OIL, AI, RATES AND $BTC ARE THE SAME TRADE Oil >$90 → inflation stays hot. Inflation → rates stay high. 10Y ~4.8% → capital gets expensive. AI wants >$700B of spending anyway. So AI makes intelligence abundant while making electricity and capital scarcer. Governments are competing for that same capital with trillion-dollar deficits. Bitcoin: 21M. Fixed. Oil supply can rise. Power generation can rise. Treasury issuance can rise. Bitcoin supply cannot. Higher rates can hurt $BTC today. Key point: AI, energy and deficits are all increasing demand for scarce capital. Bitcoin is the only major asset whose supply cannot increase to meet that demand. The world is getting more abundant. Scarcity is getting more valuable.
DavidShare
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