One chart to understand why the world is frantically searching for "assets beyond the dollar." Over the past 20 years, U.S. debt has exploded in scale. Meanwhile, the share of U.S. public debt held by its once-largest foreign buyers—China + Japan—has dropped from: 20.5% → down to just 5.4%. As of July 2026 in the chart: 日本 Japan: 3.4% 中国 China: 1.9% The key point isn’t that China and Japan have "completely stopped buying U.S. debt," but rather— The growth rate of U.S. debt needing financing far exceeds the holding capacity of these traditional foreign buyers. According to official U.S. Treasury data, by July 2025, publicly held federal debt is projected to reach approximately $29.5 trillion. The real question worth pondering is: As the debt snowballs, who will step in to take on more U.S. debt in the future? Banks? Pension funds? Money market funds? Foreign governments? Or will the Fed ultimately need to expand its balance sheet again? "Printing money is inevitable" isn’t a fact that’s already happened, but if the future shifts back to a more accommodative monetary environment, the market will undoubtedly reconsider one thing: What assets can’t be infinitely supplied by governments? Gold. And— Bitcoin. ₿ The supply of U.S. Treasuries has no limit. Bitcoin’s supply is capped at 21,000,000. This is one of the core reasons why I hold BTC long-term.