🟢 [E5616] Dollar structural bear case unfolding with world flush with dollars. Rally in dollar temporarily driven by rates but longer-term trend is weaker. Mag 7 faces headwind from 49% overseas revenues in stronger dollar environment.

🟢 [E5615] 10-year Treasury yield faces structural upside risk if foreign central banks reduce purchases and dedollarization accelerates. Bond market bigger risk than equity market if yields move higher on reduced demand and fiscal deficit persistence.

🟢 [E5618] Stablecoins bridging Bitcoin to fiat system enabling currency functionality. Can pay for coffee with Bitcoin via stablecoin conversion. Government supporting stable coin development creating regulatory tailwind.

🟢 [E5617] Bitcoin as global asset decoupling from Mag 7 (US-centric despite size). Bitcoin correlation with stocks/bonds/dollar structurally different, benefiting from dedollarization and served as portfolio hedge.

🟢 [E5619] Tariff uncertainty creating jobs and government spending stimulation. Macro policy unlikely to be austere. Government will maintain stimulative path rather than cutting spending despite fiscal deficit.