Tuesday, August 20, 2024

crypto narratives, and a tokenization roundup

“Civilization rests on the fact that we all benefit from knowledge which we do not possess.” – Friedrich Hayek ||

Hello everyone, I hope you’re all well!

I forgot to say yesterday that I was going to be on a macro/crypto panel on the Real Vision Pro platform, along with Ram Ahluwalia of Lumida and David Pakman of CoinFund, with Sebastian Purcell of 1.2 Capital Management as the moderator – if any of you are Real Vision members, I imagine you can access the recording (I don’t have a link, sorry!). It was a lot of fun, I’ll post some takeaways tomorrow since today’s email is already too long.

Also, I’ll be on Scott Melker’s Wolf of All Streets show today at 9amET, check his X feed or YouTube channel for the link.

Below I push back on a critical crypto narrative some are using to explain the lackluster price performance so far. And I share the regular roundup of developments in tokenized assets.

Cough, erm, I haven’t included a recording today – this time it’s not an Audacity issue, it’s a schedule squeeze. I’ll figure this out!

If you find Crypto is Macro Now useful or informative, would you mind sharing it with your friends and colleagues, and maybe encouraging them to subscribe? ❤ I’d really appreciate it! 

IN THIS NEWSLETTER:

• Crypto narratives: A snapshot is not the whole picture

• Tokenization roundup: Slovenia, Coinbase, Superstate, Hamilton Lane, Franklin Templeton     

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WHAT I’M WATCHING:

A snapshot is not the whole picture

A while ago I heard a theory about the current crypto cycle that summed up the current mood. By “mood”, I mean the frustration, ennui, price-fixation you’ve probably noticed from your news feed and at crypto conferences (if you’ve been to any). Yes, we know that after a halving, the BTC price bumps along sideways for a while. But we also expected demand from the ETFs to ensure it was “different this time”. We can also attribute the BTC boredom to external selling pressure from Germany, the US government, Mt. Gox distributions and some bankruptcy settlements. But that doesn’t explain the overall “meh”, or why ETH has underperformed.