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7th March 2024 > > Politics & Arizona.

Updated: Mar 8


tl;dr

It is not my fault that there are some who bring politics into cryptos. Arizona points the way forward.


Market Snap








Market Wrap

BTC broke the $72k level overnight – in South Korea. Known as the Kimchi Premium, this premium varies between 5% and over 20%. Market inefficiencies are often driven by poorly designed regulation that prevents easy and effective arbitrage.


What’s the premium in North Korea?


Curious Cryptos’ Commentary – Politics

I know I don’t need to repeat this because you all know it to be true, but the CCC remains fiercely apolitical as always. But there are some who wish to make politics out of cryptos, which is a shame, but it is beyond my control.


On the upside, it seems that those who want to bring politics into cryptos may regret that decision.


Katie Porter, Senator for California, has lost the primary to a rival Democrat and a Republican (open primaries are to us an alien feature of US elections). Only the top two get to fight in the final round. I guess it is theoretically possible that two candidates from the same party get through, but I am sure that has never happened. Those keen on US history (my personal fascination is the Plantagenet reign in England embodied by the chivalry of that era, sadly ended by those Tudor upstarts) may wish to correct me.


Porter is known as a protégé of Elizabeth Warren. Though not a lieutenant, she is most certainly a foot soldier in Warren’s anti-crypto army. No-one who believes in cryptos could ever vote for Porter’s illiberalism and desire for control.


Some of you may recall that the mayoral election for New York in 2021 took on a crypto slant, when both main candidates declared they wanted to make New York a welcoming place for crypto adoption. The winner has signally failed to live up to that promise, probably providing the inspiration and blueprint for Rishi Sunak’s preposterous claims that he would make the UK a crypto friendly place to do business.


The crypto voice and the crypto vote will only ever get louder and weightier. Politicians who wish to deny the crypto revolution will be well-advised to look for alternative careers.


Curious Cryptos’ Commentary – Arizona

I think we can safely assume that Warren’s anti-crypto army holds no sway in Arizona.


The State Senate is mulling over legislation to allow for the inclusion of spot BTC ETFs in the state-run retirement funds which have $5.5 TRILLION in AUM. Having already passed two votes this looks like a ground-breaking source of new demand for the ETFs. I think it is easy to predict which states will follow suit, and those that won’t. Or at least, not yet.


If there is wholesale adoption of BTC as an integral part of all pension portfolios, and that may seem a big “if” to you but you know how I feel on this subject, the path to a price of $1mm per BTC is very well sign-posted.

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