What Bitcoin Did Bitcoin, Liquidity, And The Coming Inflection Point | Jeff Ross
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Dec 22, 2025 
Jeff Ross, a macro hedge fund manager and expert on Bitcoin, dives into the cracks of the global financial system. He explains how prolonged U.S. manufacturing recessions are pulling Bitcoin down and why rising interest rates in Japan are sending shockwaves globally. Jeff discusses the implications of a shift away from the U.S. dollar as the main reserve and the potential for AI and manufacturing to shape future markets. He argues that deflation could threaten fiat currencies, positioning Bitcoin for a possible resurgence by 2026, driven by liquidity and economic changes.
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Bitcoin Tracks US Manufacturing
- Bitcoin's price correlates strongly with US economic activity, especially manufacturing.
- Watch ISM manufacturing PMI rising above 50 as a leading signal for Bitcoin strength.
Delay Capex To Exploit 2026 Tax Rule
- Delay large capital purchases until 2026 to exploit 100% depreciation rules.
- Miners and manufacturers can massively improve cash flows and buy Bitcoin with those savings.
Fed's Reserve Operations Are QE In Practice
- The Fed is effectively monetizing Treasury issuance via reserve management operations.
- This action functions like QE and is selectively inflationary for chosen sectors.