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tl;dr
London’s elections are a pointer to the future. ENA and USDe are destined to fail, just not yet.
Market Snap
Market Wrap
The FTSE is set for a record close in anticipation of dramatic interest rate cuts as food prices become an ever-stronger deflationary force. The Bank of England is once again proving its technocratic incompetence, though in fairness, it should not have been given responsibility for interest rates in the first place.
Curious Cryptos’ Commentary — Elections to be the Mayor of London
Brian Rose, founder of the London Real Party (who?) is standing as a candidate in the elections to be Mayor of London.
Rose is a known conspiracy theorist, who is willing to give David Icke a platform for his disgusting racist views. We all know what Icke really means when he claims the world is run by reptilian humanoids, putting him on a par with those who parade around London glorifying that symbol of hate, the Swastika.
Rose has zero chance of becoming Mayor which is a good thing. But his manifesto is of interest to us, though let me make this very clear, this commentary is not an endorsement of the man or his outlook on life.
He has promised to give every citizen £100 of a new crypto with the working title LONDON. The brand agency that came up with that idea didn’t work very hard for its corn. He claims it will be funded by a one-off £1bn tax on financial services companies in the city. It would be used for paying council tax bills, tube and bus travel, and presumably shops would be encouraged to accept it as payment.
This isn’t a new idea — Lugano in Switzerland accepts BTC and USDT for any and all municipal payments, an initiative first launched in limited form nearly two years ago that has undoubtedly been a success. Zermatt, home to the iconic Matterhorn which acts as the last staging post for the finale to the world’s greatest ski-tour, the Haute Route, has followed suit, as has the canton Zug.
In the relatively recent elections for the Mayor of NYC, the incumbent had to come out in support of cryptos after his challenger had done so and had been rewarded with a…
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