The author of the Empire newsletter discusses the possibility of reaching the top of the market cycle in cryptocurrencies. They mention that the price of bitcoin has been propped up by Strategy (formerly known as MicroStrategy), and this may indicate that it is still early in the market cycle. The author also notes that venture capital investment in cryptocurrencies has been limited, and more flows into the market are needed. In another topic, the author comments on the Operation Chokepoint 2.0 hearing held on Capitol Hill, which aimed to debank or prevent crypto companies from using traditional financial institutions. The author expresses skepticism initially but acknowledges that there is now evidence of intention to target crypto firms. They suggest that changes are needed before the effects of Operation Chokepoint 2.0 can be fully resolved.



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