Unchained Bits + Bips: Why XRP Might Have Been The ‘Most Hated’ Rally Ever - Ep. 744
Dec 4, 2024
Alex Thorn, Head of Firmwide Research at Galaxy Digital, joins the discussion to unpack XRP’s latest rally, labeled the 'most hated rally in crypto.' He offers insights on the new Treasury Secretary's potential impact on inflation and fiscal policy. They also dive into the contentious landscape shaped by Operation Chokepoint 2.0. Conversations shift to Thanksgiving gatherings, where digital assets became hot topics, and a light is shed on Ethereum's emerging patterns and MicroStrategy's role in traditional finance.
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Bessent's Qualifications and Plan
- Scott Bessent, Trump's Treasury Secretary pick, is highly regarded for his market expertise and focus on economic growth.
- His "3-3-3" plan aims for 3% GDP growth, 3% oil production increase, and a 3% budget deficit reduction.
Unnecessary Rate Cut and Inflation Risk
- Markets anticipate a December rate cut despite sticky inflation, influenced by the Fed's forward guidance.
- This pre-emptive cut, unnecessary given current economic strength, risks fueling future inflation.
Andreessen and Operation Chokepoint 2.0
- Mark Andreessen's appearance on the Joe Rogan podcast brought "Operation Choke Point 2.0" into the mainstream spotlight.
- This increased awareness led to Congressional interest in investigating the debanking of crypto companies.