Recently, the US has taken significant new actions. Trump announced the launch of a $200 billion mortgage-backed securities purchase program, to be executed by Fannie Mae and Freddie Mac, and the key point is—without Congressional approval. The logic behind this move is quite clear: US mortgage rates are still stuck at 6.16%, mortgage pressure is too high, and they need to find ways to lower interest rates while also winning voter support.

It looks like the old tricks used by the Federal Reserve after a crisis, but upon closer inspection, it’s actually a new twist—mixing fiscal policy and monetary policy together. The Fed has already cut interest rates by 75 basis points, yet mortgage rates still can’t rise, indicating serious issues. The problem is, this kind of operation can easily lead to aftereffects: inflation might pick up again, the Fed’s independence could be compromised, and it might even replay the implicit guarantee tactics seen before the 2008 mortgage crisis.

For the crypto market? This actually confirms a phenomenon—the traditional fiat currency system is continuously expanding debt. Against this backdrop, hard assets like Bitcoin become more attractive. They serve as tools to hedge against inflation and also accelerate the global de-dollarization process. Of course, policy changes and regulatory interventions could still disrupt this, so caution is advised.