🏛️ BITCOIN Act of 2024

PlanB August Analysis and Trump Says Don't Sell                                                                                                                                                                                                                                                                                                                                                                                                                 August 06, 2024 | [Read Online]( 🏛️ BITCOIN Act of 2024 PlanB August Analysis and Trump Says Don't Sell [fb]( [fb]( [fb]( [fb](mailto:?subject=Post%20from%20Bitcoin%20Minimalist&body=%F0%9F%8F%9B%EF%B8%8F%20BITCOIN%20Act%20of%202024%3A%20PlanB%20August%20Analysis%20and%20Trump%20Says%20Don%27t%20Sell%0A%0Ahttps%3A%2F%2Fbitcoinminimalist.com%2Fp%2Fbitcoin-act-2024) 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: - PlanB’s newest Bitcoin analysis, - Mayer Multiple still below 1, - Harris picks anti-crypto running mate, - And everything else you need to know. —Jordan Bitbo launched Bitbo Pro! Get our monthly reports & analysis to know EXACTLY what’s happening with Bitcoin and its price. Get alerts when the BTC price hits key highs and lows, and more charts & data you can’t get anywhere else! [GET BITBO PRO]( WHAT WE’RE WATCHING Trump during his interview with Adin Ross. 📉 [Donald Trump warns the Biden administration against selling U.S. Bitcoin holdings](. In an interview with Adin Ross, Trump emphasized the need for Bitcoin to compete with China. He highlighted Bitcoin's potential to pay off the $35 trillion national debt and called for investment in infrastructure to support the Bitcoin mining industry. 📜 [The BITCOIN Act of 2024 proposes the creation of a Strategic Bitcoin Reserve (SBR) to integrate Bitcoin as a U.S. financial asset.](Introduced by Senator Cynthia Lummis, the Act outlines acquiring 1 million Bitcoins over five years, using Federal Reserve surplus funds and gold revaluation to minimize taxpayer impact. 📉 [Bitcoin rebounds more than 10% after dropping below $50,000.]( The price rally coincides with Wall Street’s avoidance of major losses seen in Asia. Analysts observe "seller exhaustion," with BTC experiencing the highest sell-side volume since the April 2024 halving, suggesting potential market stabilization. 🏦 [Morgan Stanley will allow wealth management advisors to offer Bitcoin ETFs to select clients starting Wednesday.]( The firm's 15,000 advisors can sell Bitcoin ETFs like BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund to eligible clients with a net worth of $1.5 million or more. 💰 [Metaplanet Inc. is investing another 8.5 billion yen ($58.76 million) in Bitcoin.]( This is part of a strategy to hedge against currency depreciation and enhance its treasury assets. This follows a $2.5 million BTC purchase, as Japan faces significant stock market volatility. 📉 [Bitcoin futures faced $1 billion in liquidations as Bitcoin fell by 11%, its steepest since May 2021](. Over 275,000 traders were liquidated, with 87% holding long positions. The market sell-off was fueled by geopolitical tensions, and a stronger Japanese yen. IN THE LOOP - Semler Scientific recently [purchased]( an additional 101 bitcoins for $6 million, bringing its total holdings to 929 bitcoins worth $63 million. - Kamala Harris [selected]( Minnesota Governor Tim Walz as her 2024 running mate. Walz has shown support for stricter crypto regulations. - Arizona's crypto-friendly candidate Yassamin Ansari [leads]( by 67 votes after receiving $1.4 million in crypto PAC support. - Swan Bitcoin [canceled]( its Pacific Bitcoin Festival in California following staff cuts and a mining shutdown, opting for a smaller event instead. - Hackers [used]( stolen funds from the 2022 Nomad bridge hack to buy 16,892 ETH at a discount during a market crash. BITCOIN ANALYSIS Bitcoin Dips Under $50,000: What Happened? The information provided in this newsletter is for educational and informational purposes only and should not be considered financial advice. The opinions expressed herein are solely those of the author and do not constitute a recommendation or endorsement for any specific investment strategy or action. Cryptocurrency investments carry risks, and you should consult with a qualified financial advisor before making any investment decisions. The author is not responsible for any losses or damages arising from the use of this newsletter. This is a follow up to Sunday’s newsletter titled "[Special Bitcoin Report](”. We said on Sunday: “A drop back to the $55k range would mark a double bottom, meaning a good chance Bitcoin drops to new lows.” Well, that happened extremely fast. Bitcoin dropped under $55,000 at around 9PM EST on Sunday night, and was under $50,000 by 2AM EST on Monday morning. Our analysis stands, and nothing has changed besides the fact that this appears to be a “buy the dip” zone, before more consolidation and the next leg up. Sell volume on Coinbase surged, which is generally a sign that sellers have capitulated, and the price will bounce back: The [1YR HODL Wave has moved from 65.7 to 65.5](, meaning long-term holders were barely moved by the recent price drop, and didn’t send coins to exchanges to sell. POLL Will Bitcoin drop more to new lows, or have we already seen the bottom? [It will go lower]( [We've already seen the lowest from this drop]( [Other (leave a comment)]( TUESDAY’S POLL RESULTS If the Federal Reserve cuts rates in September, how do you expect Bitcoin's price to react? Increase - 72.9% Decrease - 8.3% Remain Stable - 12.5% Fed doesn’t matter, only Bitcoin’s supply - 6.3% Fed doesn’t matter, only Bitcoin’s supply - “Any Fed moves probably priced in.” - Chris VIDEO [PlanB has posted his August Bitcoin price analysis.]( Quick summary of the video: - Says we’re currently in a bull market - Expects price to pass $100,000 soon - Still believes in [stock to flow model]( CHARTS & DATA 0.90 - Despite a price bounce back, the [Mayer Multiple]( remains under 1.0 at 0.90. New Bitbo Charts Never miss Bitbo's newest charts. Get an email when we post new charts. [Subscribe]( MORE FROM OUR COMPANY The Bitcoin Minimalist is run by Bitbo. Browse our most popular pages across our sites: [Bitbo Dashboard](: View live price action, monitor on-chain data, and track key economic indicators - all for free. [Bitbo Pro:]( Analytics & intelligence to supercharge your Bitcoin investing & trading. 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