Fritz Machlup (1931):

Credit expansion *always* leaks into assets.

Bitcoin will continue to benefit greatly.

“As soon as credit expansion sets in, practically every credit becomes a stock-exchange credit. Whoever receives additional funds makes use of them in such a way that stock-exchange quotations are strengthened. It is therefore absurd to believe that one can expand credit effectively while at the same time preventing its use on the stock exchange.”

“Wherever credit is created beyond the amount hoarded, the additional means of payment will press on the stock exchange. They can create no new productive capacity; they can only raise the prices of securities already outstanding.”