1/ "The fiat monetary order is breaking down" — Ray Dalio, yesterday
So what do you do?
I vibe-coded a Bloomberg terminal that shows what actually worked in every debt crisis since 1933 🧵

Twitter

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
...

The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

2/ Every government debt crisis ends the same way:
PRINT: inflate it away slowly
RESTRUCTURE: reset the system fast
Different speed.
Same result for cash.
Let's look at previous examples.

3/ 1933: FDR revalued gold from $20.67 to $35.
CASH
Y1: -40% | Y3: -45% | Y5: -48%
GOLD
Y1: +69% | Y3: +69% | Y5: +69%
STOCKS
Y1: -15% | Y3: +50% | Y5: +105%
Gold jumped once. Cash kept bleeding.

16/ 100 years of data:
1. Cash losses, always
2. Gold wins resets (+175% avg)
3. Stocks recover, but survive Y1 first
4. 5Y returns hide Y1 pain
5. Hard assets win both paths
The fork always comes.

17/ I built a bunch of tools so you can see for yourself.
Historical data. Live signals. Both scenarios.
Position accordingly.