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The Rally Is A Debt Trade Debt Trade Bitcoin’s move above 77k, and then above 79k in the day’s coverage, was not just a crypto tape story. It arrived alongside US national debt crossing 40t, 1t added in five months, a projected 2.1t annual deficit, gold at a 14-week high, and Ray Dalio again arguing for less bond exposure and more gold with a bit of Bitcoin. That is the cleaner read: the bid is being framed as a balance-sheet argument, not a vibes candle. Even Strategy’s mark-to-market flipped