19th October 2024 > > Miscellany.
tl;dr
Buyers, culture wars, debt, and politics. Look away now if Friday night in the pub has taken its toll, and you are not in a robust state of mind this morning.
Market Snap
Market Wrap
I know y’all watch Farside daily updates with some vigour (https://farside.co.uk/btc/) but this run is worth highlighting:
That number on the right, that’s the dollar value in millions of the net flows into the BTC ETFs. In that size, that is institutional money. You know what will happen if it continues in this vein.
Occasional Series – UK Culture Wars
That old chestnut about gender dysphoria has blown up again.
Blatantly ignoring the Cass review and the current legal situation, The Nottingham Young People’s Gender Service has an opening for a clinical psychologist which requires the successful applicant “… to practice in a gender affirming manner.”
I am appalled by this.
Practice spelt with a ‘c’ is the noun. Practise spelt with an ‘s’ is the verb. In the UK at least, which is where The Nottingham Young People’s Gender Service happens to be, to the best of my knowledge.
And let’s not get into the othering of children explicitly expressed in that organisation’s name.
Curious Cryptos’ Commentary – Money printer goes brrrr
There is no other option.
I might add that an immortal being created at the time of the Big Bang could have borrowed $6 EVERY SINGLE DAY and still have less debt than the US government has accumulated since Bill Clinton started messing around with Monica Lewinsky.
You know exactly what will happen in response to firing up the old dollar money printer.
Curious Cryptos’ Commentary – US politics
I wish it were not so, but this forthcoming election may decide whether the crypto revolution begins in earnest in 2025, or it is delayed somewhat.
Putting politics aside, and putting individuals aside, as crypto investors, and if we focus on just that, we want the best possible outcome for our investments.
And now I think we have a way out of that quandary. But let’s quickly recap the options.
Trump’s pro-crypto pivot isn’t based on belief. The pivot is purely opportunistic, which is a characteristic that every entrepreneur must have, but in Trump’s case it is only about money.
Kamala Harris’ pro-crypto pivot isn’t based on belief. She probably does not understand the concept of opportunity, as the cosseted bureaucratic world in which she has lived her life does not work that way.
Neither looks pretty to me.
…
Maybe I am grasping at straws to find something, just anything, positive out of the election next month, but this comment gives me some comfort:
“Regardless of what happens in the elections, we will have a very significantly advanced debate around the crypto issues and a very large cohort of members of the House and the Senate […] who will now come in with brand new pro-crypto voices.”
Faryar Shirzad, Coinbase chief policy officer.
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