Governments around the world have problems restraining the supply of money. Consumers increasingly feel this through rising prices. The world has gone digital and related transparency and efficiency (both good and bad) have risen. Many people are compelled by the digital underpinnings of Bitcoin (and its capped supply) and see it as a monetary debasement hedge — global crypto ownership could already be as high as 7pc, per Crypto.com.
As digital media consumption continues to rise with shifts to increasingly immersive form factors, we suspect usage of digital assets, items, and collectibles (via NFTs) will have its day.
The S&P 500 has risen dramatically, powered by America's leading tech companies. Yes, this could be another bubble — and there are countless things to be worried about, including the potential for aggressive (and unfortunate) regulation at a time when AI-related competition is just kicking in. That said, markets climb a wall of worry. America's innovation in AI, growing creativity, and momentum in defense (focused on deterrence) combined with our democratic, entrepreneurial, and capitalist system could surprise us on the upside.
For now, America remains the best house in an imperfect global neighborhood.
Dow Jones Newswires, tech guru, Mary Meeker, talks to Barrons, 30 March 2024
I am glad to see that her thoughts on what is happening in the world coincide closely with mine.
