According to CryptoSlate citing CRFB data, by the end of the first quarter of 2026, the U.S. public debt will reach $31.27 trillion, surpassing the nominal GDP of $31.22 trillion over the past 12 months, with a debt-to-GDP ratio of 100.2%. CryptoSlate states that this milestone provides a new macroeconomic context for Bitcoin scarcity and non-sovereign asset narratives. The article also points out that the level of debt itself does not directly translate into Bitcoin demand; factors such as liquidity, interest rates, ETF capital flows, and risk appetite still need to be observed.

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