QCP: Bitcoin hits a new all-time high, tariff preemption and fiscal dominance jointly drive asset gains

PANews reported on July 11 that QCP Capital pointed out that Bitcoin hit a record high of $118,000 today, which was mainly driven by two macro factors: First, pre-tariff preemption. As global manufacturers and exporters accelerated imports, inventory accumulation and production to seize the opportunity, the Trump tariff flywheel started again. This wave of preemption triggered a substantial expansion of trade and manufacturing credit, and copper prices rose as industrial demand and liquidity conditions improved. Second, the US fiscal dominance is fully revealed, and the US Treasury is deploying an active issuance strategy. It has been issuing short-term Treasury bonds and using the proceeds to repurchase issued long-term bonds. This approach effectively monetizes debt maturities and helps reduce interest rate volatility. Short-term bills are increasingly seen as cash equivalents, while the relative suppression of long-term bond issuance helps keep the MOVE index low and tighten credit spreads. This creates an environment where financial assets are steadily rising on the support of strong nominal growth. Market "bubble signs" may be a precursor to mass adoption. As copper prices and global stock indices break new highs, currency depreciation hedging tools such as gold and Bitcoin are also expected to rise. Inflows into ETFs and publicly traded crypto treasuries continue to outpace token issuance and miner selling. This momentum is likely to be self-reinforcing. As long as ETF shares and crypto treasury shares trade above net asset value (NAV), structural buying will remain.