“The game has changed, it’s very clear.”
Matt Dines is a fixed-income portfolio manager and host of Mind Print Hash. In this episode, we get into why he believes the dollar system has already changed and why Bitcoin may be the endgame.
For decades, global markets have been built around the offshore dollar system: LIBOR, Fed backstops, QE, ZIRP and the assumption that every crisis ends with more liquidity. But Matt argues that world is being replaced by something very different: a Treasury-led dollar system built around T-bills, SOFR, regulated stablecoins and a new set of geopolitical incentives.
We discuss why 2022 was such an important inflection point, how the move from LIBOR to SOFR changed the structure of dollar markets, why the GENIUS Act matters for stablecoin rails, and what Treasury dominance means for the Fed, global credit and Bitcoin.
We also get into MicroStrategy and STRC, the risks facing Bitcoin treasury companies, why dollar liquidity still drives Bitcoin markets, how geopolitics is reshaping the financial system, the path to a Strategic Bitcoin Reserve, and why holding real Bitcoin still matters.
Bitcoin is not just another risk asset in this transition. It may become the base layer for a new monetary system, but getting there will be volatile, political and tied to the future of the dollar.
In this episode:
- Strategy, STRC and Bitcoin treasury company risk
- From Fed dominance to Treasury dominance
- The end of the petrodollar
- Why capital markets are war by another means
- The path to a Strategic Bitcoin Reserve
- Why Bitcoin is the endgame
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