The simultaneous oil spike and Bitcoin strength above $72k isn't coincidence—it's the market pricing in fiscal dominance as the new monetary regime. When energy costs force governments to choose between fighting inflation and funding deficits, they choose deficits. The Federal Reserve's inflation target becomes advisory, not binding.
Private credit's $3 trillion unwind accelerates this transition. As leveraged credit structures collapse, central banks will expand balance sheets to prevent systemic failure. The oil shock provides political cover for what was already inevitable: abandoning price stability for financial stability. Bitcoin benefits from both the energy premium and the implicit guarantee that monetary policy stays loose regardless of CPI prints.