Seeing headlines like "Bitcoin will help pay off the US$38.5 trillion debt"—doesn't that make you want to click and see more? Honestly, most people are attracted by this kind of statement, but in reality, they only see the surface-level "sharp rise" expectation and haven't really understood the underlying logic.

Let's clarify the fundamentals first. The US national debt has already surpassed US$38.5 trillion. What does this mean? It's equivalent to the entire annual GDP of the third-largest economy in the world. Due to such enormous debt pressure, the market has started to spin stories—Bitcoin's market cap surging to US$8.5 trillion, directly becoming a main force for debt repayment. It sounds great, but where's the problem?

The core logical flaw is liquidity. Currently, the total market liquidity of Bitcoin is only in the hundreds of billions of dollars. Even if its market cap truly reaches US$8.5 trillion, the US government would want to use it to pay off debt. Once they start large-scale cashing out, the market would collapse immediately. This operation is like jumping into the sea with a bunch of gold bars—appears to have assets, but in reality, they are useless. So, the US is unlikely to really pin its hopes on this.

Having observed this circle for 8 years, I want to share a more reliable perspective with you. The value of Bitcoin is not fundamentally about "who uses it to pay off debt." Its true driving force comes from another direction—in the context of escalating global debt crises, its status as a safe-haven asset is being re-priced.

Recently, a phenomenon worth noting is that those Wall Street institutions that once looked at cryptocurrencies with indifference are starting to quietly position themselves. Why have they changed their minds? Not because they believe Bitcoin can save US debt, but because the credibility of the dollar continues to weaken. When the appeal of traditional safe-haven assets declines, allocating assets like Bitcoin as an alternative becomes a hedging choice. This is the real reflection of the changing market landscape.