Market narratives: boats in a hurricane

plus: more geopolitics, Russian crypto markets, manufacturing and more

“Where there is power, there is resistance.” – Michel Foucault ||

Hi everyone, I hope you’re all doing well! So much to get through today, so this will be another long one – how can it possibly be only Tuesday?

Still on the content backlog list to share this week: stablecoin use cases, staking, Russia’s crypto markets, Pakistan, BTC mood, The Economist financial markets report, India, global risk and a lot more…

IN THIS NEWSLETTER:

• Market narratives: boats in a hurricane

• Russia’s chessboard

• Macro-Crypto Bits: weak manufacturing data, Russia’s crypto markets

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:

Market narratives: Boats in a hurricane

Last night on the Bits & Bips livestream, I got into a fun debate with my co-hosts about the narratives driving markets. Two are professional investors, I’m not, so their takes are for sure more detailed and action-focused than mine – and they’re probably more deeply thought out since they have client money riding on their opinions. But not being “in the weeds” on a daily basis can, I think, sometimes be an advantage.

Where we differ is in the outlook for markets, both stocks and bonds – my colleagues, and many others, still believe in US exceptionalism and the potential productivity gains from AI which are not yet reflected in prices.