Epic revelation! The century-long "symbiotic history" of war and the U.S. stock market: setting new records amid gunfire, is $BTC standing at the next crossroads?

I read this article three times. A brokerage report, with data as solid as iron. It states an counterintuitive fact: war and a prolonged bull market in US stocks are not opposites, but nearly coexistent.

The history of the Dow Jones is in front of us—rising 28% during the Spanish-American War, 26% during the Korean War, over 80% after the Vietnam War dragged on for 19 years, nearly doubled during the Afghanistan War spanning the 2008 financial crisis. Since becoming the world’s largest economy at the end of the 19th century, the US has gained substantial benefits from almost every war, except Vietnam. From seizing Spanish colonies during the Spanish-American War, to profiting from both World Wars, and later the Gulf War and oil conflicts, the US has transformed from a “war participant” to a “war initiator.”

The reaction of US stocks to gunfire is clearly traceable. Before World War II and earlier, wars impacted markets mainly through emotional shocks; starting with the Korean War, this direct effect weakened, and wars more often transmitted through economic channels like inflation, oil prices, and fiscal deficits. Vietnam was the only war that caused a net loss for the US, and it also completely rewrote its war logic—subsequent US conflicts have almost all featured three characteristics: short duration, limited scope, centered around oil, and ultimately achieving their goals.

US war strategy has undergone three major shifts. The Spanish-American War in 1898 was the first major war initiated by the US—dominated by domestic monopolies eager for new markets and raw materials, with remaining Spanish colonies as prime targets. After the war, the