Dollar collapse warnings resurface, Bridgewater Dario says $39 trillion in debt or ignite crisis, Wall Street is betting on shifting capital from gold to bitcoin

Comparing the news, Bitcoin bulls added a macro narrative. Bridgewater Fund founder Ray Dalio warned that the US $39 trillion debt crisis could cause the dollar to depreciate or even collapse for a long time, while JPMorgan analysts believe that the market is experiencing currency depreciation transactions that rotate from gold to Bitcoin. Dalio said that the US currently spends about 7 trillion US dollars and revenue is only about 5 trillion US dollars, and the long-term fiscal deficit and debt expansion are close to a historically dangerous range. He believes that in similar periods, fiat currencies tend to continue to depreciate, and gold will benefit.

Meanwhile, JPMorgan analyst Nikolaos Panigirtzoglou pointed out that as Bitcoin ETF capital inflows continued to exceed gold ETFs after the escalation of the Iran conflict, 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, the Bitcoin price has cumulatively increased by about 30%, although it is still below the historical high of $126,000 in 2025. Well-known investors, including Stanley Druckenmiller and Elon Musk, have also expressed concern about the US dollar's long-term reserve currency status many times recently.