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Good morning - Arsen here. ☕

Welcome back to Bitcoin Therapy. The newsletter that’s like popping bubble wrap. Very satisfying, and you’re sad when you run out.

First, happy and relaxing Sunday to 3,471 patients reading today. 👋 

Not going to lie, I am feeling bullish as f*ck.

99% of people have no idea what is happening right now in the financial markets (spoiler: bitcoin is eating the world).

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

• Wall Street is driving the bull market (and not retail)

• Gary Gensler gets roasted on national TV

• Every American will soon own Bitcoin - whether they like it or not

Estimated read time: 4 minutes and 31 seconds

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WALL STREET IS DRIVING THIS BULL MARKET

Wall Street wants YOUR Bitcoin.

Need proof?

Well, the recently launched Bitcoin ETFs are gobbling up thousands of Bitcoin per day:

• They have collectively bought ~2,400 BTC per day since they started trading on January 11

• Over the past month, this equals $3.8 Billion🤯

That’s a lot of Bitcoin.

*whips out calculator*

Here’s the math:

1. The new Bitcoin supply is 900 BTC per day. This means the ETFs are buying ~2.5x of new supply

2. And over the last week, the ETFs bought, on average, ~9000 BTC daily. That is 10x of the new daily Bitcoin supply!

As fellow mathematicians, you should see a huge imbalance between supply and demand.

But wait, that’s not all: the halving in 2 months will add pure rocket fuel to this imbalance (daily issuance 900-->450 BTC per day).

And we’re already seeing early signs of the upcoming bull market:

• Bitcoin reached $50,000 and $1 Trillion market cap

• Bitcoin ETFs are sucking up 10x more BTC per day than daily issuance

• BlackRock’s Bitcoin ETF reaches 100,000 BTC under management

But make no mistake, this will be no ordinary bull market.

Why? Because the last 3 bull markets were driven by retail.

The next one will be driven by institutions with deep pockets (like real deeeep).

How do we know?

1. Google searches for Bitcoin at an all-time-low (a good indicator of retail interest)

2. We’re seeing retail users sell Bitcoin while private clients are buying at Relai.

3. ETF inflows are growing steadily

I expect Bitcoin ETFs to flip the Gold ETFs in 2024.

After just 30 days of trading, the Bitcoin ETFs are already catching up.

Exciting times head.

And 99% of the population doesn’t know this is happening.

DON’T LOSE YOUR BITCOIN

I stand by the title.

Why? Because securing your generational Bitcoin wealth on a piece of paper is… let’s just say, not very smart.

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Thanks for the support! ❤️

GARY GENSLER GETS ROASTED ON NATIONAL TV

Sniff, sniff…you smell that?

That’s the smell of Gary Gensler, the head of SEC, being roasted on national TV.

The hero of the story: CNBC host Joe Kernen

Gary came up with a bunch of unimaginative “arguments” for why Bitcoin doesn’t work as money.

But Joe didn’t have any of it. He spanked Gary (figuratively) by schooling him in front of millions of people.

Here are the top clown moments from the interview 🤡

1. Gensler: "What do you trust more, Bitcoin or an Oracle Database?"

Really, Gary?

Not even sure what to say here.

Of course, I trust Bitcoin more than an Oracle database controlled by one single party.

It’s not like Oracle has been hacked before…

2. Gensler: "Bitcoin is investing in something because of how the books and records are kept."

First, no one buys Bitcoin because it's a great ‘record-keeping tool.’ People buy it to protect their purchasing power long term. Gary pls.

Second, Gary just proved he doesn’t understand the difference between investing and saving.

This is the same guy who says he has the mandate to educate people about investing.

It's hard to believe he said this. I think it's hard for him to believe he is saying it.

3. Gensler: “Bitcoin is not decentralized because it trades on centralized exchanges.”

Is Gary trying to set a world record for cope?

This is such a lazy argument. Just because there are companies who trade Bitcoin doesn’t mean the Bitcoin protocol and network are centralized.

Repeat after me, Gary: BITCOIN. EXCHANGES. DO. NOT. CONTROL. BITCOIN.

Gary literally has ZERO arguments for anything. I would cry if I wasn’t laughing, lol.

Gary must be tired of spewing propaganda. Just look how exhausted he looks in this video.

Hot take: I don’t think Gary is uninformed. After all, he taught the first Bitcoin class on digital assets at MIT before becoming the head of SEC.

Gary knows exactly what kind of threat Bitcoin poses to the US dollar hegemony.

And now, he is doing everything he can to slow it down.

But no matter how much you trash talk, the truth will always win.

They know they’re losing control.

EVERY AMERICAN WILL SOON OWN BITCOIN

There are geniuses…and then there is Michael Saylor.

No, I’m not being hyperbolic.

His plan? Include Bitcoin in EVERYONE’s portfolio.

How? By listing MicroStrategy in the S&P 500.

This means that $12 Trillion in passively managed funds would have exposure to MSTR and their Bitcoin holdings.

I’m talking about every:

• Pension fund

• 401K plan

• 40/60 portfolio

All of them would own Bitcoin via MicroStrategy.

And the fun part? S&P 500 allocation is weighted by market cap. The bigger MSTR gets, the more its shares are bought passively by funds.

The math is pretty crazy:

• At a $41 Billion market cap, MSTR would be .1% of the S&P 500 index

• This would mean $12 Billion in passive capital allocation via funds

• That’s 4x the total net inflows of all bitcoin ETFs combined.

In middle school, I hated math. Now, I love it!

How do we know MSTR will get big enough to be included in the S&P 500?

The answer is simple: because Saylor has found the infinite money glitch.

Here’s the playbook:

1. Buy Bitcoin ✅

2. MSTR goes up ✅

3. Take out more debt ✅

4. MSTR goes up ✅

5. Sell personal holdings ✅

6. MSTR goes up ✅

7. Issue more stock 🔜

8. MSTR goes up 🔜

9. Join the S&P 500 🔜

10. MSTR goes up 🔜

You get the point: 

—> The more MSTR appreciates, the more passively invested funds will have to own it.

—> And the more funds will have to own MSTR, the more capital Saylor will have to buy Bitcoin.

This is wild. And so far, it has played out exactly like this.

But how does MSTR get listed on the S&P 500?

1. It needs to have a minimum $15 Billion market cap 🔜

2. It must report positive earnings in the most recent quarter ✅

3. The sum of its earnings in the previous four quarters must be positive ✅

In 5 years, MSTR and bitcoin will carry the S&P 500. This will be a significant wake-up call for investors to look into the orange coin.

Now you know my special talent: I can sense the bull market in my groin.

And let me tell you - it’s tingling like never before.

You’re going to make it, anon.

QUICK NEWS⚡

• Nayib Bukele, the ‘Bitcoin President,’ gets re-elected in a landslide win. His promise? Keep showing the middle finger to the anti-bitcoin IMF 🖕

• People use OnlyFake to create AI-generated fake IDs to bypass identity verification on Bitcoin exchanges.

• Joe Biden adds laser eyes on his X account. A good troll, or is Joe a bitcoiner now?

THIS WEEK IN A MEME 📅

FROM THE ARCHIVE 📁

Some absolute Chad of a man going all in Bitcoin 11 years ago.

This is how legends are born.

PATIENT REVIEW 🧠

MY FAVORITE BITCOIN TOOLS 🏆

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• Satsback - Earn Bitcoin on your online purchases. Just install their extension, and it will tell you every time you can earn free sats.

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• 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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