Therefore, the essence of digital currency is also a unilateral high tariff imposed by the U.S. government on the world; however, this tariff is collected through the dollar's seigniorage. Thus, only the U.S. government will encourage digital currency, while other countries either openly resist or subtly set restrictive thresholds. There is no way to make it completely legal. Now, even U.S. Treasury bonds are not being bought; who would be foolish enough to buy U.S. Treasury derivatives, stablecoins?

So whether the U.S. government passes the stablecoin bill is fundamentally meaningless, because allowing legality domestically simply means allowing state governments and institutions to hold U.S. Treasury derivatives. If U.S. Treasury bonds are popular, is there still a need for stablecoins as a reservoir? This is just a setup.

Outside of the U.S., apart from unstable countries and gray wealth that exploit legal loopholes, no legitimate country will allow or support its citizens to actively participate in digital currency, as they are reluctant to even buy U.S. Treasury bonds, let alone U.S. Treasury derivatives. They are wary of the risks associated with U.S. Treasury bonds because the desire to purchase them has decreased, leading to an increase in U.S. Treasury interest rates.

MicroStrategy's financing rate for purchasing Bitcoin has reached 8%, which means that this portion of funds is even less secure, destined for a future explosion.

The entire digital currency market is created by the demand for U.S. Treasury reservoirs from the U.S. government, coupled with institutions discovering this trend, continuously attracting speculative funds with high-interest rates.

Thus, the foundation for the bull market in digital currency originates from this, while the foundation for the bear market stems from significant events that disrupt the U.S. Treasury reservoir and institutions like MicroStrategy being unable to meet high-interest payouts, leading to explosions.