Terrifying! Recently, several events viewed together:

① The People's Bank of China is hoarding gold at a high level;

② Reiterating the policy stance on combating virtual currency operations;

③ The China-Saudi Arabia-U.S. triangle is digesting U.S. Treasury bonds, continuously reducing holdings.

Analyzing this: The motivation behind these three events is that the People's Bank of China should be preparing for the impending U.S. debt bankruptcy issue, actively decoupling financially and isolating risks.

Currently, whether it is USDT or USDC, the underlying assets are U.S. Treasury bonds, with a current scale of 38 trillion, making repayment impossible; everyone should have this consensus. This means that the collapse of U.S. Treasury bonds at the price of $BTC will also collapse, not because Satoshi Nakamoto was wrong, but because the U.S. government has deeply anchored the price of BTC to the U.S. dollar. During the bloodbath, even stablecoins will be useless because you will find that USDT is backed by junk-rated U.S. bonds; this is even more exaggerated than the 2008 CDs, all are junk debt.

There is only one solution to this problem: @CZ @Yi He exchanges should stockpile gold in advance, issue gold-backed stablecoins according to the gold standard, then anchor BTC, and price BTC according to the gold standard, which is the only way for the crypto world to avoid the U.S. debt crisis; otherwise, all assets will collapse along with the U.S. Treasury bonds.