What the Bank of England announced this week, the more scandalous it is from a taxpayer’s perspective. The BoE announced gilt sales in September 2022, a day before the mini-budget, and began selling that November. Selling into a weak market added pressure to borrowing costs, imposed avoidable losses on taxpayers and almost blew up pension funds (LDI crisis). Now the Bank is stopping sales of £120 billion of its longest-dated gilts, holding them until maturity instead. It has also paused auctions until April 2027 and proposes selling another £146 billion directly to the Treasury at market prices, at roughly £20 billion annually. If better coordination can reduce market pressure and taxpayer costs now, why wasn’t it adopted earlier? The BOE, MSM and politicians threw @trussliz and @kwasi_stackbtc under the bus for the BOE incompetence. The proposed Treasury purchases would take place at market prices, funded through new government borrowing. The debt does not disappear. Nor does this guarantee lower long-term gilt yields. Higher oil prices will push up inflation expectations and anticipated interest rates, which will overwhelm any relief from reduced BoE selling. The Bank can change how gilts reach the market. It cannot remove the inflationary pressure coming from energy. These institutions do not act in the taxpayers interest and have 0 accountability. Buy bitcoin and gold and opt out, fiat is going to 0.

Bitcoin is still above its 200DMA, and inversely correlated to tech. While, gold is below its 200DMA. Important to see Bitcoin continuing to trade on its own and consolidating gains.

In previous bitcoin bear markets the overwhelming narrative from the bears has always been bitcoin is going to 0 or negative. This is the first bear market where bears were giving it an actual nominal value, bitcoin is going to $40k maybe $30k instead of 0.

If you look at the top foreign holders of US treasuries, everyone is looking at Japan as the issue where it may be the UK. Japan is first with $1.11 trillion, the UK is behind with $939.9 billion, a spread of just $170 billion. Japan has traded at a surplus for decades with amples of foreign reserves, where the UK has traded at a deficit for decades (sold half its gold reserves). I wonder with the UK market imploding, does Bessent intervene with the UK next. Also why the hell does the UK hold so much US treasuries.

$STRC buybacks are getting more aggressive at higher prices. Raising the STRC dividend by an extra 106bps is more beneficial than buying back stock at these prices. $STRC at 13.06% matches $SATA 13% dividend due to the bi-monthly vs daily dividend. Then you are giving investors a like for like choice. The market already knows you are prepared to buy the stock back if it goes considerably lower.

Going into tomorrow’s $6.2 billion options expiry, bitcoin faces a massive sell wall at $82,000, where $3.6 billion of negative gamma exposure is concentrated. Break $82,000 and it would leave short-gamma market makers increasingly offside, forcing them to buy bitcoin to hedge and accelerate the rally.