Odaily News Arthur Hayes, co-founder of BitMEX, wrote that the hierarchy of its investment portfolio starts with Bitcoin, followed by other cryptocurrencies and equity in crypto-related companies, then gold stored in vaults, and finally stonks (note: a hot word in technology in 2021 to lament the crazy trend of these stocks). A small amount of fiat currency will be kept in money market funds to pay American Express bills. In addition, it also stated that it took the United States $4 trillion to reduce its debt-to-nominal GDP ratio from 132% to 115%. Assuming that the United States further reduces it to 70%, the level in September 2008, using linear extrapolation alone is equivalent to having to create $10.5 trillion in credit to achieve this deleveraging, which is why Bitcoin has reached $1 million.