The US stock markets start to look really nasty. Big sell-offs, big red candles, tech stocks bleeding, and the sentiment is turning pretty bearish. Suddenly it seems entirely possible that we are entering the next recession phase, not just in the US - although that might be the catalyst - but more in Asia and especially in the emerging countries. The billion dollar question, of course, is what will happen to crypto? I think crypto will do really bad in a “normal” recession. But if the next recession will bring a currency crisis and high inflation then hedging into crypto suddenly makes a whole lot of sense.

The magazine Breakermag published a story yesterday about the sad state of crypto media. The truth is, these deals are pretty much an open secret, although I was surprised by some of the email exchanges published. It was especially disheartening to see that Cointelegraph was a bit too accommodating.

Yesterday we talked about the countries “getting it”. Now let’s talk about a place which, surprisingly may I say, doesn’t: Spain. A new law is coming into effect requiring Spanish citizens to declare all cryptocurrency holdings in the hope that this move will raise a further 850 million euros in tax revenue. Hey, Spain! I am sorry I need to break this for you but it will not.