Welcome to another edition of the TRU Capital newsletter!
For the past few months we've only kept these updates for individuals on our email list but we've decided to share these insights with more investors by posting them here on our LinkedIn!
Before we hop into our September recap we have some updates regarding TRU Capital Fund 1!
1. Our founder Robert, recently attended Jet's and Capital, an amazing event full of investors looking to allocate to digital assets with recent global adoption. To see the recap of the event, click here to head over to our LinkedIn and watch.
2. Our fund's strategy going into 2025 has been released and we're allocating to coins and projects now in preparation! So if you haven't allocated yet, now is the time to do so! To watch the full breakdown and book a call with our team you can click here to watch and book a time.
Now lets get in to it!
September saw an early pull-back in the crypto market. A common seasonal occurrence known as "Rektember". However, bullish events brought much stronger upward price action in the later weeks.
The Fed reduced interest rates by fifty basis points, CZ is a free man, and the SEC approved Bitcoin ETF options as well as custody by Wall Street's oldest bank.
Let's dive in.
Jerome Powell announced a fifty basis point reduction in interest rates. The FOMC was careful to stress that this is just a policy adjustment, not a signal of their intention to slash rates to zero and go into a full monetary policy easing cycle. Nevertheless, the markets saw this as a clear bullish signal. This comes as payments on the national debt have risen to become the second-largest budget line item for the US government.
The International Monetary Fund also projects the US debt to GDP ratio to increase the most of all the countries in the G7 nations by 2029.
One important piece of Fed monetary policy that remains unchanged is its balance sheet. Jerome said in the press conference that the Fed will continue allowing the bonds they hold to mature and thereby withdraw liquidity from the bond market. Although the Fed has not indicated that they will reverse this policy and begin adding more bonds to their balance sheet, this policy change would indicate a full-strength shift in Fed policy back toward quantitative easing of monetary policy. Be on the lookout for this in future FOMC meetings.
Similarly, China's central bank also lowered interest rates late in September. Beijing made the move to inject liquidity into its banking system as a last-ditch stimulus to economic growth. They're expected to fall short of their roughly 5% target for 2024 and this is an attempt to reach for it.
BlackRock published a white paper entitled "Bitcoin: A Unique Diversifier"
Although technically true, this argument tastes of a somewhat sophomoric soft-maxi Bitcoiner rhetoric. In reality, the market has firmly told us that Bitcoin's valuation, not its value, is highly correlated to global liquidity.
This is the subject of a recent research report by financial analyst Lyn Alden, and it is also why China and the Fed cutting interest rates will lead to a bull run in Bitcoin and the broader crypto market.
In 2023, Tether generated a profit of $6.2 billion, surpassing the $5.5 billion earned by BlackRock, a $10 trillion asset manager. This is partly explained by the significant growth of USDT, which has captured roughly 75% of the stablecoin market share with a capitalization of $119 billion.
Founder and Former of Crypto Exchange Binance, CZ has been released from prison after serving a four-month sentence for being a hero. Crypto holders around the world have announced that "we are so back."
BNY Mellon, the oldest bank still in operation in The United States, will be allowed to hold assets for investors who own its crypto exchange-traded products (ETP), without needing to reflect these assets on its balance sheet.
The U.S. SEC has also approved the listing and trading of options for BlackRock's Bitcoin ETP, IBIT, a spot bitcoin exchange-traded fund on the Nasdaq.
PayPal announced that U.S. merchants to buy, hold, and sell cryptocurrency directly from their PayPal business account.
Until the winner of the US Presidential Election is decided, the markets will likely remain hesitant due to the uncertainty. Once this passes, the following rapid increase in global liquidity and accommodative fiscal and monetary policy by the world's leading economies will push markets, specifically crypto markets, into a truly historic bull run.
We encourage investors to remain attentive and remember that this is TRU Capital.
We believe that capital is value, cryptography is truth, and Truth is priceless.
We are glad you're here.
"Buy the truth, and sell it not" - Proverbs 23:23 KJV
If you're interested in participating as a limited partner, feel free to visit TRUCapital.Fund.
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