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To investors,
The world changed on August 15, 1971 — President Nixon implemented a number of changes to the US economy in response to high inflation. These changes became known as the “Nixon shock.”
Changes included:
Wage freezes
Price freezes
Surcharges on imports
Cancellation of international convertibility of US dollars to gold
The Nixon shock kicked off a new era for the United States — the fiat currency regime had begun.
Since that day, the US stock market has been open for trading in just over 100,700 hours. That may seem like a useless data point, but Cory Bates points out something interesting happened this year that made the fiat era US stock market hours of operations noteworthy.
Bitcoin, which was only launched in 2009, officially eclipsed the US stock market in terms of hours of trading. Bitcoin now stands at more than 123,000 hours of trading, which is nearly 25% higher than the fiat era for public equities.
There are two takeaways from this information — first, it is insane that the US stock market is closed more hours per week than it is open. It is quite eye-opening that bitcoin, which started public trading less than 15 years ago, has been more accessible than public equities in the last 50 years.
Second, you could argue that bitcoin is older than the fiat era stock market. The digital currency may not be older in terms of total years, but it is definitely more mature in terms of trading hours.
Some people will disagree and likely claim that the US stock market dates back to before 1971. While that is true, the regime change in the Nixon shock is all that matters in today’s stock market.
Why is the Nixon shock mainly what matters? The US stock market gains are largely driven by fiat debasement. The more the dollar is devalued, the faster the stock market accelerates.
How can you tell? The CME Group has two great charts highlighting (1) gold’s relative performance to equities and (2) the US stock market denominated in gold.
Let’s bring this back to my main point — the US stock market materially changed in 1971 even though Nixon didn’t explicitly predict it. If you take the market since this new era started, it has traded less hours than bitcoin.
Bitcoin’s robust system has been tested more than the US stock market. That statement will put the legacy finance folks’ brains in a blender. But it is true.
The only time a system is tested is when it is in use. Bitcoin’s market has been used more than the fiat era stock market. That is a narrative that should be spread far and wide.
Hope you all have a great start to your week. I’ll talk to everyone tomorrow.
-Anthony Pompliano
Founder & CEO, Professional Capital Management
Reader Note: BUILD Summit, our annual conference in NYC for founders, is coming up next month on September 26th.
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Phil Rosen, the Co-Founder of Opening Bell Daily, and Anthony Pompliano, CEO of Professional Capital Management, discuss why stocks and bitcoin are down, economic policies for Trump & Kamala, proposed capital gains tax increase, and outlook on asset prices during interest rate cuts.
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Why Bitcoin and Stocks Have Been Crashing
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Bitcoin Is Officially Older Than The Fiat Era Stock Market