<ul><li>Head of European Research at Bitwise Asset Management, André Dragosch, believes Bitcoin's recent rally is driven by growing instability in Japan's sovereign bond market.</li><li>The surge in Japan's 30-year government bond yield to a record 3.185% on May 20, 2025, indicates rising credit risk, prompting traditional financial institutions to reassess their portfolio strategies.</li><li>As concerns about sovereign debt grow, Bitcoin is seen as a hedge due to its decentralized nature, immutability, and lack of counterparty risk, leading to increased adoption among traditional financial participants.</li><li>Based on the potential for continued credit risks globally, especially in major economies like Japan, Bitwise's André Dragosch predicts Bitcoin could reach $200,000 in the long term as it gains traction as a macro hedge in institutional circles.</li></ul>

How Japanese Bond Market Turmoil Could Push Bitcoin Toward $200,000

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