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Good morning - Arsen here. ☕

Welcome back to Bitcoin Therapy. The newsletter that keeps you informed AND entertained.

First, happy and relaxing Sunday to 3,201 patients reading today. 👋 

It’s the rain season where I live. It’s been raining for 4 days straight. My morale is low. I need sunlight.

Send help!

Alright, here’s 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 “dead’

Estimated read time: 2 minutes and 48 seconds

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MEET THE MOTHER OF ALL RUGPULLS

Guys, I think I’ve finally found it: the mother of all rugpulls.

I’m talking about INDXcoin - a token backed by God.

Yes, you read that right. The story is pretty wild, so here are the details:

1. IDXCoin is a cryptocurrency launched by a Colorado pastor, Eli Regalado, and his wife.

The underlying backing asset? Word of God. Lmao.

2. The tokens were mainly sold to the churchgoers (his sheep). 

You could only buy/sell these tokens on the “Kingdom of Wealth” exchange.

The fun part? The exchange was created and operated by none other than our Pastor friend.

3. The Pastor promised investors 10x returns - guaranteed by God himself!

The Pastor promised the returns would go towards helping orphans and widows.

That’s noble, except the funds went towards the Pastor’s $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.

Here’s an incredible video of the Pastor explaining why he did it. Go watch it. I’ll wait.

Also, what’s up with the blinking, buddy?

WE NEED MOAR BITCOIN EDUCATION

That’s the key to Bitcoin adoption. As you might’ve noticed, education is essential to me. I always try to have a good mix of humor and knowledge.

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Here’s why you HAVE TO try it out:

• You earn free sats for completing lessons (free sats = best sats)

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I’ve used Yzer for a while now and can 100% vouch for them. You can install Yzer on both Android and iOS.

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You support me by installing the app ❤️

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.

Here’s an example of lousy criticism: “BItcOIn Is COncEnTRatEd tO fEw uSerS anD iNsTituTioNs.”

This is dumb. And this visual by Bitcoin200T explains why.

Take a look at the current Bitcoin mix:

Here are the takeaways:

1. A LOT of Bitcoin is lost (estimated 3 million BTC). This is twice as many Bitcoin institutions and governments own

2. Satoshi is LOADED on BTC. It’s estimated Satoshi holds 1,000,000 BTC ($42 billion at current prices)

3. 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 there’s something to it…

4. 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.

1. If you’re reading this, you’re in the ‘innovators’ group

2. And there’s 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 “DEAD”

Bitcoin is a zombie.

Need proof? It’s been proclaimed dead 475 times by mainstream media.

Some of my favorite examples (with prices per bitcoin at the time of publication):

• “The Rise and Fall of Bitcoin” – Wired - $2

• “So, That’s the End of Bitcoin Then” – Forbes - $15

• “Fool’s Gold” – Slate - $131

• “Can Bitcoin survive 2015?” – AOL - $332

• “Bitcoin Is A Joke” – Business Insider - $433

Bitcoin sure has died a lot of times.

But it looks like the trend for “bitcoin is dead” 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 “deaths“ peaked in 2017 and have been downtrend since.

Bitcoin is not dead. ‘Bitcoin is dead’ articles are dead.

Bitcoin - the coin who lived. 🧙

And just like people stopped saying ‘the internet is dead,’ they’ll stop saying it for Bitcoin.

QUICK NEWS⚡

• 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 Road’.

• Over 600 ETFs have been launched in 2023 - BlackRock’s ETF is already in the top 3!

THIS WEEK IN A MEME 📅

Not all addictions are created equal.

FROM THE ARCHIVE 📁

Hal Finney casually predicting $10 million per coin when Bitcoin was 2 days old.

Legend.

PATIENT REVIEW 🧠

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*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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