Today's Opening Belle is brought to you by our partners, Equos and Utrust.

Looking for a crypto exchange? Give Equos a try (they've just released an exchange token too, similar to BNB and FTT...

TMI & Diginex are hosting an event on April 21st: β€œCrypto Assets: The Questions Every Corporate Treasurer Should be Asking” a panel of leading experts will discuss whether crypto assets and more specifically bitcoin has become a viable treasury asset...

Book your spot πŸ‘‡

Crypto Assets: The Questions Every Treasurer Should Be Asking | Treasury Management International
In partnership with Diginex Wednesday 21st April 20219am GMT / 10am CET / 4pm SGT Speakers FranΓ§ois Masquelier, CEO, Simply Treasury Moderator Eleanor Hill, Editor, TMI Are crypto assets really a viable treasury investment? If so, how can you enter – and exit – the market with the least possible ris…

Want to incorporate crypto payments into your business? Definitely use Utrust


utrust.com/business

We only work with partners we know, trust and have a strong product.

No exceptions.


OMG!!! HYPERINFLATION IS COMING!!

Let's cover today's inflation data in tweets...

10 minutes later...

Over to HSBC's Brent Donnelly for the final word...

He's right too...

If you see anyone trying to sell the hyperinflation narrative, send them this thread πŸ‘‡πŸ‘‡πŸ‘‡πŸ‘‡

China's Deleveraging continued... Behold this chart, thine eyes doth not deceive thee πŸ‘‡

@macro_daily

Pimco have a decent summary of China's Credit Curtail and the implications, in a nutshell it's this:

The move is part of Chinese policymakers’ renewed focus on risk control, which reflects a belief that in order to sustain high quality growth, market discipline must be brought to bear on the weakest parts of the economy, including some state-owned enterprises, local government financing vehicles, and over-leveraged property developers

Covered the China Deleveraging yesterday, and then this cropped up...

Ling Huawei: Huarong Can’t Be Treated Like a Normal Company in Bankruptcy Restructuring
Embattled bad-asset manager might not look like at first glance, but it has a lot of the characteristics of a systemically important financial institution
Huarong is not an ordinary company. Rather it is a central government-administrated state-owned financial enterprise.
At the end of last century, the company was set up to dispose of the nonperforming assets of state-owned Industrial and Commercial Bank of China Ltd.
Since 2006, it gradually expanded into a financial holding company. Huarong’s biggest shareholder is the Ministry of Finance, which holds a 61.25% stake.
Huarong has grown its business mainly by obtaining financing with a state guarantee.
In July 2014, the company started issuing bonds overseas, the outstanding value of which is more than $23 billion.

All of which spooked investors, sending Huarong's dollar bonds sharply lower πŸ‘‡



and credit default swaps are ticking higher...


Huarong is symbolic of China's problems and this one line tells 80% of the story...

Huarong has grown its business mainly by obtaining financing with a state guarantee
ACTUAL FOOTAGE of China's state-backed companies

Bitcoin's at all-time highs: My proprietary contrarian indicator suggests further upside ahead πŸ‘‡



Q. When is a bubble not a bubble?

A. When 74% of people still think it's a bubble, (duh)

We've all seen this chart before....



The problem with these bubbly charts? They're a bit err... rigid which is odd because bubbles are more curved an...

Anyway, you can easily make the case that we've had the full bubble cycle once already...

πŸ‘‡πŸ‘‡πŸ‘‡



So where are we now?

Institutional investors are now involved in the market...

If Bitcoin is to turn into a bubble we'll need to see it at six figures on the back of a big FOMO mania first...

As Soros said

'...bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception'

CoInBaSe GoInG PuBlIc Is ThE tOp

Not for me and not for Moffett Nathanson (a β€œnext generation” independent sell-side research boutique that I definitely didn't have to google)

Flip that BofA sentiment around and THEN we can talk about a bubble...

πŸš€πŸš€πŸš€