The Interchange: Forget MMT and the Fed, what about China?

This free preview of The Block Genesis is offered to our loyal readers as a representation of the highly valuable journalism our Genesis members receive daily. If you’d like to receive all Genesis content on our site and via daily newsletter, join here. This post first appeared in Ryan Todd's weekly column “The Interchange,” which is sent to Genesis subscribers’ inbox every Thursday morning.

If you spend time on Crypto Twitter, it’s hard not to go a few days without hearing about the “growing storm” of long-term macro tailwinds building for bitcoin at the moment (h/t Dan Hel...I mean @BMBernstein). It’s likely because of my Western echo chamber, but most of the touted bitcoin macro tailwinds I see promoted revolve around either perceived structural issues within US dollar market narratives (MMT theory, size of Fed Balance sheet, rates, entitlement driven deficits, etc.), or a negative rate environment in Europe.

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