Grayscale's latest macroeconomic research report indicates that the US government's commitment to maintaining low inflation is facing a credibility crisis due to high debt levels, rising interest rates, and continued deficit spending. If investors doubt the stability of the US dollar as a store of value, they may turn to alternative assets such as cryptocurrencies.

The report states that Bitcoin and Ethereum, as core crypto assets, have limited and transparent supply mechanisms, giving them the potential to hedge against fiat currency devaluation in a macroeconomic environment. Similar to gold, their value stems from the fact that their supply "is not passively expanded by government debt demand." Grayscale emphasizes that the current unsustainable growth of public debt is driving global demand for crypto assets, but if governments strengthen fiscal discipline and reaffirm central bank independence in the future, demand for cryptocurrencies may weaken.