21st February 2025 > > Real Bedford F.C. & spot ETFs.

tl;dr

A Central Banker (that’s got to be another spelling mistake – Ed.), Real Bedford F.C., and interesting developments in the world of spot crypto ETFs.

Market Snap

Market Wrap

$100k is looking tantalisingly close once again, which is always a price point to be celebrated until the day comes when we breach it to the upside for the very last time, after which we will never see $99k again, though of course we won’t know it at the time.

Occasional Series – A Central Banker, until he decided to do something far more useful instead (*)

“I think we have to reflect on a treaty change (for the EU) that would permit more than (monetary and fiscal) surveillance.” Jean-Claude Trichet, President of the ECB 2003 – 2011.

You can just feel the terrifying extent of the anti-democratic control he thought he should have over all of the countries, and over all of the people within the EU, made plain in that simple sentence.

Special mention must also go to his monumentally stupid decision to raise EU interest rates just at the point when the Global Financial Crisis was already overwhelming the banking system. Top marks for an anarchist or an anti-capitalist, less so for anybody who had any intention of acting professionally or reasonably.

…

(*) He retired.

Curious Cryptos’ Commentary – Real Bedford F.C.

It seems just like yesterday that on the 24th April LAST YEAR that the CCC broke the news that the Winklevoss Twins had invested £4.5mm into 9th tier Real Bedford F.C. with the glorious ambition of getting the club into the Premiership:

https://www.curiouscryptos.com/post/14th-april-2024-real-bedford-f-c

Real Bedford F.C. is a crypto club through and through. I did celebrate this heartfelt acceptance of cryptos, but I was also honest about some ambiguity in my sentiments, for entirely selfish reasons:

“I am slightly conflicted here as Harpenden Town – whom I used to watch as a teenager when Watford weren’t playing at home – is just three places lower in the same division, but with far fewer points this season. Promotion for The Harps can only be via the lottery of a play-off place.”

I think in a clumsy way I was alluding to jealousy about the finances available to Real Bedford F.C., in much the same way that Utd. fans think about City these days. You will be delighted to know that the Harps did make the play-offs, but you will be devastated to hear of losing 3-1 to Leverstock Green, of whom frankly I didn’t think they had it in them. But fair play.

Real Bedford F.C. gained an unsurprising promotion to the Southern League Central Division, of which they are now in first place, and we just know they are going up again, and again. I do heartily recommend watching their games here (with a VPN if you live in the UK and it’s 3pm on a Saturday afternoon):

https://www.realbedford.com/live-stream

The Real Bedford F.C. drummer is taking lessons from our very own drummer man Mark Standen, who keeps the Watford Rookery properly rocking at every home game. When you see Mark on TV, I am standing just in front of him, for future reference. Gary, Tom, and sometimes Hope, are just to his right.

…

Why do I bring this up again now?

Well, one of our newspapers (you know who you are) very belatedly told their readers that the Winklevoss Twins “have invested £4.5mm into Real Bedford F.C.” and seemed to imply that this was new news. It is terrible that a journalist might try to commit such a deception, and even more damning of the editor not to spot the clear and obvious error.

The point is, if you want to know the crypto action, the CCC is always way ahead of the game.

Curious Cryptos’ Commentary – Spot crypto ETFs

The launch of spot BTC ETFs in January in the US can very reasonably be described as a watershed moment in crypto history. Gensler’s hand was forced after being described by a judge as “arbitrary and capricious” in his refusal to allow spot BTC ETFs, later followed by spot ETH ETFs. However, in his arbitrary and capricious way, he refused to countenance any other options. Well, that has all changed now.

The SEC, under its new enlightened management which believes in the principles of liberty and freedom, has been furiously acknowledging a range of new crypto ETFs, and some key changes to the current ones.

New coins under consideration include XRP (whose current legal woes brought by Gensler look likely to be ditched with significant price implications), LTC, and SOL, all of which are important components of the Curious Cryptos’ Treasury allocation to alts. Having a range of different cryptos on offer will drive yet more investment dollars into this space, rather than merely cannibalising the current options.

But there are two other suggested developments which will make things more interesting.

First up, is a filing to incorporate ETH staking into the current crop of spot ETH ETFs:

Secondly, the SEC is considering allowing in-kind creations and redemptions of the spot ETFs. What this means is that instead of investors buying or selling the ETFs with cash, they can do it using the underlying. This may sound like a technicality but it has one major advantage, as the buying and selling of in-kind ETFs is not a taxable event. It is true that neither does it represent new money coming into the space, but it adds liquidity to the spot ETF market, which is always a net positive.

Everywhere you look, the new US administration is fulfilling its promise to support the crypto industry, to the benefit of us all.