Evening, and welcome to our weekly editorial on crypto, macro, and the interlink between the 2.

The crypto community has been screaming for attention from both politicians and institutions to fuel the rally in major assets like Bitcoin, Ethereum, Solana and the likes, and oh boy have they got that attention over the last couple of weeks, first through the initial BTC reserve talks from Trump, and later through the release of both the Trump coin and LIRA, which was promoted heavily by Javier Milei last Friday. 

However, the attention from politicians towards the space have ironically only decreased the odds of further inflows from new investors and institutions, and in hindsight crypto has gotten the attention of the wrong people. It was crystal clear in hindsight that Trump was only giving the desired attention for his own personal goods, and the developments seen in LIRA Monday after the Milei pump is another ugly example of exactly this: the crypto community needs broad attention from political systems, not political individuals. 

Both Javier Milei and Donald Trump have been somewhat respected within the crypto community due to their benign view on the space in general and have multiple times favored further deregulation / inclusion of cryptocurrencies in a broader economic context, which makes the recent moves even worse: if not even the biggest political advocators for crypto are willing to provide any meaningful support, who will?

Chart 1: Another ugly rug pull from Javier Milei