🍔 Trump's Bitcoin Burgers

Fed Rate Cut and 3 Charts                                                                                                                                                                                                                                                                                                                                                                                                                 September 19, 2024 | [Read Online]( 🍔 Trump's Bitcoin Burgers Fed Rate Cut and 3 Charts [fb]( [fb]( [fb]( [fb](mailto:?subject=Post%20from%20Bitcoin%20Minimalist&body=%F0%9F%8D%94%20Trump%27s%20Bitcoin%20Burgers%3A%20Fed%20Rate%20Cut%20and%203%20Charts%0A%0Ahttps%3A%2F%2Fbitcoinminimalist.com%2Fp%2Ftrumps-bitcoin-burgers) 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: - Venezuela proposes Bitcoin reserves despite instability, - Louisiana accepts Bitcoin for state services, - Fed rate cut may be political, - And everything else you need to know. —Jordan Check out the latest adds to [Bitbo’s Bitcoin store](! [Team HODL]( [Honey Badger of Money]( [VIEW NEWEST MERCH]( WHAT WE’RE WATCHING 🍔 [Donald Trump used Bitcoin to buy burgers at Pubkey, a Bitcoin-friendly bar in New York City.]( This made him the first former U.S. president to complete a Bitcoin transaction. He handed out “crypto burgers” during the event, which was part of his 2024 campaign. 📉 [The U.S. Federal Reserve cut interest rates by 50 basis points to 4.75%-5%, the first rate reduction in four years.]( Bitcoin briefly rose to $61,000 and fell below $60,000, before rising to $63,000 now. Fed Chair Jerome Powell emphasized continued caution on inflation despite the rate cut, leading to market volatility. 📉 [Arthur Hayes, former BitMEX CEO, suggests the Fed's 50-point rate cut may be politically motivated to boost Kamala Harris’s election prospects.]( He warned this could fuel inflation despite strong U.S. economic indicators. Hayes also predicted market volatility, with potential impacts on both traditional and Bitcoin markets. 💳 [Louisiana accepted its first Bitcoin payment on September 17, 2024](. Residents can now use Bitcoin, Bitcoin Lightning, and USD Coin for state services, thanks to a partnership with Bead Pay. The payments are converted into U.S. dollars to avoid volatility. 💰 [The battle between USD and Bitcoin intensifies in 2024, driven by inflation, financial instability, and rising demand for alternatives.]( While the U.S. dollar faces scrutiny due to money printing and devaluation, Bitcoin offers scarcity, decentralization, and a growing global adoption as sound money. 🔐[Blockchain investigator ZachXBT aided in securing arrests tied to a $243 million social engineering crypto theft.](The attackers, posing as support staff, compromised a Genesis creditor’s accounts. Funds were swiftly laundered across 15 exchanges. Mark Cuban experienced a similar attack in June, losing access to his Google account. 🌍 [Venezuela’s opposition leader María Corina Machado proposed adding Bitcoin to the country’s reserves.]( While many see potential economic benefits, political instability and mistrust could hinder its success. Experts argue that resolving civil unrest is key before any Bitcoin initiative can be effectively implemented. 🪙 [Donald Trump’s World Liberty Financial project has drawn skepticism from both Bitcoin advocates and critics.](Despite promoting a non-transferable governance token (WLFI), the launch lacked transparency and clear details, raising concerns about its legitimacy. Critics argue the project may primarily benefit political elites rather than democratizing finance like Bitcoin. IN THE LOOP - Republican lawmakers [say]( Bitcoin legislation could still pass in the lame-duck session. - The Human Rights Foundation [awarded]( 10 Bitcoin to 20 projects promoting financial privacy and Bitcoin education in authoritarian regions. - AI-focused Bitcoin miners are [outperforming]( rivals due to investor confidence in their data center strategies, according to Bernstein analysts. - Cathedra Bitcoin is [shifting]( from mining to acquiring Bitcoin through data center profits due to unpredictable mining returns. - Howard Winklevoss [donated]( $4 million in Bitcoin to Grove City College, which will name its new business school in his honor. - U.S. prosecutors [recommended]( leniency for former Alameda CEO Caroline Ellison due to her "extraordinary cooperation" in the Sam Bankman-Fried case. POLL Do you agree with Arthur Hayes that the Fed's rate cut is politically motivated? [Yes, it’s for election purposes.]( [No, the cut was necessary.]( [Other (leave a comment).]( TUESDAY’S POLL RESULTS What are your thoughts on Trump's latest crypto venture, World Liberty Financial, and its WLFI token? I don’t support the coin itself, but it might make people more open to Bitcoin - 16.2% I don’t support it at all, Trump is a scammer - 37.8% It’s just another attempt to distract from Bitcoin’s true value - 16.2% I think it will fail, just like other celebrity crypto ventures - 24.3% Other - 5.4% I don’t support the coin itself, but it might make people more open to Bitcoin - “Trump is pro bitcoin so I’m in favor of anything that draws interest to the space” - Chris I don’t support it at all, Trump is a scammer - “Just like Trump University, Trump will do anything he thinks can make him a quick buck. He is very transactional and has proven over and over again he is only in any endeavor for himself. As soon as he can move on to the next transaction he thinks will benefit him, he will, everyone else be damned.” - Ed VIDEO [Former President Trump made history]( by completing the first-ever Bitcoin transaction by a U.S. president at a Bitcoin-themed bar in NYC. He praised the ease of using Bitcoin, calling it the "beginning of a new era." CHARTS & DATA BTC vs Gold vs SPX - Asset management giant BlackRock shared a chart showing Bitcoin's returns surpassing the S&P 500 and gold during major geopolitical events. Short Term Holder Realized Price - Bitcoin (yellow line) moved above the [short term holder realized price]( (green). Bitcoin staying above the STH realized price would point towards continued bullish momentum. Polymarket - [Polymarket bettors]( appear confident there will be many more Fed rate cuts this year. 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. 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