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š§ A face melting bull run is coming
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Good morning - Arsen here. ā
Welcome back to Bitcoin Therapy. The newsletter that keeps you informed AND entertained.
First, happy and relaxing Sunday to 3,201 patients reading today. š
Itās the rain season where I live. Itās been raining for 4 days straight. My morale is low. I need sunlight.
Send help!
Alright, hereās what I got for you this week:
Meet the mother of all scams
Individuals are frontrunning Wall Street (love to see it)
Bitcoin stops being ādeadā
Estimated read time: 2 minutes and 48 seconds
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MEET THE MOTHER OF ALL RUGPULLS
Guys, I think Iāve finally found it: the mother of all rugpulls.
Iām talking about INDXcoin - a token backed by God.
Yes, you read that right. The story is pretty wild, so here are the details:
IDXCoin is a cryptocurrency launched by a Colorado pastor, Eli Regalado, and his wife.
The underlying backing asset? Word of God. Lmao.
The tokens were mainly sold to the churchgoers (his sheep).
You could only buy/sell these tokens on the āKingdom of Wealthā exchange.
The fun part? The exchange was created and operated by none other than our Pastor friend.
The Pastor promised investors 10x returns - guaranteed by God himself!
The Pastor promised the returns would go towards helping orphans and widows.
Thatās noble, except the funds went towards the Pastorās $200,000 home remodel and his wife's new Range Rover.
Why? Because he "heard God's voice" tell him to.
In total, the couple profited $3.1 million.
And when his fellow churchgoers complained about not seeing any returns, the Pastor told them to HODL (source: God).
Now, the authorities have filed a lawsuit for fraud and illegal securities.
Hereās an incredible video of the Pastor explaining why he did it. Go watch it. Iāll wait.
Also, whatās up with the blinking, buddy?
WE NEED MOAR BITCOIN EDUCATION
Thatās the key to Bitcoin adoption. As you mightāve noticed, education is essential to me. I always try to have a good mix of humor and knowledge.
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INDIVIDUALS ARE FRONT RUNNING WALL STREET
Bitcoin is not perfect. We all know that.
That being said, most Bitcoin criticism I hear is either lazy, intellectually dishonest, or straight-up lies.
Hereās an example of lousy criticism: āBItcOIn Is COncEnTRatEd tO fEw uSerS anD iNsTituTioNs.ā
This is dumb. And this visual by Bitcoin200T explains why.
Take a look at the current Bitcoin mix:
Here are the takeaways:
A LOT of Bitcoin is lost (estimated 3 million BTC). This is twice as many Bitcoin institutions and governments own
Satoshi is LOADED on BTC. Itās estimated Satoshi holds 1,000,000 BTC ($42 billion at current prices)
Despite sh*tting on it non-stop, governments own quite a bit of Bitcoin:
U.S. owns 215,000 BTC
Bulgaria owns 200,000 BTC
China owns 190,000 BTC
Ukraine owns 46,350 BTC
El Salvador own 2,762 BTC
They know thereās something to itā¦
Bitcoin is mainly owned by individuals
Bitcoin might be the only generational wealth investment where individuals are front-running Wall Street.
Love to see it.
Anyways. Bitcoin is still young, and only a tiny fraction of the world owns it.
If youāre reading this, youāre in the āinnovatorsā group
And thereās only ~1,392,000 BTC left to be mined
What does this mean? There will be a face-melting stampede for the rest of the 8 billion people fighting for the remaining 1,392,000 BTC.
Wild times ahead.
BITCOIN STOPS BEING āDEADā
Bitcoin is a zombie.
Need proof? Itās been proclaimed dead 475 times by mainstream media.
Some of my favorite examples (with prices per bitcoin at the time of publication):
āThe Rise and Fall of Bitcoinā ā Wired - $2
āSo, Thatās the End of Bitcoin Thenā ā Forbes - $15
āFoolās Goldā ā Slate - $131
āCan Bitcoin survive 2015?ā ā AOL - $332
āBitcoin Is A Jokeā ā Business Insider - $433
Bitcoin sure has died a lot of times.
But it looks like the trend for ābitcoin is deadā articles is turning bearish:
In 2023, the mainstream media declared Bitcoin dead only 7 times
Half of these happened in January 2023 because of the FTX collapse (thanks, Sam)
Bitcoin ādeathsā peaked in 2017 and have been downtrend since.
Bitcoin is not dead. āBitcoin is deadā articles are dead.
Bitcoin - the coin who lived. š§
And just like people stopped saying āthe internet is dead,ā theyāll stop saying it for Bitcoin.
QUICK NEWSā”
Bitcoin ETFs saw the largest net outflows in a single day
The U.S. government plans to sell $130M+ in Bitcoin. The funds are linked to the famous drug marketplace' Silk Roadā.
Over 600 ETFs have been launched in 2023 - BlackRockās ETF is already in the top 3!
THIS WEEK IN A MEME š
Not all addictions are created equal.
FROM THE ARCHIVE š
Hal Finney casually predicting $10 million per coin when Bitcoin was 2 days old.
Legend.
PATIENT REVIEW š§
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MY FAVORITE BITCOIN TOOLS š
BitBox - One of my favorite hardware wallets on the market. Swiss-made, 100% open source, and a pretty cool team. Get 5% off all purchases by using the code āBTCTHERAPYā
Relai - Iām a big proponent of Bitcoin DCA. I personally use Relai (I also work there). If youāre in Europe, use my code BAGGINS to get 0.5% lower fees.
Satsback - Earn Bitcoin on your online purchases. Just install their extension, and it will tell you every time you can earn free sats.
CryptoCloaks - These guys have all the cool sh*t you need want. They make 3D-printed cases for your hardware wallet and node, merch, and stickers. Anything you want - CryptoCloaks got them.
Start9 - Now, if you want to be self-sovereign and use Bitcoin correctly, you MUST run a Bitcoin node. Start9 is my go-to recommendation for users of all levels. Use the code BTCTHERAPY for 9% off your Bitcoin node.
Konsensus Network - The best way to orangepill your fam? Bitcoin Books! Konsensus Network has the best selection of iconic Bitcoin classics (in multiple languages, too). Get 10% off your books by clicking my link.
*These are affiliate links, which means I earn a few sats when you buy from them. I personally use or have used all of these tools
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See you next Sunday,
Bitcoin Therapy Team
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