On December 5, the US national debt officially crossed the $30 trillion mark—the exact figure is $30.2 trillion.

Looking back at the records, from 2018 to now, this number has more than doubled. According to the latest data released by the Treasury in November, the sum of treasury bills, medium-term bonds, and long-term bonds has already piled up to this astronomical figure.

To be honest, this rate of increase is quite staggering. Keep in mind, the debt size has doubled in just a few years, which reflects what’s happening behind the scenes: massive liquidity injections during the pandemic, ongoing investment in infrastructure plans, and the combined effects of various stimulus policies.

For those of us watching the markets, this is far more than just a numbers game. The expansion of the US debt often comes with subtle changes in the credibility of the US dollar, and these changes eventually ripple through to all kinds of asset pricing—including crypto assets.