A lot of people in the financial media like to say “I Told You So” when one of their predictions comes true. They like to pretend they have the ability to see the future. However, what they often fail to mention is all of the predictions that they got wrong. So, I facetiously titled this edition of the newsletter “Told Ya So” because I wanted to touch on a few things that I’ve “predicted” in previous editions of the newsletter that have come to fruition as of late (while totally ignoring the things I’ve predicted that haven’t come true.)
In one of the earliest editions of the newsletter, I wrote about how Miami is quickly becoming “The New New York” in regard to finance. Now, the city actually has its own bull (see below). The mayor of Miami, Francis Suarez, unveiled this new cyber bull yesterday at the Bitcoin 2022 Conference. Suarez remains one of the sharpest politicians in America today.
In this edition of the newsletter, I warned about how dangerous it is to listen to people like Jamie Dimon, CEO of JPMorgan Chase. He spent years decrying Bitcoin and DeFi before sharing in his annual shareholder letter for 2021 that “Bitcoin and DeFi are real.” My guess is that Dimon and JPMorgan were filling up their bags with $BTC and $ETH while they were telling you not to buy it.
In this edition of the newsletter, entitled “Here’s What Keeps Me up at Night”, I wrote that the Fed will continue debasing the value of the dollar, because it has to do so to both service the loans on our existing debt and to continue to play its role as the main liquidity provider for the stock market. While the Fed is raising rates and signaling that it will raise them higher, please know that the size of the Fed’s balance sheet is still increasing. While the Fed claims it is deliberating the prospect of reducing its balance sheet, it hasn’t begun to actually do so yet.
In this edition of the newsletter, entitled “Vision of Disorder”, I wrote about what I thought might happen as fiat currencies continue to lose value. Due to inflation, things were pretty disorderly in Peru this past week. Granted, Peru’s inflation issues have been exacerbated by the conflict in Ukraine, but, even before the conflict began, inflation was an issue in the country.
Again, just a reminder that I’m being lighthearted when I say “I Told You So”. I’ve been shortsighted and flat out wrong about a lot of things, which is why it’s always important to do your own research and to think for yourself. Plus, who in their right mind wants to be right about the debasement of currencies and the social implications associated with this phenomenon?
Here’s something I didn’t predict, though. Yesterday, Jack Mallers and his company, Strike, announced that they’ve disrupted credit/debit payment rails that have been in place for the last 60 years. Customers at McDonald’s, Walmart, Macy’s and a whole host of other massive chain establishments will soon be able to pay for goods, food, and services via Bitcoin’s Lightning Network, which will significantly reduce fees for merchants. Watch the video to learn more (AKA Do some homework). Warning: Mallers’ presentation is a bit cringey at points (though, what he’s accomplished is pretty amazing).
Read more about the significance of this announcement here.
Lastly, if you live in Old New York like I do, I hope you are enjoying some of this beautiful weather today!
Best,
Frank
Twitter: @frankcorva
