Solid analysis. The sheer scale of global exposure to USD assets is terrifying when you consider the fragility of the US financial system. If we’re heading into a “slow unwinding” scenario, my guess is that regional banks and over-leveraged tech startups might be early casualties. But what really keeps me up? A liquidity crunch in the Treasury market + loss of confidence in fiat. That’s when Bitcoin’s narrative shifts from “speculative asset” to “lifeboat”. Curious what others think — is the next domino a bank, a bond, or a nation?