I believe this is how game theory works: - US military operations in the Middle East failed to achieve a swift and decisive victory. - The disruption to navigation in the Strait of Hormuz lasted longer. - Oil prices surged. - The petrodollar cycle faced pressure. - Foreign central banks reduced their holdings of US Treasury bonds. - US borrowing costs rose. - The Federal Reserve significantly expanded its balance sheet. - Global liquidity increased significantly. - Bitcoin, as the most liquidity-sensitive and limited-supply asset, absorbed a disproportionate liquidity shock. This is forced monetary expansion.