Robbie Mitchnick, Head of Digital Assets at BlackRock, stated that US national debt and fiscal deficits have re‑emerged as core market risks, driving some investors toward alternative store‑of‑value assets such as Bitcoin and gold. As of August 18, the federal debt of the United States stood at approximately $40.05 trillion. Mitchnick believes fiscal sustainability carries greater weight for Bitcoin’s long‑term pricing than the ongoing CLARITY Act, while clearer regulation will exert a larger impact on other crypto segments including DeFi. BlackRock previously pointed out that rising government debt and persistent fiscal deficits may reinforce the long‑term investment thesis of Bitcoin as a hedge against fiat‑currency depreciation.