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Bloomberg Crypto

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Bloomberg Crypto

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  • Josh Younger and Lev Menand on Why Stablecoins Aren't the New Eurodollars Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it's us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it's contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting with us, check out the Odd Lots Discord, where you can hang out and talk with us and with other listeners 24/7.
  • Czech Finance Minister Warns Against Adding Bitcoin to Reserves Czech Finance Minister Zbynek Stanjura warned against the central bank governor’s proposal to consider investing part of the country’s foreign-currency reserves in bitcoin. Stanjura said he respected the Czech National Bank’s independence and made clear that the government couldn’t interfere in the monetary authority’s decisions. Still, he expressed concern that the cryptocurrency might be unsuitable for reserve holdings because of its excessive volatility.
  • Czech central bank to consider holding bitcoin as reserve asset Jan 29 (Reuters) - The Czech National Bank will consider holding billions of dollars worth of bitcoin in its reserves, Governor Ales Michl said on Wednesday, potentially the first shift into the cryptocurrency by a western central bank if it went ahead. Michl said the idea was still under analysis and no immediate decision was forthcoming. Central banks traditionally park reserves in more conservative assets and some have warned about the risks of using cryptocurrencies in public coffers. Since taking the helm of the Czech central bank in 2022, Michl has led a drive to diversify the bank's hefty reserves through the gradual gold purchases and shifting a bigger share of the portfolio into equities to create sustained profits. He plans to present the consideration of including bitcoin to the bank's seven-strong board on Thursday, he told the Financial Times in an interview published on Wednesday. If approved, the bank could eventually hold as much as 5% of its 140 billion euro ($146 billion) reserves in bitcoin, he said. In a later post on X, Michl added more analysis and discussion was still needed before any decision. "No decision is imminent," he said. "Bitcoin has significant volatility, which makes it harder to take advantage of its current low correlation with other assets. "That's why I will ask our team on Thursday to further assess Bitcoin’s potential role in our reserves. Nothing more, nothing less." Separately Michl told the FT it was "very likely" the bank would cut interest rates by 25 basis points next week, resuming an easing drive paused in December. In the FT story, former investment fund manager Michl said investment in bitcoin could prove to be worthless or it could have an "absolutely fantastic value". He said bitcoin would trend higher even without the backing of U.S. President Donald Trump since it is an alternative investment for many people. Bitcoin hit a record high earlier this month when Trump, who has pledged to be a "crypto president", was sworn in. Trump last week ordered the creation of a cryptocurrency working group to draft new regulations and explore the possibility of creating a national crypto stockpile. Bitcoin has more than doubled in value in 2024. Michl, too, highlighted wider investor interest in bitcoin since BlackRock and other firms last year launched bitcoin exchange traded funds, according to the FT. Swiss cryptocurrency advocates recently launched an initiative to make the Swiss National Bank hold bitcoin and gold in its reserves. The SNB has expressed skepticism about holding bitcoin as a reserve. European Central Bank policymakers, too, have been adamant they don't see bitcoin as a possible reserve asset and occasionally compare it to tulip bulbs during a 17th-century trading mania in the Netherlands. In an opinion piece published this month, two ECB advisers said Bitcoin was too opaque, risky and concentrated for the public coffers and that it was a "speculative bubble that will burst". South Africa’s central bank governor also criticized the idea of a bitcoin stockpile on a Davos panel last week, saying that crypto industry lobbyists should not influence which assets governments hold.
  • Czech Central Bank Chief Mulls Bitcoin for Reserves, FT Reports Peter Laca Czech central bank Governor Ales Michl said he would propose a plan to include bitcoin in the country’s official reserves, the Financial Times reported, the first such move among western monetary institutions that have been mostly skeptical about crypto assets. The Czech National Bank’s board is expected to discuss Michl’s proposal to buy bitcoin, which could potentially represent billions of dollars of reserve allocation, the FT cited the governor as saying in an interview published on Wednesday.
  • Shakeup in AI Sector Casts Cloud Over Crypto Rally Success of Chinese AI startup DeepSeek hurt the Nasdaq 100 Stock slide sapped crypto by eroding investor ardor for risk An upheaval in global markets sparked by Chinese artificial intelligence startup DeepSeek triggered volatility in digital assets, raising fresh questions about the outlook for crypto following last year’s boom in prices. Bitcoin traded at $102,316 as of 1:54 p.m, Tuesday in New York, partly paring a 3% drop from in the prior session that came amid a plunge in the Nasdaq 100 Index of US tech stocks. Tokens such as Ether and Solana trimmed deeper selloffs.
  • Coinbase's CEO said the company needs to rethink how it lists and evaluates the slew of new tokens getting created each week. Coinbase CEO Says Surge in New Tokens Making Evaluations Harder Coinbase Global Inc.’s CEO said the company needs to rethink how it lists and evaluates the slew of new tokens getting created each week. “There are ~1m tokens a week being created now, and growing,” Coinbase CEO Brian Armstrong said in a post on X. “High quality problem to have, but evaluating each one by one is no longer feasible.”
  • Ethereum Gets a Wall Street Sales Force as Token Lags Bitcoin Ethereum is facing heat for underperforming competitors Startup hopes to become Ether’s sales team to Wall Street Ethereum used to be seen as the most likely challenger to Bitcoin’s status as the preeminent cryptocurrency, and the one best positioned to make the blockchain a more useful technology. But as Bitcoin and many other cryptocurrencies have been soaring in recent months — thanks to President Donald Trump’s embrace — Ethereum has struggled to keep pace, despite hosting the second most valuable digital token, Ether. While Bitcoin has gone up about 160% over the last year, Ether has only risen 40%.
  • Crypto Fears Ease in Asia as Officials Aim to Keep Up With Trump Malaysia and Thailand have recently signaled shifts in policy Progress in the region is incremental compared with Trump’s US Lawmakers in some of Asia’s key digital-assets markets are warming to the industry as Donald Trump’s pro-crypto agenda in the US ripples through the region. Officials in Thailand, Malaysia and Japan are among those to have signaled shifts in their treatment of cryptocurrencies since around the turn of the New Year. The Asia-Pacific region already boasts aspiring crypto hubs in Singapore and Hong Kong and a sleeping giant in China, where an industry ban has curbed activity since 2021.
  • Ether Trails Rivals as Trump’s Memecoin Debut Bolsters Solana The Ether-to-Bitcoin ratio is at its lowest level since 2021 The second-largest digital asset is falling behind rival coins Ethereum’s cryptocurrency keeps losing ground to rival tokens as it struggles to harness tailwinds created by President Donald Trump’s foray into a highly speculative corner of the digital-assets market. The Ether-to-Bitcoin price ratio — which measures the performance of the second-ranked token against that of the largest — fell to its lowest level since 2021 on Monday, according to data compiled by Bloomberg, while Bitcoin hit a record of $109,241. The native token of Solana, a blockchain that competes with Ethereum, reached fresh highs over the weekend.
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