The era of cheap money we’ve known for the past 15 years is likely over. It’s not just about rising interest rates—it's about structural changes in the global economy that will alter how we think about investing.

What’s driving all this? The Iran war and the widespread openness about how vulnerable our energy markets really are. Disruptions in the Strait of Hormuz are not just headlines—they show that the world’s major economies, from India to Japan and South Korea, are highly dependent on stable energy supplies. This dependence has worked well for decades because of a clear comparative advantage: countries could focus on what they do best, while energy flowed at relatively stable prices.

But now that model is collapsing. Every country is beginning to realize that energy independence must become a national security priority, not just an economic consideration. As a result? A rapid de-globalization trend in energy markets. Experts say this means countries will abandon open market approaches and start mimicking China’s model: strict control, strategic stockpiling, and subsidies for domestic champions.

The problem is clear: when all countries focus on control and independence, the comparative advantage that once drove global efficiency will disappear. The result will be slower innovation, fragmented markets, and much higher costs. Energy is no longer just a commodity—it becomes a geopolitical weapon. This is already evident in supply chain disruptions: fertilizers, food, chip manufacturing—all affected by helium and sulfur disruptions in the Strait of Hormuz.

And this brings us to the most important part for investors: permanent inflation. From 2008 to 2021, global inflation averaged below 3%, allowing central banks to play with ultra-easy policies. They could cut interest rates near zero, inject liquidity, and boost asset growth. Bitcoin rose from cents in 2011 to $126,000 last year. Stock markets, bonds, crypto—all soared.

But with higher structural inflation, central banks no longer have the same room to maneuver. They can’t arbitrarily cut rates or flood markets with liquidity. Liquidity will be more limited, meaning yields across all asset classes will be pressured, and volatility will become the new normal.

There’s also an interesting story about Bitmine Immersion Technologies, which shifted from a mining company to an aggressive Ethereum treasury. They now hold nearly 5% of all Ether at an average cost of $2,206 per token—an audacious strategy in an uncertain macro environment.

In conclusion: we are entering a different world. Inflation will stay high, monetary policy will be tighter, and market volatility is to be expected. Investors need to adjust their strategies to this new reality, not rely on the playbook that worked over the past 15 years.