Moments ago, two things happened: Biden’s Bureau of Economic Analysis released the first revision of Q4 2023 GDP, a number which is completely irrelevant as it looks at the state of the US economy more than 2 months ago as the calendar is now just weeks away from the start of Q2 2024… and bitcoin soared above $60,000, now less than $10k away from a record high. While it may not be immediately obvious, the two events are linked. Let us explain.
First, according to the Biden admin, in Q4 GDP rose 3.2%, a modest drop from the 3.3% reported in the first estimate one month ago, and below the 3.3% consensus estimate.
