**[Arthur Hayes: The Global Economy Deeply Trapped in Debt Crisis, Embrace Gold and Bitcoin]** Live report from Golden Finance: On October 1, 2025, at the Token 2049 event, Arthur Hayes pointed out that the global economy is currently deeply trapped in a debt crisis. Since 1970, the global debt-to-GDP ratio has surged from 110% to 360%. Particularly, the U.S. will need to roll over nearly $8 trillion in bonds by 2026, facing immense repayment pressure, which is highly likely to be resolved through money printing. This will lead to an overflow of fiat currency liquidity. Meanwhile, the rise of the AI boom, despite NVIDIA and other related stocks having price-to-earnings ratios as high as 100x, showing clear signs of a bubble, highlights the massive demand for computing power and data storage driven by AI development. Against this backdrop, Arthur Hayes advises investors: 1. Avoid European assets. The European economic landscape is turbulent, with severe capital outflows from France, fiscal and political deadlock, and the Eurozone facing disintegration risks due to the French crisis. European stocks have long underperformed the MSCI World Index, and assets like bonds and stocks have poor risk resistance. 2. Embrace hard assets like gold and Bitcoin. With global liquidity easing and heightened risks of currency devaluation, gold and Bitcoin possess anti-inflation and decentralized attributes, making them excellent choices for hedging.