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- 🧠 The Bitcoin Mass Exodus Has Begun
🧠 The Bitcoin Mass Exodus Has Begun
Therapy Recap: TradFi suits want your bitcoin, Bitcoin on exchanges at a five-year low and Nostr is taking over the world
GM.
It’s Arsen.
First, happy Sunday to 1,633 of you reading today.
I have a special announcement to make: I have rebranded TLDR Bitcoin —> Bitcoin Therapy 🧠
Few reasons why:
I’ve partnered up with my boy Bitcoin Therapist. You’re probably already familiar with his work (I’ve used his memes in every email so far). He has quickly become one of my favorite educators (and shitposters). Our collaboration on this newsletter is a no-brainer to me.
There is another newsletter in an adjacent industry with a similar name (TLDR). I want to avoid confusion.
Don’t worry. I’m not going anywhere. The content will also stay the same (it will only get better).
Alright, let’s get to the good stuff.
Here’s what I got for you this week:
TradFi is taking over crypto
Bitcoin mass exodus from exchanges has begun
Nostr surpasses 1 million zaps⚡
Estimated read time: 2 minutes and 54 seconds
TRADFI IS THE NEW COOL KID ON THE BLOCK
*TradFI has entered the chat*
And that is how the age of nerds ended: the suits came in and gave CZ and Brian Armstrong a good wedgie. And with perfect timing too. Too perfect if you ask me…
Now, I am not much of a conspiracy theorist at this rag, but there is 100% some fuckery going on between Wall Street and the US government.
Here’s what we know about the SEC’s recent actions:
Dropped a TRO (temporary restraining order) on Binance
Sued Coinbase
Denied the GBTC conversion to ETF for the 69th time
And only after a few days, the TradFi crew dropped a bunch of bombs:
Coincidence?
Wall Street parasites are clearly in bed with the government regulators
It all smells very fishy, and it isn’t my socks. Operation Chokepoint 2.0 is in full force.
“But institutions entering bitcoin is bullish, right!!?”
Well, it’s nuanced:
It’s true: TradFi entering the space legitimizes the industry and makes Bitcoin accessible to the masses
BlackRock and the rest of the TradFi crew will be offering paper Bitcoin - something antithetical to Bitcoin’s ethos of self-sovereignty
Our take? The institutions are coming one by one - regardless of what you want.
Accumulate wisely. The green dildos are coming.
BITCOIN MASS EXODUS HAS STARTED
The end is nigh. The great migration has started.
Bitcoin is moving away from exchanges. Some bullish stats:
2020: 16% of Bitcoin supply was on exchanges
2023: 6.5% of Bitcoin supply is held on exchanges
That’s a five-year low.
Credit: https://twitter.com/santimentfeed
But why is this happening? Well, few reasons:
Fraudulent exchanges (looking at you, SBF)
Lawsuits against exchanges (*cough Binance cough*)
People learning about self custody
The last point is crucial: people want their coins in self-custody. The market has spoken. This is excellent news because Bitcoin is only getting scarcer.
Not convinced? Let’s look at some quick mafs.
BlackRock, the financial giant entering the Bitcoin space, manages $10 trillion in assets
Let’s assume about 10% of all BTC is held on exchanges. This is $50 billion
Just 0.5% of BlackRock money moving into Bitcoin could buy every available coin. Just a half percent.
Still not convinced?? Some more mafs:
There is over 500,000 more Bitcoin that haven’t moved in 10 years than there are on exchanges.
So yeah, Bitcoin is scarce af.
And don’t be like Andrew Tate, who lost $560K Bitcoin to Romanian prosecutors.
True Top G’s keep their Bitcoin in cold storage. I don’t make the rules.
Sorry to interrupt your reading. I have something to share.
I've written a ‘Bitcoin as Money’ research paper for my university. I’ve only shared it with my professor and kept it private until now.
Share Bitcoin Therapy with 1 person, and I will send you the research paper.
NOSTR IS TAKING OVER THE WORLD
Well, not quite.
But it recently surpassed over 1 million zaps (zap = a type of Nostr-specific lightning transaction)!
So why is Nostr taking off? Few reasons:
Managed to attract a vibrant developer community
Added more features that users want
General apathy toward centralized social media platforms
All of these combined have helped Nostr bootstrap organically.
Here are the current stats for Nostr:
Half a million users
110 million published events
11 BTC transmitted via Nostr/LN
1 million zaps
The two last stats showcase how moronic the "Bitcoin Lightning does not work" h8ers are.
This is not something you should sleep on.
If you’re not paying attention, you probably should be.
This week in a meme
Therapist’s advice: start boating
Job of the week
Our friends over at Bitcoin Racing are looking for a Marketing Intern.
While it’s an unpaid position, it’s an excellent opportunity to gain valuable experience and add some proof of work to your resume.
Perfect for students looking to break into the industry!
From the archive
Economic badassery. I like that.
Credit: @pete_rizzo_
That’s it for this one.
If you like what you read, please do “add to address book” or reply to this to this email (it helps with email deliverability). If you don’t, you can unsubscribe below.
See you next Sunday,
Arsen & Therapist
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