Watching Korean Stocks
How to sell yourself on bitcoin all over again. SpaceX gives back its post-IPO mega rally, and Korea might be the one. Watch out!
Dear Readers,
Last year, I stood on the rocky shores of the Athenian Riviera watching my wife and daughter touch the water, take pictures, balance their feet on slippery terrain, and soak in the view. A spectacularly pristine day on the Aegean Sea it certainly was, yet my memory from this particular moment within an otherwise life-changing family vacation to Greece is discolored with a tinge of sadness.
I did not have my hand in the water because I stood back with our driver for the stay in Athens. This Greek man, a bitcoiner long before I ever arrived in Greece, told me the story of how his business collapsed. His anger was only with Brussels, and he blamed the introduction of the euro and retirement of the Greek drachma for the nation’s, and his own, setback.
I remember this moment because it showed vulnerability, something I surely had only accessed thanks to several hours of prior conversation on the roads in and around Athens. He told me the dark secret of how he lost it all, and his story is shared by many others particularly from Southern European countries who faced a forced currency adjustment that immediately made life more expensive.
This bitcoiner in Greece knew why he was involved in bitcoin. In fact, almost everybody invested in bitcoin has some reason that they have done it.
The European sovereign debt crisis of early 2010s. Hyperinflation in South American countries. And for many Americans, the frustratingly simple truth of an egregious monetary and fiscal regime that has no ability to preserve the quantity of the unit of account in circulation. In short, it’s the 21 million with no owner. It always has been. You can never unsee it once you have seen the other side, even if it’s from angle of somebody who merely strives to be financially literate and therefore in pursuit of a stronger financial position.
Today’s letter helps you anchor in my price expectation from this point in the bear. Then, I explain why today’s Korean stock market crash is so crucial to watch and a crucial DXY technical call that might be all related.
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