QCP: Bitcoin hits a new all-time high, tariff preemption and fiscal dominance jointly drive asset gains

PANews reported on July 11 that QCP Capital stated that Bitcoin reached a new all-time high of $118,000 today, driven by two main macroeconomic factors: First, pre-emptive action before tariffs, as global manufacturers and exporters accelerate imports, inventory accumulation, and production to gain an advantage, restarting Trump's tariff flywheel. This wave of pre-emptive action triggered a significant expansion of trade and manufacturing credit, and as industrial demand and liquidity conditions improved, copper prices also rose. Second, the full manifestation of US fiscal dominance, with the US Treasury deploying an aggressive issuance strategy. It has been issuing short-term Treasury bills and using the proceeds to repurchase previously issued long-term bonds. This method effectively monetizes debt maturities and helps reduce interest rate volatility. Short-term notes are increasingly viewed as cash equivalents, and the relative suppression of long-term bond issuance helps keep the MOVE index low and tighten credit spreads. This creates an environment where financial assets steadily rise on the back of strong nominal growth. Market "bubble signs" may be a precursor to large-scale adoption. As copper prices and global stock indices break new highs, hedging tools like gold and Bitcoin are expected to rise accordingly. ETF and publicly traded crypto bond inflows continue to exceed token issuance and miner selling. This momentum may be self-reinforcing. As long as ETF shares and crypto bond stock trade above net asset value (NAV), structural buying pressure remains.