🧠 Bitcoin is being HEAVILY accumulated. Here why ➡️

Therapy Recap: RFK likes Bitcoin, Binance adds "Lightning" and Bitcoin is heavily accumulated

GM.

Welcome back to your Bitcoin Therapy. We like that golden Charizard Pokémon card - super rare, and you’re happy you found us.

First, happy Sunday to 1,986 of you reading today.

We at Relai just released our exclusive Q2 Market Report. Saying that it’s bullish af is an understatement. Snag it at the end of this email, and thank me later.

Also, I am in the process of switching to a new Lightning wallet. Which wallet do you recommend? Muun? Phoenix? Breez? Feel free or leave me suggestions.

Alright, here’s what we got for you this week:

  • RFK wants to back the dollar with Bitcoin

  • Binance add Lightning…kinda

  • Bitcoin in ‘HODL mode’ - 4 metrics you need to be aware of

Estimated read time: 2 minutes and 50 seconds

RFK WANTS TO BACK THE DOLLAR WITH BITCOIN

Presidential candidate RFK Jr. woke up today and decided to drop a bomb. Here is what he said in a recent interview:

  1. Fiat currency was created to fund wars

  2. He would gradually begin "backing" the dollar with bitcoin

  3. He would exempt Bitcoin from capital gains taxes

  4. Plans to back ~1% of T-Bills with Bitcoin

I had to slap myself when I first saw this news. A presidential candidate (and a popular one) endorsing Bitcoin? That is not what I had on my bingo card for 2023.

Here’s why RFK believes in Bitcoin:

  • He believes this will help foster innovation

  • Make American citizens more impervious to political overreach

  • Bring jobs to the US

But it’s not all sunshine and rainbows. RFK has ulterior motives for pumping Bitcoin: he knows that by saying those things, he will get millions of impressions and captures a growing demographic (bitcoiners)

It’s a publicity stunt. RFK won’t get elected or even win the nomination. And even if he somehow manages to pull this off, he wouldn’t do what he promised (because that’s what politicians do).

That being said, politicians talking about Bitcoin is still a big deal.

Here’s what many are missing: in 2023, politicians think that pandering to bitcoiners is what think will get them elected.

Don’t believe me? We saw the same thing happen with Eric Adams, who ran for NY Mayor as a pro-bitcoin candidate (and won). He totally dropped Bitcoin after he was elected, but that is beside the point.

The conversation around Bitcoin is shifting (in a good way). The Bitcoin narrative is winning.

SECURELY STORE YOUR SEED PHRASE

As you already know, we’re big proponents of self custody @ Bitcoin Therapy. If you don’t control your Bitcoin, you have paper Bitcoin.

Good: Use a self-custodial hot wallet

Gooder: Use a hardware wallet

Goodest: Secure your seed words

The last part is often neglected - you SHOULD ensure your seed words are backed up securely. But not all seed storage solutions are created equal. Paper can burn, Ink fades, and electronic devices can break or become compromised.

This is where Stamp Seed comes in - a titanium seed storage solution.

Here’s all you need to know about it:

  • 100% offline cold storage =100% peace of mind

  • Indestructible (trust me, they’ve tried destroying it lol)

  • No loose pieces - no risk of losing crucial parts

Be your own bank, anon. Get your Stamp Seed here.

PS: you get 15% off your purchase with the code ‘Therapy15’👀

BINANCE ADDS LIGHTNING…KINDA

It finally happened! No, the XRP Army are still virgins.

But Binance added lighting withdrawal and deposits. Pretty cool!

And it works like magic! You just have to wait 2 minutes….and pay $7 to withdraw…

I am no Lightning expert, but I'm pretty sure this is not how it should work. Unless they added some Chinese bootleg LN (which wouldn’t be that far-fetched, tbh)

Oh well. We can expect a small learning curve for Binance regarding Bitcoin.

After all, creating usable features for users is not exactly their priority:

  1. The time it took Binance to integrate Lightning Network: 5 years, 6 months

  2. The time it took Binance to integrate Ordinals Protocol: 4 months

#priorities

CZ, I know you’re reading this. Please get your sh*t together. Thanks!

That being said, props are where props are due: CZ kept his word and adopted Lightning (and before Coinbase)

Anyways, this is a strong signal to the industry: the largest exchange is supporting Lightning as the demand for scalable solutions continues to rise

BOOK RECOMMENDATION

There’s a new book on the block - Bitcoin VS Altcoins. Written by our friend and best-selling author Phil Champagne (yes, just like the drink).

So, Bitcoin VS Altcoins. As you know, there’s a lot of shit-slinging happening in both camps. But not Phil. Phil is built different - he dives deep (and I mean DEEP) into the following questions:

  • Does it really matter if other cryptocurrencies exist?

  • Is Bitcoin just an outdated first draft of the concept of cryptocurrency?

  • Does it have what it takes to stay the top dog?

Phil takes an honest and objective look at the big picture…and doesn’t disappoint.

Want to learn more about the battle for dominance? Support Phil by getting your soft copy here.

Oh, and readers of Bitcoin Therapy get 25% off the price. Just click click the link above to see the discounted price.

PS: This book will increase your sh*tcoin dunking skills by 69%. Minimum.

BITCOIN IN HODL MODE

Pssst. Want some hopium? I got exactly what you need.

Here are 4 bullish on-chain metrics to keep an eye out for:

  1. The supply of Bitcoin that has moved in the last 2 years has reached an ATH 55%

  2. An estimated 29% of the total Bitcoin supply (yes, TOTAL) is presumed lost (= Bitcoin that hasn’t moved in 5 years)

  3. Wallets with > 0.1 BTC at an all-time high of 4,420,700 BTC

  4. 90% of BTC hasn’t moved in 1-3 months (source: lookintobitcoin.com)

These indicators support the narrative that Bitcoin is hodl’d and heavily accumulated by long-term hodlers.

Or…you guys just really like boating with your hardware wallets. In that case, thank you for your sacrifice. 🫡

Anyways, the Bitcoin supply is clearly being hoarded. What will happen when the like of BlackRock unlocks trillion on pent-up demand?

Green Dildos. That’s what’s gonna happen.

THIS WEEK IN A MEME 📅

FROM THE ARCHIVE 📁

Still running.

PATIENT’S REVIEW 🧠

That’s it for this one.

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See you next Sunday,

Bitcoin Therapy Team

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