6th December 2024 > > The UK, the US, scammers & Brian Armstrong.

tl;dr

UK politics are in a flux. US politics is doing what it said it would do. A message for all scammers out there. Brian Armstrong knows of what he speaks.

Market Snap

Market Wrap

Just yesterday the CC commented in response to breaching $100k for the first time accompanied by over exuberance from leveraged longs “Mind that perpetual futures funding rate though. A long squeeze is on the cards, probably taking us back down to the low 90s.” I didn’t expect to be proved right quite so quickly. The long squeeze has reset perpetual futures funding rates back to a healthy level with BTC dipping to $93k in the process before staging a very quick recovery.

You heard it here first.

Curious Cryptos’ Commentary – UK politics

I know, I know, but as we have seen recently political developments do impact upon cryptos. So, as much as the CC research team would like to keep away from the whole subject, we are simply forced to comment.

Announcing a reset of government policy just a few months after being voted in with a landslide majority, as the UK’s ruling party has just done, is an interesting development. It has never been tried before. It has never been needed before.

The election promise of being the fastest growing G7 country over the lifetime of this parliament has been unceremoniously ditched in favour of some fluff and nonsense that cannot be measured. I am not convinced that is an improvement on the offer made to the voting public earlier this year.

The election promise to be zero carbon by 2030 has been ditched in favour of 95% non-carbon. If you are a believer in net zero, I am not convinced that is an improvement on the offer made to the voting public earlier this year.

The election promise to build 1.5mm homes within five years remains, but there is no-one who seriously believes this is vaguely possible, not least because of the rules and regulations around the bat community within these shores.

The immigration (legal or otherwise) issue, that does concern a lot of voters, is not addressed in any meaningful way. One can argue for open borders, or closed borders, or a mix of the two. What political leaders cannot do, if they wish to retain the support of the ordinary man, is to take a position that relegates immigration to a side issue for lawyers to argue about whilst collecting enormous fees.

On that note, I do wonder if Two Tier Sir Keir Free Gear Farmer Harmer Starmer has ever previously personally benefited from those fat fees, almost entirely paid by the taxpayer. Answers, as always, on a postcard to CC Towers. (*)

I could go on, but then I will start resembling Two Tier himself, not least because you will all lose interest in what I am saying.

The important point is that I see no pro-crypto pivot from either Farmer Harmer or PM in waiting Kemi, and I do find that disappointing.

What we do now know from the comments above, is that Starmer is not averse to changing his stance on any political topic at any given time, which gives the UK crypto industry some hope. Once he sees the crypto tax dollars accruing to the EU and the US, trust me, he will get on board sharpish.

I recommend immediate adoption of the EU’s flagship policy MiCA, which would not only give regulatory clarity within the UK for crypto businesses but has the added advantage of moving the UK closer to the EU, one of Starmer’s personal goals for his premiership. An immediate win for him, and one he should take today.

Curious Cryptos’ Commentary – US politics

Former COO of PayPal, David Sacks, has been appointed to a new role in the incoming US administration as “AI and crypto czar”.

President-elect Trump is making good on his pre-election promises to the crypto industry:

“He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.”

Curious Cryptos’ Commentary – Feral scammers

Any time I am contacted by feral scammers (which is a frequent occurrence), my response to them is always entirely appropriate and completely proportionate.

May I gently suggest you do the same.

Curious Cryptos’ Commentary – Brian Armstrong

His record speaks for itself. He is rarely wrong.

…

(*) The answer is yes, he has, and then some. And then some more some. But hey, it’s just taxpayers’ money.