Key points from the article by @Breadlee_FRM that I read: 1. Coins like Bitcoin are better understood as assets rather than currencies, and are not complete alternatives. 2. The key variable today is not interest rates, but the trust and demand structure surrounding U.S. Treasuries. 3. However, current fiscal expansion and political polarization have weakened the U.S.’s capacity to respond compared to the past. 4. Dollar hegemony is more likely to decline gradually through “gradual weakening + multipolarization” than through sudden collapse. 5. Conclusion: The dollar game is not over yet, but this cycle shows more pronounced cracks. In his book On China, Henry Kissinger, one of the Americans who understands China best, roughly assessed China as follows: China thinks in terms of trends, not events; in the long term, not the short term. Even if the U.S. wins short-term battles, the cumulative damage from China’s decades-long strategic framework can be significant. This reminds me of one of Ray Dalio’s books.