📉 Bitcoin Demand Drops

Pro-Bitcoin RFK May Drop & Binance Faces Lawsuit                                                                                                                                                                                                                                                                                                                                                                                                                 August 22, 2024 | [Read Online]( 🇸🇻 El Salvador's BTC Program Pro-Bitcoin RFK May Drop & Binance Faces Lawsuit [fb]( [fb]( [fb]( [fb](mailto:?subject=Post%20from%20Bitcoin%20Minimalist&body=%F0%9F%87%B8%F0%9F%87%BB%20El%20Salvador%27s%20BTC%20Program%3A%20Pro-Bitcoin%20RFK%20May%20Drop%20%26%20Binance%20Faces%20Lawsuit%20%0A%0Ahttps%3A%2F%2Fbitcoinminimalist.com%2Fp%2Fel-salvadors-btc-program) 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: - Harris supports 25% unrealized gains tax, - Pro-Bitcoin RFK Jr. may endorse Trump, - Long-term holders added $3B to cap, - And everything else you need to know. —Jordan Get our monthly reports & analysis to know exactly what’s happening with Bitcoin and its price. [Get Reports]( WHAT WE’RE WATCHING 🇸🇻 [El Salvador launched a program to certify 80,000 civil servants in Bitcoin management.](The 160-hour virtual course focuses on strategic management and laws around Bitcoin as legal tender. Argentina is also studying El Salvador's Bitcoin adoption, inspired by their success in integrating Bitcoin into public policy. 📉 [Bitcoin demand has sharply declined since April, dropping from 496,000 BTC to negative 25,000 BTC.]( This decline, largely driven by reduced U.S. spot ETF purchases, has led to Bitcoin's price falling from $70,000 to $51,000. Permanent holders, however, are accumulating BTC at record rates. 💼 [Kamala Harris supports Biden's 25% tax on unrealized capital gains over $100 million.]( Critics argue it could harm economic growth and wealth holders. For Bitcoin holders, this policy might create concern over unrealized gains, potentially impacting large investors subject to the tax. 📊 [Bitcoin may see action in September for three reasons, according to Coin Telegrph](. 1) Long-term holders have added $3 billion to their realized cap and 2) miners' selling pressure has flattened, and 3) the stablecoin supply ratio indicates increased liquidity. ⚖️ [Binance and former CEO Changpeng Zhao (CZ) face a new class-action lawsuit from investors alleging the exchange enabled laundering of stolen crypto.]( The plaintiffs claim Binance facilitated making stolen assets untraceable, violating the RICO Act. 📣 [Heatbit seeks a Head of Content to lead storytelling and content strategy across social platforms, blogs, and community platforms.](This role focuses on building a movement around Bitcoin mining with innovative narratives, memes, and articles. IN THE LOOP - Ikigai Strategic Partners was [fined]( $150K for an illicit Bitcoin loan tied to the 2022 FTX crisis. - Bitfarms [acquired]( Stronghold Digital Mining for $125 million, expanding its energy capacity to 950 MW. - Mt. Gox [moved]( $700M in Bitcoin, likely not for creditor distribution. - Kamala Harris [claims to support]( Bitcoin industry growth with regulatory safeguards. - Malaysian authorities [destroyed]( 985 bitcoin mining rigs in a crackdown on power theft. RFK & BITCOIN RFK Jr. Considers Trump Endorsement, Bitcoin Surges Bitcoin & Politics: [RFK Jr. is reportedly preparing to drop out of the 2024 presidential race and may endorse Donald Trump.]( The potential Trump endorsement, coupled with RFK Jr.'s ownership of 21 BTC and a strong pro-Bitcoin stance, could have significant implications for Bitcoin's future under a potential Trump administration. Pro-Bitcoin Agenda: RFK Jr.'s exit from the race may shift Bitcoin sentiment, especially given his publicized BTC holdings and commitment to protecting Bitcoin from government overreach. Market Reaction: Bitcoin surged past $61,000 following the rumors, suggesting traders may already be anticipating a more pro-Bitcoin administration if RFK Jr. aligns with Trump. POLL Which do you believe has more of an impact on Bitcoin's price? [ETFs (IBIT, GBTC, etc)]( [Exchanges (Coinbase, Kraken, Binance, etc)]( [Futures (CME, Bybit, etc)]( TUESDAY’S POLL RESULTS Do you think Kamala Harris nominating Gary Gensler as Treasury Secretary would be good or bad for Bitcoin? 👍 Good - 9.6% 👎 Bad - 86.5% Other - 3.8% Bad - “Gensler will (try to) do to bitcoin what they did for gold, by creating ‘paper bitcoin’ like they had created tons and tons of (in-existent) ‘paper gold’.” - David Bad - “As SEC chair he has shown little support of Bitcoin in the past.” - Sam Bad - “He will probably try to hamper any effort by corporations and hedge funds to self custody or make it very difficult to achieve broader acceptance.” - Chris VIDEO Rekt Capital explains why [Bitcoin's halving isn't reflected in the current market](, despite past trends of price surges. CHARTS & DATA Monthly returns heatmap. Monthly Returns - [September is historically one of the worst months for the Bitcoin price](. October, November and December have generally been better. Short term holder realized price (green) and Bitcoin price (orange). STH Realized Price - Bitcoin’s price is creeping back up towards the [short-term holder realized price](. A sustained breakout above could signal a shift back to an uptrend. Mayer Multiple on Bitbo dashboard. 0.97 - Despite Bitcoin’s recent price increase, [Mayer Multiple is still below 1](. 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. [Bitbo Charts:]( Useful Bitcoin charts, featuring on-chain metrics and other Bitcoin analysis. 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