The U.S. annual fiscal deficit is worth more than all the Bitcoin in the world combined. Bill Miller IV said something on CNBC today that perfectly explains this BTC rally: The U.S. annual fiscal deficit is about $1.8 trillion, while as of August 24, the total circulating market cap of Bitcoin is only around $1.59 trillion. In other words, the money the U.S. government spends in a year without tax revenue to cover it is larger than the fully diluted value (FDV) of 21 million Bitcoins. This is why I think this BTC rally, going from $60K+ back to $80K, can't just be explained by "short squeezes." Miller pointed out another funding flow: AI investments are starting to face questions about valuation and whether the massive CapEx will ever pay off, while the U.S. fiscal deficit, treasury supply, and long-term interest rate pressures are forcing policymakers to keep stepping in. Naturally, capital is flowing back to assets like gold and BTC, which don't rely on government promises for their scarcity. So, the most interesting part of this BTC rally is that the oldest story is making a comeback: The supply of the U.S. dollar depends on policy, while the total supply of BTC depends on no one. When the annual fiscal hole alone is bigger than the entire Bitcoin market, suddenly BTC's $1.6 trillion market cap doesn't seem so big anymore.