SBR: A nice surprise

also, the Crypto Gathering, and why the market doesn't care

“It was the mark of a barbarian to destroy something one could not understand.” – Arthur C. Clarke ||

Hello everyone, and happy Friday!! Finally, we crawl, gasping for breath, to the finish line of an epic week.

After all the long, market-packed posts over the past few days, I was so hoping for a relatively normal news flow in order to get back to looking at institutional interest in blockchain utility. But no, last night Trump went ahead and signed the Executive Order for a Strategic Bitcoin Reserve. Sigh – like I said yesterday, this is a week for just going with the flow. I will be able to get back to some sort of calendar structure soon… she says hopefully.

Below, I look at what this move means for crypto more broadly, and at why the market has totally shrugged it off so far.

Programming note: I unfortunately can’t publish on Monday, so I most sincerely hope that we have a nice, normal weekend with no major market-moving announcements – too much to ask for?

IN THIS NEWSLETTER:

• SBR: A nice surprise

• The gathering

• The market doesn’t care

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WHAT I’M WATCHING:

SBR: A nice surprise

I’ll just come right out and admit to not expecting an Executive Order mandating a Strategic Bitcoin Reserve (SBR) before the White House Crypto Summit even got started.

Truthfully, I had no idea what to expect from today’s meeting – I suspected it would be a lot of talk, quite a bit of arguing, some ridiculous pitches, but ultimately, a promise from the White House to continue to work with industry to create a supportive framework for crypto assets. Maybe a commitment to ensure access to banking services. In other words, nothing new, but a sign of broad commitment which itself is a good thing.

I would not have been at all surprised to see a promise to not sell current holdings from seizure.

But an actual “Strategic Reserve”? That’s a bold move, and – I say this as someone who still thinks an SBR is a bad idea – a masterful one.