1H 2019 Overview

There was plenty of noise and intense volatility this past week in crypto with the leading executive in charge of Facebook’s Libra project in front of congress. The only *signal* in our view was when Steve Mnuchin, Secretary of Treasury and Goldman Sachs Partner drew an extremely clear line between cryptocurrency speculation and dark market illicit cryptocurrency use. As would be expected from one of the quickest to fly through the ranks at Goldman Sachs and be named a Partner — Mnuchin sided with speculators and made clear that so will the regulators. He further stated that individuals using these assets for illicit purposes will be prosecuted to the maximum extent. In our view this was a solid bullish signal as the cryptos begin their march towards regulated global adoption. However, as usual with most assets, short term price action is highly unpredictable.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store