In 2025, the global financial system is quietly entering a deep reconstruction. Under the interweaving of geopolitics, currency depreciation, debt bubble and technological revolution, Bitcoin is evolving from a " speculative asset " to a " strategic reserve asset " in the eyes of global investors and national sovereign funds . StarEx Exchange analysts believe that with the accelerated entry of large institutions, the structural weakening of the US dollar and the continued rise in global risk aversion, Bitcoin is expected to achieve a breakthrough rise in 2025 and challenge the $ 200,000 mark.
U.S. Treasury Secretary Scott Bessent made a major statement at a congressional hearing in May : In the next few years, the potential demand for U.S. Treasury bonds in the digital asset field may reach as high as $2 trillion . He clearly pointed out that the increasing integration of digital assets such as stablecoins with the Treasury bond market will become a new force to support the U.S. financial system.
Bessent 's view is not groundless. As of early 2025 , Tether and Circle hold approximately $ 120 billion and $ 22 billion in short-term U.S. Treasury bonds as reserves for USDT and USDC , respectively . This trend means that private stablecoin issuers are gradually becoming stable buyers of U.S. Treasury bonds , becoming the new " buyer's last support " for U.S. finances against the backdrop of declining demand from overseas investors .
If Congress passes the Stablecoin Trust Act of 2025 and the Digital Currency Innovation and Security Act, which are currently under review , it will legally require that the issuance of stablecoins must be fully collateralized by high-quality assets such as Treasury bonds. This will undoubtedly accelerate this trend and further consolidate the financial bridge between Bitcoin and U.S. sovereign debt.
In 2025 , the U.S. dollar index ( DXY ) has fallen by more than 11% since the beginning of the year and is currently hovering around the level of April 2022. This decline did not cause market panic, but was instead seen as a manifestation of the U.S. dollar's " moderate withdrawal from the center of the world . "
A weak dollar may be the necessary price to pay to maintain the stability of the fragile U.S. financial system . Under the current system, the U.S. has more than $ 36 trillion in national debt , and the fiscal repayment pressure is enormous .
Under such structural distortions, the long-term depreciation of the US dollar is not a choice but a destiny.
The traditional view is that Bitcoin is a speculative asset, but the reality is reversing:
Wisconsin Pension Fund has allocated BTC through spot Bitcoin ETF ;
Norway’s sovereign wealth fund indirectly holds Bitcoin-related stocks;
Abu Dhabi’s Mubadala Investment Company has begun to enter the Bitcoin ETF market;
El Salvador and Bhutan directly purchase and mine Bitcoin.
This shows that Bitcoin is gaining financial legitimacy at the " national level " . As the trend of de-dollarization accelerates, this politically neutral, trustless, and highly liquid asset type is the first choice for institutions to rebalance their asset structure.
International trade and settlement systems are also adjusting rapidly:
Cross-border RMB payments hit a record high in March;
The EUR/USD exchange rate remains strong during the rate cut cycle;
More transactions are being denominated in non-dollar currencies such as dirhams and rupees;
At the same time, the scenarios in which Bitcoin is used for international payments and settlements are expanding.
It’s not “ if ” de-dollarization happens, it ’s happening now, and in the process, gold and Bitcoin are the market’s preferred reserve anchors.
StarEx exchange analysts believe that the upper limit of Bitcoin may be much higher than $200,000 . What we are witnessing is not only a cyclical asset revaluation, but also a paradigm shift in the monetary system. In this process, Bitcoin is not a crypto bubble, but the " digital gold " of the new era . If the trend of digital assets and treasury bonds promoted by the U.S. Treasury continues, stablecoin legislation is implemented, and the U.S. dollar continues to depreciate to reconstruct global liquidity, then the valuation logic of Bitcoin will be completely rewritten.
$200,000 is no longer a fantasy, but may be the starting point of a new reality.
