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🧠 The Government Is Cracking Down on Bitcoin

🧠 The Government Is Cracking Down on Bitcoin

Arsen Thagapsov & The Bitcoin Therapist
May 12, 2024

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Good morning - Arsen here. ☕

Welcome back to Bitcoin Therapy. Your double-shot espresso of Bitcoin.

First, happy and relaxing Sunday to 7,631 patients reading today. 👋

7,631. I’d never think this newsletter would grow so much (and in such a short period).

Massive thanks for being a reader - I appreciate you ❤️

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

The Government is cracking down on Bitcoin 👮
The state of Bitcoin in 4 charts 📊
This legend orange-pilled (or at least tried)) 60,000 students 🧑‍🎓

Estimated read time: 2 minutes and 32 seconds

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Alright, let’s Bitcoin…

THE GOVERNMENT IS CRACKING DOWN ON BITCOIN

CRACK, CRACK!

That’s the sound of the US government cracking down on Bitcoin.

They’re coming for BItcoin - that’s clear now.

If you’re not convinced, you will be after reading this.

*puts tinfoil map on*

All of these have happened in the last 9 months:

Wallet of Satoshi leaves the US ✅
Samourai Wallet Founders arrested ✅
Phoenix wallet leaves the US ✅
Jack Dorsey’s Cash App investigated ✅
Wasabi leaves the US ✅
Wasabi shuts down its service completely ✅
Early Bitcoin evangelist Roger Ver arrested for tax evasion ✅
CZ from Binance goes to jail and has to pay huge fines ✅

Yeah, it ain’t looking good for Bitcoin in the US.

The good news? Bitcoin companies will relocate away from the US and take their business elsewhere. 😊

The bad news? Bitcoin companies will relocate away from the US and take their business elsewhere. 😔

30% OF BITCOIN IS LOST FOREVER

Scary number, I know.

I can’t imagine anything worse than saving in Bitcoin for years…only to lose it.

That’s why I want to ask you a few questions:

Do you think your Bitcoin setup is secure enough?
Do your loved ones know how to access your Bitcoin if something happens to you?

If you struggle with these questions, you’re not alone. I’ve been there.

When I first discovered Bitcoin in 2017, I made many mistakes. I sent BTC to the wrong addresses, overpaid in transaction fees, and sometimes didn’t back up my wallet (RIP, Sats).

This is because there was no one to guide me. But that’s not the case today. Meet The Bitcoin Way - your Bitcoin IT team

These Chads offer personalized, secure, and comprehensive solutions for every aspect of your Bitcoin journey (they’ve thought of everything):

Wallet & node setup
Individuals & Businesses
Inheritance planning
Privacy-focused collaborative custody
Fast and reliable tech support

They’re rated 4.9/5.0 on Apollo. So yeah, they’re legit.

PS: tell them I sent you! ☝️

THE STATE OF BITCOIN IN 4 CHARTS

1/ Bitcoin whales are accumulating heavily

In case you don’t know what a ‘bitcoin whale’ is, let me help you:

Bitcoin Plankton: 0.1-1 BTC
Bitcoin Shrimp: 1-10 BTC
Bitcoin Fish: 10-100 BTC
Bitcoin Whale: 100-1000 BTC

As you can see from the above chart, the whales aren’t panicking.

On the contrary, they’ve accumulated heavily for the last 2 months.

Probably nothing.

2/ Bitcoin held on exchanges is at an all-time low

This is good for 2 reasons:

People are taking self-custody of their Bitcoin
Bitcoin liquid supply is drying up —> causing a supply shortage —> Bitcoin price goes up 📈

3/ No Bitcoin ETF flows for 2 months

The Bitcoin ETF honeymoon phase is over.

Looks like institutions got tired of buying Bitcoin ETF.

4/ Google searches for ‘bitcoin’ is flat

Let this sink in: Bitcoin is at $60,000, and no one is even searching for it.

This bull market is just getting started (my body is ready).

THIS LEGEND TRIED ORANGE-PILLING 60,000 STUDENTS 🧑‍🎓

Meet Chris Pan.

Chris is an Ohio State University graduate. He was invited to give a commencement speech at his former school.

So, what does Chris say in front of 60,000 students?

He tells them to buy bitcoin.

What a f*cking legend.

The crowd’s reaction?

“BOOOOO!!!”
“Is this real? I don’t like this.”
“This is really embarrassing.”

OSU students will boo Bitcoin and then wonder how they ended up here:

I can’t wait to see their laughs turn into tears in 2026.

TBH, I would’ve sold half my Bitcoin if they had cheered. This is how you know Bitcoin is overpriced.

Anyways, big respect for Chris.

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. Some of the best writing and storytelling I’ve seen.