The Milk Road Show The Next Big Print Cycle Is Coming… And Bitcoin Could Go Parabolic w/ John Haar
Mar 18, 2026
John Haar, Managing Director at Swan Private and former Goldman Sachs fixed-income pro, explains the return of the “Big Print” cycle and why fresh liquidity could push Bitcoin parabolic. He covers triggers like war, AI spending, state fiscal stress, and banking shocks. He contrasts Bitcoin with gold and other assets and outlines institutional adoption and a multi-year timeline for major upside.
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From Gold Bug To Bitcoin At Swan
- John Haar traced his conversion from a gold bug to a Bitcoin bull through personal experience from the 2008 financial crisis to discovering Bitcoin in 2013.
- He watched 2017 mainstreaming, 2018 crash to ~3k, then COVID stimulus convinced him Bitcoin addresses monetary weaknesses and led him to join Swan in 2022.
Next Big Print Is Probable Within Months
- John Haar argues 'Big Prints' are recurring systemic responses where governments print large amounts of money in crises, and another is likely within months to a couple years.
- He lists plausible triggers: major war escalation, AI-driven labor programs, state budget stress, pension insolvency, regional bank crises, private credit shocks, entitlement expansions, or climate disasters.
Two Deflations And Why AI Deflation Helps GDP
- Haar distinguishes two deflations: debt (monetary) deflation where the money supply contracts and productivity-driven deflation from cheaper production.
- He argues AI likely causes productivity deflation, which raises GDP and helps service debt, so it's not necessarily a crisis for indebted governments.