Recently, the game between US Treasury bonds and Bitcoin has become increasingly interesting, feeling like watching a financial version of a 'cat and mouse game.' US national debt has now surpassed $37 trillion, and the interest alone is consuming 30% of the fiscal budget—who can withstand that? No wonder these big buyers in China are quietly reducing their holdings of long-term US Treasuries.

Interestingly, some of the money that has fled from US Treasuries has actually flowed into Bitcoin. Especially for wealthy individuals in countries like Turkey and Argentina, where their local currencies have depreciated to the point of being unrecognizable, Bitcoin has become their lifeline. Recently, Bitcoin trading volume surged by 300%, and major institutions like BlackRock are getting in on the action, buying 200,000 coins through ETFs, accounting for 1% of the circulating supply—what a bold move!

The policy side is also quite surreal. The US government has surprisingly included Bitcoin in its strategic reserves and there are rumors about implementing zero capital gains tax. As soon as this news broke, meme coins went wild, with daily trading volume soaring by 350%. BlackRock is playing it smart, launching a $2.55 billion tokenized fund, aiming to completely bridge traditional finance and the crypto market.

Speaking of Bitcoin prices, the halving effect this year is still quite powerful. Exchange inventories have dropped from 5 million coins to 3 million coins, and the supply-demand imbalance is directly pushing the price towards $100,000. The Middle East is also playing the game well, reducing their dollar assets while using the Chinese yuan to settle oil, and secretly hoarding Bitcoin on the side—full marks for this operation.

How high do you think Bitcoin can go this time? Will the US Treasury crisis become a catalyst for Bitcoin's explosion? Feel free to share your views on my public account [Crypto Circle - Uncle] where I share the latest market analysis and investment insights every day~#美债