Let’s talk about something everyone loves to see. At this FOMC meeting, we can set aside rate cuts and the dot plot—RMP (Reserve Management Purchase) is the real game-changer. For Bitcoin and Ethereum, this $40 billion/month purchase plan is more direct and effective than a 25 basis point rate cut. The long-debated issue of Bitcoin’s halving cycle clashing with the economic cycle, delayed by two years due to the pandemic, might finally have an answer. The last time the Fed restarted repo operations was back in 2019—ring any bells? The “Repo Crisis” of fall 2019 and the current RMP (Reserve Management Purchase) are essentially the same thing. The only difference is that the Fed doesn’t want to call it QE (Quantitative Easing). But if something looks like a duck, walks like a duck, and quacks like a duck, then it’s a duck. In September 2019, the U.S. overnight repo rate suddenly spiked to 10%, triggering a cash crunch. Powell announced monthly purchases of $60 billion in short-term Treasury bills (T-bills) and repeatedly emphasized, “This is NOT QE.” Sound familiar? Now, the Fed has announced plans to purchase $40 billion in short-term debt over the next 30 days, citing the need to “maintain ample reserves.” This is essentially the same script as 2019—officially fixing the plumbing, but in reality, it’s just printing money. Based on the 2019 experience, we can’t simply conclude that Bitcoin will immediately rally. It might play out like Q4 2019, where there was a “liquidity lag.” The market could initially react cautiously to the Fed’s hawkish “pause on rate cuts” rhetoric or pull back due to year-end profit-taking. Ultimately, we might have to wait until next year for base money to flow into the banking system. Combined with April’s tax season boosting TGA account balances, the excess liquidity could then start chasing high-beta assets.