My world of Bitcoin news and views tends to be wildly US centric which makes a lot of sense, the US Dollar is the worlds reserve currency and it does have an outsized effect when decisions are made here.
The fact of the matter is that inflation is not just an American problem.
It’s a Euro problem. A Pound problem. A Yen problem. A Yuan problem.
Every major central bank ran the same playbook after 2020.
Print money, drop rates to near zero, flood the system with liquidity to keep economies from collapsing during the pandemic.
To do a little re-write to Lyn Alden’s quote… Nothing Stops These Trains.
The Global Rate Cycle Nobody Talks About
From January 2022 to mid-2024, almost every advanced and emerging economy on the planet raised interest rates simultaneously and inflation became the new religion. .
The US peaked at 9.1% in June 2022 and people were screaming at the top of their lungs about that but boy, we had it easy in comparison to other countries.
But the UK hit over 11%. The Eurozone crossed 10%. Argentina’s inflation ran past 100%. Turkey saw it approach 80%. Ghana, Pakistan, Sri Lanka — countries that rarely make Western financial headlines — watched their currencies crater against the dollar while ordinary citizens’ savings evaporated.
The ECB (European Central Bank) raised its main deposit rate from zero in 2022 to 4% by late 2023. The Bank of England went from 0.1% in late 2021 to 5.25% by mid-2023. Now they’re both cutting again — the ECB recently held at 2.0%, the Bank of England held at 3.75% in late April 2026.
The Federal Reserve, meanwhile, remains more cautious. Rates are still sitting at 3.50% to 3.75%.
The point isn’t the specific numbers. The point is that even if American never had any inflation ever again, you’ve still 7+ billion people experiencing inflation from their currencies all around the world.
This is not an American problem. It’s a fiat problem and it’s why Bitcoin is so crucial.
A Quick Word on the “Stable” Currencies
When people talk about monetary stability, a few currencies do earn that label and for good reason.
The Swiss franc consistently ranks as the most stable currency in the world. Switzerland runs low debt, low inflation (averaging around 0.6% annually over the last decade), and a central bank with genuine independence and conservative practices. When global markets panic, investors pile into francs.
The Singapore dollar is managed differently from most currencies. The Monetary Authority of Singapore actively steers its exchange rate as a policy tool, intervening when needed to keep it in a target band. That active management, combined with Singapore’s role as Asia’s financial hub, makes the SGD one of the most reliable in the region.
Norway’s krone benefits from something most countries don’t have: no net government debt and one of the largest sovereign wealth funds in the world — built from decades of oil revenue. That financial cushion makes Norway uniquely resistant to the kind of fiscal pressure that typically destroys currencies.
But these countries all combined have about 19 million people and little military backing them and their currencies tend to not have wide distributions and the fact of the matter is they probably never will.
China’s Monetary Policy and Bitcoin: The Real Story
Here’s something that doesn’t get enough attention in Western Bitcoin coverage.
China’s relationship with its currency — and by extension, its relationship with Bitcoin — has been one of the most fascinating and underreported drivers of Bitcoin price cycles.
Yes, yes I know.
China “banned” Bitcoin like my dad “banned” me from going out at night. We all knew what we were doing.
Arthur Hayes, co-founder of BitMEX, has written extensively about what he calls the “Yahtzee ingredients”: the combination of yuan weakness, capital controls, and Chinese investors looking for any exit valve. His thesis is simple: whenever China devalues its currency or tightens capital controls, Chinese citizens historically turn to Bitcoin as a hedge and as a way out.
This is a country with 1 Billion people which is a heck of a lot of buying power and it happened in 2013.
Bitcoin started the year at $13, ran to over $1,000 by November, with the Chinese exchange BTC China briefly becoming the largest Bitcoin exchange in the world by trading volume.
It happened in 2015. The PBOC executed three consecutive yuan devaluations in August of that year, reducing the currency’s value by over 3% in rapid succession. Bitcoin initially fell, then surged nearly 60% over the following four months.
In both cases: currency pressure, capital flight, Bitcoin.
The PBOC’s balance sheet has shown a consistent positive correlation with Bitcoin’s price over the past eight years. When China expands its monetary base, Bitcoin tends to follow. When China tightens, the pressure shows up in both directions.
The lesson isn’t that China controls Bitcoin. The lesson is that every major monetary policy decision — whether it’s the Fed, the ECB, the PBOC, or the Bank of Japan raising rates for the first time since 2016 — ripples into Bitcoin’s demand.
Why This Actually Strengthens the $1 Million Thesis
Most people think about Bitcoin’s price in dollar terms. They compare it to the dollar and ask whether it’s going up or down.
But I’d like to offer you a different lens.
Bitcoin’s price in dollars could stay flat while every fiat currency on earth simultaneously loses purchasing power against it.
The more any central bank expand their balance sheets... the more currencies lose purchasing power relative to hard assets... the more people in more countries face the same calculation that Swiss franc holders or Norwegian krone holders have always understood: find something that holds value while the paper rots.
For the Swiss citizen, that’s historically been the franc. For the Norwegian, a sovereign wealth fund backed by oil. For the average person in Turkey, Argentina, Lebanon, or anywhere their central bank has made catastrophic decisions they often don’t have those options.
Bitcoin is the only hard money asset available to anyone with a phone.
That’s a global addressable market.
And every time a central bank somewhere in the world chooses to inflate — which they will, because they always do — that market gets a little larger.
If you want a deeper framework for why Bitcoin is heading to $1 million — built across seven structural pillars — pick up the book: The Million Dollar Bitcoin... And How You Can Profit