All eyes are on BTC this morning, after breaking through $19k, it is again the talk of the town. How many parents will ask their young (and not so young) adult children about how they should make an investment around the thanksgiving table (or zoom) this week? How many more institutions will announce that they are making investments or building infrastructure to facilitate client investments in BTC?

In the rest of the world, Markets rallied yesterday afternoon on the announcement that President elect Biden would appoint Janet Yellen to be secretary of Treasury. Yellen is a known and liked quantity, having served as Fed chair overseeing a long and robust market expansion after the great financial crisis. Her appointment was cheered, and it can easily be assumed that she will work very well with whomever ends up as chairman of the Fed in the years to come.

Markets also cheered the overnight announcement that the Trump administration would agree to stop stonewalling the transition to a Biden administration. As far as I know, there has been no concession from Trump, but the writing is on the wall (it has been for two weeks) and it appears as though the rest of the administration is accepting the reality that a formal transition is an absolute necessity to the functionality of the US government. As these uncertainties slowly become resolved, risk premium is coming out of the market, and asset prices are moving higher during this holiday week.

 

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