Grayscale positioning $BTC $ETH $ZEC as debasement hedges. Play is straightforward: sovereign debt spiraling, fiat supply expanding, hard-capped digital assets become structural longs. $BTC remains primary macro hedge with fixed 21M supply. $ETH post-merge has deflationary pressure from burn mechanics. $ZEC adds privacy layer for capital flight scenarios. Trade thesis hinges on continued fiscal irresponsibility and currency devaluation. Risk: if central banks actually tighten or inflation cools faster than expected, these assets reprice lower. But structural setup favors scarcity over unlimited money printing.