Bits + Bips: Why XRP Might Have Been The ‘Most Hated’ Rally Ever - Ep. 744
Unchained
Deep Dive
Why might the new Treasury Secretary be the right person for the job?
Besant is highly regarded for his understanding of markets and the economy, focusing on keeping oil prices down and increasing U.S. production to control inflation. His softer stance on tariffs and conventional approach to trade policies are seen as beneficial.
What are the market expectations for a December rate cut?
Markets are pricing a 76% chance of a rate cut in December, with expectations of only one cut between December and January. Inflation data shows stickiness, suggesting the last mile of inflation reduction could be challenging.
How has Operation Chokepoint 2.0 impacted the crypto industry?
Operation Chokepoint 2.0 has led to significant scrutiny and debanking of crypto and fintech companies, with hundreds affected. Regulators have discouraged banks from dealing with entire industries, creating a challenging environment for innovation and fair access to financial services.
What was the missed opportunity with Facebook’s Libra project?
Libra had the potential to advance U.S. dollar hegemony by integrating a stablecoin into social media, similar to how Tencent and WhatsApp use native currencies. The project was stifled by regulatory pressure, preventing a challenge to legacy payment rails and benefiting consumers and merchants.
What are the chances of stablecoin legislation passing in 2025?
There is a 35% chance of stablecoin legislation passing in 2025, with a higher likelihood in the second half of the year. The focus on other high-priority issues like taxes and immigration might delay the passage of crypto-related bills.
Why might Ryan Selkis be a good candidate for the role of Crypto Czar?
Ryan Selkis has clarity of vision on crypto policy and understands the need for a self-regulatory organization. His third-party perspective and ability to address objections make him a strong candidate for leading the crypto agenda and building consensus among stakeholders.
How has the conversation around Bitcoin changed during Thanksgiving?
Thanksgiving conversations have seen an increase in discussions about Bitcoin, with more people inquiring about it unprompted. This reflects a growing interest in digital assets among a broader audience, though it’s still not a mainstream topic for most.
Is the XRP rally a negative indicator for the market?
The XRP rally, dubbed the 'most hated rally in crypto,' is seen by some as a negative indicator, as it involves coins that have been out of favor for years and are rallying without significant institutional support. This could signal a speculative phase in the market cycle.
What is James Seyffart's view on the approval of an XRP ETF?
James Seyffart believes it's likely that an XRP ETF will be approved, but the process could take until the back half of 2025. He notes that the SEC's division of enforcement has lawsuits against exchanges involving assets like Solana, creating a potential roadblock for ETF approvals.
Why might Ethereum see an increase in its ETH/BTC ratio?
Ethereum could see an increase in its ETH/BTC ratio due to potential regulatory clarity under a new SEC regime, which might integrate DeFi with TradFi. This could benefit Ethereum and other similar blockchains, driving up the ETH/BTC ratio as institutional adoption grows.
Shownotes Transcript