the thesis is:

the US Treasury and the Fed will do *WHATEVER IT TAKES* to get US borrowing costs (i.e., long-term bond yields) back under control to save confidence in the USD

this means (de facto) printing a shit load of money through issuing new short-term debt, issuing swap lines to governments whose economies are being wrecked by the Iran war, buying foreign currencies so they don't sell US debt, etc.

these actions are INFLATIONARY, so the assets to own are CRYPTO and GOLD

and in particular, if you believe onchain tokenization of USD (backed by US treasuries/debt) will be a critical part of the strategy to create new demand for US treasuries/debt,

then you want to OWN ETH specifically since Ethereum (by far) has the largest amount of stablecoins on it and has the best shot at being the credibly neutral global settlement layer for decentralized assets

this doesn't mean stocks can't keep going up for a while, but it also means that perhaps they don't remain the fastest runner forever

we are in a critical pivot point for many asset markets