Woken up by market alerts in the early morning, I thought the market had blown up again. But then I checked the news—Japan just announced a national debt of 29.6 trillion yen, hitting a new all-time high. What does this number mean in the global context? Japan’s national debt has already reached 260% of GDP, making it the world’s number one.

To put it simply: a family with an annual income of 1 million yuan, owing 2.6 million yuan in debt, still thinking about borrowing more to solve their problems. This logic doesn’t work for any economic entity, but it seems global central banks have collectively chosen to turn a blind eye.

I’ve been in this circle for eight years, witnessing wave after wave of easing cycles, and I’ve seen countless tricks of printing money to rescue the market. Honestly, this time Japan’s move isn’t a lifesaver but pouring fuel on the fire.

The core issue is: the underlying logic of the global economy over the past thirty years has completely failed. The path of "central banks printing money—debt-driven growth" has come to an end. When you rely on printing money to maintain surface-level economic data, the money printed has no real value backing it. The ultimate cost is always borne by ordinary people—continuous inflation erodes purchasing power, savings depreciate, and wealth shrinks.

That’s why more and more people are turning their attention to crypto assets. Not because we believe a certain coin will skyrocket, but because we’ve seen a clear reality: true wealth in the future won’t come from central banks’ printing presses out of thin air, but from genuine consensus, ecosystem development, and value creation. Networks like Bitcoin and Ethereum derive their value from community consensus and network effects, which no central bank policy can change.

Central banks in Japan, the US, and Europe are still playing that old game, but the rules of the game have long changed.