According to TechFlame, Grayscale's latest macro research report indicates that the US government is facing a credit crisis due to high debt levels, rising interest rates, and continued deficit spending. Investors who have doubts about the stability of the US dollar as a store of value may switch to alternative assets such as cryptocurrencies. According to the report, Bitcoin and Ethereum are core currency assets in the crypto market, and their limited and transparent supply mechanisms make them have the potential to hedge against the depreciation of fiat currencies in a macro environment. Similar to gold, their value comes from “not passively expanding supply due to demand for government debt.” Grayscale emphasizes that the current unsustainable growth in public debt is driving a rise in global demand for crypto assets, but if governments strengthen fiscal discipline and reaffirm central bank independence in the future, it may weaken demand for cryptocurrencies.