Over time, due to aging demographics, governments need to borrow more money to support GDP growth to pay interest on the debt. At over 100% of GDP in debt there isn't enough economic cash flow to fund the debt growth so it gets "printed" via Fed Net Liquidity and also forced, via regulation, onto the balance sheet of the banks. That debases the currency and lowers the denominator, optically making scarce assets more valuable. Crypto (Mainly Bitcoin) is the life raft as it not only offsets the annual 8% debasement but also gains value due to adoption effects. These two charts remain the most important chart in all macro and the ones the least people understand. It's all demographics. It always has been