1st December 2025 > > China, China, & Texas.

tl;dr

China is malign in its views of liberty. Texas points the way to freedom.

Market Snap

Market Wrap

The overnight sell-off was triggered by the People’s Bank of China publicly reaffirming its belief that cryptocurrency transactions are illegal, despite the approval from genocidal Dictator Xi and his murderous henchmen that allows Hong Kong to position itself as a leading global hub for the emerging crypto industry.

Marvellous I say. The very last thing the world needs is for China to be able to apply its persistently malign influence onto the world of cryptos. This news also proves once again the utter futility and nonsense of technical analysis.

My sources inside some of the larger spread-betting firms confirm that accounts linked to high-ranking officials in the Communist Party of China are sitting on very nice overnight gains from shorts placed just prior to the announcement from PBOC. One of them at least is very pleased with this outcome:

Curious Crypto’s Commentary – HashKey Holdings Ltd.

HashKey, a centralised cryptocurrency exchange, has been approved today for a public listing on the stock exchange of … Hong Kong.

Nothing happens in Hong Kong without Xi’s approval. I am not going to get into the debate as to whether Hong Kong should have been allowed to keep its status as an independent and democratic country, but the UK government’s public acceptance of “one country, two systems” was either childishly naïve or a blatant public lie. Neither option stands the test of time.

This destructive ambiguity from China towards cryptos is rather tiresome, though I must admit that Chinese citizens have much greater justification for complaining than I do:

ttps://www.curiouscryptos.com/post/27th-february-2025-interregnum-1-1-1-1-1

If you are feeling lazy this morning and do not wish to know the backstory, I stand by my conclusion to the missive above based upon my experience of being subject to Chinese restrictions on privacy, liberty, and freedom:

“In the West, we are undoubtedly a little complacent about the freedoms and liberties we take for granted, and the various forms of democracy that we enjoy, however flawed they might be. We do not fight hard enough against the siren voices that demand ever greater restrictions and more regulation on our personal lives, and on the commercial world. We are not scared enough by the trespasses on free speech, justified by claims of inclusiveness, though those trespasses work to foster division, and create distrust. Legally enforced protection against offence, religious or secular, is one of many pathways that lead to the type of authoritarianism on display in China.”

“The technology backing cryptos is a bulwark against such a diminishing of our liberty and our freedom. It is a tool we have to help us in our fight to keep our lives better than those lived in places such as China, Russia, Iran, et al. China is the prime example of the need for the world to accept and support decentralised options to mitigate against the restrictions that can be placed upon us all by malicious actors operating with untrammelled and unaccountable power in the centralised world.”

Curious Crypto’s Commentary – Texas

Texas has become the first US state to start accumulating its own BTC strategic reserve with a $5mm investment in BlackRock’s spot BTC ETF, iBIT. The current legislation in Texas allows for a total of $10mm investment, for now.

It has taken a long time since the legislation to establish a BTC reserve was first passed, due to a lengthy consultation process on the best means of acquiring BTC with the safest custody. Buying the spot ETF, given the minor annual charge, is clearly the best means of achieving exposure to BTC whilst having legal ownership of actual BTC with no self-storage risks, an option denied to us here in the UK for vindictive regulatory reasons.

Those other states that have passed similar legislation – New Hampshire and Arizona – are expected to soon start buying BTC for their own reserves. Dennis Porter, CEO of the Satoshi Action Fund, believe more states will quickly follow:

"You're going to see a bunch of these states pop up when they try to do these efforts again.”

Let us hope for the sake of the taxpayers that Dennis is right on that point.