I've been looking at the numbers from the Peter G. Peterson Foundation and it reads like a meme, but it's tracked with surgical precision: the US now spends more on interest for its own debt than on its entire military budget.

The last time anything like this happened was after World War I, when the country was paying off war bonds while dismantling its army. This time the story is different: debt hasn't stopped climbing, and it just won the race. There's something strange about a society where paying yesterday's promises costs more than protecting today. No need to look for a culprit, arithmetic doesn't vote. Once debt reaches a certain size, even small rate changes turn interest into the line item that eats everything else.

That's where Bitcoin stops sounding like an internet curiosity. Not because 21 million coins are going to fix anyone's books, but because when the usual response to debt like this is creating more units of money, you start to notice the difference between an asset whose rules can change with a political decision and one whose issuance is written into the protocol itself.

Bitcoin wasn't built with this exact moment in mind, but it's been doing the same thing for seventeen years: producing blocks, asking no one's permission, while every new macro headline sounds a little more like a spot for it without anyone having written it that way.

Thanks for reading, sat.