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Bitcoin’s new macro driver isn’t the fed — it’s the u.s. treasury’s debt machine. everyone watches kevin warsh. but the institution increasingly capable of moving the liquidity conditions that matter to bitcoin may be sitting a few blocks away—the u.s. treasury.

Bitcoin’s New Macro Driver Isn’t the Fed — It’s the U.S. Treasury’s Debt Machine. Everyone watches Kevin Warsh. But the institution increasingly capable of moving the liquidity conditions that matter to Bitcoin may be sitting a few blocks away—the U.S. Treasury.

Bitcoin’s New Macro Driver Isn’t the Fed — It’s the U.S. Treasury’s Debt Machine. Everyone watches Kevin Warsh. But the institution increasingly capable of moving the liquidity conditions that matter to Bitcoin may be sitting a few blocks away—the U.S. Treasury.

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August 21, 2026
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