Many people say that America's beginning to embrace cryptocurrencies is a shift in attitude. In fact, there's only one number driving this—$37 trillion.

This is not an exaggeration, but the current scale of U.S. national debt. The traditional financial system can no longer absorb this magnitude.

The U.S. has never truly paid off its debt

Looking back at history makes it clear: throughout American history, debts have never been fully "paid off." The solution is actually simple: through monetary expansion, dilute the debt in inflation.

This was the case after World War II. It was the case in the 1970s. It remains so after the pandemic.

But this time, the scale is absurdly large.

The true identity of stablecoins

Don’t be fooled by the term "payment innovation." Stablecoins are essentially an outsourcing of debt structures.

USDT and USDC both use U.S. Treasuries as their underlying reserves. Global users holding these stablecoins are, in essence, "dispersing debt obligations worldwide." Once the dollar depreciates, the cost of dilution is no longer borne solely by the U.S., but shared by global users. This is actually an upgraded version of the dollar hegemony system—using the guise of decentralization to achieve centralization.

Why Bitcoin is "permitted"

The key is that Bitcoin doesn’t require direct government involvement.

ETF legalization, institutional asset allocation, corporate financial reporting... these processes are entirely driven by the market. The government doesn’t need to do anything behind the scenes; the market sets the prices, and the system absorbs the shocks itself. Very clever.

All clues point to one conclusion

You will find that this is not really a choice.

The inability to resolve debt is an objective reality. The explosion of digital assets is actually an inevitable result of this dilemma. Policy support, institutional influx, corporate allocations—all these may seem coincidental, but they all point in the same direction.

Is this a financial restructuring or a global takeover? Maybe both.