Forward Guidance Joseph Wang, Michael Howell, Julian Brigden, and Jonny Matthews on 2024 Macro Outlook | Blockworks’ Digital Asset Summit (Recorded March 19, 2024)
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Mar 28, 2024 
Macro analysts Joseph Wang, Michael Howell, Julian Brigden, and Jonny Matthews share their 2024 outlook on global economy, stocks, bonds, currencies, and Bitcoin. Discussions include U.S. outperforming global economy, loose financial conditions, central bank policies, Bitcoin as hedge, Federal Reserve's interest rate cuts dilemma, and future of US dollar and cryptocurrencies.
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The New Safe Asset?
- Governments can only afford their spending through monetization, similar to 1919 Germany.
- This creates a question: is crypto the new stock market in a hyperinflationary environment?
Upward Pressure on Asset Prices
- Fiscal deficits, like issuing debt, are essentially money printing, driving up asset prices.
- A global rate-cutting cycle, expected soon, further supports asset price growth.
Tech Bubble and Yellen's Influence
- The US equity market, especially tech, appears to be in a bubble, though a final surge is possible.
- Janet Yellen's drawdown of the TGA could offset Fed tightening and support equities.