Nonsense. Stablecoins need to be adopted by a sufficient number of people, and first of all, they must be redeemable for scarce assets that can sustain inflation. Scarce assets can be collateralized to obtain USD, and USD can be exchanged for stablecoins to resolve U.S. debt. You should research the legislation yourself; stablecoins themselves cannot be used as collateral, but rather, you need USD or U.S. debt for savings in order to issue stablecoins. Relying on the yield of U.S. debt will not yield high returns or allow for unlimited leverage.

What the market should be concerned about is the bottoming rebound of the dollar index. If the dollar index returns to around 104, will there be a massacre for the bulls? The continuous rise of US stocks may offset some adverse factors. If Trump wants to fire Powell, Bitcoin will soar, but it is unlikely to happen. Currently, the probability of the Federal Reserve not cutting interest rates this year is increasing, which is a positive for US stocks and the dollar, but negative for Crypto...

Pensions and real estate mortgages will not enter the market this year due to cumbersome compliance processes; at least it will take another year. When companies start buying coins, when the purchasing channels are no longer an obstacle, and when ETF inflows are decreasing, who hasn't entered the market? Who will be the last buyer?

The derivatives in the traditional financial market are becoming richer and larger, with more carry trades, and even bulls themselves are bears, further lowering market volatility. The rise is getting slower, does this mean that the volatility charm of Bitcoin itself, which corresponds to the wealth effect, is becoming smaller? The market will pursue ETH and other Altcoins; if fewer people buy, isn't Bitcoin being low-volatility killed by itself? Of course, the ceiling for other coins is much lower than that of Bitcoin, just like ETH replicated MicroStrategy but didn't let Ethereum break new highs, while Solana's attempt to replicate led to chaos...

Can US stocks have a long bull market with low volatility, but Bitcoin, which doesn't generate free cash flow, can it?

You all say Bitcoin is gold, but the poor De Gaulle back in the day moved gold back to France from the US with warships when the Bretton Woods system collapsed, and it didn't guide France to restore its glory...

During the gold standard period, were there no financial crises like the South Sea Bubble, the Tulip Bubble, or the Mississippi Bubble? Was the Great Depression caused by abandoning the gold standard? If the gold standard was really good, why did countries around the world abandon it? Did you discover that this treasure should return to the Bitcoin standard?

Do you use AI? If you use it every day, isn't this what Buffett said about investment products in the supermarket at your doorstep? If you believe in the tangible Fourth Industrial Revolution, why not buy Nvidia, why not buy the Nasdaq? Those who fear heights are all unfortunate people... American debt can be resolved not only by reserving Bitcoin but also through productivity reform, while the value of blockchain is not in speculation or value storage, but in its actual utility.