28th November 2025 > > The budget & Thailand.

tl;dr

This won’t be popular amongst most, but I have praise for our Prime Minister. Thailand knows its onions.

Market Snap

Market Wrap

The debate about a bear or bull trap (https://www.curiouscryptos.com/post/25th-november-2025-bear-trap-or-bull-trap-iren-is-the-gift-that-keeps-on-giving) is as furious as ever. What we do know is that there is a reasonable chance that we might see $50k BTC once more, but we know for certain that new ATHs are absolutely guaranteed, for those who are patient enough.. Look at it that way, and the decision-making process is as simple as it could be.

Occasional Series – Complaints

I know, imagine?

I have received some comments that the CCC has been less of a daily missive of late, and more of a thrice-weekly missive. To a certain extent that has been true. I do appreciate the fact that some of you have noticed.

Contrary to what might have hinted at by some, this less than perfect hit-rate of late does not indicate any lessening of my team’s commitment to cryptos. Sure, we have sold off from $126k to $80k during this less than productive period for the CCC, but that is merely coincidence. If you check our record from the last bear market when we moved previous ATH of $70k down to nearly $15k, we were with you every step of the way down, and every step of the way back up again.

It’s just that sometimes life stuff must be ranked higher than cryptos, however much I wish it were not so. I also have other some other (paid) work to do. All I can say is that I am sorry you feel let down that I have not kept to my ambition to write daily, and I will try to do better going forward.

Meanwhile, if you have been missing the CCC, imagine what it will be like if you have not signed up to our website to retain your personal free lifetime access to all our resources, and then later find that option is never again available to you.

DIN – Do It Now!

https://www.curiouscryptos.com/cccourses

Curious Cryptos’ meme corner

Our memories tend to be shorter than we like to admit. The last bear market saw BTC close to $70k in November 2021 followed by $16k in November 2022. Long-term investors took full advantage of this rare opportunity:

Curious Cryptos’ Commentary – The Budget

Y’all know that the CCC always remains furiously politically neutral. So much so, we have been asked to provide training courses for senior management and journalists at the BBC to teach them the art of how to speak to everyone. Forget the money, I had to refuse as it was too tough an assignment, even for us.

…

Everyone here at CC Towers is a little taken aback at the criticism being thrown at Chancellor Rachel from Customer Complaints. Yes, of course she has lied that “everything has been costed”, “we won’t be back for more tax rises”, “we won’t raise income tax …”, blah blah blah. But seriously, name me one politician who didn’t lie to get the electorate to vote for them, or continue lying once in office to put off the day when they must admit to their own failings.

It is wrong of course, but if the public keep voting for people who we know will not keep their promises, what do you expect? “Politician lies” is not a headline. “Politician being honest”, now that is worth reporting.

Which brings us to Sir Kier Starmer.

It matters not whether you might prefer to be smacked across the face with a wet fish or two (*), or have Farmer Harmer in charge, because we can do the former, but you still get the latter. For now, at least. Two Tier has told us very clearly on many occasions – “I am a socialist”. And he is being true to his word.

Public spending directed towards his supporters will only ever increase on his watch. Taxes likewise. Debt too, but at a faster rate than either of the others. And that is exactly what we voted for as a country because we voted for socialism. Again, it doesn’t matter whether you agree with the very dullest man in politics, he is being true to his word.

And for that I salute him.

…

What does this mean for cryptos?

This latest budget is a highly refined gaming of the system set up by George Osborne in 2012 when he created the OBR (Office of Budget Responsibility) to give him political cover when he refused to make difficult decisions that would require leadership, principles, and commitment, qualities that no-one has ever associated with Osborne. The OBR allowed him to tinker away in the absence of any guiding political philosophy, one of the reasons why at over 23,000 pages long, the UK’s tax code is the most complicated by far of any country in the world.

The latest iteration shows immediate and large increases in government spending and government debt, with three-quarters of the tax rises pencilled in for April 2029. That tells us two things – the current plan is to hold a general election in the Autumn of 2028, and that those specific tax rises will never actually happen.

When did we last see increased government spending and increased debt with no means of paying for it? Ah yes, Liz Truss. Clearly the only mistake she made was to not make false promises of events nearly four years away. Gaming the OBR is now the single most important political skill, which was probably Osborne’s key objective all along.

With increased spending, and increasing debt, the bond markets will not be happy. Our annual interest expenses already dwarf most other public spending. Anymore is simply not sustainable, which means that the Bank of England, beholden as it is to its political masters, will implement the only policy that it truly believes in – quantitative easing.

Hard assets will be the beneficiary of this anti-progressive policy.

…

Which neatly brings us to Zack Polanski and the Green Party.

The Greens have long held as gospel incredibly damaging policies regarding the economy, and wealth creation. Polanski has turbo-charged that attitude, and scarily, the polls are rewarding him for it, along with his barely concealed racism. So much so, the odds of the Greens being the official opposition after the next election cannot be lightly dismissed. Or perhaps even they become the dominant party in a left-wing coalition. Which means we need to understand just how economically damaging Polanski would be.

I think even he realises that his proposal to limit pay in any organisation to just 10x the lowest paid person in that organisation would kill all businesses apart from the very smallest. High profile casualties include the Premier League, all listed companies, most private companies except perhaps for family firms. The tax base would be destroyed overnight, and unemployment would be pushing 80% to 90% of the working age population. If you vote for Polanski, you surely know he is lying on this specific topic. As I noted earlier, the electorate gets the politicians it deserves, by and large.

Polanski is also on record as a supporter of MMT, officially Modern Monetary Theory, but more accurately described as Magic Money Tree.

In theory, governments can simply borrow newly created money from their own central bank and pay interest on that borrowing to itself. The bank can buy perpetual bonds with zero coupon and zero notional repayment from the government, demolishing any illusion of fiscal probity. Some of Polanski’s comments on the topic of government funding seem to suggest that this might be what he is considering doing.

MMT is a turbo-charged version of QE, but it doesn’t impact all hard assets in the same way. Non-moveable assets – houses specially – will be targeted as the pound devalues. Mobile assets, owned by mobile people, will be by far the greatest beneficiary.

I think you know what I would propose as the best asset to own if the Greens ever got close to the levers of power.

…

Some readers were rather surprised that the CCC found a use for that tool of oppression and control, CBDCs (https://www.curiouscryptos.com/post/22nd-november-2025-i-am-going-to-be-in-trouble-with-the-lanyardistas). The biggest argument against my proposal is of course that future governments will want to extend it to the rest of us, and that is a concerning problem.

In much the same vein, I have found as use for Polanski’s economy destroying proposal of limiting pay to just 10x the lowest paid employee in any organisation.

Apply a similar rule only to the public, or quasi-public sector. Anyone working for the government, charities, NGOs, the various arms of the supranational bodies – the IMF and its ilk – can only ever earn l10x the minimum wage.

We would save so much taxpayers’ money that any talk of fiscal black holes will never again be entertained. It also has the added advantage that a whole bunch of people will be forced to find productive work in the private sector, where they will quickly realise that they have rather overvalued their contribution to society.

Oh, and all pensions become contributory as it is in the private sector.

See, even Polanski can have some good ideas sometimes.

Curious Cryptos’ Commentary – The Thais have it

Ministerial Regulation No. 399 has declared that all capital gains from selling cryptos will be taxed at zero percent until 31^st December 2029. I suspect that this policy will be so wildly successful in attracting crypto entrepreneurs who will create employment and other taxes that that date will forever be extended. What was I saying about assessing the mobility of assets?

That is one very smart country.

…

(*) https://www.youtube.com/watch?v=T8XeDvKqI4E