#BTC再创新高 Do you think that the breakthrough of 110,000 for Bitcoin is the beginning of a new bull market? Not at all. Behind this lies the on-chain harvesting battle that the United States is using to resolve its debt crisis. By June 30, the U.S. has to repay $6 trillion in government debt, and the key right now is to find a buyer for these bonds. Historically, the main buyers of U.S. debt have been central banks and large institutions, but now the situation has changed— the risk of U.S. debt nearing collapse has caused these major players to withdraw; not only have they stopped buying, but many countries are also accelerating their sales. With the absence of major buyers, the U.S. has turned its attention to individual investors. But why would individuals buy? The only way is to create the illusion of being 'profitable,' so the crypto circle's BTC has been pushed into the spotlight, rising all the way to break previous highs, using a false wealth effect to lure retail investors into the market. Simply put, it's about getting retail investors to help the U.S. take on the debt.

Looking at the recent stablecoin legislation passed in the U.S., it appears to be about regulating the market and promoting compliance, but in reality, it is using BTC and USD to allow the U.S. Treasury to indirectly increase its holdings of U.S. debt, extending the life of the dollar's hegemony. The new legislation states that issuers of compliant stablecoins like USDC and USDT must hold 100% of their reserves in U.S. dollars or U.S. Treasury bonds. This means that for every $1 in stablecoins issued, the issuer must use $1 to buy U.S. debt or deposit it in a dollar account. A closer look at the logic reveals that the more users of stablecoins there are, the more 'automatic buyers' of U.S. debt there will be. This is not regulation; it is clearly an on-chain version of an automatic distribution system for U.S. debt!

So stop fantasizing that this is a bull market, and don't think that the issuance of USDT is for pumping up the market to buy coins. The core of all these operations is to resolve America's debt crisis.