The Interchange: Forget MMT and the Fed, what about China?

If you spend time on Crypto Twitter, it’s hard not to go a few days without hearing about the “growing storm” of long-term macro tailwinds building for bitcoin at the moment (h/t Dan Hel...I mean @BMBernstein). It’s likely because of my Western echo chamber, but most of the touted bitcoin macro tailwinds I see promoted revolve around either perceived structural issues within US dollar market narratives (MMT theory, size of Fed Balance sheet, rates, entitlement driven deficits, etc.), or a negative rate environment in Europe.

Recently, Travis Kling, Founder and CIO of Ikigai Capital Management, wrote a contributor piece for The Block which describes the globally-coordinated QE policies over the past decade, with massive deficits on top of unprecedented levels of debt, as the world’s “grandest monetary and fiscal experiment.” Kling says,