Yeah, that's why Trump is demanding lower interest rates and preparing to spend like there is no tomorrow, and trying to bring manufacturing home, and everyone else is loading up with gold, Bitcoin, or fiat-denominated debt to build physical infrastructure, like oil rigs, bridges, and data centers. (Well, everyone except Germany because Mr. Habeck is absolutely deranged and economically illiterate.)

The Bitcoin market is too small, still, to absorb all of that money, so most of it has to go into other hard assets.