Why All Investors Need To Own Gold and Bitcoin

I was lucky enough to find myself on GB News at the weekend, standing in for the veteran broadcaster Alastair Stewart, who was taking some no doubt well-deserved time off. No prizes for guessing what subject was the main focus of the two two-hour programmes.

The world has changed, and investors need to take that into account

There were all sorts of guests – Russian, Ukrainian, Polish – who all knew their onions, and added so many profound insights into the conflict. I sat there trying to ask sensible questions while absorbing as much information as I possibly could. I can’t pretend to be informed on this subject, despite being a lot more so now than I was a week ago – like most of us, I guess.

We covered so many subjects. The incredible bravery of the Ukrainian people and the resilience they have shown in the face of much better-armed opponents; the apparent strategic mistakes made by Russian forces so far, and the poor communication; the ruthlessness of Putin, the need to win and the risk that he doubles down.

We also covered sanctions, Swift and the weaponisation of money; the war on the oligarchs and the kleptocrats; the imminent refugee crisis; propaganda; the tacit alliance between Russia and China – and that China will be watching all of this and learning; the ramifications for Taiwan; the dependency of so many nations on Ukraine and Russia for food supplies. And much more besides. I watched, listened and tried to learn.

I left the studio with a distinct feeling of dread that this invasion may prove to be the beginning of something much bigger. Russian commentator Konstantin Kisin, who hosts the popular podcast Triggerpod, kept repeating the point that in terms of historic significance this invasion is “bigger than 9-11”. The geopolitical landscape has changed, he said, and the West is at war.

On both days, I left the studio feeling glad that I owned gold. It has been a source of immense disappointment and frustration to me, as regular readers will know, but there is a time to own gold and now would appear to be one of those times. I have reported more times than I care to remember on the vast amounts both Russia and China have accumulated over the last 20 years.

Meanwhile, the way that the West has weaponised its money and banking against Russia is extraordinary – unprecedented even, and made possible by digital banking and modern technology. China is surely looking at this weaponisation, looking at Taiwan, and thinking that to protect itself, it needs to de-dollarise as quickly and discreetly as possible. Indeed, we know China has already been doing that.

With so much money frozen abroad, one of the few ways in which Russia can actually fund itself is by selling its gold, probably via Dubai, so that may mean selling pressure. Even so, I think gold rises from here.

Hold gold, bitcoin and gold miners in the Americas

Inflation comes with war; money gets debased, no matter which side you are on. If there is some kind of China-Russia, anti-West alliance, then just as we have retaliated against Russia through Swift and the banking system, that alliance will do the same in reverse. Ergo, it will wage war on the dollar.

Western money is vulnerable. Fiat money has been printed into oblivion, while interest rates have been suppressed. Official inflation is already at 7%, while actual inflation is arguably much higher. Yet the system probably can’t take interest rates much above two or three percent. There is too much debt.

When the price of raw materials – commodities and natural resources – goes up even more because a key supplier, Russia, has been cut off, the pain of inflation is going to get worse. Governments may well attempt to impose price controls, but history shows that any relief that comes from price controls is only temporary. For the most part they don’t work and often just lead to shortages.

I’ve said for many years all China has to do is declare what its gold holdings really are – and you can see last year’s estimates here (I will do an update on this soon) – and that will be tantamount to a declaration of war. My theory, remember, is that China’s gold holdings are as big, if not bigger than those of the US.

I know I have long moaned about gold. It’s the most analogue asset there is in a world where all the value is digital. But I have also said many times that I continue to own it. It may be analogue but it has also been money since forever. It’s the first metal we ever used. 

We used it long before the Bronze Age, when we discovered smelting. Its purpose was the same as it is now – as reward, as display, as store of value, as tool of trade (in this case barter). In other words, as money.

But I have moaned about it because it has been such a perennial disappointment for so long.The currency wars are hotting up. Attacks on national currencies are going to become the norm; the rouble has been bombed already. Don’t think that at some stage the dollar, euro and the pound are not going to come under attack, because they will. Other fiat currencies will get caught in the crossfire.

Gold and bitcoin are the places to hide. On the subject of bitcoin, I see this conflict as an opportunity for it to decouple itself from the Nasdaq. If Swift is out of bounds, and governments in conflict have their tentacles running through the banking system, the use case for bitcoin suddenly got more compelling. What better way to transfer value across borders? You want to own both. And all those gold miners located far away from all of this in the Americas. There’s going to be a lot more demand for their product.

Source: Why all investors need to own gold – and bitcoin | MoneyWeek

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Despite The Crypto Crash, Bitcoin Still Has a Bright Future

You might call it the cable that changed history. In the mid-19th century there were various attempts to lay cables across the Atlantic Ocean between Britain (Ireland) and the US.

It took several failures, numerous bankruptcies and over ten years before they got it right. But eventually they did and on July 27 1866 Queen Victoria broadcast a message to US President Johnson…

Money is a form of communication technology

Here’s what the first transatlantic cable said:

Osborne, July 27, 1866 

To the President of the United States, Washington 

The Queen congratulates the President on the successful completion of an undertaking which she hopes may serve as an additional bond of Union between the United States and England.

Johnson replied:

Executive Mansion Washington, July 30, 1866 

To Her Majesty the Queen of the United Kingdom of Great Britain and Ireland 

The President of the United States acknowledges with profound gratification the receipt of Her Majesty’s despatch and cordially reciprocates the hope that the cable which now unites the Eastern and Western hemispheres may serve to strengthen and perpetuate peace and amity between the governments of England and the Republic of the United States.

To send a message by ship could take ten days or more; now it was a matter of minutes. So somebody came up with the slogan “two weeks to two minutes”.

Transmission speeds improved rapidly; Morse code became words and it was soon possible to send multiple messages at once. By the end of the 19th century, Britain, France, Germany and the US were all linked by cable.

Personal, commercial and political relations were altered for all time.  Back then gold was money, of course, as were paper notes representing gold. You couldn’t send gold down the cable, however, nor paper. But you could send a promise.

And, within a fortnight of Queen Victoria’s message, that’s what two parties who trusted each other did. An exchange rate between the dollar and the pound was agreed and then published in the New York Times on 10 August. That is why, to this day, GBP/USD exchange rate is known as “cable”.

My purpose with this story is to illustrate a point: what is money, but a form of communication?

Look at a £20 note (if you still use them) and you will see the words “I promise to pay the bearer”.  Of course, promises disappear; gold doesn’t. The two are quite different forms of money: one is belief, the other is real.

Nevertheless, since the dawn of civilisation, we have been using promissory money. In Ancient Mesopotamia, people used mud tokens, representing sheep or barley, baked inside clay balls to log debts owed. They found it more efficient to draw pictures of the tokens in the mud for the same purpose, which is how the first system of writing developed.

In Ancient China, people recorded their debts on bits of leather; after the invention of printing they started using paper. Today the promises are recorded and exchanged between trusted third parties on computers.

Millions, probably billions, of promises are sent across the internet every second, transferring as quick as words, probably quicker. Not only does (promissory) money evolve with communication technology, it is often the spur, the impetus for communication technology to evolve.

Now bitcoin, with its blockchain, obviates the need for trusted third parties altogether – that is one of many reasons it is so special. Here is a money communication network backed instead by mathematical proof and the most powerful and resilient computer network ever known to man: the trusted third party is the blockchain.

Why would you not want to own a share of such a breakthrough technology? That, effectively, is what owning some bitcoin is – owning shares in a new monetary technology. And it’s not like they are doing any roll backs.

Money has evolved like language

I want to explore this idea of money as communication further.  It’s often said (by me at least) when considering politicians: look at what they do, not at what they say. What we do says more about us than what we say – what we do with our money says even more.

And what we do with our money communicates value, not just between buyer and seller, but across the economy. What is the price of this thing? What is its value? The answer is constantly being sent and received, digested and acted upon; and so does the economy constantly, incrementally evolve and develop with each new signal: the how, why and when, of what needs producing and where.

Money, then, is like a language, constantly evolving and changing. Nobody is really in charge – it wasn’t really planned, it has just constantly evolved. The architects of fiat money did not plan what we have today, they just used it to get out of a tight fiscal spot – extenuating circumstances at the time.

Similarly, nobody planned the language we speak today. Language is hard to plan and regulate, try as many have over the years – and still do. The English we speak today is a long way from the English of Chaucer, Shakespeare or Dickens. There are probably fewer words; certainly fewer tenses. Grammar is simpler. Yet English is far more widely spoken. The network has grown.

Mandarin may have three or four times more native speakers, but English is more widely spoken. There may well come a time when everybody in the world speaks it. It is the dominant linguistic network.

Meanwhile, other languages fade away. Cornish has gone. Few now speak Welsh or Gaelic. The local dialects of France and Italy are disappearing. Similarly, there are no doubt a plethora of African, Asian and American languages that are on the way out, if they haven’t already gone.

The question to ask is this: how scalable is the language? English has the potential to become the default language of the world. Despite having more native speakers, that’s unlikely to be the case with Mandarin. It’s certainly not going to happen to Gaelic, Neapolitan or Swahili.

How many different monies have there been in history? Shells, whale teeth, metals, paper, cigarettes, mackerel packs, cognac, Zimbabwe dollars, reichsmarks, denarii, farthings, shillings. Most have died. Only gold goes on.

But, as with transatlantic cables, you can’t send gold over the internet. Only golden promises between trusted parties.

Bitcoin is money for the internet

The US dollar is the global reserve currency. You can send that over the internet. But it’s hard for people who aren’t American to get US dollar bank accounts. Foreign exchange fees are expensive. Money transfers can take several days sometimes.

It’s a national currency that is used internationally. A country – and several do – could use it as their national currency, but they would be importing US monetary policy too, and so subjecting themselves to US political whims. Which is why most countries with their own political agenda issue their own currencies.

Thus, though “international”, as a national currency, the US dollar is limited by its national borders and its politics. The same goes for any national currency.

But language is not limited by national borders – or at least English isn’t. If only there was an apolitical, borderless currency for the borderless economy that is the internet, then that really would be scalable in a way that no national currency is. A network that has evolved organically, and is constantly growing.

You don’t need a bank account to start using bitcoin. You only need a phone with an internet connection. We are not far off that point when everyone who wants one has one. My argument is this: if money is language, then bitcoin is English. It has a potential to scale that no other currency has.

Just as an aside on how quickly money evolves – it’s worth remembering that as recently as the 19th century, the pound had greater global recognition than the dollar. In emulation of Jules Verne’s Phileas Fogg, who went Around The World in 80 Days, in 1889-1890 American journalist Nellie Bly went on a trip around the world in 72 days.

She took pounds, but she also brought some dollars, “as a test to see if American money was known outside of America”. She went east from New York, and did not see American money until Colombo, Sri Lanka, where $20 gold pieces were used as jewellery. They accepted her dollars – but only at a 60% discount.

It’s a bit of an ask – though possible – to get people to accept bitcoin in the physical world. But that is not what it is for. It is money for the internet.

Dominic Frisby author headshot

Source: Despite the crypto crash, bitcoin still has a bright future | MoneyWeek

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India’s Young Investors Prefer Crypto To Gold and Boring Stocks

Indian businesswoman Swati Daga first bought bitcoin in 2017, when the cryptocurrency was trading well under $3,000. Her decision to invest in digital currencies was met with wariness by her family, she recalls.

“The elders in my family told me not to throw my money away,” said Daga, who runs a food business near New Delhi.But the 33-year-old hasn’t regretted her decision — bitcoin’s value has increased 15 times since then — and she continues to invest as much as 10% of her savings in cryptocurrencies, including bitcoin and ethereum.

“I find stock markets boring,” she told CNN Business, adding that she enjoys the “thrill” and “recklessness” that comes with investing in volatile currencies. She is not the only one. India has seen a huge boom in cryptocurrency trading since the start of the pandemic, even though authorities in Asia’s third largest economy have for years expressed concerns about digital currencies, and even banning them.

Entrepreneurs in the industry told CNN Business that the country has the potential to become a crypto superpower, since it is one of the hottest internet markets in the world, with 750 million users, and hundreds of millions more yet to come online for the first time. India ranked second behind only Vietnam last year in a list of countries seeing the fastest growth in cryptocurrency adoption, according to a report published in October by blockchain data platform Chainalysis.

While the government does not keep estimates of how many people trade cryptocurrencies, industry experts have suggested that the country may now have more than 20 million crypto investors. The growth is driven by younger investors — mostly under the age of 35 — and many of them are coming from smaller cities and towns, founders of two of India’s biggest crypto exchanges told CNN Business.

According to Sumit Gupta, CEO and co-founder of exchange CoinDCX, many Indian millennials have started “their investing journey with crypto.” While 20 years ago, their parents chose to invest in gold, these youngsters “are more interested in having bitcoin as part of their portfolio,” Gupta told CNN Business, referring to the fact that traditionally Indians chose to park their money in gold or savings accounts.

Buying gold is both an investment and a cultural habit in India, which is one of the largest markets for the precious metal, according to the World Gold Council. It also considered auspicious by Hindus and Jains, and plays a fundamental role in many religious ceremonies. Mumbai-based CoinDCX became India’s first crypto unicorn last year, achieving a valuation of $1.1 billion after raising money from investors such as Coinbase Ventures and B Capital Group.

The company says 70% of its 10 million users are between the age of 18 and 34. The CoinDCX app is seen on a phone screen in West Bengal, India, in August 2021. Data shared by rival firm WazirX tell a similar story. WazirX also has over 10 million users, and called 2021 a phenomenal year for crypto trading in India. The company was acquired by Binance,  one of the world’s biggest cryptocurrency exchanges, in 2019.

Over 65% of its users are under the age of 35, according to a recent company report, and it has seen a “700% increase in the number of participants from smaller cities like Guwahati, Karnal, Bareilly, thereby signaling the growing interest from rural and semi-urban areas.”

Pritish Kumawat, a crypto trader from a small town in the western state of Rajasthan, said that he now finds conversations about cryptocurrencies in almost every tea shop in his area.

Often, the most engaged participants are college students, he said, adding that bitcoin’s massive spike last year has fueled the frenzy in India. In November, bitcoin was trading at a record high of $68000 but it has since fallen to around $43,000. In addition to bitcoin, meme currencies such as dogecoin and shiba inu are also popular among Indians, the WazirX report added.

Apart from investors from smaller towns, both companies saw an increase of more than 1000% in the number of women users on their platforms, albeit on a small base. Gupta said that participation of crypto by Indian women has seen “a massive upside” in the past 18 months and is “fairly high, fairly healthy, relative to equity markets.” The company’s data shows that 15% of their overall users are women — which is the global trend as well.

On-again, off-again relationship

The excitement over crypto is rising in India despite the country’s on-again, off-again relationship with digital currencies. The central bank has long expressed concerns that cryptocurrencies can be used for money laundering and to finance terrorism. A cryptically worded proposal posted on the Indian parliament website last year even suggested the government was exploring plans to “prohibit all private cryptocurrencies in India.”

This year, however, started on a more cheerful note for enthusiasts. Earlier this month, the Indian government announced it would impose a 30% tax on income from virtual digital assets, which many industry experts took as a sign that crypto trading won’t be banned after all. The government also said it would launch a digital rupee in the coming months.

“Taxation of virtual digital assets or crypto is a step in the right direction. It gives much-needed clarity and confidence to the industry,” Gupta said at the time of the announcement. Siddharth Menon, the co-founder of WazirX, told CNN Business that following the announcement, his platform saw daily sign-ups jump by over 50%. He also noticed rising interest among Indian developers and other professionals in joining the crypto industry.WazirX's website is shown in New York, USA, in April 2021.

“I’m getting LinkedIn messages” from senior executives in India, who are now more optimistic about the business, he said. In the past, Indian exchanges have struggled to hire and retain experienced people due to the lack of clear regulations. But the Indian government soon put a damper on the mood, by clarifying that the cryptocurrencies are not yet legal in the country.

“I am not doing anything to legalize it or ban it or not legalize it,” Finance Minister Nirmala Sitharama said in parliament a few days after announcing the tax rate. “Banning or not banning will come subsequently … But I will tax because it is a sovereign right.” “I think the government is not entirely sure what it wants to do from a policy perspective,” said Anirudh Rastogi, founder of tech law firm Ikigaw Law, which works with crypto exchanges in India.

“It knows where it wants to land broadly. It wants to find the right balance where it is not disconnected from the global progress in blockchain and other tech, but it wants to also address concerns regarding cryptocurrency.” Rastogi added that the “extraordinarily high” tax on crypto is a short-term fix, which will also acts as a deterrent to many investors.

“This rate is typically used to tax activities that are not considered economically productive, such as lottery,” he said. “So this could be an indication that the government wants to make revenue, but it does not see crypto trading as economically productive.” For equities, India applies a 15% short-term capital gains tax if shares are sold in less than a year, and 10% if sold after a year.

Gupta hopes that the government makes up its mind soon. India, with its vast pool of developers and enthusiastic young population, could be a “superpower in the next five to 10 years,” in cryptocurrency and blockchain industry, he said. “What is missing right now is a clear regulatory framework,” he added.

Source: India’s young investors prefer crypto to gold and ‘boring’ stocks – CNN

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Palladium Steadies After 5% Jump on Russia Supply Risks

Palladium steadied after jumping as much as 5% on Monday on supply concerns following a recent suspension on trading of the metal sourced from Russia in the London hub, while gold was buoyed by inflation fears.

Palladium was steady at $2,425.04 per ounce by 2:14 p.m. ET (1814 GMT) in choppy trading, having earlier scaled a peak since March 24 at $2,550.58. Platinum fell 0.2% to $973.40.

Newly refined Russian platinum and palladium was suspended from trading in London from Friday, denying access to the metals’ biggest trade hub because of the Ukraine war. read more

“The underlying fundamental support of concerns about supply disruptions remains the main focal point of the market,” said David Meger, director of metals trading at High Ridge Futures.

Spot gold was up 0.1% at $1,947.80 per ounce after hitting its highest since March 14 at $1,968.91. U.S. gold futures settled up 0.1% at $1,948.2.

Gold gave up some gains after Chicago Federal Reserve President Charles Evans signalled he would not oppose getting interest rates up to a neutral setting, which would require a couple of 50 basis-point rate hikes at the central bank’s upcoming meetings. read more

“The real question is are (the Fed) truly going to take a strong enough stance against these inflationary pressures to stave off potentially what we believe is still a very supportive gold market?” High Ridge’s Meger added.

While gold is considered a hedge against inflation, rate hikes increase the opportunity cost of holding the non-yielding bullion. Focus was now on the March U.S. consumer price report due on Tuesday, with traders expecting further rises due to the impact of the Ukraine war on energy costs. read more

“The war is continuing and without a clear solution and it’s becoming evident it’s becoming a long term matter,” supporting gold, said Carlo Alberto De Casa, external market analyst at Kinesis.

Spot silver rose 0.5% to $24.87 per ounce.

By

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By: Edward Spence & Ranjeetha Pakiam

The airspace closure is disrupting exports of Russian palladium,” said Giovanni Staunovo, a commodity analyst at UBS Group AG’s global wealth management unit. “Further price support is likely coming from investor-and-consumer-led buying trying to secure physical palladium.”

Putin said again on Sunday the war will continue until Ukraine accepts his demands and halts resistance, dimming hopes for a negotiated settlement. The U.S. is now considering an embargo on Russian oil supplies as it tries to ratchet up pressure on the Kremlin.

“With low above-ground inventories, palladium, which was under-supplied for nine years until 2020, is very sensitive to supply disruption risks,” Staunovo said. Already premiums on sponge palladium — used by industrial users — are surging.

One buyer was paying as much as $15 an ounce over the spot price last week, according to a person familiar with the matter Still, shipments from Russia. Spot palladium climbed as high as $3,442.47 an ounce, surpassing a previous record set in May. The metal traded up 10.3% at $3,322.14 an ounce at 12:09 p.m. in London. In other precious metals markets, spot gold topped $2,000 an ounce for the first time since August 2020.

Bullion is extending gains after posting its biggest weekly advance since July 2020 amid mounting concerns that the raft of penalties against Russia could dim global growth and further stoke inflation. Silver steadied and platinum advanced.

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Here’s a Useful Fund For Investing In Blockchain Without Buying Bitcoin

“Buy the rumour, sell the news” is an old market saying – and we got a classic of the genre yesterday.

It was a huge day in the evolution of bitcoin. From its origins on obscure chat boards, the open-source experiment of a few renegade computer programmers, to mainstream investment vehicle.

And then yesterday, for the first time, a nation – El Salvador – made bitcoin legal tender. The bitcoin price was steadily running up on the story – from $30,000 to $53,000. Then “Bitcoin Day” arrived and wallop: it sells off $7,000 to $46,000. The bitcoin price “should” have risen. It didn’t; it rose on the rumour and sold on the news.

How many times? It’s happened before and it will happen again.

How to bet on cryptocurrencies without having to own cryptocurrencies

Traditional investors have long been searching for a vehicle by which they can own bitcoin through their Sipp or Isa, via a regular broker account. The older generation in particular don’t want to get involved with wallets and keys and storing coins on hard drives in safes and all the rest of it. They just want to be able to buy and sell bitcoin through their regular broker, with which they are familiar.

In response to this demand there have been numerous attempts to establish bitcoin ETFs, but every attempt has run into some sort of regulatory issue. The most successful were probably the Greyscale Bitcoin Trust, listed in the US, or Coinshares Swedish listed XBT Bitcoin Tracker One. Neither is quite the same as owning bitcoin, but they do track the price.

But another vehicle has come to my attention and I thought I’d flag it up for you today, as I think it might be quite useful. That is the VanEck Vectors Digital Assets Equity UCITS ETF (LSE: DAGB).

It invests in companies that, to use its own lingo, “are driving the blockchain revolution”. That is to say in miners, exchanges, payment providers, service providers and companies that hold and trade crypto and crypto patents.

If I were to draw a parallel, I’d say that, rather than buying gold, it’s like holding a basket of gold mining companies or a gold mining ETF.

The ETF is listed in London, and it’s been going since the beginning of May. There’s a dollar denominated version whose ticker is DAPP – and a sterling version, which is probably most useful to us, with the ticker DAGB (there are also euro-denominated versions listed in Germany (DAVV) and Italy (DAPP), and a Swiss franc denominated version listed in Switzerland (also DAPP)).

It’s still small – very small – but as awareness grows it has the potential to grow too. It holds 25 companies in total, with 75%-plus weighting to the US and Canada and 12% to China, and it rebalances on a quarterly basis. I’ll post the holdings below, but in case you’re not familiar with them, I’ll outline what the major ones do. 

It’s biggest holding is Marathon Digital Holdings (Nasdaq: MARA) a Nasdaq-listed bitcoin miner. Then there’s Jack Dorsey of Twitter fame’s payment company Square (NYSE: SQ) and Coinbase (Nasdaq:COIN), the recently-listed wallet-provider and exchange

Other miners it owns include Riot (Nasdaq: RIOT), Hive (Vancouver: HIVE) and Argo (LSE: ARB), while other notable holdings include Silvergate (NYSE: SI), the bank for fintech and cryptocurrency businesses, and Michael Saylor’s Microstrategy (Nasdaq: MSTR). 

Saylor has in the past year totally got the bitcoin bug and become one of the most vocal and articulate cheerleaders for the space. His company, Microstrategy, has gone from being a software company to a bitcoin holding vehicle, owning more than $5bn in bitcoin. He’s raised debt to do it so it is a highly leveraged bitcoin play.

Anyway, here are the main holdings:

HoldingTickerSharesMarket value
(US$)
% of net
assets
Marathon Digital Holdings IncNasdaq: MARA37,8581,491,2279.15
Square IncNYSE: SQ5,3801,430,1658.77
Coinbase Global IncNasdaq: COIN5,0421,345,2568.25
Hut 8 Mining CorpToronto: HUT125,4231,261,6757.74
Silvergate Capital CorpNYSE: SI7,986947,2995.81
Microstrategy IncNasdaq: MSTR1,378892,9585.48
Hive Blockchain Technologies LtdVancouver: HIVE257,250857,1615.26
Voyager Digital LtdToronto: VOYG53,621799,9654.91
Riot Blockchain IncNasdaq: RIOT24,755794,8834.88
Bitfarms Ltd/CanadaVancouver: BITF128,704763,9734.69
Galaxy Digital Holdings LtdToronto: GLXY34,963732,1894.49
Taiwan Semiconductor ManufacturingNasdaq: TSM5,431677,2464.15
Canaan IncNasdaq: CAN64,785620,6403.81
Northern Data AgFrankfurt: NB26,290568,4983.49
Argo Blockchain PlcLSE: ARB288,705533,3123.27
Bit Digital IncNasdaq: BTBT45,480533,0263.27
Ebang International Holdings IncNasdaq: EBON157,795397,6432.44
BC Technology Group LtdHong Kong: 863179,501372,2122.28
Coinshares International LtdStockholm COIN26,030257,8651.58
Diginex LtdNasdaq: EQOS40,141222,3811.36
DMG Blockchain Solutions IncVancouver: DMGI201,595205,8231.26
Huobi Technology Holdings LtdHong Kong: 1611113,001204,9561.26
Bigg Digital Assets IncToronto BIGG183,875180,4551.11
Future Fintech Group IncNasdaq: FTFT58,088156,8380.96
Bitcoin Group SeFrankfurt: ADE1,22261,2300.38
Other/Cash-4,083-0.03

Bitcoin is supposed to be outside of the traditional financial system so it sounds funny saying that I own DAGB in my Sipp, but I do. I’m not, however, recommending that you go out and buy it straight away. I see it more as a useful vehicle to be aware of.

My overriding theory that we are in a period of “frustrating consolidation” for bitcoin remains in play, so I would try to wait for the sell off to get really harsh before you buy: buy the dips, as they say. But this should be a good vehicle to play the bitcoin game, should you see fit.

Regulating the unregulatable

In other news, I see that a bit of a crypto storm is now brewing in Brussels, where the European Parliament is about to try and regulate cryptocurrencies. Good luck with that! What could possibly go wrong when regulators are trying to regulate something they don’t understand, one of the purposes of which is to obviate bureaucracy?

The polling company Redfield and Wilton has run a poll and found that the overwhelming majority of Europeans want cryptocurrencies regulated by their own countries and not at the EU level, with many seeing EU regulation as a power grab. Greece, The Netherlands and Latvia are the most anti-EU regulation, while Spain and Portugal are the most pro. Make of that what you will.

Daylight Robbery – How Tax Shaped The Past And Will Change The Future is now out in paperback at Amazon and all good bookstores with the audiobook, read by Dominic, on Audible and elsewhere.

Dominic Frisby author headshot

By: Dominic Frisby

Source: https://moneyweek.com/

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