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đ§ Terrorists love Bitcoin
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GM - Arsen here!
Welcome back to Bitcoin Therapy. The Bitcoin newsletter thatâs like your aunt Helen, who had a few too many glasses of wine at a family reunion - raw, unfiltered, and dropping truth bombs.
First, happy and relaxing Sunday to 2.388 patients reading today. đ
I have fewer subscribers than last week because I removed inactive readers. If youâre a real person and want to keep reading, reply âIâm a real boyâ to this email.
Alright, hereâs what I got for you this week:
Bitcoin ETF is ALMOST here
US Senator: Bitcoin đ¤ Terrorists
The bull market is here đ
Estimated read time: 3 minutes and 21 seconds
BITCOIN ETF IS JUST AROUND THE CORNER
Unless you live under a rock (which is fine too), you noticed that the Bitcoin price went ballistic this week.
Why? Because Bitcoin ETF is closer than ever to being approved in the US.
Here are 2 reasons why:
BlackRock got a CUSIP number
âwhatâs a cusip?â
Well, itâs a unique ID that gets assigned to securities so they can be tracked.
This also means that BlackRock can now start âseedingâ (not that kind of seeding, you pervert), aka buying Bitcoin for the ETF.
What this means: BlackRock has made good progress with the ETF. The launch might come sooner than people expectedâŚ
BlackRock ETF listed on DTCC
While âDTCCâ sounds like some sh*tcoin, it actually stands for âDepository Trust And Clearing Corporation.â
Theyâre a financial service company that provides clearing and settlement offerings for TradFi markets (such as NASDAQ).
On Monday, people noticed that a ânewâ shiny ticker appeared on the DTCC website: $IBTC (iShares Bitcoin Trust)
Hey BlackRock, Apple wants their ticker backâŚ
Fun fact: BlackRock's ETF ticker was later removed from the DTCC website. Then everybody and their dog visited the website, which caused it to crash (donât worry, they added it back later).
Fun fact x2: Later this week, the DTCC spokesperson came out and said that the Blackrock ETF has actually been on there since August. Lmao.
Fake news, but Bitcoin pumped anyway.
-
So, what will happen to the Bitcoin price after the ETF goes live?
No idea, but hereâs what insiders say:
Galaxy Research: âBitcoin ETF could draw over $14 billion in investment inflows in the first yearâ
CFTC Commissioner Summer Mersinger: âThere's a lot of interest for a spot Bitcoin ETFâ
Also, donât forget what happened to the price of gold when the gold ETF launched. đ
And just a reminder: there are ~10 ETF applications the SEC is considering.
The same people who have been shitting on Bitcoin for years now want in on the action.
PAPER BITCOIN BACKUPS SUCK
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Thanks for the support! â¤ď¸
BITCOIN đ¤ TERRORISTS
Lizze, Lizzie, Lizzie⌠youâve done it gain.
US Senator Elizabeth Warren just sent a letter to US Congress claiming that over $130M crypto has been used to fund Hamas (not the chickpea dip, the terrorist organization).
The issue? The $130m number is totally bogus. And Warren wonât stop pushing this misinformation.
Hereâs a TLDR of how it went down:
Wall Street Journal wrote a few articles citing Elliptic (a blockchain analysis firm) that Hamas raised $93M in crypto
Warren sent a letter to Congress citing this article, claiming that Hamas raised âover $130mâ in crypto
Over 100 members of Congress signed the letter, which asks for a crypto crackdown
Even Chainalysis themselves came out and said that the WSJ numbers were wrong and that their research was being "misrepresented." The actual figure is closer to $450,000.
Senator Warrenâs response?
No retraction. No clarification. Just silence.
The impact of this misinformation is BIG:
Warren dismisses Ellipticâs clarification as âlobbying,â
NYT sends out this news via email to millions of people
Other major news outlets report on this too
Result: millions of Americans think Bitcoin = bad
And I doubt the truth will ever reach Washington DC.
DC doesnât care: this is just another attempt to distract from how terrorist organizations are funded via a traditional financial system.
Anyways, the âBitcoin is funding terrorismâ narrative is so dumb. I canât think of anything worse to use than extremely transparent Bitcoin to fund terrorists.
SmhâŚ
THE BULL MARKET IS BACK
Yes, I said it. And before you accuse me of being a hopium dealer, hear me out.
Here are 3 reasons why:
ALL BITCOIN DCAâers are profitable
Yes, ALL. The match checks out đ
Every single pleb whoâs been daily dollar cost averaging #bitcoin is once again in profit.
âResearch dollar cost averaging.â â @halfin
â Wicked (@w_s_bitcoin)
3:20 AM ⢠Oct 23, 2023
This proves the power of long-term DCA (dollar cost averaging).
More people DCAâing = more $$$ flowing to Bitcoin
And it doesnât matter if you do it daily, weekly, monthly, or every time Peter Schiff tweets about Bitcoin (which is often) - what matters is that you do it.
âBitcoin ETFâ Google Searches trending
Now, what do you do when you want to know about something? Pick your answer đ
What do you do when you want to know about something? |
I am #teamgoogle on this one. And they tell you exactly how often people are searching for something.
And it turns out âbitcoin ETFâ is a hot topic on Google right now.
More interest = more bullish price action
Bitcoin is decoupling from equities
No, decoupling is not when a couple breaks up. Itâs when two assets stop being correlated.
Usually, Bitcoin price moves together with stocks:
Stocks go up â> Bitcoin goes up đ
Stocks go down â> Bitcoin goes down đ
But Bitcoin got tired of following stocks, said âfuck it,â and went its own way.
While the whole market is correcting, Bitcoin and gold are rallying.
This means the investors are âfleeing to qualityâ and seeing Bitcoin as a safe-haven asset (which it is).
Iâm not bullish.
Youâre bullish.
QUICK LINKS âĄ
MicroStrategyâs BItcoin investment is finally in the green! Average buy price = $29,582
Edward Snowden calls Bitcoin ETF a potential âtool of subjugationâ by TradFi
You can now easily orange pill your friends and family through Yzer - the Bitcoin education app
âThis is the triggerâ - Arthur Hayes says now is the time to bet on Bitcoin
THIS WEEK IN A MEME đ
I feel seen.
FROM THE ARCHIVE đ
Donât be like Nick.
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See you next Sunday,
Bitcoin Therapy Team
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