最新报道：Two months after Elon Musk criticized the Trump administration's handling of the national debt, reports indicate that the United States has added another $1 trillion to its federal debt in just 48 days. Deficit spending has become the largest macro driver, yet has received the least mainstream attention. Bitcoin, Ethereum, and decentralized finance (DeFi) are no longer just speculative ventures. Rather, they are structural hedges against a collapsing fiscal system. Is the US debt spiral about spending or interest rates? This surge, equivalent to approximately $21 billion per day, highlights what analysts and investors like Elon Musk have previously warned: the fiat monetary system is locked into an unsustainable path, and digital assets could be a hedge. In hindsight, Elon Musk singled out the recently signed "Great, Beautiful Act" as crucial for further expanding the already staggering deficit. However, since August 11, US debt has swelled by $200 billion, bringing the total national debt to nearly $38 trillion. In July alone, Washington ran a $291 billion deficit, the second-largest July deficit on record. The fiscal 2025 deficit is projected to be $1.63 trillion, a year-on-year increase of 7.4%, and is on track to exceed $2 trillion. Similarly, government spending has surged to 44% of GDP, a level only seen during World War II and the 2008 financial crisis. While the Federal Reserve (Fed) remains committed to a soft landing, the underlying figures tell a grimmer story. Revenues are growing at only 2.5% annually, while spending surged nearly 10% last month. This comment suggests that even with aggressive rate cuts from the Fed, annual deficits will remain in the trillions. The bond market is already flashing warning signs. Investors are demanding higher Treasury yields, with recent auctions clearing above 5%, a rare occurrence in modern history. As debt is refinanced at higher interest rates, the fiscal hole will deepen. This creates a rather technical outlook for stocks, commodities, and especially cryptocurrencies. In the short term, higher yields deplete liquidity in risky assets. However, in the long term, continued deficit spending undermines confidence in fiat currencies. Historically, this trend has favored Bitcoin and hard-cap digital assets. While cryptocurrency traders often view Bitcoin as digital gold, this tendency is reinforced when fiat monetary regimes demonstrate fiscal unsustainability. For many cryptocurrency enthusiasts, the US debt trajectory reinforces the argument that decentralized assets can protect against sovereign fiscal mismanagement. With a debt of $38 trillion looming and deficits locked at over $1.5 trillion per year, the temptation for policymakers to inflate their way out of obligations is growing. This risk favors Bitcoin's scarcity narrative. Altcoins may also benefit indirectly as institutional allocators explore alternatives to US Treasuries, where yields are squeezed. Stablecoins and tokenized US Treasuries are already absorbing capital, but the liquidity spillover could extend to the broader cryptocurrency market over time. What happens next depends on whether Congress reins in spending (unlikely in an election year) and how proactively the Federal Reserve balances interest rate policy with debt sustainability. However, risks exist in either path.