🚨BREAKING: The European Union announces FULL CONTROL over crypto assets. 🇪🇺 Ursula von der Leyen: "For the first time, we will introduce a FULL third-country BAN for crypto asset services to make sure 🇷🇺 Russia can’t avoid sanctions."

First Google, now Meta…Microsoft thinking about it. Two implications: 1) Former buyers of their stocks are now net sellers. 2) Implies debt financing is too expensive…after all the Private Credit market is effectively in a asset withdrawal period so effectively frozen. A large systematic bid to the market has not only disappeared but is now dumping supply on the market.

$MSTR sinks after announcing that it sold 32 bitcoin.

“@elonmusk is probably doing more for America than any other American.” “He's single-handedly bringing manufacturing back to America.” “He's revived defense tech.” “SpaceX is in some ways the most important defense contractor in America.” “What he's doing with Starlink is amazing for the world.” “He's creating all these blue collar manufacturing jobs. “He's done more than any living human to de-carbonize the world.” “And if you’re upset about data centers on Earth—here you go!” @GavinSBaker with @patrick_oshag on @InvestLikeBest

The Hug and the Circumpunct: US, China and Russia I have just been in China and Washington DC, meeting with business leaders and policymakers. I have a massively more optimistic view on where we are as a result of teh Xi-Trump Summit than most. I've written about why here: drpippa.substack.com/p/the-h…

For decades, Japan was the world’s ultimate exporter of capital. Zero interest rates at home forced Japanese investors to chase yield abroad. Trillions of dollars flowed into US Treasuries, corporate bonds, global equities, and foreign assets. Japan became one of the biggest financiers of the global financial system. That era may now be ending. The 10-year Japanese government bond yield just surged to 2.73%- the highest level since 1997. The 30-year JGB hit 4% for the first time ever. Markets are now increasingly pricing in a Bank of Japan rate hike to 1% to combat domestic inflationary pressure and oil price shock. Most people still do not understand how massive this shift could become. Japanese investors hold roughly $1 trillion in US Treasury debt alone. For years, owning foreign bonds was almost mandatory because domestic yields were dead. But if Japan can suddenly offer meaningful returns at home, why take currency risk, political risk, and duration risk overseas? So the real story here is not just rising Japanese yields. The real story is the potential repatriation of Japanese capital back home. If even a fraction of this money returns to Japan: • US Treasury demand weakens • The yen strengthens • Global liquidity tightens • Carry trades unwind • Risk assets face pressure worldwide And unlike the Fed or ECB, Japan’s shift matters because the country spent decades as the world’s largest source of cheap capital, which helped keep the yields low around the globe. Markets are still treating this like a technical bond story. It is not. This could become one of the most important global capital flow reversals of the next decade.

Many people are saying!

I was honestly skeptical at first too. The idea of Strategy selling some Bitcoin to pay STRC dividends sounded crazy when I first heard it. But then I actually ran the math.They have $66.4 billion in Bitcoin and only $1.5 billion in annual dividend obligations. That’s 531 months of coverage. They’re selling ~0.18% of their Bitcoin hoard per month… to buy back over thousands of Bitcoin per month. So they’re massively net buyers while issuing shares. I went from skeptical to bullish as hell. Long Bitcoin. Long Saylor. Long Strategy.

Chairman of @animocabrands, @ysiu says nobody is sizing the agent economy correctly: "Most people on stage said they have 3 to 5 agents. I have 200." "Hundreds of billions of agents are coming. They're all going to have wallets and transact with each other." "By the time we've had this conversation, our agents probably did a hundred transactions at a micro fraction of a cent each. Blockchain is perfect for that."