Fantastic piece. There's is very hard line of demarcation in the world of macro analysis: those who see the world as it is plus they understand Bitcoin (like Jesse), and then there are those who see the world as it is but omit Bitcoin from their framework (like Steve Hanke, Brent Johnson, Erik Townsend, & even the amazing Jeff Snider). The second group has more knowledge and experience than I will ever have, but without Bitcoin in their calculations I have never been able to accept their conclusions.
If Bitcoin is the missing ingredient in one's analysis, then there's no way to accurately see the future. Bitcoin alters the trajectory of all paths forward in global money.
But Jesse gets all this, and his vision is crystal clear.
Thanks so much! And yes, I think that is a major distinction - there are macro commentators who get Bitcoin, and those who still dismiss it. And you're right - without understanding Bitcoin, you think the world is going back to the gold standard. With Bitcoin knowledge, it becomes clear that it's heading a different direction befitting the digital age...
thank you Michael! it's amazing how, if you step back and look at the game theory of Bitcoin in sufficiently plain terms, it becomes blindingly obvious which form of money will continue to win adoption over the existing alternatives :)
Dalio just did another interview with Chris Williamson and he still doesn’t get it. That being said, I find it noteworthy that he almost always mentions he holds a small amount of bitcoin as a caveat after just dismissing it.
Isn't that remarkable? Granted, its Purchasing Power Parity, which most people make a stink about how BRICS hasn't surpassed in nominal GDP... but that misses the point. The point is that the purchasing power of BRICS has surpasses the West. The world is changing. Thank goodness Bitcoin is here to assert Western values of freedom and fairness - and just in time!
Fantastic piece. There's is very hard line of demarcation in the world of macro analysis: those who see the world as it is plus they understand Bitcoin (like Jesse), and then there are those who see the world as it is but omit Bitcoin from their framework (like Steve Hanke, Brent Johnson, Erik Townsend, & even the amazing Jeff Snider). The second group has more knowledge and experience than I will ever have, but without Bitcoin in their calculations I have never been able to accept their conclusions.
If Bitcoin is the missing ingredient in one's analysis, then there's no way to accurately see the future. Bitcoin alters the trajectory of all paths forward in global money.
But Jesse gets all this, and his vision is crystal clear.
Thanks so much! And yes, I think that is a major distinction - there are macro commentators who get Bitcoin, and those who still dismiss it. And you're right - without understanding Bitcoin, you think the world is going back to the gold standard. With Bitcoin knowledge, it becomes clear that it's heading a different direction befitting the digital age...
Yeah great point it’s like all the genius people of ancient world basing their sciences off of a flat earth.
Their calculations would have been correct, but they weren’t because the underlying assumptions were wrong
I love this analogy.
"non-sovereign currency whose trustless design guarantees the rights of all holders"
hits so hard
thank you Michael! it's amazing how, if you step back and look at the game theory of Bitcoin in sufficiently plain terms, it becomes blindingly obvious which form of money will continue to win adoption over the existing alternatives :)
Wow man what an incredible piece!!! 10/10
thanks again for the kind words, Jonah!
Dalio just did another interview with Chris Williamson and he still doesn’t get it. That being said, I find it noteworthy that he almost always mentions he holds a small amount of bitcoin as a caveat after just dismissing it.
Isn't that remarkable? Granted, its Purchasing Power Parity, which most people make a stink about how BRICS hasn't surpassed in nominal GDP... but that misses the point. The point is that the purchasing power of BRICS has surpasses the West. The world is changing. Thank goodness Bitcoin is here to assert Western values of freedom and fairness - and just in time!