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.