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15th October 2024 > > Stripe & US politics.

tl;dr

Stripe re-enters the crypto world. Harris and Trump are disappointing to the crypto world.


Market Snap








Market Wrap

CryptoQuant reports that BTC and ETH held at centralised cryptocurrency exchanges has fallen to an all-time low, exerting upward pressure on the retail price of BTC, which is very cheering indeed.


Curious Cryptos’ Commentary – Stripe


















It was probably about a decade or so ago when Stripe initially launched its first crypto initiative only to shut it down presumably from a lack of interest from merchants, or buyers, or very probably both. The crypto community was much smaller then, and stablecoins had yet to be invented.


For sellers this is a seamless transition into the decentralised world – they won’t even know if their customer used cryptos to pay for the goods or not. For the buyers, I am not sure that someone will get involved with cryptos simply to take advantage of this facility. But for current crypto enthusiasts this is a new real-life use case.


I don’t know if Stripe has any plans to report the number or value of crypto-transactions, but if its competitors respond in-kind we will know for certain that this development has been highly successful for Stripe.


Curious Cryptos’ Commentary – US politics

Kamala Harris is still shy about her thoughts and plans for the crypto industry if she wins the election. During a campaign stop yesterday she failed to mention cryptos at all, though afterwards a summary of her speech circulated by her team included this section:


I guess she just forgot.


Trump is launching his new DeFi project today, World Liberty Financial, and its associated coin WLFI. I don’t think World Liberty Financial is breaking new ground but there will be some who will migrate to it simply because of Trump. I do have concerns about just how decentralised it will be. WLFI will act as the governance token. If collective decisions are taken that are not in agreement with rules and regulations, what will the reaction be from the project management team? There are plenty of potential conflicts of interest that could cause a lot of problems at a later date.


The odds on Polymarket (https://polymarket.com/event/presidential-election-winner-2024/will-donald-trump-win-the-2024-us-presidential-election) show 55.4% for Trump and 44.1% for Harris, odds which are now back in tandem with the traditional bookies at 4/5 and 5/4 respectively. Polymarket had previously been skewed in favour of Trump, probably because it is a decentralised betting platform and there was a certain amount of wishful thinking going on.

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