QCP: Bitcoin hits a new historical high, as tariffs rush and fiscal dominance jointly drive asset growth

QCP Capital pointed out in an article that Bitcoin hit a new historical high of $118000 today, mainly driven by two macro factors: one is to seize the opportunity before tariffs. As global manufacturers and exporters accelerate imports, inventory accumulation, and production to seize the opportunity, Trump's tariff flywheel is once again activated. This wave of seizing has triggered a significant expansion of trade and manufacturing credit, and with the improvement of industrial demand and liquidity, copper prices have also risen. Secondly, the situation of US fiscal dominance is fully evident, and the US Treasury Department is deploying an active issuance strategy. It has been issuing short-term treasury bond and repurchasing issued long-term bonds with the proceeds. This method effectively monetizes debt maturity and helps reduce interest rate fluctuations. Short term notes are increasingly seen as cash equivalents, while the relative suppression of long-term bond issuance helps to maintain a low MOVE index and tighten credit spreads. This creates an environment where financial assets steadily rise supported by strong nominal growth. The "foam sign" of the market may be the precursor of large-scale adoption. With copper prices and global stock indices breaking new highs, currency depreciation hedging tools such as gold and Bitcoin are also expected to rise. The inflow rate of ETF and publicly traded crypto treasury bond bonds continues to exceed the rate of token issuance and miners' selling. This momentum may self reinforce. As long as the trading prices of ETF shares and crypto treasury bond bonds are higher than the net asset value (NAV), structural buying will still exist.