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:

• Michael Saylor’s $13M Bitcoin prediction,

• U.S. moves $2 billion in seized Bitcoin,

• Senator Lummis pushes for massive US Bitcoin reserve,

• And everything else you need to know.

—Jordan

MEGA BULLISH

Michael Saylor's Bold BTC Price Forecast: $13 Million by 2045

Saylor’s $13M BTC Forecast: Michael Saylor, co-founder of MicroStrategy, delivered a keynote at the Bitcoin 2024 conference, predicting Bitcoin could reach $13 million per coin by 2045. This new forecast surpasses his previous $10 million estimate from June, presenting a range from $3 million to $49 million based on market conditions.

Triple Maxi Strategy: Saylor encouraged listeners to adopt a "triple maxi" Bitcoin strategy: financing homes with Bitcoin, converting all assets to Bitcoin, and moving to tax-friendly jurisdictions.

Economic Insights: Saylor emphasized that physical assets depreciate due to entropy, while Bitcoin, being immutable and immaterial, offers an infinite lifespan and economic security. He urged corporations and nation-states to follow this investment strategy to safeguard and grow their wealth.

MicroStrategy’s Holdings: MicroStrategy remains a significant Bitcoin holder, possessing 226,331 BTC, acquired at an average price of $36,798 per coin, totaling approximately $8.33 billion as of June 20.

WHAT WE’RE WATCHING

🇺🇸 Sen. Cynthia Lummis proposed the US government buy 5% of the world's Bitcoin supply, costing $68.1 billion. The Bitcoin Reserve Bill aims to acquire one million Bitcoin over five years to reduce national debt and avoid dollar devaluation. This proposal received support at the Bitcoin 2024 conference.

🪙 RFK Jr. promises to establish a Bitcoin strategic reserve and back the dollar with hard assets. Speaking at the Bitcoin 2024 conference, he proposed transferring the 204,000 BTC currently owned by the government to the Federal Reserve and buying 500 BTC daily to bolster the economy. He also aims to make Bitcoin transactions non-reportable and nontaxable.

🗳️ The Harris campaign is working to repair ties with the Bitcoin sector by reaching out to top companies. This move aims to foster constructive dialogue and establish a favorable regulatory framework, countering the perception that Democrats are anti-business.

📈 Bitcoin is forming a bullish wedge pattern, potentially signaling a 25% price increase to $85,000, according to one trader. Currently trading around $66,500, traders are optimistic about a sharp breakout. The next target is $69,000, which could trigger significant market movements.

🪙 Over 41.5% of Mt. Gox's Bitcoin has been distributed to creditors, but many are still holding their coins. Despite a 10-year wait and Bitcoin's value increasing by over 8,500%, creditors prefer to hodl rather than sell.

🇺🇸 Former President Donald Trump promises to create a U.S. bitcoin reserve if re-elected. Sen. Cynthia Lummis is drafting a bill to support this initiative, aiming to amass 1 million bitcoins. Despite enthusiasm from investors, the plan lacks details and faces uncertain prospects in Congress.

BTC TRANSFER ALERT 🚨

US Government Moves $2 Billion in Silk Road Bitcoin

Silk Road Bitcoin Movement: The United States government has transferred over $2 billion worth of Bitcoin seized from the Silk Road marketplace to an unidentified wallet, as reported by Arkham Intelligence. This significant movement follows former President Donald Trump's announcement at Bitcoin 2024 about creating a national "strategic Bitcoin stockpile" if re-elected.

Trump's Bitcoin Policy: Trump promised that his administration would retain all seized Bitcoin and not sell it. This statement, made just two days before the government's Bitcoin transfer, has led to speculation and concern within the Bitcoin community.

Market Reaction: The news of the Bitcoin movement caused the cryptocurrency’s price to drop by over 2%, from $70,000 to $66,500 per coin, sparking reactions on social media.

Maybe Management: However, some experts, like venture capitalist Adam Cochran, believe the transfer might not signify an impending sale but routine asset management by the US Marshals Service, which recently partnered with Coinbase Prime.

Community Response: The community has expressed mixed reactions, with some viewing the timing of the transfer as counterproductive to Trump's pledge. However, historical patterns show that large government Bitcoin moves often impact market prices temporarily.

Context: The Bitcoin in question was seized from the Silk Road, a dark web marketplace shut down by authorities in 2014. The transfer's purpose remains unclear as the Department of Justice has yet to comment.

POLL

THURSDAY’S POLL RESULTS

Is VanEck's $52.38 million per Bitcoin prediction realistic?

👍 Yes, Bitcoin will suck up all fiat and wealth - 61.5%

👎 No, that's too high - 38.5%

👍 Yes - “I can see $500,000 but my brain starts melting at the $52.38 million number.” - Gary

👍 Yes - “It will be much higher by 2050.” - Alex

IN THE LOOP

🏫 The University of Wyoming has inaugurated the UW Bitcoin Research Institute, the first academic center dedicated to Bitcoin studies. Led by Dr. Bradley Rettler, the institute aims to improve the quality and accessibility of Bitcoin research, fostering academic collaboration and providing peer-reviewed research for various stakeholders.

💼 Cantor Fitzgerald announces a $2 billion Bitcoin financing business, emphasizing strong support for Bitcoin. CEO Howard Lutnick revealed the initiative at the Bitcoin 2024 conference, highlighting the Cantor’s commitment to integrating Bitcoin into the global financial market. Details of the lending program are forthcoming.

🏦 Hong Kong legislator Johnny Ng is exploring adding Bitcoin to the city's financial reserves. Ng emphasized regulatory compliance and Bitcoin's potential as "digital gold." This initiative aligns with Hong Kong's efforts to advance its crypto ecosystem and attract global investment, contrasting with China's restrictive stance on Bitcoin.

VIDEO

Matthew Kratter breaks down the contrasting Bitcoin views of Trump vs RFK Jr. at the Nashville Bitcoin Conference.

Kratter critiques Trump's lackluster speech while highlighting RFK Jr.'s visionary proposals, including a Bitcoin strategic reserve and zero capital gains tax.

Watch the analysis now →

CHARTS & DATA

11.11% - The next estimated difficulty change for Bitcoin. This would be the largest change upwards since October 2022.

0.78 - Bitcoin is 78% of the current power law projected price.

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