I noticed that the entire market narrative has shifted. In the past, when there was a crisis, central banks would automatically turn on the money printer and lower rates. But now, it seems the game is no longer that simple because of what the Iran situation is bringing to energy markets.

The real problem isn't just the temporary oil price spike. The energy infrastructure itself is fragile. The Strait of Hormuz disruption has shown how vulnerable our global supply chains have become over decades. Just a small disruption causes shortages in major economies like India, Japan, and South Korea. Even China, with its large reserves, isn't safe in this setup.

So now, all countries are rethinking their energy strategies. It's no longer purely economics; national security concerns are taking precedence. And this is where the problem begins for us as investors. When energy independence becomes a priority over efficiency, deglobalization will occur. Production costs rise, government intervention increases, and strategic stockpiling happens everywhere.

Energy expert Anas Alhajji is right in his analysis— the old model of open, price-driven energy markets is dead. Replacing it are more state control, vertical integration, and subsidies for domestic players. It’s similar to the Chinese model, but every country will try to copy it. The problem is, they lack China’s industrial capacity and centralized decision-making, making everything more inefficient and expensive.

And here’s the kicker: this inflation floor will become structural, not temporary. If energy costs rise permanently, food production, manufacturing, semiconductor industries—everything will be affected. The UN has also warned of higher food prices worldwide. Supply chain disruptions in Hormuz are also blocking shipments of helium and sulfur, which are essential for chip manufacturing.

So what does this mean for assets? From 2008 to 2021, the average CPI was below 3%. That allowed central banks to comfortably inject unlimited liquidity, keep rates near zero, and aggressively buy bonds. That’s what fueled everything—Bitcoin from single digits to $126K, stocks, crypto, all rising. But if the inflation floor is truly high now, central banks can no longer keep policies ultra-loose. The liquidity tap won’t be opened like before.

Higher inflation, less accommodative policies, and increased volatility—this is the new normal. Central banks are trapped. They can't cut rates aggressively because they need to control inflation. So, liquidity support for markets will be limited. This will be a headwind for all high-multiple assets—stocks, bonds, crypto, everything.

Interestingly, I saw that Bitmine Immersion Technologies has pivoted from pure mining to becoming an Ethereum treasury company, doubling its shares in six months, and now holding almost 5% of all ETH. But even with that, in this environment, the play is riskier because of structural inflation and policy constraints.

Bottom line: investment strategies need to adjust. Relying on easy money and central bank support like before is no longer viable. More defensive positioning, focusing on real yields, and preparing for sustained higher inflation and volatility are necessary. The era of cheap money is truly over.