Odaily Planet Daily News: Thomas Peterffy, founder and chairman of Interactive Brokers, known as the 'father of high-frequency trading', believes that a potential Bitcoin crash is one of the biggest risks that could lead to a decline in the stock market in 2025. In an interview with Bloomberg last week, Peterffy explained why he is concerned that the U.S. stock market may fall in 2025. The issue Peterffy sees is the high leverage levels in the entire system. He stated, 'The risk of an economic downturn is very high because margin balances are growing very, very quickly, and I am very worried that people are overextending their financial capabilities.' One area where margin risk has significantly increased is Bitcoin, thanks to the low fees charged by the Chicago Mercantile Exchange (CME) for Bitcoin futures. According to data from YCharts, margin debt from the Financial Industry Regulatory Authority (FINRA) reached its highest level since February 2022 in October, at approximately $815 billion. Meanwhile, MicroStrategy has recently raised billions of dollars through debt to increase its Bitcoin reserves. If Bitcoin were to suddenly plunge sharply, investors might be forced to sell assets to meet margin calls, thereby putting even greater pressure on prices. (Business Insider)