❤️❤️
ft.com/content/97d667…

In today’s Crypto is Macro Now:

- BTC spot ETF decision?
- CPI surprises – there were a couple
- Energy demand heading up
- Asian blockchain networks expand 🇯🇵

noelleacheson.substack.com/p/friday-augus…

can't imagine the frustration felt by the diplomats entrusted with improving US-China relations 🫤 what is Biden hoping to achieve with statements like this? bloomberg.com/news/articles/…

wondering how much damage has been done this year to the whole concept of a “summer holiday” ☹️
bloomberg.com/news/articles/…

gm #madrid ! happy Friday!! ☀️

can confirm, paying ~40% more for my usual olive oil vs 15 mths ago 😢😢
bloomberg.com/news/articles/…

this is intriguing, but it's not clear why you would need crypto tokens to sign documents, rather than just digital signatures - identity would have to be 'approved' by a centralized org anyway, right?
coindesk.com/policy/2023/08…

In today’s Crypto is Macro Now:
- US inflation – it’s what’s ahead that matters
- The SEC appeals
- Russia to trial its CBDC
- Earnings yields are lower than cash yields (!!) 🦜
noelleacheson.substack.com/p/thursday-aug…

This is really not good – rice (the basic food staple for much of the world’s low-income population) has risen to prices not seen since 2008 – likely to trigger more crop hoarding which could push prices up further ☹️
bloomberg.com/news/articles/…

gm #madrid !

what??? 😱 omg 😱
coindesk.com/web3/2023/08/0…

This article is more than a good overview of the state of the mBridge CBDC project, a collaboration between the BIS and the central banks of China, Hong Kong, Thailand and the UAE - it’s also a glimpse of just how political money is becoming. 👀bloomberg.com/news/articles/…

Credit card balances up by $45bn in Q2, to >$1tn, highest level ever. Sorta puts that “strong consumption” in a different light.
bloomberg.com/news/articles/…

US oil prices earlier today hit their highest level since Nov 2022. Not ideal for the fight against inflation – excluded from core CPI/PCE, but higher energy prices feed into just about everything, through inputs (plastics, chemicals) + transportation. Rates higher for longer. 🫤

In today’s Crypto is Macro Now:
- A slight shift in the BTC narrative?
- The Fed details bank crypto oversight
- Coinbase’s blockchain launches
- US oil now at its highest since Nov 2022 🛢️
noelleacheson.substack.com/p/wednesday-au…

“Bitcoin is going to be around for a while” is a very “duh” comment, but the media focus on Rubenstein’s supportive take suggests that institutional interest will soon start to drive more of the investment narrative. Maybe the shift is starting.
coindesk.com/markets/2023/0…

gm #madrid ! ❤️

According to this article, China’s “space weaponry” includes Earth-launched lasers, jammers and missiles that can destroy satellites … In 2022 alone, the Chinese government put up ~200 satellites, over half of them “remote sensing” (eg. surveillance)
breakingdefense.com/2023/08/space-…

Last Friday, we got the latest FAO Food Price Index data for July, which showed the *largest jump* since February 2022 – yep, the month Russia invaded Ukraine. It's still a LOT lower than it was, but the direction isn't good, and doesn't bode well for headline CPI.

Fascinating article by Alan Posen on how the Chinese are choosing to save rather than spend, largely because they don’t trust the CCP’s economic policies to not keep flip-flopping – suggests that even if China starts to really stimulate, won’t help much 🫤
foreignaffairs.com/china/end-chin…