🧠 Who owns the most bitcoin? 🤔

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Good morning - Arsen here. ☕

Welcome back to Bitcoin Therapy—the newsletter with stories juicier than a perfectly cooked steak (medium rare, of course).

First, happy and relaxing Sunday to 7,620 patients reading today. 👋 

I was about to press ‘send’ then noticed I’d written ‘Arse’ instead of my name. Whew.

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

  • 4 Bull signals to watch 🐂

  • El Salvador is up 52% on their Bitcoin 🇸🇻

  • Who owns the most Bitcoin (spoiler: not me)? 🤔

Estimated read time: 2 minutes and 54 seconds

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Alright, let’s Bitcoin…

4 BULL SIGNALS TO WATCH 🐂

1/ Over 25,000 people voted to end the Fed

Thomas Massie. a Republican Representative, ran a poll on X.

And the people have spoken.

So what did our boy Thomas do?

He pulled an absolute legend move and casually dropped the ‘Federal Reserve Abolition Act’:

In case you’re wondering, yes, Thomas is a bitcoiner. You can see him talking about the Bitcoin Standard here.

Love to see it. Central banking is a crime against humanity.

2/ Coinbase’s Bitcoin reserve at a yearly low

Check this out: Coinbase’s Bitcoin reserve went from 267K —> 418K in 2024

Why, you ask me?

*puts investigator hat on*

On Wednesday, we saw $1 billion in BTC leave Coinbase’s cold wallet.

We also know that at least one of those transfers (7,999 BTC) went to an unknown entity.

The conclusion? The Whales are hungry and buying 🐳 

3/ Vanguard has a new pro-Bitcoin ETF CEO

Vanguard, Vanguard, Vanguard…

I remember you guys were vehemently against offering the Bitcoin ETF to your clients just a few months ago.

It looks like you have finally bent the knee.

What happened? Vanguard named Salim Ramji as the new CEO.

In case you didn’t know, Ramji is the same guy who oversaw the filing for BlackRock’s Bitcoin ETF.

Here’s what Ramji had to say about the Bitcoin ETF:

Probably just a coincidence…

“First, they fight you, then they join you”

4/ The Bitcoin 2024 halving rally hasn't begun yet.

Triggers.

We all have them. Mine is that ‘phlegm’ noise when someone is trying to clear their throat. Ew.

Bitcoin’s trigger? The halving.

As you can see below, bitcoin bull runs happen right after a halving.

The best part? The 2024 bull run hasn’t begun yet 🐂.

WHAT IF YOU LOST ALL YOUR BITCOIN? 😭

Imagine this: 

  • You’ve been working your ass off and saving Bitcoin for years

  • One beautiful day, you open your online wallet and see a big fat 0 on your screen

  • You’ve been a victim of a cyberattack, and your hard-earned Bitcoin is gone forever. Poof., Just like that.

I don’t need to imagine this: this happened to me in 2018.

After that, I learned my lesson: always use a hardware wallet (I cannot stress this enough).

The founder, Zach Herbert, and the team have built a beautiful device to secure your Bitcoin:

  1. Security. Passport is 100% cold storage - your Bitcoin keys NEVER interact with the outside world

  2. Ease of use. No tiny screens or fiddly buttons. The Passport is one of the few wallets that is a joy to use (just look at that beauty below)

  3. Made for your smartphone. The guys have built a mobile app that works seamlessly with your Passport 📱

And as a bonus, you get an IVPN subscription for 3 months after you buy your Passport.

So, what are you waiting for? Get your Passport and secure your precious Bitcoin ASAP!

PS: If you have any questions about securing your Bitcoin, reply to this email (I always reply back)

EL SALVADOR IS UP 52% ON THEIR BITCOIN 🇸🇻

El Salvador is known for 3 things:

  • Pupusas

  • Beaches

  • Being an absolute f*cking gigachad of a nation

In only 3 years, the small Latin American nation has transformed tremendously.

Their strategy? Buy bitcoin. A lot of it.

Here’s how it went down:

  • Adopted Bitcoin as legal tender in 2021

  • Started buying 1 BTC per day since November 2022

  • They use their 20 active volcanoes to mine Bitcoin, which is 100% free and renewable. So far, they’ve mined ~500 BTC (worth $35 M)

  • Today, El Salvador owns 5,752 BTC (worth $375M)

  • And in 5 years, El Salvador will have 7,815 BTC (worth half a billion) 🤯

*clap clap clap*

King, you dropped this… 👑

And no, I’m not asking you to “trust me, bro” here

This info is 100% publicly available on the El Salvador government website.

Now, the main question is: Has El Salvador’s Bitcoin strategy paid off?

I’ll let this chart do the talking:

El Salvador has made a $70M profit, up 52%.

If Bitcoin goes to $100K, El Salvador could finally pay off its $143,600,000 loan to the International Monetary Fund (IMF).

The tiny Central American nation is a perfect example of what happens when you start saving in superior money.

WHO OWNS THE MOST BITCOIN? 🤔

You know that feeling when you’ve been saving Bitcoin for years and finally reach your long-term goal?

You feel like you’re on top of the world. A king of the jungle. A Top G.

And then you open Bitcoin Therapy and get smacked in the face and returned to reality.

How so? Well, in this story, we explore this question: who has the biggest Bitcoin bags?

Here’s the juiciest bits:

  • No entity owns more than 2% of the total Bitcoin supply

  • MicroStrategy owns more than the US and China combined

  • Almost 19% of total supply is estimated to be lost forever (because of people losing their wallets)

  • The tiny nation of El Salvador holds 5,690 BTC and is buying 1 BTC a day (see tracker)

  • 6 countries and 9 publicly listed companies hold bitcoin

  • 57% of Bitcoin is held by individuals

I’m such a nerd for data like this. 🤓

And I’m joking: of course, you’re a Top G (even if you own less Bitcoin than China).

WHAT I’M READING 📖

  • Bay Area Times - My favorite business newsletter - those visuals are 🔥

  • TLDR Newsletter - These guys are the kings of summarizing tech news. Perfect for busy people (like me)

  • The Hustle - The OG of business news and tech news. It's some of the best writing and storytelling I’ve seen.

THIS WEEK IN A MEME 📅

Holy shit. Bull market activated.

FROM THE ARCHIVE 📁

The pizza order that will be in history books.

PATIENT REVIEW 🧠

Someone needs to take it easy on the coke.

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That’s it for this one—big thanks to Foundation Devices who allow us to write Bitcoin Therapy. You support us by supporting them ❤️

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See you next Sunday,

Arsen

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