This crash is really not just a matter within the crypto circle.

Bitcoin plummeted from 93,000 to 88,000, ETH broke below 3000, US stocks simultaneously dove, but gold hit a new high—this already clearly indicates the issue:
It's not crypto collapsing, but global risk assets being drained together.
The trigger seems absurd:
A single remark from Trump—"Greenland + tariff threats"—caused the market to explode.
But the essence is simple—tariffs are not diplomacy; they are inflation and recession expectations.
Why is the market reacting so strongly?
Because the US itself is on the edge of a cliff:
Debt is 38 trillion, interest alone over 1 trillion annually.
Can't cut interest rates, inflation can't be suppressed.
If tariffs are imposed again, it's like fueling inflation oneself.
When the market hears "tariffs," the first reactions are only three things:
Higher and longer interest rates, tighter liquidity, and risk assets dying first.
So what you're seeing is not a "crypto crash," but:
US stocks falling,
BTC dropping even harder,
Gold being frenzy bought.
This is the reality.
So is Bitcoin really "digital gold"?
To be honest:
At least for now, no.
When things really go wrong:
Gold rises, BTC gets crushed along with the Nasdaq.
It's not a faith issue, but a structural one:
BTC remains an amplifier of US dollar liquidity, not a safe haven asset.