5th March 2024 > > Cryptos are the hedge.

tl;dr

For UK residents, there are ever more reasons to diversify your investment portfolio. A less than wise man, and a wiser man.

Market Snap

Market Wrap

BlackRock has abandoned ESG investments. It is a relief to everyone that a touch of sanity has returned to the TradFi markets.

…

Just four hours ago, BTC reached $68,770 just $276 shy of a new ATH. Surely, it will be soon, unless those leveraged longs get taken out with a long squeeze. The nice thing about reaching a new ATH is that everyone who owns BTC is in the money, except for the very latest buyer who is flat on the trade. Diamond hands know what they are doing.

Curious Cryptos’ Commentary – If you don’t own cryptos, take a moment

Much has been made recently of BTC reaching ATH in currencies other than USD. The Argentinian Peso and Turkish Lira are obvious examples, for obvious reasons. Now Euro and Sterling have joined that club.

What is being priced in those markets is a devaluation of the local currency vs USD, as BTCUSD is by far the most liquid crypto market. But for most of us, the only thing that really matters is the value of our investments in our local currency. For the Brits, when debt to GDP is close to 100% and unaccountable organisations such as the OBR and BoE take on unprecedented powers that should be the responsibility of the elected government (Brown and Osbourne are to blame for this sorry state of affairs), the only choice left to a UK administration of any political persuasion is to devalue sterling. Which has one very predictable result – hard assets rally hard.

Government coffers are being stripped bare by ever increasing interest payments, and what will be reduced tax revenues, as the punitive and self-destructive tax regime embraced by Jeremy “not my real surname but this is a family publication” Hunt results in no growth and reduced productivity.

Devaluation using QE will be the only option left for the UK. Supporters of MMT (aka Magic Money Tree) will feel vindicated, without any appreciation or understanding of the irony of their stance.

On that note, if you think there is a risk the UK finds itself in a monetary and fiscal crisis à la 1970s, your best hedge is to own assets priced in dollars. It is always good to have a contingency fund.

Curious Cryptos’ Commentary – Milk Road again

His problem is that he only bought alts and memes once at the top of the last cycle and didn’t DCA during the bear.

https://milkroad.com/subscribe/?ref=o5CmCFhBAK

Curious Cryptos’ Commentary – A wise man …

… after seeing this post, made the comment “Gotta love his perspective”: