As 2025 comes to a close, a phenomenon worth pondering has emerged in the global financial markets — Berkshire Hathaway’s account quietly holds $381.7 billion in cash reserves, while this investment giant has been net selling US stocks for 12 consecutive quarters. This is not merely a defensive stance but a signal: an investor deeply tied to the US capital markets for decades is quietly shifting.

The underlying logic is worth contemplating. US Treasury bonds have surpassed $38 trillion, with per capita debt exceeding $110,000. Downgrades in credit ratings are now inevitable. Meanwhile, the share of global dollar reserves has fallen to 56%, hitting a thirty-year low. Central banks and multinational corporations are secretly building alternative payment and settlement systems. These figures together sketch a changing financial order.

Beneath the apparent prosperity of US stocks, vulnerabilities also exist. A few tech giants are supporting the entire market’s gains, and this structural bubble could become extremely fragile during liquidity shortages. Experienced investors who have gone through multiple economic cycles can sense this risk, which also explains why holding large amounts of cash is a rational choice at present.

Against this backdrop, the narrative logic of crypto assets becomes clearer. The value proposition of decentralized digital assets like Bitcoin is not to directly replace the dollar but to carve out a place in a diversified, decentralized global financial order. When the traditional currency credit system faces structural challenges, digital assets that are not controlled by any single country or central bank gain new strategic significance. They can serve as hedging tools, cross-border settlement mediums, or options within a new asset class.

The question boils down to two points: where will the massive cash hoard ultimately flow — waiting for a significant decline in traditional assets to buy the dip, or positioning in new assets that do not belong to the old financial system? In the wave of de-dollarization, is cryptocurrency merely a short-term hedging tool, or a signal of a deeper shift in the financial paradigm? The answers to these questions will gradually become clear as the market unfolds.