🧠 People are finally waking up

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Welcome back to Bitcoin Therapy. We’re like you Bitcoin wingman - always got your back.

First, happy and relaxing Sunday to 2,872 patients reading today. 👋 

I’ve listed Bitcoin Therapy on Apollo. You get 2,000 sats if you leave me a review here.

Also, a few readers emailed me and said they wanted longer/more in-depth news. Do you agree?

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

  • Meet Argentina’s new pro-bitcoin El Presidente

  • Down goes CZ - end of an era

  • Bitcoin 2024 supply squeeze incoming - you’re NOT prepared

Estimated read time: 3 minutes and 34 seconds

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¡EL PRESIDENTE, HOLA!

“LIBERTAD! LIBERTAD! LIBERTAD!”

These passionate chants filled Argentine streets on Monday.

The reason? This guy:

Javier Milei enjoying a chainsaw

Meet Javier Milei: The French 90s TV detective, the Latino Volverine…and Argentina's new President.

Let’s rank him, video game style:

  1. Hair - 4/10

No further comment needed.

  1. Affinity to Bitcoin - 8/10

Milei says Bitcoin “prevents politicians from robbing you through inflation,” and it “represents the return of money.”

  1. Central bank hate - 10/10

Think you hate central bankers? Well, Milei beat the sh*t out of central bank pinata on national TV.

Milei calls central banks “scams” and “mechanisms by which politicians cheat citizens.”

Amen. I won’t disagree with that.

All in all, I give him a solid 7/10. This is assuming he delivers on his promises….

Here’s a TLDR of what Milei has promised if he was elected. Nothing big, just:

  • Abolishing the Argentine central bank

  • Decreasing the number of government ministries 18 —> 8 (bye-bye ministry of education, culture, transport, women, genders, and diversity)

  • Replacing the Argentine peso with U.S. Dollar

Let’s pause here for a second. Just think how “crazy” his ideas sound.

And yet, he got 56% of the votes. People love this guy.

Well, it’s not hard to see when you consider how f*cked the Latin American country is:

  1. Has one of the world's highest inflation rates at 142%

  2. Is plagued by corruption (they scored 38 on a scale from 0 "highly corrupt" to 100 "very clean" in the ‘Corruption Perceptions Index’)

  3. Has a 40% poverty rate (and keeps growing)

But this isn’t about Milei - it’s much bigger:

People are waking up to the fiat scam.

People are rejecting the existing corrupt political system.

People are seeking “radical” solutions to their economic plight.

Now, we just wait and see if he delivers on his promises.

Can anyone connect him to Bukele? He might give some pointers…

Bullish on Latin America.

PAPER BITCOIN BACKUPS SUCK

I stand by the title.

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DOWN GOES CZ

It’s over.

The criminal investigation against Binance since 2018 has ended.

The verdict? CZ pleads guilty to money laundering and agrees to settle with the USG.

And how much does he have to pay? Oh, not much. Just the biggest fine in U.S. history.

Here are the juicy deets:

  • CZ has resigned from the CEO position

  • Pled guilty to money laundering violations

  • Faces up to 18 months in prison

  • Binance has to pay $4.3B

  • Has to personally pay $200M in fines (pocket change for CZ, who is worth $10B+)

  • Binance has to exit the US

  • The government will have full access to the exchange’s systems and records

End of an era.

I would wish farewell to CZ, but let's be real: that guy ain’t going anywhere.

He’ll find a way to steer the Binance ship from the shadows without putting himself at risk.

Oh, by the way, new candidates for the Binance CEO position have been revealed:

But make no mistake: this is a diversion play by the US government.

Hear me out (puts tinfoil hat on):

  1. The USG gets rid of the biggest offshore exchange (they don’t like those)

  2. USG looks like the hero for shutting down “a money laundering operation”

  3. This sets a bad precedent - the USG will pressure Bitcoin/crypto companies under the “anti-money laundering” guise

They’re afraid.

And they’ll use every tool in the fiat toolbox to stop Bitcoin from growing.

*removes tinfoil hat*

Anyways. I’ve been around the block for a while now. Every cycle has a cleansing period where bad actors are flushed out.

Jesus died for your sins. CZ died for your bull market.

Also, note to self: never appear in this guy's videos.

BITCOIN SUPPLY SQUEEZE IS NEAR

The tingling in your groin? You feel it too? Yeah, that’s “the squeeze.”.

No, the squeeze is not something that happens in the toilet after eating Taco Bell.

I’m talking about the Bitcoin supply squeeze (also known as a short squeeze) predicted to occur in 2024.

What’s a squeeze? Don’t worry, I’ll explain:

  1. Many people are shorting Bitcoin (betting on it going down) with bad risk management.

  2. The sudden Bitcoin price increase causes the collateral under these shorts to be insufficient

  3. Exchanges are forces to liquidate these positions

  4. Short sellers are forced to buy the liquidated collateral and buy Bitcoin instead

Now, this is normal market behavior.

When it gets wild is when a large amount of shorts is liquidated at once. This causes a chain reaction, causing more liquidations, causing more liquidations, causing more…. you get the point.

And this week, Glassnode dropped a new report about a possible 2024 supply-squeeze event.

Now, I know you’re busy. So, here’s a TLDR of the report:

  1. Inactive Bitcoin supply (coins inactive for over a year) has reached an ATH of 70.35%

  2. Bitcoin's new supply will decrease by 50% in 2024 (halving, hello)

The result? A god candle. 📈📈📈

The squeeze is coming.

You are not prepared.

QUICK NEWS⚡

  • Bitcoiner Freelance is live - get paid in Bitcoin for your work

  • A popular Lightning wallet ‘Wallet of Satoshi’ leaves the US. The reason? US regulations…

  • Bulgarian soccer club Botev adds Bitcoin logo to their uniform sleeves

  • CoinDesk is bought by a crypto exchange bullish. Bye-bye, journalistic integrity? 👋

THIS WEEK IN A MEME 📅

FROM THE ARCHIVE 📁

Stupid bitcoins, huh?

Also, is James single? Asking for myself.

PATIENT REVIEW 🧠

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Bitcoin Therapy Team

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