The macro thesis endures because the fundamental imbalance remains: central banks have printed 40% of all dollars in existence since 2020, yet real yields stay negative and debt-to-GDP ratios are structurally unsustainable. Bitcoin's scarcity model and crypto's programmable settlement layer address this exact problem—not a speculation, but a response to monetary architecture that cannot be reformed from within. The cycle may compress or extend, but the underlying pressure that birthed this entire asset class has not resolved.
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