🧠 Julian Assange is free!

and Bitcoin takes a big dump 💩

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Good morning patient - Arsen here. ☕

Welcome back to Bitcoin Therapy - the newsletter that serves you BItcoin stories on a silver platter (yes, you can eat with your hands).

First, happy and relaxing Sunday to 8,224 patients reading today. 👋 

This week’s email has 2 longer stories instead of 3 shorter ones.

Reply to this email to let me know if you prefer it this way (I always reply back).

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

  • Julian Assange is free (big W for freedom)! 🕊️

  • 3 reasons why Bitcoin is dumping 📉

Estimated read time: 3 minutes and 2 seconds

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Alright, let’s Bitcoin…

JULIAN ASSANGE IS OFFICIALLY FREE! 🕊️

This is a historical moment.

Julian Assange has been officially released from prison!

This is a massive win for freedom.

Julian was jailed for 5 years in maximum security prison.

His crime? Exposing US atrocities in the Middle East.

And not many people know, but Julian is a Bitcoin OG and helped Bitcoin become what it is today.

Because of speaking the truth, Julian’s organization, Wikileaks, was censored and cut off from the global banking system.

PayPal, Visa, and private banks - all turned the journalist down.

And right then, a small but passionate group rallied behind him - bitcoiners.

Bitcoiners knew Bitcoin was exactly what Wikileaks needed - uncensorable money.

They didn’t waste any time trying to help Julian:

But Satoshi was worried. “Don’t bring it on,” - the creator of Bitcoin wrote:

His concern? The Bitcoin network was too fragile for international attention.

This was also one of the last messages Satoshi sent before disappearing forever.

All the while, Julian continued receiving support from BItcoiners:

  • Wikileaks received 171 BTC in donations in just the 1st week

  • In total, Wikileaks’s Bitcoin address received 4,100 BTC ($250,000,000 today) in donations 💸

  • Wikileaks Bitcoin appreciated ~233,000%

By 2013, Julian was a full-blown bitcoiner, calling it the “most exciting development on the Internet.”

And, of course, Julian made sure to troll his enemies in the process:

Fast-forward to today, Julian has safely landed in his home on Australian soil and reconnected with his family after 14 years of detention.

And as the cherry on top, someone from Team Orange donated 8 BTC to cover Julian’s $520,000 jet and recovery costs. 🤯

Julian Assange is not only free but also debt-free now.

This is W for justice.

I’m really happy for Julian and his family. ❤️

PS: you can donate to Julian here.

ARE YOU CONFIDENT IN YOUR BITCOIN SETUP? 🔒

I admit I’m not 100% confident.

And I can’t imagine anything worse than saving in Bitcoin for years…only to lose it.

Let me ask you a few questions:

  1. Do you think your Bitcoin setup is secure enough?

  2. Do your loved ones know how to access your Bitcoin if something happens to you?

If you struggle with these questions, you’re not alone. I’ve been there.

When I first discovered Bitcoin in 2017, I made many mistakes. I sent BTC to the wrong addresses, overpaid in transaction fees, and sometimes didn’t back up my wallet (RIP, Sats).

This is because there was no one to guide me. But that’s not the case today. Meet The Bitcoin Way - your Bitcoin IT team

The Bitcoin Way team offers personalized, secure, and comprehensive solutions for EVERY aspect of your Bitcoin journey:

  1. Wallet & node setup

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  3. Inheritance planning

  4. Privacy-focused collaborative custody

  5. Fast and reliable tech support

They’re rated 4.9/5.0 on Apollo and have 25 years of cybersecurity expertise. So yeah, they’re legit.

PS: it’s a friendly tour, not a sales pitch ☝️

Please support my sponsors! 🙌

WHY IS BITCOIN DUMPING? 📉

Unless you live under a rock (which is fine), you might have noticed that Bitcoin had a major dump this week.

And to be precise, Bitcoin had multiple mini-dumps (just like me).

But what’s causing the drop?

The short answer: nobody knows. Markets are complex, and there is no clear answer to why Bitcoin goes up or down.

But you’re here for the juicy long answer, aren’t you?

Well, there are 3 big theories on why Bitcoin is crashing:

1/ The German Government is selling Bitcoin

The German government sold $195 million worth of Bitcoin they seized from a movie piracy website (I need to get into this; it sounds like a great biz).

And on June 25th, they sold another 900 Bitcoin ($54M).

Am I surprised? Nein.

Governments are known to have paper hands and to sell the Bitcoin they confiscate.

They currently hold $2.87 billion in BTC.

But at the rate they’re selling it off, I doubt much will remain by the end of the year.

2/ Mt.Gox selloff FUD

The once-golden child of Bitcoin is now a constant source of FUD.

The exchange went bankrupt in 2014, taking its user’s money with it.

And it looks like another round of repayments might be coming:

And every time there’s a mention of Mt.Gox, everyone and their mom break into cold sweat.

The reason? Mt.Gox case involves a whopping 140,000 BTC ($9 billion) of customer funds.

And it looks like investors are anticipating that, once repaid, this BItcoin will be dumped on the market.

3/ Bitcoin miners are selling Bitcoin ⛏️

Speaking of dumps, Bitcoin miners are also dumping Bitcoin like no tomorrow:

  • Since June, they’ve sold $2 million worth of Bitcoin

  • Total miner bitcoin reserves have plummeted by ~50,000 BTC (the lowest level in the last 14 years)

  • Miner revenues have also plummeted since May

 But I’m not worried about miners, and here’s why:

  1. The top 5 miners hold only ~34,000 BTC

  2. Even if they sell 50% of their reserves, that’s only $1 billion or 0.1% of Bitcoin’s total value

These are peanuts in the grand scheme of things.

TLDR: nobody knows for sure why the price is going down

What I do know is this is a great opportunity to stack some cheap sats.

And when you get your sats, don’t forget to self custody them with a Passport (get $10 off with code ‘BTCTHERAPY’)

THINGS I FOUND INTERESTING 📖

  • Denmark wants to regulate (aka ban) self-custodial wallets. Big L for Denmark. 🇩🇰

  • Nubank, Latin America’s largest bank with 100 million users, plans to integrate the Lightning network ⚡

  • Florida lawmaker wants to enable paying your federal taxes with Bitcoin. W for a Florida man.

THIS WEEK IN A MEME 📅

FROM THE ARCHIVE 📁

Who’s laughing now?

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That’s it for this one—big thanks to The Bitcoin Way who allow me to write Bitcoin Therapy. You support me by supporting them ❤️

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See you next Sunday,

Arsen

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