🏛️ Trump Ponders Bitcoin

NYSE May Want BTC & US Uses $2.7 Billion of Electricty for Mining                                                                                                                                                                                                                                                                                                                                                                                                                 May 30, 2024 | [Read Online]( 🏛️ Trump Ponders Bitcoin NYSE May Want BTC & US Uses $2.7 Billion of Electricty for Mining [fb]( [tw]( [in]( [email](mailto:?subject=Post%20from%20Bitcoin%20Minimalist&body=%F0%9F%8F%9B%EF%B8%8F%20Trump%20Ponders%20Bitcoin%3A%20NYSE%20May%20Want%20BTC%20%26%20US%20Uses%20%242.7%20Billion%20of%20Electricty%20for%20Mining%0A%0Ahttps%3A%2F%2Fbitcoinminimalist.com%2Fp%2Ftrump-ponders-bitcoin) 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: - Trump’s pro-Bitcoin policy shift, - U.S. spends $2.7 billion on Bitcoin mining, - NYSE introduces Bitcoin index options ($XBX), - And everything else you need to know. —Jordan TRUMP’S BITCOIN SOLUTION Donald Trump Explores Bitcoin to Address $35 Trillion US Debt Trump Consults Bitcoin Expert: [Donald Trump considers Bitcoin as a potential solution to the $35 trillion US national debt.]( In a recent discussion, Trump queried David Bailey, CEO of Bitcoin Magazine, about Bitcoin’s capability to address the government’s massive debt. Policy Development and Campaign Strategy: Bailey and his team have been advising Trump's campaign, developing pro-Bitcoin policies, including a proposed executive order for Trump to sign on his first day in office. Bailey emphasized the need for support from the Bitcoin community and aims to raise a $100 million campaign fund. Shift in Stance and Industry Support: This marks a significant change from Trump's previous skepticism about Bitcoin. He now pledges to protect the right to self-custody crypto assets and opposes the creation of a central bank digital currency (CBDC). Election Impact: According to [Polymarket](, Trump currently has a 56% chance of winning the 2024 US presidential election, compared to Biden’s 37%. His potential return to office with a pro-crypto agenda could significantly impact the cryptocurrency industry. WHAT WE’RE WATCHING 💎 [Bitcoin ‘diamond hands’ reduced selling by nearly 50% at $73.8K, according to Glassnode.]( Long-term holders, in profit by an average of 3.5 times, are avoiding profit-taking. Selling pressure from older coins is half that of previous bull market peaks, indicating continued confidence among these investors. 📊 [The NYSE plans to launch options contracts tied to the CoinDesk Bitcoin Price Index (XBX).]( This collaboration with CoinDesk Indices aims to provide cash-settled index options for Bitcoin, subject to regulatory approval. This move highlights growing institutional interest and mainstream acceptance of Bitcoin in traditional finance. 🚨 [The U.S. Treasury describes NFTs as "highly susceptible to use in fraud and scams" in its first risk assessment of the digital assets.]( It found that illicit actors use NFTs for money laundering and sanctions evasion, citing a lack of appropriate controls on NFT platforms. Further regulations are recommended. 🏅 [Bitcoin ETFs now hold over 1 million BTC, representing 5% of the total supply, indicating growing mainstream acceptance.]( Major funds like Grayscale’s GBTC and BlackRock’s IBIT lead with 289,040 and 287,168 BTC, respectively. 🇺🇸 [President Biden’s re-election campaign is engaging the Bitcoin industry, signaling a shift in tone towards understanding the industry.](This outreach, started two weeks ago, follows backlash over a potential veto of an anti-crypto bill and comes after Trump's recent pro-crypto stance. 🌍 [Ocean Mining, backed by Jack Dorsey, has opened its international headquarters in El Salvador.]( This move aligns with El Salvador’s pro-Bitcoin stance and aims to advance the country’s Bitcoin adoption. Ocean Mining seeks to decentralize and provide transparent mining services, reinforcing El Salvador’s Bitcoin-first culture. 📈 [Goldman Sachs praises Bitcoin ETFs as an "astonishing success," marking a significant shift from past skepticism.]( Mathew McDermott, Goldman's head of digital assets, highlighted the SEC's approval of spot Bitcoin ETFs as a major psychological turning point. Goldman's participation in BlackRock's ETF, now the world's largest, indicates growing Wall Street acceptance. COSTLY MINING U.S. Bitcoin Mining Consumes $2.7 Billion in Electricity in Early 2024 Mining Expenditure and Energy Use: [In the first few months of 2024, U.S. Bitcoin miners spent approximately $2.7 billion on electricity.]( In less than half a year the U.S. has consumed 20,822.62 GWh of power for Bitcoin mining alone. Analyst Paul Hoffman from Best Brokers highlighted that this energy use, at an average commercial rate of $0.1281 per kWh, could charge every electric vehicle in the U.S. 87.52 times or power 1.51% of U.S. households for a year. Impact of the Halving Event: The Bitcoin Halving event in April 2024, which reduced mining rewards from 6.25 BTC to 3.125 BTC per block, significantly impacted miners' profitability. The energy required to mine one BTC nearly doubled from 407,059.01 kWh to 862,635.55 kWh, increasing the cost from around $52,144.26 to $110,503.61. Global Production and Sustainability: So far in 2024, 116,550 BTC worth $8.2 billion has been mined globally, with U.S. miners contributing 37.84% of the total. Shifting to Greener Grids: Following mining bans in China and Kazakhstan, many operations have relocated to North America, favoring greener grids or sustainable off-grid sites. POLL Will Bitcoin be mentioned in a 2024 US presidential debate? [👍 Yes]( [👎 No]( TUESDAY’S POLL RESULTS Will Ross Ulbricht be freed within the next 3 years? 👍 Yes - 75.0% 👎 No - 25.0% IN THE LOOP 🤝 Riot Platforms proposes a $950M buyout for Bitfarms amid CEO dispute. The offer includes cash and stock, representing a 24% premium over Bitfarms’ share price. [Riot, Bitfarms' largest shareholder, aims to strengthen the company with new leadership and strategy]( amid Bitfarms' CEO transition and legal issues. 📈 BlackRock’s iShares Bitcoin Trust (IBIT) holds $19.68 billion in Bitcoin, benefiting from a lower 0.25% fee compared to GBTC’s 1.5%. [IBIT surpasses Grayscale Bitcoin Trust (GBTC) as the largest spot Bitcoin ETF.]( Total Bitcoin held by ETFs exceeds 1 million BTC, with significant inflows led by the US. 🚀 [Cathie Wood predicts El Salvador’s GDP could grow 10x in five years due to Bitcoin and AI adoption.]( Tax incentives, tech-focused education, and transparent Bitcoin investments are key factors. Strategic partnerships, like with Google Cloud, aim to enhance digital infrastructure and services, driving significant economic transformation. 🏦 Fold aims to be your Bitcoin bank, according to CEO Will Reeves. [Founded in 2014 and relaunched in 2019, Fold helps users earn and use Bitcoin daily.]( With 22 employees, Fold plans to integrate Bitcoin with traditional banking and Lightning Network for faster payments. Future expansion includes international markets and partnerships. 💹 Stablecoin market cap reaches a 24-month high of $161 billion in May after eight months of growth, but dominance slips to 6.07%, reports CCData. [Tether hits an all-time high of $111 billion, while Circle’s USDC rises to $32.6 billion.]( Despite market cap growth, trading volumes on centralized exchanges fell to a monthly low. VIDEO Bitcoin’s price has been sideways and choppy for almost 3 months now, and many people are asking, when moon? With explosively historic ETF numbers, increasing institutional and nation state adoption and the tick tock next block of programmatic scarcity, how is Bitcoin not well into the six figures yet? Swan dives into the unique market dynamics of Bitcoin as we explore the "rule of 10 days", and how to prepare yourself for the inevitable volatility to come. CHARTS & DATA Cycle Multiple - Compared to the other 3 halving periods, [Bitcoin’s current halving cycle is the best performing one at this stage since the halving](. Halving Spiral - Bitcoin is starting its next leg of the [halving spiral](, with the blue band just exiting into the first year of this halving cycle. 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. 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