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31st January 2025 > > Menendez, the ECB, & Czechoslovakia.

tl;dr

Another crypto naysayer has his comeuppance. The ECB pivots into owning just commodities for its reserves, in contrast to Czechoslovakia which is allocating 5% to BTC.


Market Snap


Market Wrap

The US economy grew by 2.3% in the last quarter of 2024. In the UK our economy grew by … (checking notes) … swiftly moving on, we have other things to discuss.


A brief foray above $106k yesterday was pleasing to see, as was inflows of $600mm to the spot BTC ETFs.


The market wobbles from the launch of DeepFake out of China have mostly passed. Violent sell-offs driven by ungrounded fears are almost always fabulous buying opportunities. I read that Italy has removed the DeepFake app from its jurisdiction. Expect others to follow.


Curious Cryptos’ Commentary – Bob Menendez

Not a name that rolls off the tongue I know, but crypto-enthusiasts are all too aware of Menendez’s antagonism towards cryptos. He co-sponsored a bill pressuring El Salvador to not accept BTC as legal tender, as if it’s any of his business. He also described BTC as an “ideal choice for criminals”, when in fact what he should have been referring to is the EUR 500 note, the favourite of all drug dealers, terrorists, and people smugglers worldwide.


Menendez has just been sentenced to eleven years in prison for bribery, though we know he didn’t get paid in cryptos, for all the ill-gotten gains went into his fiat bank account. A touch ironic, no?


Let’s leave the last word on this topic to Nayib Bukele, President of El Salvador, who commented on X:


Curious Cryptos’ Commentary – The ECB

Convicted Criminal Christine Lagarde, Head of the ECB, has made plain her opposition to cryptos over many years. I agree that everyone has the right to be wrong, and at least she has been consistently wrong, with no evidence that will ever change.


Lagarde was asked about the ECB adopting BTC as a reserve asset. I always thought that the EU and the UK would be the last to capitulate on that decision. Lagarde has reinforced my opinion:


"There is broad agreement within the Governing Council that reserves must be safe, liquid, and not subject to potential financial crime concerns. For these reasons, Bitcoin will not be considered for central bank reserves."


“… not subject to potential financial crime concerns …” cuts out all fiat currencies, gold, and all other precious metals. Oil is out too, given the illegal trade out of Russia, and diamonds are obviously a big no-no.


Lagarde is warming us up for a momentous announcement of a 100% pivot for the ECB’s reserves into commodities such as sugar, wheat, and cotton. You can’t deny that is a brave decision, but one I am quietly confident she will come to regret.


The national bank of Czechoslovakia has approved putting 5% of its reserves into BTC, as per the CCC of 29th January, 2025.


The ball has very much started rolling.

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8th February 2025 > > The UK & US states.

tl;dr Andrew Bailey, cor blimey guv’! Kentucky and Florida join the wait-list of US states queuing up to adopt BTC as a treasury reserve...

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