Macro strategist Mark Connors believes that if the US-Iran conflict persists, Bitcoin could benefit as increased government spending and debt issuance may lead to a depreciation of the dollar. He points out that US debt is growing at an annualized rate of about 14%, and if the conflict continues, deficit spending could accelerate, creating a favorable liquidity environment for Bitcoin. Connors believes that even in stagflation, the Federal Reserve's policy of prioritizing the normal functioning of the Treasury bond market could lead to lower interest rates, especially if a dovish Federal Reserve chair is appointed, which would further support Bitcoin.