The cycle inflection point

also, can blockchains deliver cost savings?

“Change your opinions, keep to your principles; change your leaves, keep intact your roots.” – Victor Hugo ||

Hello everyone! I hope you all got through yesterday in one piece.

I know I rarely do two market comments in a row – this is a “bigger picture” newsletter, after all. But I’m going to break that guideline today as there’s still so much to unpack. The speed of the mood shift is epic. And despite yesterday’s carnage, I’m feeling hopeful.

So, below I take a closer look at the inflection point. I also squint at Musk’s blockchain plans.

As I mentioned yesterday, I was on Scott Melker’s Macro Monday show, with Mike McGlone and Dave Weisberger – you can watch this here.

No audio again today, sorry, have a schedule squeeze this afternoon!

Programming note: this newsletter has to skip publication on Thursday – back in your inboxes on Friday!

IN THIS NEWSLETTER:

• The cycle inflection point

• Can blockchains deliver cost savings?

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as audio, relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

The cycle inflection point

Things changed over the weekend, in ways we will still be figuring out months from now. This comes on top of the systemic shifts we saw pretty much every day last week, and is no doubt far from the last big surprise we’ll get this quarter let alone this year.

But an inflection point deserves respect and can best be appreciated with a bit of context. It’s in that spirit I want to look at the stage on which it happened, and the impact it could have in the script going forward.