美債

A news article indicates that the total amount of BTC held in the United States reaches 8 million, accounting for 40% of the total BTC supply.

Currently, although the U.S. government does not require institutions or exchanges to hold U.S. Treasury bonds in proportion to their BTC holdings, there are regulations requiring stablecoins to be held in equal measure to U.S. Treasury bonds.

From this perspective, given that the United States already holds 40% of the total Bitcoin, it can be said that Bitcoin does not necessarily need to become a strategic reserve for the U.S.; instead, the regulated stablecoins are more important.

In other words, holding stablecoins requires equal holdings of U.S. Treasury bonds. Given the 40% holding in the United States, when Bitcoin continues to surge in the future, this group will inevitably need a very large demand for stablecoins when they want to exchange back. And holding a large amount of stablecoins requires issuing more stablecoins and purchasing more U.S. Treasury bonds.

Therefore, it appears that the ultimate beneficiaries are the U.S. Treasury bonds.
#BTC
#美債 $BTC

Things to note in the near future: The current 10-year U.S. Treasury yield has reached a 22-year high of 4.4%. At the same time, the 2-year U.S. Treasury yield also reached a stage high of 5.31%. The scissors gap is at an all-time high!

Risk assets continue to be under pressure and will become the norm. The cost of capital in the market is too high, making it not an ideal place for investors pursuing high-risk profits. The continuous draining of liquidity, in addition to filling the Treasury Department's TGA account, is also a currency war without smoke. The labor pains will continue. But the future must be bright, believe in the dawn.

At this moment, crises often breed huge opportunities, so seize them! #美債

U.S. Treasuries
Have become a 'risk factor that cannot be ignored' for the insurance industry

Must diversify asset allocation more

Most insurance companies in Taiwan primarily rely on long-term bond yields
To support policy interest spreads

According to the existing economic model, U.S. Treasuries are declining and the dollar is depreciating
Emerging market currencies are appreciating

This further expands the hedging costs of U.S. Treasuries
And the market's narrative regarding the current state of the dollar

#美債 #非农就业数据来袭 #数字资产法案