“Approach the New Year with resolve to find the opportunities hidden in each new day.” –Michael Josephson
2023 was a year. We experienced some memorable events; things happened that changed the world as we know it. These events stem from AI hitting hard, to Crypto making a permanent mark on the economic world as we see it. Central and South America are seeing economic revival with leaders starting to embrace the free market. Brash attempts to overtake the US dollar continue to arise but can’t catch wind. 2024 will surely be interesting.
The Rise of AI
Since OpenAI’s launch of Chat GPT in November of last year, AI has been all the rave. The technology is evolving at exponential rates. More and more applications are being implemented into everyday commerce and production as new tools pop up faster than we can keep track of. This is the movement that will take the world by storm (as if it hasn’t already) in 2024 and years to come. The market trend will only become more utilized and grow to levels unimaginable to previous generations. The age of AI is here.
Cryptocurrency Here To Stay
XRP A.K.A Ripple beat the SEC. Bitcoin ETFs have been approved. China and other countries recognize cryptocurrency as property and as a store of value. Coinbase pushes their way to a financial power house, and Binance settles with the U.S government. An eventful year for crypto to say the least. All of these events we will dive into in 2024 but the moral of the story in 2023; Crypto is here to stay. Plain and simple. This is life changing.
Growth In Latin America
An economic environment that has been torn apart and impoverished by socialist policies is starting to see its pockets of revival. The spotlight being on the Bitcoin haven of El Salvador and the now famous libertarian president elect of Argentina.
Nayib Bukule HODLed the country’s Bitcoin, giving financial freedom to the nation, and continues to make moves for their citizens. Most notably the elimination of certain taxes: income, property, capital gains? Things westerners have been pushing for for years. Not to mention crime being at historic lows.
Argentina is making similar moves in giving power back to the people. Although very controversial and facing great challenges up front, Javier Milei has big plans. No more central bank, clearing the house of corrupt politicians and unnecessary federal workers. Nothing is free and the man knows it, making sure things that don’t work for the overall good won’t have a place in Argentina moving forward.
These countries are starting trends that are inspirational to nations around the globe.
….BRICS…..
The US dollar has become worthless; A true shitcoin in the making. With political and economic tensions on the rise, the U.S dollar has been in the cross hairs more than normal. Major economies near and far have started to seek out opportunities to take away the power the dollar holds over global trade. BRICS is expanding trading alliances with more Middle Eastern, African and Asian countries. For the first time ever the Yuan was the most used currency in international trade for China. Russia has adopted the Yuan for international trading, but has rejected Rupees. The question is simply: how come this alliance has not succeeded in taking out the U.S dollar? Division plagues the coalition of Nations. Different policy landscapes create tension. It appears as new members do or do not join; the stability of the dollar remains attractive for now.
In Conclusion:
The people drive the market and the market always wins. There’s a reason we mentioned the preceding points before the latter. All the FUD out there, it’s unnecessary. The rise of opportunity in technological innovation. Bitcoin and crypto being taken seriously. Leaders rising up who actually care about the people… There is hope. The market ALWAYS wins. We got this.
Cheers to 2023. An eventful year, and one for the history books. Looking forward to what 2024 has to offer: it’s going to be a wild ride! Stay optimistic, look for opportunities and love the process. Everyone on the Of The Free Market team wishing a Happy New Year! Make it the best one yet!
