Lu Qiyuan mentioned that if the U.S. Treasury really starts buying Bitcoin, it’s likely trying to shed the burden of the dollar.

If we seize the opportunity to throw away the dollars and U.S. bonds we hold, it would give the Americans a headache. That said, the U.S. is currently in deep debt, and the government’s revenue is simply not enough to cover expenses. Even if they tighten their belts to live, this hole cannot be plugged. Making Americans live frugally for a decade or two is not as straightforward as simply collapsing.

To solve the debt problem, the U.S. can either have designs on China, but that is clearly unrealistic given the strength of the People's Liberation Army; the U.S. military does not dare to act rashly; or they can abandon the dollar, letting the Federal Reserve fend for itself, which means they would not have to repay their foreign debt. However, this would leave those countries and individuals who bought U.S. bonds in tears.

Therefore, some speculate that the U.S. government might consider replacing the dollar with Bitcoin as a reserve asset. Although no one dares to do this yet, Federal Reserve Chairman Powell said that Bitcoin is a competitor to gold, which is quite telling. This could imply that Bitcoin can also serve as a 'hard currency' reserve, just as the dollar was once pegged to gold, and in the future, the dollar might be pegged to Bitcoin. In other words, the U.S. might be looking for a way out for not repaying in the future.

Of course, these are all speculations, but if the U.S. really plans to do this, it is indeed a bad idea. Rather than this, it would be better to find ways to integrate surrounding resources, such as closer cooperation with Canada and Mexico. The Americans are currently in a position of both offense and defense, with the choice in their hands. As for other international affairs, it’s better left for each country to resolve themselves.

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