19th March 2024 > > Yellen, Dubai & a forecast.

tl;dr

Someone pokes a little fun at Janet Yellen who is a (not-so-secret) member of Warren’s anti-crypto army. Dubai has taken note of the EU’s efforts to attract crypto business and responds in kind. Standard Chartered reminds us that daily price fluctuations are best ignored for those with a long-term view.

Market Snap

Market Wrap

We saw a rare beast yesterday – the spot BTC ETFs recorded a daily outflow of funds. The Grayscale ETF saw half a billion dollars of assets flee its 2% pa charge but the funds did not recycle into the other ETFs. Which raises an interesting question – how committed are the recent buyers? Did they invest thinking number only go up?

Despite a decently sized pull-back there hasn’t been the expected carnage amongst the leveraged longs. I guess collateral sizes have increased in response to the increase in volatility.

Curious Cryptos’ Commentary – Janet Yellen

https://twitter.com/TommyWorldPower/status/1764830154780717335

Curious Cryptos’ Commentary – Dubai

Dubai – a very hot place with little culture in the city itself, but really amazing food and great hotels – has laid down a new Digital Assets Law and Security Law:

https://www.difc.ae/whats-on/news/difc-announces-enactment-of-new-digital-assets-law---new-law-of-security-and-related-amendments

The very first sentence, a quote from Chief Legal Officer Jacques Visser of the DIFC Authority, amply demonstrates the enthusiasm of the Dubai authorities in encouraging crypto business to work out of Dubai:

“DIFC is excited to announce the enactment of its Digital Assets Law. We consider this legislation to be groundbreaking as the first legislative enactment to comprehensively set out the legal characteristics of digital assets as a matter of property law, and to provide for how digital assets may be controlled, transferred and dealt with by interested parties.”

You now probably expect me to have another dig at Rishi Sunak and his lies about wanting to make the UK a welcoming place for crypto business, but he hasn’t paid any attention to the CCC so far (much to his loss), so I give up on that battle.

What this legislation aims to do is provide a reliable and clear regulatory framework for crypto

innovation and development. Allied with some rather appealing income tax (0%) and corporation tax (9% maximum) policies one can see why crypto entrepreneurs might wish to have more sun in their lives.

You might have noticed the reference above to “property law”. That is no accident. The irony is that Dubai’s overarching legal framework is based on English law, both principles and practice.

Ho hum.

Curious Cryptos’ Commentary – Standard Chartered

In a research note to clients, Standard Chartered raised its BTC price forecast to $150k this year, and $250k by the end of 2025.

I think those forecasts are a bit low, but they are good to see anyway.