“The game has changed, it’s very clear.” Matt Dines is a fixed-income portfolio manager and host of Mind Print Hash. In this episode, we get into why he believes the dollar system has already changed and why Bitcoin may be the endgame. For decades, global markets have been built around the offshore dollar system: LIBOR, Fed backstops, QE, ZIRP and the assumption that every crisis ends with more liquidity. But Matt argues that world is being replaced by something very different: a Treasury-led dollar system built around T-bills, SOFR, regulated stablecoins and a new set of geopolitical incentives. We discuss why 2022 was such an important inflection point, how the move from LIBOR to SOFR changed the structure of dollar markets, why the GENIUS Act matters for stablecoin rails, and what Treasury dominance means for the Fed, global credit and Bitcoin. We also get into MicroStrategy and STRC, the risks facing Bitcoin treasury companies, why dollar liquidity still drives Bitcoin markets, how geopolitics is reshaping the financial system, the path to a Strategic Bitcoin Reserve, and why holding real Bitcoin still matters. Bitcoin is not just another risk asset in this transition. It may become the base layer for a new monetary system, but getting there will be volatile, political and tied to the future of the dollar. In this episode: Strategy, STRC and Bitcoin treasury company risk From Fed dominance to Treasury dominance The end of the petrodollar Why capital markets are war by another means The path to a Strategic Bitcoin Reserve Why Bitcoin is the endgame THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN CAPE FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Matt Dines: https://x.com/LeveredUSTs

The Dollar Changed. Bitcoin Is the Endgame | Matt Dines

What Bitcoin Did

# Full Transcript

**Podcast:** What Bitcoin Did

## Participants

- **Matt Dines** (Mind Print Hash)
- **Stretch** (None)
- **Matt Dines** (Mind Print Hash)

## Transcript

We're moving from an era of Fed dominance and Treasury subservience to an era of United States Treasury dominance. What we're doing away with is this forward guidance mumbo jumbo. What it really is, is backstop. It's ammunition for the Fed to do all of the things we talked about. QE, ZERP. The game has changed and it's very clear.

All of the players who were cooperating around this old business deal that lasted for 75-80 years, they're now, maybe it's too far to say they're at war with each other, but they're not seeing eye to eye. And they're definitely not cooperating anymore. Capital markets are war by another means. So when we say nothing stops this train, it's like, well, there's another train.

And it's like, you know, that's what Scott Vesnik represents, all of that. So we'll see how this plays out. Matt Dines, good to see you, man. It's early in the morning here in Australia and I woke up to a bit of a bloodbath in Bitcoin and stretches down another nearly 8% today. What on earth has happened overnight? It's not too bad in Bitcoin yet,

but we're fighting the downtrend of a bear market and the Bitcoin dollar, you know, FX rate. Stretch and the perpetual preferreds. Yeah, this is a long story. I think it touches on the bigger picture that we'll talk about as this conversation goes on. But there's massive change going on in the dollar at the structural level.

If you think about America, we're about to be 250 years old. We've gone through several iterations of the dollar, right? And when we say the U.S. dollar, it's meant different things structurally, like at least four or five key different ones over the course of this great nation's short history. I'm American, so I'll show that bias, right? Just to wear it on my sleeve. But in my framework, we just went through a big one.

2022 was a key acceleration. And I think a lot of us are still operating under, you know, let's say the offshore dollar or euro dollar, or some of us in, you know, the Bitcoin space, the influencers, they call it the petrodollar standard, right? I'll stick to the term offshore dollar. But big inflection going on, and there's a major transition. And this is one of the most important ones I think we've seen in American history. All right. So we'll start there. All right.

Stretch. If you think about all credit in the world, we'll talk about this offshore dollar credit bubble. The whole strategy is built on. We access dollar credit capital in the U.S. brokerage, like, you know, the stock market liquidity pool. So we tap dollars in these perpetual preferred instruments at, let's say, 11, 12, 13%. That's a liability. That's how we source dollars. I'm saying we. It's not me.

I'm not doing this, but just whatever. Royal we. And then we go long on the asset side, Bitcoin, right? And so if you think abou...

The Dollar Changed. Bitcoin Is the Endgame | Matt Dines

Transcript

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The Dollar Changed. Bitcoin Is the Endgame | Matt Dines

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.