Time Signature

The author argues that the most important variable for profitable investing is how the supply of fiat money changes, and that US wartime industrial policy is expanding dollar credit in ways that will push up Bitcoin's price. The article uses the MP Materials deal as its main example: the US Defense Department becomes the company's biggest shareholder and guarantees a rare earths price twice the current Chinese market price, and JP Morgan and Goldman Sachs back a $1 billion loan to build the 10X facility. The author also claims that stablecoin issuers, which hold mostly US Treasury bills, will help finance the growing federal deficit.