Remember the bank run in March 2023?

People panicked because the banks had loaded up on long term government bonds at near-zero rates, and were technically insolvent.

Their bond holdings had plummeted in value thanks to yields rocketing to 3.5% (bond values fall as yields rise).

The Fed saved the day by inventing a new tool: BTFP.

They agreed to give banks cash for the face value of their bonds rather than the actual (lower) market value.

The Fed printed money, and everyone forgot.

But guess what? 10 year yields are even higher today at 4.6%  

The BTFP program expired in March 2024.

And the banks still own those bonds.

Bitcoin is up 233% since March 2023 because some investors have understood that the fiat system is technically insolvent, and the only way it can be held together in the long run is by massive money printing.

And if it isn't held together with money printing, then counter-party risk means a lot of the assets that people think they own will go *poof* overnight.

If you can't unilaterally control an asset (like you can with Bitcoin, a bar of gold, or physical cash) then you merely have a claim on that asset.

Potentially one of many claims on the same asset.

Once you understand this, you buy Bitcoin and sleep soundly.