Ray Dalio, founder of Bridgewater Associates, has issued a warning about the United States' $39 trillion debt crisis, suggesting it could lead to long-term dollar depreciation or even a collapse. Dalio highlighted that the U.S. spends approximately $7 trillion annually while earning only about $5 trillion, pushing fiscal deficits and debt to historically dangerous levels. He noted that in similar situations, fiat currencies tend to depreciate, benefiting assets like gold. Meanwhile, JPMorgan analysts have observed a shift in the "currency depreciation trade" from gold to Bitcoin. Analyst Nikolaos Panigirtzoglou pointed out that Bitcoin ETF inflows have consistently outpaced those of gold ETFs, with investors increasingly viewing Bitcoin as a "digital gold" and a hedge against dollar depreciation. Since the U.S.-Iran conflict escalated, Bitcoin's price has risen by about 30%, although it remains below its 2025 peak of $126,000. Prominent figures like Stanley Druckenmiller and Elon Musk have also expressed concerns about the U.S. dollar's future as a global reserve currency.