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The author argues that Bitcoin and crypto are the best expression of a "fiat debasement" trade, and that the Fed's recent shift toward rate cuts reflects political pressure ahead of the November 2024 election. In an illustrative chart indexed to 1 January 2020 after deflating by the Fed's balance sheet, Bitcoin is up 228%, ahead of gold, the S&P 500 and the Nasdaq 100. The piece says Powell's December FOMC remarks signaled rate cuts, which it contrasts with his earlier comments at Spelman College two weeks prior. It also argues that "permissioned decentralised" crypto projects are a value trap built for institutional investors.