Episode Details

Oh, my goodness me. I don’t think I’ve ever seen volatility like it.

We have a huge speculative bubble on our hands, and it’s popping.

What’s more, this bubble is full of chancers, charlatans and chief executive officers.

The Mail has got onto the story. That is not a good sign.

If I told you ten days ago that the price of a share you just bought would rise from 6p to 40p in a week, you’d be pretty happy.

Then again, if I told you on Monday that something you owned was going to drop by 60% the following day, you’d be pretty unhappy.

That’s what happened with the UK-listed bitcoin treasury companies.

Nobody said it would be easy.

Today we are going to try and make some sense of what is going on. We have a comprehensive list of all the UK companies jumping on this nutty bandwagon. And, most importantly, we consider what to do next.

Let’s start with a timely reminder: owning a speculative bitcoin treasury company is not the same as owning bitcoin. One is a crazy speculation, the other is the future money system of the world. Bitcoin treasury stocks ≠ bitcoin

I hope that is clear.

Now a rant.

The Great British FCA Crypto Farce

I’m looking at the price of Coinsilium (AQUIS:COIN) this morning. It is ranging from 60p to 30p, i.e. doubling and halving. This situation means the beloved UK market makers might be creaming off enough money to keep them in caviar and truffles for the foreseeable future, but the ordinary retail investor is getting hammered.

In the course of 7 trading days, Coinsilium has gone from 6p to 90p to 30p.

The bitcoin price, meanwhile, is pretty much unchanged.

This situation is almost entirely a creation of the FCA, with its decision to “protect” UK investors from the dangers of cryptocurrencies. That protection began in 2020 when bitcoin was $5,000. Today it’s $105,000. That’s a $100,000 per coin increase—a 21x or 2,000% gain—UK investors were protected from.

Remember UK Chancellor Rishi Sunak spinning his “Britcoin” BS?

“It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.

We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.

This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”

Nobody told the FCA! How was any of that even remotely possible when the FCA had banned the sale of crypto derivatives to UK consumers, and effectively regulated cryptoasset technology out of existence in the UK?

Did the two departments even speak before he trotted out that rollocks?

Of course they didn’t. They are different departments.

It’s as though the UK government is inherently incompetent.

Remember UK Chancellor George Osborne publicising himself buying bitcoin at an ATM? The FCA made ATMs illegal.

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