Warning of dollar collapse is renewed, Dalio says $39 trillion in debt may trigger crisis, Wall Street is betting on money switching from gold to Bitcoin

Bitcoin bulls add a macro narrative. RayDalio, founder of Bridgewater Fund, warned that the U.S.$39 trillion debt crisis may trigger a long-term depreciation or even collapse of the U.S. dollar, while JPMorgan analysts believe that the market is experiencing currency depreciation transactions from gold to Bitcoin. Dalio said that the United States currently spends about US$7 trillion in annual expenditures and only about US$5 trillion in revenue. The long-term fiscal deficit and debt expansion are close to historical danger ranges. He believes that in similar periods, fiat currencies tend to continue to depreciate, while gold will benefit. At the same time, JPMorgan analyst Nikolaos Panigirtzoglou pointed out that as Bitcoin ETF inflows continue to exceed gold ETFs after the escalation of the conflict in Iran, some funds are viewing Bitcoin as a hedge against the depreciation of digital gold and the US dollar. The report mentioned that since the outbreak of the US-Iran conflict, bitcoin prices have risen by about 30%, although they are still below the all-time high of US$126,000 in 2025. Well-known investors including Stanley Druckenmiller and Elon Musk have recently expressed concerns about the long-term reserve currency status of the US dollar.