Bitcoin sparks currency war

Original title: Trump’s Gambit: The Quiet War Between the White House and JPMorgan

Author: Maryland HODL

A monetary power war is raging openly—and almost no one understands the stakes. The following is my personal speculative interpretation.

Over the past few months, a pattern has emerged in the political, market, and media spheres. Scattered headlines have suddenly connected, market anomalies no longer seem accidental, and institutional actors are exhibiting unusual aggression. Deeper turmoil is brewing beneath the surface.

This is not a normal monetary cycle. This is not a traditional partisan battle. This is certainly not so-called "market volatility." What we are witnessing is a direct confrontation between two monetary systems: The Old Order: Centered on JPMorgan Chase, Wall Street, and the Federal Reserve. The New Order: Centered on the Treasury, stablecoins, and a digital architecture pegged to Bitcoin. This conflict is no longer just theoretical; it's real and escalating. For the first time in decades, it's become public. The following will attempt to depict the real battlefield—a world that most analysts, clinging to the analytical framework of 1970-2010, have failed to see clearly as it breaks free from its constraints. I. JPMorgan Chase Steps Out of the Shadows Most people think of JPMorgan Chase as a bank. This is incorrect. JPMorgan is essentially the executive center of the global financial system—it is closest to the core mechanisms of the Federal Reserve, dominates the global dollar settlement system, and is the primary executor of the traditional monetary architecture. Therefore, when Trump published his exposé of the Epstein network and specifically named JPMorgan Chase (rather than blaming individuals in isolation), it was by no means an exaggeration. He dragged the most deeply entrenched institution in this system into a media storm. Meanwhile: JPMorgan Chase was the main driver behind the aggressive short-selling pressure on MSTR—coinciding with a time when the macro narrative of Bitcoin threatened the interests of traditional currencies. Clients attempting to transfer MSTR shares from JPMorgan Chase reported settlement delays, suggesting custodial pressure—a situation that only arises when internal operations are hampered. JPMorgan Chase occupies a strategically central position within the Federal Reserve ecosystem, both structurally and politically. To shake its position is tantamount to shaking the old monetary system itself. This is all abnormal. It's all part of the same story. II. A Quiet Shift in Government: Returning Monetary Policy Power to the Treasury While the media is preoccupied with the distractions of culture warfare, the real strategic agenda is on the monetary level. The government is quietly pushing for the return of currency issuance power to the U.S. Treasury through methods including: Treasury-integrated stablecoins; programmable settlement channels; and Bitcoin reserves as long-term collateral. This shift is not a minor adjustment to the existing system, but a complete replacement of the system's core power center. Currently, the Federal Reserve and commercial banks (led by JPMorgan Chase) monopolize the intermediary power in the creation and distribution of US dollars. If the Treasury, in conjunction with stablecoins, becomes the main body for issuance and settlement, the banking system will lose its authority, profits, and control. JPMorgan Chase understands this well. They accurately grasp the symbolic meaning of stablecoins. They understand the consequences if the Treasury becomes the issuer of programmable US dollars. Therefore, they launched a counterattack—not through press releases, but through market tactics: derivatives pressure, liquidity bottlenecks, narrative suppression, custody delays, and political influence. This is not a policy dispute. This is a battle for survival. III. Bitcoin: An Unexpected Battlefield Bitcoin is not the target... but the battlefield. Governments want to conduct low-key strategic stockpiling before pushing forward with the Treasury-anchored digital settlement system. Premature announcements would trigger a gamma squeeze, causing Bitcoin to exceed its escape velocity, resulting in exorbitant stockpiling costs. What's the problem? The old system is using a gold-style suppression mechanism to stifle Bitcoin signals: a proliferation of paper derivatives, large-scale synthetic short selling, information warfare, liquidity raids at key technical levels, and major primary brokerage custody bottlenecks. JPMorgan Chase has spent decades honing its skills in the gold market, and now it's applying them to Bitcoin. This isn't because Bitcoin directly threatens bank profits, but because it strengthens the Treasury's future monetary architecture and weakens the Federal Reserve's position. Governments face a harsh strategic choice: 1. Allow JPMorgan Chase to continue suppressing Bitcoin, maintaining its ability to accumulate at low prices. 2. Or issue a strategic statement, triggering a breakout in Bitcoin's price, but revealing a hidden strategy before a unified political stance is reached. This is precisely why governments remain silent on Bitcoin. It's not because they don't understand its essence, but because they understand it too thoroughly. IV. Both sides are based on fragile foundations. This game takes place on a monetary system built over six decades: Financialization Structural leverage Artificially suppressing interest rates Asset-first growth and institutional monopolization. Historical correlations are collapsing because the system is out of sync. Traditional financial commentators, who see this as a regular cycle, have failed to notice that the cycle itself is dissolving. The monetary system is crumbling. Financial channels are unstable. Incentive mechanisms are fracturing. The two camps (JPMorgan Chase's old order and the Treasury's new order) are standing on the same fragile foundation. Any miscalculation could trigger a chain reaction of instability. This is precisely why the current situation appears so unpredictable, fragmented, and chaotic. V. MSTR: A Transformation Bridge Subjected to Direct Attacks Now we introduce a crucial layer that most commentators have overlooked. MicroStrategy is far from being an ordinary corporate Bitcoin holder. It has evolved into a conversion mechanism—a bridge connecting traditional institutional capital with the emerging Bitcoin-Government Debt monetary system. MSTR's structure, leveraged Bitcoin strategies, and preferred stock products essentially convert fiat currency, credit, and government debt assets into long-term Bitcoin exposure. Thus, MSTR has become a de facto entry point for institutions and retail investors who cannot (or do not wish to) directly hold spot Bitcoin, while also providing a way out for investors troubled by YCC's artificially suppressed yields. This means that: If the US government envisions a future where a digital dollar backed by Treasury bonds coexists with Bitcoin reserves, MSTR is a key corporate channel for achieving this transformation. JPMorgan Chase understands this well. Therefore, when JPMorgan Chase: Promotes large-scale short selling, creates settlement delays, and pressures MSTR liquidity, it incites negative market narratives. Its target is not merely Michael Thaler, but rather the destruction of the transformative bridge that made the government's long-term strategy possible. There is even a reasonable speculation (though still highly speculative, but increasingly logical): the US government may eventually intervene and strategically invest in MSTR. As recently pointed out by (@joshmandell6), possible forms include: injecting US Treasury bonds in exchange for MSTR equity, which would explicitly support MSTR's preferred investment vehicle and improve its credit rating. While this move carries political and financial risks, it will send a signal that the world cannot ignore: the United States is defending a key element of its emerging currency system. This possibility alone is enough to explain why JPMorgan Chase launched such a fierce attack. VI. The Critical Window: Control of the Federal Reserve Next, time is running out. As @caitlinlong recently stated: Trump must achieve substantial control over the Federal Reserve's governance structure before Powell leaves office. The current situation is unfavorable to him... He is trailing by about 3-4 votes on the Board. Multiple bottlenecks are erupting simultaneously: Lisa Cook's Supreme Court nomination battle could last for months, delaying crucial decisions. The February 2025 Federal Reserve Board elections may solidify years of conflicting governance. A poor performance by the Republicans in the upcoming midterm elections would severely damage the government's ability to reshape monetary power. Therefore, economic momentum must materialize now, not six months later. This is why the Treasury's issuance strategy is being adjusted. This is why stablecoin regulation has suddenly become a high-risk issue. This is why the Bitcoin crackdown is so important. This is also why the struggle surrounding MSTR is not a trivial matter but a structural confrontation. If the government loses control of Congress, Trump will become a lame duck...unable to restructure the monetary system and instead trapped by the very institutions he tries to circumvent. And by 2028, this window will be completely closed. Time is running out, and the pressure is immense. VII. A More Macro-Strategic Vision When you take a step back, you'll discover the underlying patterns: JPMorgan Chase is waging a defensive battle to maintain its position as a core node in the Federal Reserve system. Governments are implementing covert transformations through stablecoins and Bitcoin reserves to restore the Treasury's monetary dominance. Bitcoin becomes a proxy battlefield—price suppression protects the old system, while covert accumulation empowers the new system. MSTR is a bridge of transformation, threatening JPMorgan Chase's monopoly on capital flows as an institutional entry channel. Federal Reserve governance is the choke point, and political timing is the constraint. Everything is happening on an unstable foundation; any misstep will trigger unpredictable systemic consequences. This is neither a financial story nor a political story. This is a monetary transformation at the civilization level. For the first time in sixty years, this conflict is no longer hidden. VIII. Trump's Strategy The government's strategy is becoming increasingly clear: Allowing JPMorgan Chase to expose its weaknesses under pressure. Secretly accumulating Bitcoin. Defending and potentially strengthening the MSTR bridge. Rapidly reshaping the Federal Reserve's governance structure. The Treasury Department will be established as the issuer of the digital dollar. The new framework awaits a suitable geopolitical opportunity (possibly the Mar-a-Lago Agreement). This is not a mild reform, but a complete overturning of the 1913 order—returning monetary power from the financial system to the political actors. If successful, the United States will enter a new monetary era based on transparency, digital channels, and a hybrid Bitcoin collateral framework. If unsuccessful, the old system will consolidate its control, and the window for change may have to wait another generation to reopen. Regardless, the war has begun. Bitcoin is no longer just an asset; it has become a dividing line between two opposing futures. What neither side has grasped is that ultimately, both will lose to absolute scarcity and mathematical truth. When the two giants vie for control, be prepared for the unexpected—take care, MarylandHODL. Author's Comments: This article was written using original thinking combined with chat enhancement technology (OTCE). I am not a professional writer, nor do I aspire to be one. I merely strive to present familiar yet novel viewpoints from a unique perspective, making the content easier for readers to digest and understand. All original ideas will be cited. The issues and concepts discussed in this article stem from my personal reflections on the future development of families. None of the articles constitute financial advice. I encourage active interaction: copy the article to your preferred LLM model, enable voice mode, and engage in dynamic dialogue. Feel free to ask questions, discuss impacts, or challenge viewpoints at any time. Like many of you, I am also a small person groping my way forward. Individuals are merely components of a larger collective, and it is through collective wisdom that we can build a swarm of intelligence—it is this collective wisdom that will propel us into the next new era of evolution.