Has it only been three weeks since New Year’s Day? What the hell is happening. January feels like it has been LOOOOONG, but the year is already 5.5% done.
> Philippines: All we have on the domestic calendar this week is the DDMPR Q3 dividend ex-date on Tuesday. Very quiet week.
> International: Trump gets sworn in as the President of the United States tomorrow, and given what we’ve seen him do over the past three days with the TRUMP shitcoin, it’s hard to look at anything else and squeeze a comparable amount of interest from it. The Federal Reserve will decide on interest rates next week.
MB Bottom-line: In case you haven’t heard, Trump launched his own shitcoin in the middle of the night (US time) on Friday, and the panic buying over the weekend has pushed the marketcap of $TRUMP to over $68 billion. Over $28 billion in transactions were processed over a 24-hour period between Saturday and Sunday. Even those of us with a cold and numb crypto heart know that this is unusual. Without any announcements or marketing, he was able to generate over $60 billion in paper gains (he owns more than 80% of the coins). Sure, the “tokenomics” are terrible and shitcoin vets would look at this as a Hawk Tuah-level rugpull candidate, but buyers don’t let their brains think those thoughts when a seemingly unlimited pool of liquidity allows traders to enter and exit massive positions for potentially massive gains. I’ve been in crypto for more than 12 years, and there have been several events that have made me think The Party Is Over. The Mt.GOX crash. The bitcoin cash hard fork. The COVID crash. The FTX thing. What will this “thing” do to crypto? What does that mean for finance? What the hell is even happening? Please, let none of this talk be misconstrued as a recommendation to buy the $TRUMP shitcoin or to invest in shitcoins generally. There is an absolutely wild amount of risk in doing any of this, particularly in investing in anything with the Trump name on it, but this is too big of an event to let pass without comment. I don’t know how something like this happens at this scale without consequences. And we haven’t even talked yet about how the guy who owns the coin is going to be president starting tomorrow.
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