[Analysis: If the U.S.-Iran conflict lasts for months, war spending and debt expansion may benefit Bitcoin] According to a report by Jinse Finance, macro strategist Mark Connors stated that if the conflict between the U.S. and Iran lasts for several months, the increase in fiscal spending, debt expansion, and declining interest rates caused by the war could create a favorable environment for Bitcoin. This is because wars are often financed by issuing more government bonds, which increases the supply of U.S. dollars in the financial system, thereby weakening the value of existing currency and benefiting non-dollar assets like Bitcoin. Since mid-2025, the annualized growth rate of U.S. federal debt has been approximately 14%. If this trend continues, the scale of debt could continue to grow year-over-year by about 15%. This ongoing debt expansion is essentially a form of "monetary dilution," which historically has often been favorable for Bitcoin's performance. Since the U.S. launched its first strike on Iran, Bitcoin's price has risen by approximately 3.6%. As U.S. government debt increases and relies more on short-term Treasury financing, policymakers may be more inclined to lower interest rates in the future to reduce the interest burden. In an environment of "declining interest rates + continuous debt expansion," liquidity typically improves, which historically has been a strong macroeconomic backdrop for Bitcoin's performance.