The upcoming upcoming bitcoin leg is located within a broader market everywhere, everywhere. “The fifties of the last century are repeated more than the nineties – the main engine is Fiat Fiat, who will continue to convert cash installments into neutral backup assets like Bitcoin and Gold. This is the essence of a thesis and veteran macro investor Mail Mattison in a wide interview on Milk Road Macro, published on Monday, October 7.
Matison, former Fintech CEO with 25 years of financing, argues that investors offend the session by referring to relations from the seventies and eighties instead of the previous systems that they closely stand today. “I think the most similar contract is the 1950s,” he said, noting that the average annual S& P 500 will then “more than 19 %”, as it exceeded the nineties.
He described 2024-2025 as “everything everywhere at the same time gathered … bonds, arrows, gold, bitcoin, real estate”, driven by a multi-contract rate course and the global “Debasement Trade” that recently rose. “The most terrifying thing for me now is that Morgan Stanley and Goldman Sachs say the same thing I was a year ago.”
Bitcoin and gold to control the era of behavior
Within this framework, Bitcoin plays the role of digital gold – one of the “neutral reserve assets”, from Matison’s point of view, to accommodate more cash allowance as the FIAT system adapts to high debt loads and geopolitical organization. The moment was framed as “a golden war, not a cold war”, pointing to the fixed accumulation of the official gold reserves and alternative settlement bars.
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“People do not understand … this has just started.” While he sees gold temporarily stretching in the short term, he repeated a long goal in line with the arguments of other macro commentators: “Do I think [gold is] Go to $ 20,000 in the next 10 to 15 years? Yes, of course. “I suggest that Bitcoin participates in this secular offer as a programming counterpart:” Bitcoin I see it with digital gold and this is accepted. “
The Mattison Supercycle call depends on the structure of politics. It claims that the markets are subject to the legal mandate of the Federal Reserve in the United States to maintain “long -term interest rates”, as well as price stability and the maximum employment. “Under the statute, FOMC has three distinct states … unemployment, price stability, and to ensure that the long -term interest rates are moderate,” he said, criticizing the idea that the third station is secondary.
In practice, this is expected to pull politicians towards Curve control (YCC)-similar Interventions if necessary to form long length revenues and stabilize debt service. “There is no way they can allow interest rates to get out of control,” he said, adding that the Federal Reserve can stop tightening quantity and expanding its public budget significantly without necessarily reference to inflation similar to 2021-2022.
“It can take the federal reserve … easily [its balance sheet] To 20 trillion dollars in the next decade without creating an enormous inflation, ”he claimed, stressing that the growth of the Ministry of Finance and the speed, and not the level of public debt in itself, are paying continuous price pressure.
This path of policy, in his informing, supports by its nature the assets with critical characteristics. Refusing repeated concerns about the sale of a foreigner to the cabinet: “When people talk about … China or Japan [selling]”There is no threat from that,” he said, on the pretext that local absorption – through banks, investment funds, public budgets, or the Federal Reserve – can be easily released.
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He called on interest payments “motivation”, preferring to recycle US holders instead of abroad. In this preparation, it is believed that immediate heavy exposure will be established in the identification of active sites in the new winners: “For me, the large alpha is … with gold and bitcoin”, while taking advantage of emerging markets from global financial conditions easier if YCC or relevant measures are based on the duration of the United States.
The markets can rise for a longer period
The historical lens of Matison also constitutes risk evaluation. It is similar to the current mixture of post -guardian coordination of financial duo and geopolitical rift lines to the period that extends to World War II, Marshall’s plan, and Korean War. It is expected that the gathering will expand beyond the adult control technology, where artificial intelligence restores the distribution from the value from the traditional trenches, but it also suspends an inherent social shock-a stage in the end when “not only you want to reduce it, but only wants to get out of the danger … even gold.”
He said that the timing is not imminent: “I think frankly that this is at least 12 to 24 months away.” Until then, investors urge not to reduce any extent the markets – and bitcoin – at a real bubble stage. “If you never live [the late 1920s or late 1990s]He said: “Do not understand what the markets can actually do, in the bubble environment, which I think we are heading to, can rise significantly and much faster.”
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⏱ Time … pic.twitter.com/tqzml1j9tz
– Milk Road Macro (Milkroadmacro) October 7, 2025
For bitcoin specifically, the implicit meaning is clear in the Matison model: as long as the directions of the policy mix are towards more capacity Financial conditions For public debt management and geopolitical competition channels settlement in neutral assets, BTC accumulates the installment of money alongside gold. In the short term, fluctuation expects – “in the very short term [gold is] He pointed out that due to a rest, “, which means a danger to the interconnected deals – but the secular path, as it insists, is still higher.
At the time of the press, BTC was traded at $ 122,451.
Distinctive image created with Dall.e, Chart from TradingView.com
