇦 Many in the Bitcoin industry back Canada’s pro-Bitcoin candidate Pierre Poilievre. He’s the leader of the Conservative Party and the frontrunner in the upcoming Canadian October election with an 89% probability of victory. Elon Musk, the CEO of Tesla and SpaceX, endorsed Poilievre by sharing a video in which Poilievre addresses issues of inflation and government expenditure, describing it as "perfectly articulated."

IN THE LOOP

• Thailand will pilot Bitcoin payments in Phuket in 2025, allowing tourists to use Bitcoin for transactions.

• Arthur Hayes claims that US Fed money printing and Trump administration policies could drive Bitcoin volatility, with potential highs in early 2025.

• Canaan unveiled the Avalon Mini 3 at CES 2025, a Bitcoin miner doubling as a home heater.

• UAE-based Phoenix Group expanded its Bitcoin mining operations to North Dakota with a 50 MW facility.

• Kraken and a16z executives, alongside pro-crypto CFTC Commissioner Summer Mersinger, are top contenders for the next CFTC chair under Trump.

• Truck driver Jason Marquez made over $750,000 by investing in MicroStrategy stock after exiting crypto following FTX's collapse.

• Coinbase informed users it may share account data with the CFTC in response to a subpoena related to Polymarket's operations.

The most clicked link in our last newsletter was Bitbo’s new chart comparing the quarterly U.S. median house price to the average Bitcoin price by calculating their ratio.

POLL

TUESDAY’S POLL RESULTS

Where will Bitcoin's price land by the end of 2025?

🟨⬜️⬜️⬜️⬜️⬜️ - 🟢 $50k - $100k (4%)

🟩🟩🟩🟩🟩⬜️ - 🟡 $100k - $200k (40%)

🟩🟩🟩🟩🟩⬜️ - 🟠 $200k - $400k (40%)

🟨⬜️⬜️⬜️⬜️⬜️ - 🔵 $400k- $600k (7%)

🟨⬜️⬜️⬜️⬜️⬜️ - 🟣 $600k - $1m (5%)

🟨⬜️⬜️⬜️⬜️⬜️ - 🔴 $1m+ (4%)

🟢 $50k - $100k: “Bull market long since over by end of 2025” — Dylan

🟡 $100k - $200k: “Power law until it breaks” — Ben

🟡 $100k - $200k: “BTCUSD will surprise you on the upside and surprise you on the downside...keep riding the wave and HODLing regardless” — Matt

🟡 $100k - $200k: “I would guess somewhere between 175k - 185k” — Chris

🟡 $100k - $200k: “Best guess. A slow climb as the world adopts digital assets. Investors must be long to reap the full benefits of bitcoin.” — Kevin

🟠 $200k - $400k: “I estimate $250k by the end of 2025! This site is very useful to all Bitcoin fans.” — Luke

🔵 $400k- $600k: “Big boys taking over this year, with bigger numbers.” — Eli

CHARTS & DATA

1YR HODL Wave - The 1+ Year HODL Wave continues to drop, indicating the long-term Bitcoin holders have been taking profits. It does appear to have flatlined over the past few days, though.

Pi Cycle Top Estimate - With the latest price pullback, the Pi Cycle Top is now estimated for October 29, 2025.

FROM THE ARCHIVE

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