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30th April 2024 > > Fiat devaluation & Hong Kong.


Arthur Hayes reminds us of the dangers of owning fiat. Crypto ETFs start trading in Hong Kong.

Market Snap

Market Wrap

BTC is heading for the worst monthly performance since November 2022, the depths of the last crypto winter when the price reached a nadir of $15k. With 17 months of great price action behind us, what’s with all the doom and gloom? Does no-one have any patience anymore?

Curious Cryptos’ Commentary – Fiat devaluation

Arthur Hayes’ latest essay (h/t Wrong-again) elaborates on one of the CCC’s common themes that underpin the inexorable rise in the price of BTC vs USD:

Ignoring his misplaced comment questioning the result of the last Presidential election, this is the key problem:

“The above chart estimates the deficit under a Biden or Trump presidency from 2024 onwards. As you can see, Trump is forecasted to spend even more than Biden. Trump is campaigning on another round of tax cuts, which would further inflate the deficit. Whichever senile geriatric clown is the chosen one, rest assured government spending will not decline.”

Which is what I have been telling everyone for a long time, though too many people dispute this obvious fact, presumably because the medium-term consequences are too horrific to contemplate.

Arthur again speaks truth to the sadly deluded:

“If you thought it was absurd what the US monetary and political elite did to “solve” the 2008 GFC and COVID, you ain’t seen nothing yet.”

Hard assets – BTC ranks right up there along with property, gold, and stocks – are your only hedge against the now-embedded fiscal incontinence of all governments of any political persuasion.

Curious Cryptos’ Commentary – Hong Kong

With the launch of spot BTC and spot ETH ETFs in Hong Kong today, Zhu Haokang, head of digital asset management and family wealth at ChinaAMC, one of the ETF issuers, is upbeat about the prospects:

"I am very confident that the initial listing scale of Hong Kong’s virtual asset spot ETF can exceed the issuance scale on the first day of the United States."

That will be President Xi and his murderous henchmen making sure at least part of their wealth allegedly stolen from the masses is safely tucked away.

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