BTC's core narrative from the start has been "flipping gold," and its market cap is still only about 1/25 of gold's. Staying true to the original vision, I will absolutely not consider any profit-taking before BTC flips gold.

Even without considering flipping gold, U.S. Treasury bonds still need crypto's help. For a soft landing of U.S. Treasuries, two things are needed:
1. A window of lower interest rates (doesn't need to last long)
2. Sufficient buyers for short-term debt
This allows "borrowing short to pay long," quickly reducing interest expenses, extending maturity, and then relying on AI growth to cover the deficit.

The most promising buyers of short-term debt are actually stablecoins! China holds about $800 billion in U.S. Treasuries, making it a top buyer; in comparison, stablecoins already hold about $300 billion in U.S. Treasuries, making them a major player too. Legislation requiring stablecoin reserves to invest 90% in short-term debt or cash means expanding stablecoin scale = creating stable demand for Treasuries.

These buyers have very low sensitivity to the underlying Treasuries and are unlikely to sell during rate hike cycles, avoiding secondary shocks. When you hold stablecoins yourself, have you ever thought, "Because Treasury rates are rising, face value is dropping, reserves are shrinking, so I should sell stablecoins"? Probably not.

The simplest two ways to scale up stablecoins:
1. A fundamentally-backed 10x opportunity on-chain (not MEME, but assets with already large market caps that then 10x), attracting retail and institutions to deposit large amounts of stablecoins.
2. Stablecoins directly offering interest, sucking deposits away from banks to buy Treasuries.

Although option 2 is better, banking lobby resistance is huge. Bank deposits are mainly used for lending, with little contribution to Treasuries. Eventually, banks will be defeated by the trend, but it might take one or two years. The window for Trump to handle Treasury interest payments is probably only about 1-2 years. Otherwise, another president will have to do the same thing😂.

Option 1 already has an existing framework:
High-quality AI assets, U.S. stock assets, commodity assets + the crypto infrastructure (ETH, SOL, HYPE, UNI, AAVE) that captures trading and lending of these, and BTC, which has the best chance of flipping gold. Over the next 2 years, if these assets 10x, stablecoin scale will also 10x, potentially absorbing $3-5 trillion in Treasury purchases.

To secure these trillions in stable Treasury demand, if the government further promotes crypto and accelerates BTC flipping gold, this might be one of the paths with the least resistance and highest feasibility.