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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 3,129 patients reading today. 👋 

As you might’ve noticed, I have fewer subscribers than last week. This is because I removed inactive readers.

If you’re a real person and want to stay on the list, reply “I’m a real boy/girl” to this email.

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

• ETFs got approved - so why is Bitcoin tanking?

• Jamie Dimon embarrasses himself (again)

• Turns out +50% of cryptos are dead

Estimated read time: 4 minutes and 3 seconds

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WHY IS BITCOIN TANKING?

Imagine this: you’ve sold all your belongings. You’ve been stacking sats diligently for years now. Your favorite Bitcoin “influencers” told you Bitcoin was going to the moon after the spot ETF approvals. Finally, the ETFs did get approved.

And what do you get? Bitcoin goes from $47K —> $40K and trades sideways for a week. And now you feel the rug pulled.

But why is Bitcoin tanking after such a bullish event?

Here are 2 reasons why:

1. Grayscale sell pressure

Now, you probably know that Chad Saylor’s MicroStrategy holds A LOT of Bitcoin.

Well, Grayscale Bitcoin Trust (GBTC) holds 5x more than MicroStrategy.

And GBTC investors couldn’t sell their shares because of how GBTC was structured…until last week when GBTC successfully turned into a spot Bitcoin ETF.

The result? Massive sell pressure from GBTC investors who were finally able to sell their shares

And when GTBC shares are sold, the underlying Bitcoin is sold too = Bitcoin price goes down.

This continued sell pressure is one of the reasons the price action is less impressive than my 4th-grade science project (I tried proving that complimenting plants would make them grow faster. Spoiler: it didn’t)

2. MtGox starts paying back creditors

MtGox was the first Bitcoin exchange ever (your kids will be reading about it in history books).

They went bankrupt in 2014 after they were hacked and lost their users’ funds.

And this is why you should self-custody your Bitcoin with BitBox and Stamp Seed)

Anyways. The first creditors started finally getting paid (it only took them 10 years).

"I just got paid," claimed Reddit user ‘Free-end254’ on r/mtgoxinsolvency, attaching a screenshot of the email that contained the PayPal receipt of payment.

We don’t know exactly when and how much is being repaid.

BUT we do know that the repayments are made in fiat. This means the MtGox bankruptcy estate is likely selling users’ Bitcoin to cover these payments.

Yup, that’s more sell pressure on the Bitcoin price.

Anyways, These are just my personal opinions.

The truth is that there is no way to 100% know what exactly is causing price movements.

What I do know is that this is a great opportunity to stack cheap Bitcoin.

PAPER BITCOIN BACKUPS SUCK

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.

This is why I use Stamp Seed - a titanium seed storage solution.

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

• Heat-resistant up to 3,000ºF, rust-proof, crush-proof, & time-proof

• No loose pieces - no risk of losing crucial parts

It’s estimated that ~30% is lost forever. A big reason why is poor seed phrase security.

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

PS: You get 15% off your purchase with the code ‘Therapy15' 👀

Thanks for the support! ❤️

JAMIE DIMON EMBARRASSES HIMSELF (AGAIN)

BREAKING NEWS: BANKER DOESN’T LIKE BITCOIN

Just when I was about to wrap this week up, our boy Jamie Dimon came out and had to say some of the dumbest sh*t ever.

It took Jamie only 2 minutes on CNBC to showcase his lack of basic understanding of Bitcoin.

Here’s what Jamie had to say about bitcoin:

• It’s used for money laundering, fraud, and tax avoidance

• It enables sex trafficking

• He thinks “Satashi” will re-appear and increase the Bitcoin supply by over 21 million.

So much wrong here. I don’t even know where to start.

Well, let’s try anyway:

1. Bitcoin and money laundering

Jamie Dimon: “Bitcoin is used for money laundering and fraud”

JPMorgan: hold my beer

How Jamie can say this is beyond me. He is literally the GOAT of money laundering. 👑

Source: just google ‘JPMorgan fines history’ (hint: it’s $40 billion in criminal fines since 2000)

Now, let’s take a look at how much Bitcoin has laundered money compared to USD since 2007:

• USD: $20 Trillion

• Bitcoin: $32 Billion

Oh, turns out the Dollar has laundered 660,000x more money than BTC since 2017.

So yeah, if you’re looking to do a lil fraud, USD is still your best option.

2. Satoshi will increase the supply of Bitcoin

First, Jamie says “Satashi” will appear and increase the supply after the last bitcoin has been mined (in the year 2140).

Is Jamie implying Satoshi is immortal? If yes, I’m not even mad.

Second, Jamie loves asking, “How do you know it will stop at 21 million??’

Well, Jamie, it’s literally 5 lines of code:

IT’S NOT THAT F*CKING HARD JAMIE, PLS.

Anyways. Enough about this clown.

Frankly, it's embarrassing how little he knows about Bitcoin and yet how confidently he speaks about it.

They’re scared.

They’re scared because their system is crumbling in front of their eyes.

OVER 50% OF CRYPTO IS DEAD

Now, you know me: I think 99% of the crypto is a hot, stinking, worthless pile of garbage.

Hell, even garbage is offended by this comparison.

And this is not a personal opinion - new research from CoinGecko backs me up.

Here’s all you need to know:

• ~24K cryptos have been listed on CoinGecko since 2024 (that’s an average of 7 new coins per day)

• 53% of listed coins have died (this means 0 volume in 30 days, or they have been identified as scams or rug pulls)

• The 2021 bull run alone is responsible for over 50% of coins (that’s when the number of new coins went from 1,806 in 2020 → 5,724 - a 10X increase!)

Ooof. Not a good look for the crypto industry (also known as the rug pull industry).

But it’s actually a lot worse: CoinGecko only lists “premium” sh*tcoins.

And if you look at CoinMarketCap (which lists every sh*tcoin under the sun), there are +2M cryptos.

Now, I can feel a bull market coming in my groin. And my groin never lies…

This means we’ll see another spike of new rugpulls and scams spawn.

Your job? Join me in the trenches to call out these scams publicly and loudly.

Thank you 🤝

QUICK NEWS⚡

• MicroStrategy’s Bitcoin is now worth $1B more than the company itself.

• Bitcoin surpasses silver and becomes the second-largest ETF!

• Stripe, a fiat payment provider, de-platformed a user for selling Bitcoin miners. A perfect example of why we need Bitcoin.

THIS WEEK IN A MEME 📅

FROM THE ARCHIVE 📁

Someone embedded this message in Bitcoin's 666,666th block.

Poetic.

PATIENT REVIEW 🧠

MY FAVORITE BITCOIN TOOLS 🏆

• BitBox - Probably the best hardware wallet on the market. Swiss-made, 100% open source, and a pretty cool team. Get 12% off all purchases by clicking my link.

• Relai - I’m a big proponent of Bitcoin DCA. I personally use Relai (I also work there). If you’re 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 ‘em.

• Start9 - Now, if you want to be self-sovereign and use Bitcoin the correct way, 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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