9th September 2021 > > Panama.

tl;dr

Panama follows in the footsteps of El Salvador.

Market Snap

Market Wrap

Huge apologies for not updating the BTC price yesterday. Not that it moved much and wasn’t a point of discussion. It was a minor aberration I think you will agree.

Meanwhile an anonymous trader on an obscure reddit thread has pointed out that the 4 day 7.5 hour moving average has taken a hit after yesterday’s move, and at some point he expects it to cross the 3.5 year moving average, from either above or below. At that point in time, he is quietly confident that would mean that the price of BTC has been moving rather than being completely static.

He also points out that his most favoured metric – the 13 year 6 day moving average – cannot yet be calculated, so all price movement predictions based on technical analysis are total nonsense.

Occasional Series – SIR Keir Starmer is right again …

… when he says the predicted extra $12bn pa from the NI hike for the NHS won’t clear the waiting lists.

Firstly, of course, it won’t be $12bn pa.

The Treasury has a golden rule that predictions of future tax revenues from additional taxes are based on a key assumption that additional taxes have ZERO impact on economic activity.

This assumption makes calculations simpler.

This assumption allows Treasury mandarins more time for lunch at their club before catching a pre-rush hour train home.

This assumption is clearly and utterly bollocks.

Secondly, shovelling cash into a greedy mouth (the NHS has just started advertising for dozens of new chief executives of new integrated care boards on salaries of up to £270k pa) does not necessarily result in a better outcome.

Curious Cryptos’ Commentary – And now Panama

Following hard on the heels of El Salvador, the Panamanian Congress is to consider a new bill that would make BTC legal tender in Panama.

The bill goes a little further than that by also setting up an attractive, welcoming regulatory environment for cryptos and the crypto industry.

Sponsor of the bill, congressman Gabriel Silva, has stated that the objective is attract foreign investment and create thousands of crypto related jobs.

Those tax dollar receipts (our Treasury department should be taking note, but they are already supping pre-lunch aperitifs) are looming large for El Salvador and Panama.

Who will be next?