The Trump government "runs the risk of the world" by publicly calling for a single cryptocurrency and using public power to establish a strategic Bitcoin reserve (SBR). I think it is a bit like the last big bet - relying on Bitcoin to solve the US debt problem. The likelihood of this conjecture is increasing. Because the continuation of the tax cut bill just passed is bound to increase the US debt by another 3 to 4 trillion yuan, and because tariffs are difficult to sustain, the increase in revenue is very limited (several hundred and one hundred billion yuan a year, and not including the possible reduction of derivative income due to economic damage), leading to the possibility that the US deficit problem remains unresolved. Everyone knows that US debt is Ponzi, but non US countries can run it 🏃， The United States cannot run on its own, so it cannot print US dollars to exchange for euros and Chinese yuan. Therefore, only gold and Bitcoin are not controlled by any country and are investment objects that the US government can choose. It is normal for someone who is on the brink of bankruptcy to want to take a big gamble at this moment. Due to the clear valuation logic of the US stock market, prices cannot be speculated too high. People dare not buy PE with S&P multiples of more than 20 times. Therefore, in the long run, the two major reservoirs of the US dollar, US stocks and US bonds, are destined to be unable to retain international capital that wants to go. So if the federal government wants to solve the debt before the collapse of the dollar, it needs to make a quick buck, that is, take the lead in creating a new foam, and ambush it in advance to wait for later harvest, or even if it does not sell, as long as the United States hoards enough gold and bitcoin, it can partially alleviate the credit problem of the dollar. Do you think if the United States takes the lead in further shouting orders or even directly acquiring gold and Bitcoin, will these two commodities have the ability to increase tenfold or twenty times? It is entirely possible that the United States, as the largest reserve country for gold and Bitcoin, will still panic at that time? Currently, there are 2.5 million publicly traded bitcoins held by the US stock market government and institutions, accounting for at least 15% of the tradable amount. The US government holds 8000 tons of gold, accounting for only 4% of the total gold. Therefore, sitting on gold is a bit difficult to pull the market, and its cost-effectiveness is not as good as sitting on Bitcoin. So imagine the United States, which has influence like the Guo Jia team in A-shares, wanting to make money in the market with just a shout, why not make money? From this perspective, the craziest time for Bitcoin may not have arrived yet. So the biggest risk of Bitcoin now is not whether institutions buy or not, whether retail investors buy or not, whether the valuation is high or not, but whether President Trump steps down or is assassinated, and as long as he is still in this strategy, there is no reason not to continue promoting it.