šŸ§  A face melting bull run is coming

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Good morning - Arsen here. ā˜•

Welcome back to Bitcoin Therapy. The newsletter that keeps you informed AND entertained.

First, happy and relaxing Sunday to 3,201 patients reading today. šŸ‘‹ 

Itā€™s the rain season where I live. Itā€™s been raining for 4 days straight. My morale is low. I need sunlight.

Send help!

Alright, hereā€™s what I got for you this week:

  • Meet the mother of all scams

  • Individuals are frontrunning Wall Street (love to see it)

  • Bitcoin stops being ā€œdeadā€™

Estimated read time: 2 minutes and 48 seconds

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MEET THE MOTHER OF ALL RUGPULLS

Guys, I think Iā€™ve finally found it: the mother of all rugpulls.

Iā€™m talking about INDXcoin - a token backed by God.

Yes, you read that right. The story is pretty wild, so here are the details:

  1. IDXCoin is a cryptocurrency launched by a Colorado pastor, Eli Regalado, and his wife.

The underlying backing asset? Word of God. Lmao.

  1. The tokens were mainly sold to the churchgoers (his sheep). 

You could only buy/sell these tokens on the ā€œKingdom of Wealthā€ exchange.

The fun part? The exchange was created and operated by none other than our Pastor friend.

  1. The Pastor promised investors 10x returns - guaranteed by God himself!

The Pastor promised the returns would go towards helping orphans and widows.

Thatā€™s noble, except the funds went towards the Pastorā€™s $200,000 home remodel and his wife's new Range Rover.

Why? Because he "heard God's voice" tell him to.

In total, the couple profited $3.1 million.

And when his fellow churchgoers complained about not seeing any returns, the Pastor told them to HODL (source: God).

Now, the authorities have filed a lawsuit for fraud and illegal securities.

Hereā€™s an incredible video of the Pastor explaining why he did it. Go watch it. Iā€™ll wait.

Also, whatā€™s up with the blinking, buddy?

WE NEED MOAR BITCOIN EDUCATION

Thatā€™s the key to Bitcoin adoption. As you mightā€™ve noticed, education is essential to me. I always try to have a good mix of humor and knowledge.

Thatā€™s why I use Yzer - a free and fun Bitcoin education app.

Hereā€™s why you HAVE TO try it out:

  • You earn free sats for completing lessons (free sats = best sats)

  • Itā€™s bite-sized lessons on the go (ainā€™t nobody got time to read a 4000-word blog post)

  • Perfect for both beginners and advanced learners

Iā€™ve used Yzer for a while now and can 100% vouch for them. You can install Yzer on both Android and iOS.

Use referral code RY6FLD9 to get 50 sats in your Yzer app!

You support me by installing the app ā¤ļø

INDIVIDUALS ARE FRONT RUNNING WALL STREET

Bitcoin is not perfect. We all know that.

That being said, most Bitcoin criticism I hear is either lazy, intellectually dishonest, or straight-up lies.

Hereā€™s an example of lousy criticism: ā€œBItcOIn Is COncEnTRatEd tO fEw uSerS anD iNsTituTioNs.ā€

This is dumb. And this visual by Bitcoin200T explains why.

Take a look at the current Bitcoin mix:

Here are the takeaways:

  1. A LOT of Bitcoin is lost (estimated 3 million BTC). This is twice as many Bitcoin institutions and governments own

  2. Satoshi is LOADED on BTC. Itā€™s estimated Satoshi holds 1,000,000 BTC ($42 billion at current prices)

  3. Despite sh*tting on it non-stop, governments own quite a bit of Bitcoin: 

  • U.S. owns 215,000 BTC

  • Bulgaria owns 200,000 BTC

  • China owns 190,000 BTC

  • Ukraine owns 46,350 BTC

  • El Salvador own 2,762 BTC

They know thereā€™s something to itā€¦

  1. Bitcoin is mainly owned by individuals

Bitcoin might be the only generational wealth investment where individuals are front-running Wall Street.

Love to see it.

Anyways. Bitcoin is still young, and only a tiny fraction of the world owns it.

  1. If youā€™re reading this, youā€™re in the ā€˜innovatorsā€™ group

  2. And thereā€™s only ~1,392,000 BTC left to be mined

What does this mean? There will be a face-melting stampede for the rest of the 8 billion people fighting for the remaining 1,392,000 BTC.

Wild times ahead.

BITCOIN STOPS BEING ā€œDEADā€

Bitcoin is a zombie.

Need proof? Itā€™s been proclaimed dead 475 times by mainstream media.

Some of my favorite examples (with prices per bitcoin at the time of publication):

  • ā€œThe Rise and Fall of Bitcoinā€ ā€“ Wired - $2

  • ā€œSo, Thatā€™s the End of Bitcoin Thenā€ ā€“ Forbes - $15

  • ā€œFoolā€™s Goldā€ ā€“ Slate - $131

  • ā€œCan Bitcoin survive 2015?ā€ ā€“ AOL - $332

  • ā€œBitcoin Is A Jokeā€ ā€“ Business Insider - $433

Bitcoin sure has died a lot of times.

But it looks like the trend for ā€œbitcoin is deadā€ articles is turning bearish:

  • In 2023, the mainstream media declared Bitcoin dead only 7 times

  • Half of these happened in January 2023 because of the FTX collapse (thanks, Sam)

  • Bitcoin ā€œdeathsā€œ peaked in 2017 and have been downtrend since.

Bitcoin is not dead. ā€˜Bitcoin is deadā€™ articles are dead.

Bitcoin - the coin who lived. šŸ§™

And just like people stopped saying ā€˜the internet is dead,ā€™ theyā€™ll stop saying it for Bitcoin.

QUICK NEWSāš”

  • Bitcoin ETFs saw the largest net outflows in a single day

  • The U.S. government plans to sell $130M+ in Bitcoin. The funds are linked to the famous drug marketplace' Silk Roadā€™.

  • Over 600 ETFs have been launched in 2023 - BlackRockā€™s ETF is already in the top 3!

THIS WEEK IN A MEME šŸ“…

Not all addictions are created equal.

FROM THE ARCHIVE šŸ“

Hal Finney casually predicting $10 million per coin when Bitcoin was 2 days old.

Legend.

PATIENT REVIEW šŸ§ 

MY FAVORITE BITCOIN TOOLS šŸ†

  • BitBox - One of my favorite hardware wallets on the market. Swiss-made, 100% open source, and a pretty cool team. Get 5% off all purchases by using the code ā€˜BTCTHERAPYā€™

  • Relai - Iā€™m a big proponent of Bitcoin DCA. I personally use Relai (I also work there). If youā€™re in Europe, use my code BAGGINS to get 0.5% lower fees.

  • Satsback - Earn Bitcoin on your online purchases. Just install their extension, and it will tell you every time you can earn free sats.

  • CryptoCloaks - These guys have all the cool sh*t you need want. They make 3D-printed cases for your hardware wallet and node, merch, and stickers. Anything you want - CryptoCloaks got them.

  • Start9 - Now, if you want to be self-sovereign and use Bitcoin correctly, you MUST run a Bitcoin node. Start9 is my go-to recommendation for users of all levels. Use the code BTCTHERAPY for 9% off your Bitcoin node.

  • Konsensus Network - The best way to orangepill your fam? Bitcoin Books! Konsensus Network has the best selection of iconic Bitcoin classics (in multiple languages, too). Get 10% off your books by clicking my link.

*These are affiliate links, which means I earn a few sats when you buy from them. I personally use or have used all of these tools

Thatā€™s it for this one. Big thanks to Yzer who allow us to write Bitcoin Therapy. You support us by supporting them ā¤ļø

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See you next Sunday,

Bitcoin Therapy Team

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