#数字资产市场动态 Japan's recent move has attracted market attention—announcing the issuance of 29.6 trillion yen in new government bonds in a single day, equivalent to burning nearly 1 billion RMB daily. If calculated annually, this expenditure scale is quite astonishing. What’s more stressful is that Japan's debt has already exceeded 260% of GDP. Continuing to borrow heavily on this basis is indeed like inflating an already swollen balloon.

On the surface, this appears to be a "powerful medicine" the government is using to combat deflation and economic sluggishness. But the underlying logic is quite straightforward—using future money to solve today’s problems. Once a country's economic growth heavily relies on continuous borrowing and money printing, residents and investors start asking the same question: how can they protect their wealth from being eroded by inflation?

This traditional model's dilemma, however, provides a natural narrative ground for decentralized assets. As more people doubt the centralized debt system, the appeal of Bitcoin’s logic—algorithmically determined, fixed supply, permissionless—becomes exponentially stronger. This is not just an investment choice; it’s like voting with assets to oppose the old system.

The pattern of history is clear: any system that prints money infinitely will eventually hit the trust ceiling. Smart capital is not betting on a country’s economic collapse but is preemptively allocating assets that do not rely on the credit of a single nation. As traditional financial liquidity becomes more abundant, assets like Ethereum and Bitcoin, which are unaffected by single policies, will also see their value increasingly highlighted.