Liberation Day: chaos, markets and crypto

- what happened and what’s ahead

“When liberty is mentioned, we must always be careful to observe whether it is not really the assertion of private interests which is thereby designated.” – Hegel ||

Hi everyone, and Happy Friday!! I hope you’re all doing ok – the past couple of days have been quite something.

Today’s newsletter is LONG – but since I missed yesterday, I figure it averages out. And this week has been a major turning point. Much to discuss.

Because the tariff news is all-consuming for now, I’ve left out the usual Macro-Crypto Bits section – there will hopefully be sufficient attention space to bring it back on Monday!

IN THIS NEWSLETTER:

• Liberation Day: the wheels came off

• The details

• The reaction

• What I may be missing

• What this could mean for crypto

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

The wheels came off

One advantage of not publishing yesterday is that I’ve had some time to digest the tariff news, reflect and search for a positive spin.

Only, I can’t find one. And I’m a congenitally optimistic person.