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Block 1: Essential news
Goldman Sachs increases its crypto ETF investments to $2 billion
Goldman Sachs has increased its crypto ETF holdings by 120% in one quarter, reaching $2.05 billion, according to its SEC filing. This surge reflects the growing interest of institutional investors, particularly since Donald Trump came to power. Goldman Sachs focuses mainly on bitcoin ($1.57 billion), including $1.27 billion in the BlackRock ETF, while its investments in ethers (ETH) jumped by $25 to $476 million.
MicroStrategy continues to accumulate BTC despite the market downturn
MicroStrategy, the company headed by Michael Saylor, acquired a further 7,633 BTC for $740 million, taking its reserves to 478,740 BTC (or $47 billion). Despite market uncertainty, Strategy continues its aggressive build-up, with an overall performance of +50%, representing a profit of $16 billion. Its integration into the Nasdaq-100 strengthens its exposure to institutional investors. However, this massive, debt-financed accumulation raises liquidation risks that could have a devastating impact on the bitcoin market.
Robinhood records an explosion in crypto revenues
Robinhood (HOOD) saw its cryptocurrency revenues jump 440% in the last quarter of 2024, reaching $345.5 million, according to FactSet. This boom is largely attributed to the election of Donald Trump, which has reignited investor enthusiasm for stocks and cryptos. Its overall sales for the fourth quarter are expected to total $934.9 million, up from $660.5 million in the previous quarter. HOOD shares climbed 350% year-on-year and 37% in the first six weeks of 2025.
Jerome Powell worries about "debanking" and clarifies his position on CBDCs
Federal Reserve Chairman Jerome Powell has expressed concern about the phenomenon of "debanking", where some banks are refusing to take on customers from the crypto sector. Appearing before the Senate Banking Committee, he acknowledged the growing number of cases and announced a review of the Fed's supervisory policies. In his view, banks have become too cautious in the face of strict rules on money laundering.
Republicans and the Trump administration's new financial regulators accuse the banking agencies under Joe Biden of having encouraged this practice. Powell also announced the removal of a directive that targeted bankers expressing controversial opinions.
On stablecoins, Powell believes they could play a major role in the economy, provided they are properly regulated. On central bank digital currencies (CBDCs), he was categorical: "I will never launch one," thus distancing the US from European and Chinese projects.
Block 2: Crypto Analysis of the Week
A country in crisis, an economy in ruins, and a president betting it all on a memecoin. This is the insane gamble taken by Faustin-Archange Touadéra, leader of the Central African Republic, who this Sunday launched a cryptocurrency designed to put his country on the world stage.
Today, we are launching $CAR - an experiment designed to show how something as simple as a meme can unite people, support national development, and put the Central African Republic on the world stage in a unique way.
Contract: 7oBYdEhV4GkXC19ZfgAvXpJWp2Rn9pm1Bx2cVNxFpump
- Faustin-Archange Touadéra (@FA_Touadera) February 9, 2025
A risky communication operation, modelled on Donald Trump's and his own digital token, but already turning into a fiasco. Less than 48 hours after its launch, $CAR saw its value plummet by 95%, from a market capitalization of $350 million to $37 million. A rapid decline that leaves a bitter taste in the mouths of those who believed in it.
CoinStats
A crash in real time
Within the first few hours, the warning signs were piling up. X suspended the project's official account, following a wave of reports of a potential scam. The president's announcement video was even detected as suspicious by deepfake analysis tools. And on the markets, it was carnage: investors fled and the share price plummeted.
But Touadéra remained unperturbed. In a message posted on Monday evening, he hailed the launch as a "success" and thanked "the thousands of people who have joined this movement".
Today, I stand before you once again with a message of gratitude. The launch of $CAR has been a success!
I want to personally thank each and every one of you, our community, our supporters, and those who believe in our vision. We are building for the long term! pic.twitter.com/gR4QU3sHK5
- Faustin-Archange Touadéra (@FA_Touadera) February 10, 2025
A precedent already forgotten
This isn't the first time that the Central African Republic has attempted to break into the crypto world. In 2022, the country made bitcoin its official currency, in a burst of optimism similar to that of El Salvador. The result: an abject failure. Under pressure from the IMF and the regional central bank, the project was cancelled in a matter of months, due to a lack of suitable infrastructure and public acceptance.
But this time, Touadéra is convinced he has found the right formula. The official $CAR website states that 35% of the funds raised will be dedicated to the country's development. Which projects? Which beneficiaries? No details are given. However, we do know that, according to on-chain data provider Bubblemaps, 76.5% of the token's liquidity is held by just 4 addresses.
Bubblemaps
A country in ruins, a president addicted to crypto
On paper, the Central African Republic is a hostile terrain for crypto-currencies. With a GDP per capita of $549, it's one of the poorest countries in the world. Internet access is limited, and the majority of the population owns neither a smartphone nor a bank account.
And yet, its president, a former mathematics professor and holder of two doctorates, is determined to transform the country into a crypto paradise. An obsession that contrasts with the reality on the ground: the country has been at war for over a decade, with a government under the protection of mercenaries from the Wagner group, charged with maintaining order in the face of rebels.
A replica of the "Trump model"
The launch of $CAR comes at a time when Donald Trump and his wife Melania have both recently launched their own memecoins, triggering a wave of imitations and scams. By stepping into the breach, Touadéra hoped to attract funds and capture the attention of the markets.
But as is often the case with cryptos, the dream evaporated in a matter of days. The $CAR collapsed, investors fled, and the project is likely to join the long list of the country's failed financial experiments.
Nevertheless, Touadéra is holding firm: "We're building for the long term," he insists on X. It remains to be seen how long this digital house of cards will hold up.
Block 3: Gainers & Losers
Crypto chart (Click to enlarge)
Block 4: This week's readings:
Binance acted quickly, broke everything and paid the price. Richard Teng cleans house (Wired
)The unknown winners of Trump's memecoin frenzy (Wired)
Why Trump's memecoin is money (The Conversation)
