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Good morning - Arsen here. ☕

Welcome back to Bitcoin Therapy. We’re like jelly to your peanut butter sandwich. Without us, it just feels wrong.

First, happy and relaxing Sunday to 5,381 patients reading today. 👋 

I hope you’ve recovered from Easter (chocolate overload).

My friends over at Stamp Seed made this cool Bitcoin Metal Stamp.

This is not advice, but you can now go stamp B’s on your local bank’s metal surfaces. 🤭

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

• The infamous Silk Road founder turns 40 (in jail) 👮

• This country‘s bold Bitcoin bet is massively paying off

• Bitcoin is dumping - you can blame the traders 📉

Estimated read time: 2 minutes and 40 seconds

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Alright, let’s Bitcoin…

THE INFAMOUS SILK ROAD FOUNDER TURNS 40

Ross Ulbricht. A name you should never forget.

Ross is a legend who launched the legendary Bitcoin marketplace “The Silk Road.”

It was a place where you could buy anything. Yes, anything.

Drugs, weapons, pokemon cards, you name it.

Here’s how big it was:

• Launched when Bitcoin was $0.50

• Accounted for 20% of all BTC volume

• In 2012, it processed $20 million (1.8M) in trade volume

• Ross’ personal wallet contained 144,000 BTC, making him one of the largest holders of Bitcoin in history

Long story short, Ross was caught and sent to prison.

His sentence? 2x life.

His crime? He created a website where people could freely trade whatever they wanted.

You don’t need to be a lawyer to see it doesn’t add up:

1. Sam Bankman-Fried stole billions of customers’ money = 25 years in prison

2. Ross created a marketplace = 2x life sentence

Unfortunately, Ross made 1 big mistake: he didn’t pay the politicians.

What makes it even more sad is that Ross didn't do it for the money. He did it for ideological reasons.

Ross’s dream was to take power from the state and give it back to the people. He was a libertarian nerd who just wanted more freedom in the world.

The world is an unjust place.

If you can, please support Ross here.

THIS COUNTRY’S BOLD BITCOIN BET IS PAYING OFF

If you told me in 2017 that countries would be stacking sats, I’d slap you (with love).

Well, fast forward to today, the president of a sovereign nation:

• Is publicly dunking on central bankers ✅

• Has bought $400M worth of Bitcoin (and wants to buy more) ✅

• Posts on social media every time he buys more ✅

While this perfectly describes me (minus the $400M part), your boy has nothing to do with it.

Of course, I’m talking about El Salvador president Nayib Bukele, also known as ‘El Presidente.’

The best part? We can now verify that Bukele is telling the truth after he publicized the country’s Bitcoin address.

Take a look at the address.

See anything weird?

Correct, the amount of BTC El Salvador has moved out from this address is a big fat 0. Nil. Cero.

El Salvador, the land of pupusas, white beached and diamond hands. 💎🙌

I love this timeline, lol.

BITCOIN IS DUMPING - BLAME THE TRADERS 📉

Yo mama just got liquidated!

No, getting liquidated is not when you’re well hydrated.

It’s when traders borrow money to trade Bitcoin and then lose it.

And that is exactly what happened this week:

1. 140,000 traders were liquidated this Tuesday alone

2. Total damage? $500M

Ouch.

Turns out there are a lot of degenerate traders in Bitcoin.

So, what did Bitcoin do? It tanked -15%.

What should you do? Nothing.

This is nothing new for Bitcoin.

Bitcoin always corrects before the halving. Check this out:

15% is nothing compared to what Bitcoin veterans have seen in the past.

While volatility is decreasing, it’s not going anywhere anytime soon.

This is good. Volatility is the price you pay for generational wealth.

QUICK BITS⚡

• $2B Silk Road Era Bitcoin seized by DOJ is on the move 👀

• Ark Invest recommends a 19% Bitcoin portfolio allocation. My thoughts? The recommendation is off by 81%

• Bitcoin Price prediction by Morgan Creek Capital CEO: $150,000 by the end of the year.

THIS WEEK IN A MEME 📅

Bitcoin is not gambling; it’s simple math.

FROM THE ARCHIVE 📁

Silk Road in 2011.

Fancy a puff for 150 BTC?

PATIENT REVIEW 🧠

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

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See you next Sunday,

Arsen