🟠 Difficulty Climbs

Saylor's custody comments & Bitcoin interest account                                                                                                                                                                                                                                                                                                                                                                                                                 October 23, 2024 | [Read Online]( 🟠Difficulty Climbs Saylor's custody comments & Bitcoin interest account 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. No newsletter earlier this week because I was out with pneumonia. Glad to be back today! Happy Wednesday to the 16,838 Minimalist members reading today. 👋 Today we’re covering: - Paul Tudor Jones predicts inevitable inflation - River offers 3.8% interest on USD in Bitcoin - Tesla likely still holds $780M in Bitcoin - And everything else you need to know. Estimated read time: 2 minutes and 46 seconds Check out the latest adds to [Bitbo’s Bitcoin store](! [Bitcoin Rocket Shirt (Leaving Altcoins in the Dust!)]( [Bitcoin Halloween Shirt]( [VIEW NEWEST MERCH]( WHAT WE’RE WATCHING Paul Tudor Jones first came out in support of Bitcoin in 2020. 📊 [Paul Tudor Jones predicts inflation is inevitable due to the U.S. debt crisis.](He recommends investing in gold and Bitcoin while avoiding bonds. Jones emphasized that the U.S. must inflate and outgrow its debt, warning against excessive government spending. 🎥 [Cryptographer Peter Todd has gone into hiding following claims in an HBO documentary that he invented Bitcoin.](The film, Money Electric: The Bitcoin Mystery, alleges Todd is Satoshi Nakamoto, despite his repeated denials. Todd now fears for his safety due to the accusations. 💵 [River, a U.S.-based financial services company, has launched a new product offering 3.8% interest on USD deposits.](The interest is paid in Bitcoin, with deposits insured by the FDIC up to $250,000. Interest is auto-converted to Bitcoin daily, providing a way to accumulate BTC. 🚗 [Tesla likely still holds $780M in Bitcoin despite recent transfers, says Arkham Intelligence.]( On Oct. 15, Tesla split 11,509 BTC across seven wallets, sparking fears of a market dump. However, the funds haven't moved since, and Bitcoin's price rose 5% following the transfers. 💥 [Bitcoin’s $4.2 billion options expiry on Friday could spike short-term market volatility.]( About 16% of these options, worth $682 million, are "in-the-money," mainly call options. With a put/call ratio of 0.62, sentiment is bullish, though max pain theory suggests BTC might fall toward $64,000. 📊[Bitcoin futures open interest reached a record $40.5 billion on October 21.]( While this signals increased market activity, some analysts warn of potential liquidations and corrections. Meanwhile, optimism remains due to stablecoin activity and bullish technical indicators. 💬 [Vitalik Buterin called Michael Saylor’s views on regulated Bitcoin custody "insane."]( Saylor argued that concerns about holding Bitcoin with regulated entities, like BlackRock or JPMorgan, were overblown. Buterin and other critics, like Bitcoiner Jameson Lopp, stressed that self-custody is crucial for decentralization and security. 📊 [Bernstein predicts Bitcoin will hit $200,000 by the end of 2025, calling this forecast "conservative."]( The firm emphasizes Bitcoin’s limited supply amid U.S. debt and inflation concerns. They suggest MicroStrategy and Robinhood shares as alternatives for investors seeking indirect exposure to Bitcoin. IN THE LOOP - Eric Council Jr. was [arrested]( for hacking the SEC's X account to falsely claim Bitcoin ETF approval, causing a brief $1,000 spike in Bitcoin's price. - Metaplanet [raised]( $66 million through its 11th stock acquisition rights series, and plans to buy more BTC. - Denver’s The Space is a [community-run Bitcoin hub]( focused on collaboration, education, and decentralization. - Bitcoin's impending "golden cross" [signals]( a bullish outlook despite concerns over rising U.S. Treasury yields. - The Bank of Canada [cut]( its key interest rate by 50 basis points to 3.75%, citing inflation control and a focus on boosting economic growth. POLL Would you consider River’s 3.8% interest in Bitcoin an attractive option for any USD that you own? River pays interest in BTC on any USD holdings. [💼 Absolutely]( [🤔 I need more information]( [❌ No, not interested]( WEDNESDAY’S POLL RESULTS Why do you think Tesla moved its Bitcoin holdings? 🎲 Random - 25% 💰💰 To Sell - 39% 🎭 Market Manipulation - 20% ♟️ Other - 16% ♟️ Other - “Cold storage to mitigate against grid disruption.” - Sam ♟️ Other - “Allocating to different projects.” - Mark ♟️ Other - “Move out of Coinbase.” - Ben CHARTS & DATA Mining Difficulty - [Bitcoin’s mining difficulty]( hit an all-time high of 95.7T. Hashrate - [Bitcoin’s estimated hashrate]( is also at an all-time high. While our estimate is more conservative, some estimators have put the current hashrate at over 850 EH/s. Our estimate shows around 729 EH/s right now. FROM THE ARCHIVE Christian Langalis, known as "Bitcoin Sign Guy," gained fame on July 12, 2017, by holding a “Buy Bitcoin” sign behind Federal Reserve Chair Janet Yellen during a congressional testimony. [Read the full story]( MORE FROM BITBO The Bitcoin Minimalist is run by Bitbo. 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