In recent months, Bitcoin has soared from $70,000 to $120,000. On the surface, this is due to the combination of ETF funds and expectations of interest rate cuts, but the deeper logic may be clearing the way for the "stablecoin-sovereign currency" path.

​The U.S. has approved the BTC spot ETF, allowing institutions to establish compliant dollar exposure; massive dollar stablecoins (USDT, USDC) are collateralized by on-chain U.S. Treasury bonds, becoming the "offshore dollars" of the crypto world. Bitcoin first skyrockets, creating a wealth effect that attracts global fiat currency inflows, then stablecoins act as a bridge for "digital dollars," directly transferring the traditional settlement system onto the blockchain. When central banks around the world find their foreign exchange reserves passively increasing in dollar stablecoins, the hegemony of the dollar completes its migration from SWIFT to public chains, with Bitcoin serving as the "advertisement" and "pump" for this migration.

​The wise observe: This move turns the decentralized narrative into an upgraded version of the dollar system. The more expensive Bitcoin becomes, the more it proves that existing fiat currencies need "crypto packaging" to continue circulating; the more stable stablecoins are, the more the Federal Reserve's monetary policy gains borderless enforcement. It seems to challenge the dollar, but in reality, it is the dollar reborn through a shell on the blockchain. Other sovereign currencies will be marginalized in the new settlement layer if they lack similar tools. #BTC #ETH #PiJS #pi