POWELL: BITCOIN IS COMPETITOR FOR GOLD NOT DOLLAR

POWELL ON BITCOIN: PEOPLE USE BITCOIN AS A SPECULATIVE ASSET, IT'S LIKE GOLD, IT'S JUST LIKE GOLD ONLY ITS VIRTUAL, IT'S DIGITAL, PEOPLE ARE NOT USING IT AS A FORM OF PAYMENT, OR AS STORE OF VALUE, IT'S HIGHLY VOLATILE, IT'S NOT A COMPETITOR FOR THE DOLLAR, IT'S REALLY A COMPETITOR FOR GOLD

*FRENCH GOVERNMENT FALLS AFTER NO-CONFIDENCE VOTE IN PARLIAMENT

VIDEO: Powell on Crypto, U.S. Debt, Budget, Bitcoin and What's he is most concerned about: @infinityhedge

POWELL'S 2021 STATEMENT ON CRYPTO: “It’s more a speculative asset that’s essentially a substitute for gold rather than for the dollar"

*2019 STATEMENT: "Really almost no one uses bitcoin for payments, they use it as an alternative to gold, it's a store of value, a speculative store of value, like gold"

*NOT THE FIRST TIME POWELL MADE SUCH STATEMENT ABOUT BITCOIN COMPARING IT WITH GOLD

NFP DATA IN 40 MIN: @infinityhedge

NFP EST.:
*Median: +220k
*Average: +217k, Prev. +12K
*High: +284k
*Low: +150k

Forecasts:
*Barclays: +275k
*BofA: +240K
*Goldman Sachs: +235k
*JP Morgan: +215k
*RTRS: +200K
*BBG: +182k
*Citi: +155k

*Unemployment Rate EST.: 4.1%, Prev. 4.1%

*US NOV. NONFARM PAYROLLS +227K; EST. +217K

US NOV. UNEMPLOYMENT RATE 4.2%; EST. 4.1%

TRADERS NOW SEE AN 85% CHANCE OF A FED RATE CUT IN DECEMBER VS 67% BEFORE THE JOBS REPORT

ETH HITS $4K AFTER 9 MONTHS

[20MIN AGO] MICHAEL SAYLOR HINTS AT ANOTHER BITCOIN PURCHASE, TWEETS "STILL TOO MUCH BLUE ON SAYLORTRACKER"

*PREVIOUS SIMILAR TWEETS LED TO ANNOUNCEMENTS OF BITCOIN PURCHASES THE NEXT DAY

TRUMP: NO PLANS TO REPLACE FED'S POWELL

ISRAELI GROUND FORCES CROSS INTO SYRIA, OFFICIALS SAY: NYT

*ISRAELI FOREIGN MINISTER SAYS PRESENCE OF ISRAELI FORCES IN SYRIAN TERRITORY IS LIMITED, TEMPORARY STEP

ETHENA'S $USDe STABLECOIN HAS FLIPPED MAKERDAO'S $USDS TO BECOME 3RD LARGEST STABLECOIN — SUPPLY CROSSES $5 BILLION

CHINA EASES MONETARY POLICY STANCE FOR FIRST TIME SINCE 2011

*POLITBURO: CHINA MONETARY POLICY TO BE MODERATELY LOOSE
*POLITBURO: CHINA'S FISCAL POLICY TO BE MORE PROACTIVE NEXT YEAR
*POLITBURO: WILL STABILIZE THE PROPERTY AND STOCK MARKETS

*The Politburo, comprising the ruling Communist Party’s most senior 24 officials and led by President Xi Jinping, announced it will embrace a “moderately loose” strategy next year, in a sign of greater easing ahead that will likely be welcomed by investors hungry for more stimulus.

*The body also adopted stronger language on fiscal policy, saying it’ll be “more proactive” — a step up from “proactive.”

EL SALVADOR TO SCALE BACK BITCOIN DREAMS TO SEAL $1.3BN IMF DEAL

*El Salvador expects to reach agreement with the IMF in the next two to three weeks on a $1.3bn loan programme in return for changes to its pioneering use of bitcoin as legal tender and reductions in government deficits.

*TLDR: EL SALVADOR TO MAKE ACCEPTANCE OF BITCOIN VOLUNTARY TO UNLOCK INTERNATIONAL LENDING

The Week Ahead | @infinityhedge

WEEKLY US SPOT ETF FLOWS:
*BTC: +2.73B
*ETH: +836M

US BTC SPOT ETF OPTIONS:
*Total OI Call/Put Ratio(Nominal): 2.07
*Total OI Call/Put Ratio(Delta): 4.37

Macro:
*U.S. CPI on 11
*BoC Interest Rate Decision on 11
*U.S. 10-Year Note Auction on 11
*China economic meeting on 11
*ECB Interest Rate Decision on 12
*U.S. 30-Year Bond Auction on 12
*Abu Dhabi Finance Week from 9-12 (speakers: Larry Fink (blackrock), Jane Fraser (Citi), Jeremy Allaire (circle), Richard Teng (Binance), Lily Liu (Solana), Jonathan Levin (Chainalysis), Yat Siu (Animoca Brands), Yoni Assia (eToro), Christopher Jensen (Franklin Templeton)
*South Korea's political Drama, Middle East Conflict (Syria) and China’s military appears to be preparing for widely anticipated drills in response to a recent visit by Taiwan's president to Hawaii and Guam

Crypto:
*Vancouver (Canadian city) City council to consider a motion to integrate Bitcoin into city finances like for instance for accepting taxes and fees in Bitcoin, or converting some of its financial reserves into Bitcoin on Dec. 11
*Nasdaq to reveal MicroStrategy's potential Nasdaq 100 index inclusion on December 13 after market close.
*U.S. FASB requires companies to use fair value accounting for Bitcoin starting December 15 (positive change)
*Microsoft shareholders will vote on whether to add Bitcoin to the company’s balance sheet, with board recommending against it on December 10, starting at 8:30 a.m. PT. (likely will not pass).
*Sonic labs (formerly fantom) to release mainnet in early december.
*Frax finance to release vision roadmap and deployment details in december.

Token Unlocks:
$APT: $150M: 2.11% on 11

Earnings/Charts/Articles ⬎‌‌

RIOT PLATFORMS (BITCOIN MINER) SHARES DOWN 6.5% PREMARKET AFTER COMPANY ANNOUNCED PROPOSED PRIVATE OFFERING OF $500M OF CONVERTIBLE SENIOR NOTES TO ACQUIRE MORE BITCOIN

MICROSTRATEGY ACQUIRED 21,550 BITCOINS FOR ABOUT $2.1B IN CASH AT AN AVG. PRICE OF $98,783 PER BITCOIN BETWEEN DECEMBER 2 AND DECEMBER 8, 2024

As of December 8, 2024, MicroStrategy holds 423,650 Bitcoins, which were acquired at an aggregate purchase price of approx. $25.6 billion and an average purchase price of approximately $60,324 per Bitcoin.

REDDIT: Starting Monday, We’re rolling out a test of 'reddit answers', with reddit answers, redditors can ask questions and receive answers using a new, ai-powered conversational interface

BITCOIN STRATEGIC RESERVE FACES FUNDING CHALLENGES

*The BITCOIN Act of 2024 would have the US government create a strategic BTC reserve, funded in part with remittances from the Federal Reserve to the Treasury.

*The problem is the Fed is currently operating at a loss of over $1B/week, due to a negative interest margin. Even after the Fed returns to profitability, it would have to apply those future profits to filling the hole in its balance sheet from accumulated losses—currently worth $212B—before remittances resume, including to any BTC reserve.

*That could take years. In the meantime, BTC purchases—as envisioned by the act—would have to lean heavily on profits from revaluing and remonetizing the Treasury’s gold: Gavekal Research