Recently, a seasoned market analyst shared an interesting logical chain: the United States, in order to control the oil supply in a certain region and suppress oil prices, will ultimately be forced to initiate large-scale money printing. The political economy behind this is actually quite clear.

Why do I say that? The current ruling team faces a real pressure: the mid-term elections in 2026 and the 2028 presidential election are imminent. To win voter support, they need to do two things—boost nominal economic growth and control gasoline prices. Controlling the oil supply can indeed lower oil prices and appease ordinary consumers. But what about the part of economic growth? That requires fiscal expansion and credit expansion, in other words, liquidity release.

Ideally, if both economic growth and low oil prices are achieved simultaneously, the money printing opportunity will be fully activated. The大量超发的美元流动性 will seek an outlet, flowing into stocks, real estate, commodities, and of course, cryptocurrencies.

As hard assets and fiat hedging tools, Bitcoin naturally becomes one of the beneficiaries. But this analyst is more optimistic about the privacy coin sector; his family office has already heavily allocated to ZEC in Q3 2025. Why choose privacy coins? He believes privacy is an important theme, and ZEC is expected to become a beta in this sector.

Even more interesting is the risk appetite strategy of this office. Currently, they are almost fully invested, with a very low position in USD stablecoins. To achieve excess returns relative to mainstream coins (BTC, ETH), they employ a strategy: sell part of their Bitcoin holdings to increase privacy coin allocations, and sell part of their Ethereum holdings to increase DeFi allocations. The logic is that if the coin selection is right, during a fiat credit expansion cycle, these carefully chosen small-cap coins should outperform the market.

This approach reflects a larger market expectation—the flood of liquidity is coming, and the excess return opportunities of selected assets are within it.