Tuesday, August 13, 2024

crypto headwinds, and the CBDC update

“If you do not use tools, they use you.” – Ralph Waldo Emerson ||

Hi everyone! I hope you’re all doing well 😊.

Below I look at renewed headwinds for Bitcoin, and (finally!) the promised CBDC update. A late publication today, sorry, summer time seems to move at a different pace (or maybe it’s my summer brain going slower).

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Programming note: This newsletter will miss publication on Thursday (national holiday here in Spain) and Friday (another short summer break), but I will publish the free weekly on Saturday.

IN THIS NEWSLETTER:

• Crypto headwind #1: politics

• Crypto headwind #2: business optimism

• CBDCs: Russia, India, Canada and more

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IN BRIEF:

Crypto headwind #1: politics

For a candidate so interested in supporting innovation that he even carved out time to speak at a Bitcoin conference, it’s notable that in last night’s rambling interview on X, Donald Trump did not mention crypto. At all.

This does support the reluctant realization that perhaps, just perhaps, Trump’s crypto promises might be forgotten in the early flurry of a Republican White House, should that come to pass. Trump does, after all, have a history of promising big things and then not delivering. Of course, all politicians do this, but it’s relevant for those who believe that the positive crypto impact from a Trump victory was priced in.

Last night’s disappointment and the climbing expectations of a Harris win are likely behind today’s BTC slump.

(chart via TradingView)