Bitwise: Bitcoin's growth is linked to the Japanese government bond market
Andre Dragos, head of research at Bitwise in Europe, said that the current rise in the Bitcoin rate is due to the worsening situation in the Japanese government bond market, Cointelegraph quotes him as saying.

According to him, the sharp jump in the yield of long-term Japanese bonds has become a signal of macroeconomic imbalances that can affect not only the Asian but also the global market. The expert is confident that the growth from bond profits increases concerns about the sustainability of the debt system. Because of this, credit risks increase, rates continue to rise. He emphasized that institutional investors, faced with volatility in the Japanese debt market, are increasingly considering bitcoin as a means of hedging sovereign risks.
The crisis in Japan has already had an impact on other financial markets, with the yield on US Treasury bonds rising particularly sharply, which could lead to a decline in their prices and increased instability in traditional assets. If this trend continues, the analyst admits that Bitcoin could reach $200,000 in the coming months, as crypto assets are increasingly perceived as a tool for protecting against budget deficits, rising government debt, and devaluation pressure on major currencies.
It was previously reported that a large-scale study conducted by River in May 2025 found that the number of Bitcoin owners in the United States exceeds 49.6 million, while only 36.7 million Americans own the traditional store of value, gold.