🟠 Tether & 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 20,413 Minimalist members reading today. 👋 

Today we’re covering:

• North Carolina proposes a Bitcoin reserve,

• Florida plans to invest 10% of public funds.

• Missouri pushes for a no-cap BTC reserve,

• And everything else you need to know.

Estimated read time: 2 minutes and 49 seconds

WHAT WE’RE WATCHING

🏛️ Florida's SB 550 would allow the state to invest up to 10% of public funds in Bitcoin. Filed by Sen. Joe Gruters, the bill aims to hedge against inflation and enhance economic security. The CFO would oversee custody and potential lending of Bitcoin holdings, with secure storage requirements.

💰 Tether now holds $98B in U.S. Treasuries, surpassing Germany’s holdings. Once criticized for its reserves, Tether has become a key buyer of U.S. debt as traditional buyers like China and Japan retreat. This shift strengthens U.S. dollar dominance, making Tether a vital player in global finance. Tether also holds over 80,000 BTC.

🏛️ North Carolina became the 20th U.S. state to propose a Bitcoin reserve. House Bill 92 allows the state treasurer to invest up to 10% of funds in Bitcoin via regulated exchange-traded products. Similar bills were recently introduced in Montana, Florida, Kentucky, Maryland, and Iowa.

📉 Anthony Scaramucci said Bitcoin’s price near $97K reflects where it should have been two years ago, blaming ETF approval delays. He highlighted growing institutional interest, potential U.S. strategic reserves, and Middle Eastern sovereign wealth fund accumulation as bullish factors. He also praised Trump’s regulatory stance on crypto.

🏗️ A UK landfill site in Newport, Wales, where a hard drive holding 8,000 Bitcoin ($768M) is allegedly buried, is set to close by 2025-26. IT worker James Howells lost a legal battle to search for it, as the council cited environmental concerns against excavation.

💰 FTX will begin repaying small creditors on Feb. 18, covering claims up to $50,000 with 9% annual interest. Payments will be sent to verified BitGo accounts, with details available on the FTX Digital Claim Portal. Larger creditors must wait as legal battles over asset recovery continue. PlanB asked his followers what they’d do if they had 1 BTC on FTX. Of 12,341 votes, 51.2% aren’t receiving repayment. Of those that are receiving reimbursement, 9.7% said they will keep the cash, and 39% plan to buy more bitcoin.

IN THE LOOP

• NFL star Saquon Barkley was seen with Jack Dorsey and Strike CEO Jack Mallers wearing Satoshi Nakamoto shirts.

• Strategy acquired 7,633 more BTC for $742 million, bringing its total holdings to 478,740 BTC worth over $46 billion.

• Missouri introduced House Bill 1217 to establish a Bitcoin reserve fund with no investment cap and a mandatory five-year holding period.

• Maryland introduced the Bitcoin Reserve Act to invest gambling enforcement funds into bitcoin and allow state agencies to accept bitcoin payments.

• PlanB suggests Bitcoin gains occur in red periods around halvings, with the current red period lasting until October 2025.

The most clicked link in our last newsletter was Glassnode saying how Bitcoin’s 2025 cycle is "atypical", likely due to institutional adoption and rising dominance over altcoins.

VIDEO

💡Is Tether a threat to Bitcoin?

Matthew Kratter from Bitcoin University breaks it down:

USDT can be frozen by law enforcement, unlike Bitcoin, which is truly censorship-resistant.

While Tether is useful, it’s not a great store of value.

And Kratter claims:

No, Bitcoin doesn’t rely on USDT to stay strong.

POLL

THURSDAY’S POLL RESULTS

Will a major US bank offer Bitcoin custody or trading sometime in 2025?

🟩🟩🟩🟩⬜️ 👍 Yes (89%)

🟥⬜️⬜️⬜️⬜️ 👎 No (11%)

👍 Yes: “They all want in on BTC...too much interest from their existing client base” — Chris

CHARTS & DATA

Mayer Multiple - The Mayer Multiple remains low at just 1.22.

Fear & Greed - The Bitcoin Fear & Greed Index has dropped quickly, and now stands at 47.

FROM THE ARCHIVE

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