If Japan raises interest rates, will $BTC crash? Historical experience tells us: every time Japan raises interest rates, market volatility intensifies. The 2000 Nasdaq crash and the 2007 subprime mortgage crisis both proved this. Now, Japan's debt has reached 260%, the highest globally! Raising interest rates could trigger a government bond collapse, an arbitrage storm, and further disrupt the market. Years of low interest rates have led global investors to borrow yen to invest in U.S. stocks, cryptocurrencies, and other high-risk assets. After a rate hike, borrowing costs for yen will rise, the yen will appreciate, and returns on risk assets will be eroded. Investors may sell off these assets to reduce risk. $BTC could experience a major crash—this is a top-tier black swan event!