Hi friend 👋🏼

Ready for your weekly dose of "what's happening"? We're talking about Bitcoin maturity , Europe's lack of competitiveness , and some eyebrow-raising art deals.  

‍

The Weekly Fun Fact 🤔

Bitcoin Is officially older than the Fiat era stock market: Bitcoin has officially traded more hours than the US stock market. Since Bitcoin’s launch in 2009, it has logged over 123,000 hours of trading, 25% more than the US stock market during the fiat era that started in 1971 with the "Nixon shock." 

Bitcoin, despite being newer, has become more accessible due to its 24/7 availability. It's fascinating to consider that Bitcoin has been tested and traded more than public equities during the last 50 years!

‍

🔴 Europe simply doesn't have what it takes 🤷🏽‍♂️

Despite Mario Draghi’s heroic efforts during the eurozone crisis, Europe is still facing a difficult reality. Labor productivity has continued to lag behind the United States, particularly following the introduction of the euro in 1999. Rising energy costs and a lack of a cohesive fiscal structure have further harmed the EU's competitiveness. Europe's delayed and disorganized decision-making process makes it difficult to respond quickly to global changes, jeopardizing its economic progress. 

As Europe looks to the future, Draghi's report promotes reforms, but political and institutional impediments remain high. Sadly, it seems Europe lacks the necessary tools to regain its former competitive edge…

‍

🟡 Wealthy Americans are snapping up homes in Portugal’s Algarve 💸

Americans are increasingly flocking to Portugal's Algarve region, driving up property prices by more than 30% in the previous year alone. What was formerly a British-dominated market now sees a substantial number of U.S. buyers, representing 10% of all international property purchases in the country. 

The digital nomad program, golden visa offerings, and stunning lifestyle are major draws,  and Portugal is quickly becoming the favorite choice for people seeking a more peaceful, sunny life abroad.

‍

🟢 Despite art market ‘doomsayers’, Armory Show dealers see signs of 'a good turnaround' in opening sales 🎨

Despite a hard year for the art market, sales at The Armory Show in New York have brought a much-needed sense of optimism. Dealers, advisors, and collectors were pleasantly surprised by the strong sales during the VIP preview, with works selling for as high as $825,000. 

Regardless of past fears about interest rates and market contractions, collectors are investing, and art galleries are reporting a positive comeback in sales. The art market appears to be recovering faster than expected, providing promise for the coming season.

‍

🎬 Bitcoin’s keeping the lights on 24/7, Europe’s productivity is hitting snooze, and the art market is bouncing back. We’ll keep an eye on it all and share more next week.

‍