Parker Lewis, author of 'Gradually, Then Suddenly', argues that Bitcoin is poised to settle all global payments. He highlights that the current credit system is under significant pressure, citing a total debt stack of $107 trillion, compared to $52 trillion in 2007.
According to Lewis, merchants are increasingly motivated to adopt Bitcoin to avoid 3% card processing fees and chargebacks. He notes that the 2023 bank failures, including the collapse of Silicon Valley Bank, served as a catalyst for his focus on Bitcoin as a payment solution rather than just a store of value.
The analysis points to instability in the broader financial landscape, with mortgage rates exceeding 7% and corporate refinancing costs reaching 9–10%. Lewis suggests that the Federal Reserve and the Treasury have lost control over the long end of the yield curve, leaving money printing as the primary remaining tool.
Lewis also critiques the alignment of Bitcoin treasury companies and perpetual preferreds with their investors. He specifically mentions the $1.5 trillion reality regarding currency swaps and emphasizes that as Bitcoin adoption grows, the dollar-denominated price of the asset will eventually become irrelevant.
