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Why Texas is labeled Canada on this map of the ‘ridiculously large’ U.S. economy
Much has been made of the size of California’s massive economy, but it’s hard to truly wrap one’s brain around its place on the global stage. That’s where Mark Perry comes in. The University of Michigan economics and finance professor put it in perspective with one eye-popping statistic, in particular: California’s gross domestic product of $2.75 trillion in 2017 basically matches that of the U.K., and it achieves this with 19.3 million workers, vs. Great Britain’s 33.8 million. “Amazingly, it required a labor force 75% larger (and 14.5 million more people) in the U.K. to produce the same economic output last year as California!” Perry wrote . “That’s a testament to the superior, world-class productivity of the American worker.” But California isn’t the only state that towers over much of the world as an economic engine. Perry illustrated the overall dominance by matching the GDP for each state in 2017 to a foreign country with a comparable nominal GDP: Other notable examp...
Xapo: Where Billionaires Store Their Keys
Argentine entrepreneur Wences Casares spent years trying to convince Silicon Valley millionaires and billionaires that Bitcoin was the global currency of the future, that they needed to buy some, and that he’s the man to safeguard it. His startup, Xapo, has built a network of underground vaults on five continents, including one in a decommissioned Swiss military bunker. “Everyone who isn’t keeping keys themselves is keeping them with Xapo,” said Ryan Radloff of CoinShares, which has more than $500 million of Bitcoin stored at Xapo. “You couldn’t pay me to keep it with a bank.” Xapo’s billionaire backers include LinkedIn Corp. co-founder Reid Hoffman and former Wall Street trader Mike Novogratz, who’s in the process of setting up his own cryptocurrency merchant bank. Their bet is that Bitcoin is here to stay, and so is its biggest scourge, theft. The first and most important rule of owning Bitcoin is to securely keep your private key — the code that lets you spend your coins....
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